Sphere Entertainment Co. has reported revenues of $386.4 million for Q1 2026, an increase of 38% year-over-year.
The company’s Sphere segment, which operates the immersive entertainment venue in Las Vegas, generated $266.0 million in revenue during the quarter, up 69% YoY from $157.5 million in the prior year period.
Sphere Entertainment reported the results on Tuesday (May 5) in an earnings release covering the three months ended March 31, 2026.
The company swung to an operating income of $7.2 million in Q1, compared to an operating loss of $78.6 million in the same quarter a year earlier.
Sphere Entertainment reported adjusted operating income of $110.0 million, up from $36.0 million in the prior year quarter.
Revenues from The Sphere Experience, the venue’s immersive content programming, increased by $81.7 million year-over-year, reflecting higher per-show revenue for The Wizard of Oz at Sphere.
The Wizard of Oz at Sphere, which opened on August 28, 2025, accounted for 209 performances during the quarter, compared to 200 performances of Postcard from Earth and V-U2 An Immersive Concert Film in Q1 2025.
The production surpassed its 500th showing in March, according to the company.
Event-related revenues at Sphere increased by $24.4 million, reflecting higher revenues from brand events and concerts, including six additional concert residency shows held during the quarter.
“Today’s results demonstrate our continued success proving out Sphere’s business model.”
James L. Dolan, Sphere Entertainment
Executive Chairman and CEO James L. Dolan said: “Today’s results demonstrate our continued success proving out Sphere’s business model.
“Looking ahead, we remain focused on maximizing that model’s full potential in Las Vegas, while executing on our long-term vision for a global network of Sphere venues.”
Among the recent highlights cited by Sphere Entertainment in the report: Metallica has announced a 24-concert residency at Sphere, beginning in October 2026, while the Backstreet Boys confirmed they will return this summer, extending their residency run to 56 nights total.
The company also announced a new multi-year sponsorship agreement with evian in April, naming the brand as the Official Still Water Partner of Sphere.
Sphere Entertainment’s MSG Networks segment, which operates regional sports networks in the New York market, reported revenues of $120.4 million, down 2% year-over-year, primarily due to lower advertising revenue from fewer live regular season sports telecasts.
On a consolidated basis, Sphere Entertainment reported net income of $4.5 million for Q1 2026, compared to a net loss of $82.0 million in the prior year quarter.
For the full year 2025, Sphere Entertainment reported revenues of $1.22 billion, up 8% year-over-year, with adjusted operating income of $261.8 million.
The Las Vegas venue, which opened with U2 in September 2023, has hosted concert residencies from acts including the Eagles, Dead & Company, Phish, and Kenny Chesney.
Sphere Entertainment said that plans to bring Sphere to Abu Dhabi and National Harbor in the Washington, D.C. metropolitan area continue to move forward, while the company remains in discussions with additional markets globally regarding large and smaller-scale venues.Music Business Worldwide
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