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Total Revenue
$313.6M
-18.8% QoQ · +10.9% YoY
Sphere Segment Revenue
$226.4M
-14.9% QoQ · +28.9% YoY
MSG Networks Segment Revenue
$87.3M
-27.5% QoQ · -18.5% YoY
Total Adjusted Operating Income
$50.9M
-53.7% QoQ · -17.1% YoY
Sphere Adjusted Operating Income
$39.9M
-46.3% QoQ · +60.2% YoY
MSG Networks Adjusted Operating Income
$11.0M
-69.2% QoQ · -69.9% YoY
Sphere Segment Revenue ($M)
MSG Networks Segment Revenue ($M)
Total Adjusted Operating Income ($M)
Sphere Adjusted Operating Income ($M)
MSG Networks Adjusted Operating Income ($M)
Why these KPIs
Every Sphere Entertainment earnings release breaks revenue and adjusted operating income into its two reportable segments -- Sphere and MSG Networks -- in the same 'Segment Results' table each quarter, alongside consolidated Total Revenue and Total Adjusted Operating Income. Note: the company changed its fiscal year end from June 30 to December 31 effective December 31, 2024; periods below are labeled by the calendar quarter each release covers.
| Period | Total Revenue | Sphere Segment Revenue | MSG Networks Segment Revenue | Total Adjusted Operating Income | Sphere Adjusted Operating Income | MSG Networks Adjusted Operating Income |
|---|
| Q3 2024 | $227.9M | $127.1M | $100.8M | $-10.2M | $-26.3M | $16.1M |
| Q4 2024 | $308.3M | $169.0M | $139.3M | $32.9M | $-0.8M | $33.7M |
| Q1 2025 | $280.6M | $157.5M | $123.0M | $36.0M | $13.1M | $22.8M |
| Q2 2025 | $282.7M | $175.6M | $107.1M | $61.4M | $24.9M | $36.5M |
| Q3 2025 | $262.5M | $174.1M | $88.4M | $36.4M | $17.1M | $19.3M |
| Q4 2025 | $394.3M | $274.2M | $120.1M | $128.0M | $89.4M | $38.6M |
| Q1 2026 | $386.4M | $266.0M | $120.4M | $110.0M | $74.3M | $35.7M |
| Q2 2026 | $313.6M | $226.4M | $87.3M | $50.9M | $39.9M | $11.0M |