Short answer
Sphere Entertainment Co. (SPHR) filed its fiscal 2025 10-K annual report with the SEC on Feb 12, 2026. It reported revenue of $1.2B (+19.0% year over year) and net income of $33M.
- Top risk flagged: Impairment risk for intangible assets from Holoplot acquisition with finite lives requires future cash flow estimates
FY2025 key financial metrics · XBRL
- Revenue
- $1.2B
- +19.0% YoY
- Net income
- $33M
- +116.6% YoY
- Operating margin
- -18.8%
- +14.5 pp YoY
- EPS (diluted)
- $0.74
- +113.0% YoY
- ROE
- 1.5%
- +10.6 pp YoY
- Operating cash flow
- $243M
- +1337.9% YoY
Source: XBRL data from the Sphere Entertainment Co. (SPHR) FY2025 10-K on SEC EDGAR. USD.
Sphere Entertainment Co. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Development and operation of immersive Sphere entertainment venues leveraging proprietary content and intellectual property
- New international expansion: Franchise and development agreements signed with DCT Abu Dhabi to build Sphere Abu Dhabi, including franchise fees and royalties
- Strategic shift: Increased focus on franchise, joint venture, and managed venue models for global expansion including sale-leaseback and debt financing options
- Quantitative metric: Initiated development for a new venue at National Harbor, Maryland with government and private partners, subject to approvals and incentives
- Noteworthy: First detailed disclosure of multi-tiered agreements (Franchise, Joint Development, Pre-Opening Services) with a major international partner for venue construction and operation
Management Discussion & Analysis
- Unrestricted cash $508M as of Dec 31, 2025, up from $385M on Sept 30, 2025
- Total debt outstanding $830M as of Dec 31, 2025
- Accounts payable $24.6M, accrued expenses $431.5M including $130.1M disputed Sphere construction accruals
- Liquidity sources include cash, operations cash flow, LV Sphere Revolving Credit Facility borrowings
- Management expects substantial future revenue and operating income from Sphere but notes risk of not achieving expected cash flow, potential need for expense cuts or capex deferrals
Risk Factors
- Impairment risk for intangible assets from Holoplot acquisition with finite lives requires future cash flow estimates
- Exposure to potential impairment losses if carrying value exceeds undiscounted future cash flows from asset groups
- No mention of specific regulatory, geopolitical, competitive, or financial risks detailed in text
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