Sphere Shares Surge After Impressive Q4 Earnings

Sphere Entertainment  — the parent company of the eponymous Las Vegas venue and the MSG family of regional sports networks — reported fourth quarter revenues of $394.3 million, a 28% increase from the same quarter the year prior, and far exceeding analysts expectations of $372.9 million.

For the whole of 2025, revenues were $1.22 billion, an 8% increase over 2024.

On the bottom line, Sphere also wildly outperformed analysts’ predictions. Earnings per share of $1.23 are a massive beat over the consensus prediction of a $0.30 per share loss.

On the news, shares of Sphere surged in early trading. The stock opened the day at $108, a 15% increase over Wednesday’s close and the first time the price has hit three digits.

The success was driven by Sphere itself, where revenues climbed 62% over the same quarter in 2024, largely attributable to increases in The Sphere Experience sector, where The Wizard of Oz has proven to be a massive hit. Exosphere and other sponsorship and licensing revenue also increased.  On the MSG Networks side, subscriber count continues to fall, leading to a 14% revenue slide, consistent with recent previous quarters.

“Today’s results serve as continued validation of the business model behind Sphere,” said Executive Chairman and CEO James L. Dolan. “As we begin 2026, we remain focused on expanding Sphere’s global footprint, including advancing our plans to bring Sphere to Abu Dhabi and National Harbor, and believe the Company is well-positioned for long-term growth.”