NYSE$SPHR
Sphere Entertainment Co · Q4 2024 earnings
Q4 2024 earnings · · Before market open · Investor relations
Briefing
Sphere Entertainment Co reported Q4 results with $273.4M revenue, a net loss of $46.6M, and an operating loss of $71.4M.
Q4 revenue more than doubled year over year to $273.4M as Sphere Las Vegas drove results, but the company posted a GAAP net loss of $46.6M and operating loss of $71.4M. Adjusted operating income was $25.7M, reflecting higher revenues offset by elevated operating costs and depreciation.
- Total Q4 revenue was $273.4M, up from $129.1M a year ago.
- GAAP diluted EPS was -$1.31 for the quarter.
- Adjusted operating income was $25.7M vs. a loss of $59.8M last year.
- Sphere segment revenue reached $151.2M, including $74.5M from The Sphere Experience and $58.4M in event-related revenues.
Headline financials
Revenue & EPS history
Sphere Entertainment Co · Revenue · Quarterly
$273M
Revenue by segment
Sphere Entertainment Co · $110M total across 1 segment · Q1 2024
- MSG Networks$110M-10.0%100.0%
Forward guidance
Management highlighted continued programming at Sphere and upcoming events while noting MSG Networks is pursuing a refinancing through a work-out with its lenders; no quantitative guidance was issued.
Tailwinds
- Robust event pipeline at Sphere (Eagles residency, Afterlife/Anyma shows).
- Strong traction of The Sphere Experience with >$1M average daily ticket sales on operating days in Q4.
- Corporate and marquee events (HPE keynote, NHL Draft) broaden venue use cases.
- First live sports event at Sphere (UFC 306) slated for September, expanding formats.
- Q4 adjusted operating income turned positive year over year.
Headwinds
- No formal quantitative outlook provided.
- MSG Networks subscriber declines pressured distribution revenue in Q4.
- Sphere segment still posted a GAAP operating loss in Q4 due to high costs and depreciation.
- Ongoing high depreciation and amortization burden from new venue assets.
- MSG Networks pursuing a refinancing via work-out with lenders, creating financing uncertainty.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2024
+1.5%
Avg return
Earnings day
+2.6%
Avg return
5 days after
+2.7%
Avg return
30 days after
46%
12 / 26 earnings
Positive
+22.1%
Q4 2025
Best reaction
-15.1%
Q3 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | +22.1% | +21.0% | +11.5% | |
| Q3 2026 | +4.7% | +16.2% | +24.8% | |
| Q1 2026 | +4.7% | +16.2% | +24.8% | |
| Q1 2025 | +9.2% | +26.1% | +26.5% | |
| Q2 2026 | -2.0% | -18.8% | -23.3% | |
| Q4 2024 | +0.7% | +21.5% | +3.6% | |
| Q3 2024 | +0.9% | -8.4% | -11.0% | |
| Q2 2024 | -0.3% | +13.8% | +35.9% | |
| Q1 2024 | +2.2% | +2.9% | -2.2% | |
| Q4 2023 | +4.0% | -7.9% | -1.1% | |
| Q3 2023 | -15.1% | -25.9% | -11.3% | |
| Q2 2023 | +8.3% | +13.8% | +6.6% | |
| Q1 2023 | -2.2% | -4.0% | -9.3% | |
| Q4 2022 | -7.1% | -3.3% | -12.3% | |
| Q2 2022 | -7.1% | -3.3% | -12.3% | |
| Q3 2022 | -11.3% | -11.9% | -5.0% | |
| Q1 2022 | -8.5% | -9.8% | -17.3% | |
| Q4 2021 | +17.9% | +26.7% | +21.7% | |
| Q2 2021 | +17.9% | +26.7% | +21.7% | |
| Q3 2021 | +5.2% | -3.2% | +4.2% | |
| Q1 2021 | -1.2% | -4.3% | +0.1% | |
| Q1 2020 | -1.2% | -4.3% | +0.1% | |
| Q2 2020 | -0.3% | +4.8% | -8.8% | |
| Q4 2020 | -0.3% | -8.3% | +6.1% | |
| Q4 2019 | -1.6% | -3.9% | -2.2% | |
| Q3 2020 | -1.6% | -3.9% | -2.2% | |
| Q3 2019 | — | — | — |
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