New York, Feb 13, 2026, 08:37 (EST) — Premarket
- After leaping 22% Thursday, shares edged up another 0.2% ahead of the bell.
- Sphere reported revenue of $394.3 million for the fourth quarter and turned a profit.
- Executives pointed to robust interest in “The Wizard of Oz” and detailed their next moves for rolling out additional Sphere venues.
Shares of Sphere Entertainment Co (SPHR) edged up roughly 0.2% to $116 ahead of the bell Friday. The stock had surged 22.1% to finish at $115.72 the previous session, bumping up against its 52-week high. 1
Sphere’s stock is suddenly in the spotlight. Investors have long looked at the Las Vegas venue as a test case: can it really squeeze more revenue out of each show and attract new sponsorships, even while sinking cash into costly expansions? With Thursday’s surge, the real question now is whether buyers stay in or if the bid fizzles out once trading picks up.
There’s another problem looming by the growth story: Sphere hasn’t let go of its regional sports network business. Cord-cutting keeps chipping away at cash flow, and that comes exactly when the company needs funds to push ahead with more domes.
Sphere reported Thursday it brought in $394.3 million in fourth-quarter revenue, marking a 28% jump from the same stretch last year. Operating income landed at $28.9 million—swinging from an operating loss twelve months ago. Adjusted operating income, which excludes depreciation and share-based comp, climbed to $128.0 million. Net income attributed to shareholders hit $57.6 million. Executive Chairman and CEO James Dolan pointed to the numbers as “continued validation” of the company’s model, with Sphere pushing ahead on projects in Abu Dhabi and Maryland. 2
During the earnings call, Dolan reported that “The Wizard of Oz at Sphere” has topped 2.2 million tickets sold, pulling in around $290 million at the box office. He also hinted that “Wizard of Oz 2.0” is lined up for later this year. Management outlined plans for a 6,000-seat, “small-scale” Sphere at National Harbor outside Washington, with an opening possible within four years, maybe sooner, supported by about $200 million in incentives as part of a blend of public and private funding. CFO Robert Langer noted MSG Networks experienced a roughly 14.5% slide in subscriber numbers, and said the company refinanced the Las Vegas Sphere credit facility back in January, pushing maturity out to January 2031. 3
Morgan Stanley bumped its price target on Sphere Entertainment up to $135 from $105, sticking with an “overweight” call, MT Newswires said Friday. 4
The company on Thursday submitted its annual 10-K for the year ended Dec. 31, 2025, according to a filing, pulling back the curtain on debt, cash flow, and risk factors not visible in the headlines. 5
The setup isn’t one-sided. Those new Sphere projects demand hefty capital and could run into trouble with permitting delays, rising costs, or tighter financing. Las Vegas ticket demand? It’s fickle—travel slows, sales drop. MSG Networks still faces shrinking subscriber numbers and stiffer talks over affiliate rates.
Traders’ focus now turns to SPHR: Does Thursday’s breakout have legs once the bell rings? Beyond that, they’ll be looking for management to share more in the weeks ahead—details on the National Harbor financing, the partners, the status of approvals. Any fresh word on the Abu Dhabi site or possible timeline would also stand out.
