Sphere Entertainment Co. (SPHR) FY2025 10-K Annual Report
Sphere Entertainment Co. (SPHR) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Sphere Entertainment Co. FY2025 10-K Analysis
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
Sphere Entertainment Co. FY2025 Key Financial MetricsXBRL
Revenue
$1.2B
▲ +19.0% YoY
Net Income
$33M
▲ +116.6% YoY
Operating Margin
-18.8%
▲ +1448bp YoY
Net Margin
2.7%
▲ +2234bp YoY
ROE
1.5%
▲ +1061bp YoY
Total Assets
$4.2B
▼ -6.8% YoY
EPS (Diluted)
$0.74
▲ +113.0% YoY
Operating Cash Flow
$243M
▲ +1337.9% YoY
Source: XBRL data from Sphere Entertainment Co. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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