Sphere Entertainment Co. (NYSE:SPHR) reported fourth-quarter and full-year 2025 results on Wednesday, highlighting revenue growth and continued expansion plans for its Sphere segment.
Expansion and Commercial Momentum
Among recent developments, the company announced plans in January to partner with the State of Maryland, Prince George’s County and Peterson Companies to develop a new Sphere venue at National Harbor in the Washington, D.C. metro area. The project would mark the second U.S. Sphere location and the first built using a smaller-scale design model.
In Las Vegas, The Wizard of Oz at Sphere, which opened on August 28, 2025, surpassed two million tickets sold by mid-January. The venue also hosted Lenovo’s Tech World event during the Consumer Electronics Show for the second straight year.
Sphere Entertainment further expanded its commercial partnerships, signing multi-year sponsorship and advertising agreements with companies including Anheuser-Busch and Delta Air Lines. The company also introduced its first live interactive game experience on the Exosphere in collaboration with the LEGO Group and Lucasfilm’s Star Wars.
Fourth-Quarter Performance
For the three months ended December 31, 2025, revenue rose 28% year over year to $394.3 million, an increase of $86.0 million.
Operating income reached $28.9 million, up $171.9 million from the prior-year quarter. Adjusted operating income climbed to $128.0 million, reflecting a $95.2 million improvement year over year.
Full-Year Results
For the full year, revenue increased 8% to $1.22 billion, up $89.1 million from 2024.
The company reported an operating loss of $229.6 million, narrowing by $142.8 million, or 38%, compared with the previous year. Adjusted operating income rose 138% to $261.8 million, an increase of $152.0 million.
Executive Chairman and CEO James L. Dolan said, “Today’s results serve as continued validation of the business model behind Sphere. 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.”