New York, Feb 13, 2026, 08:37 (EST) — Premarket
- Shares were up about 0.2% in premarket trade after a 22% jump on Thursday.
- Sphere posted fourth-quarter revenue of $394.3 million and swung to profit.
- Executives flagged strong demand for “The Wizard of Oz” and laid out expansion steps for new Sphere venues.
Sphere Entertainment Co (SPHR) shares were up about 0.2% at $116 in premarket trading on Friday, after closing up 22.1% at $115.72 in the prior session and brushing against its 52-week high range. (StockAnalysis)
The stock’s move matters now because investors have treated Sphere’s Las Vegas venue as a “prove it” story — can the company keep raising per-show revenue and sponsorship dollars while it pursues expensive new builds. After Thursday’s jump, traders are watching whether the bid holds into the open or fades when volume hits.
A second issue sits right next to the growth pitch: Sphere still owns a regional sports network business. Cord-cutting pressure there can eat into cash flow just as the company tries to finance more domes.
Sphere said on Thursday it posted fourth-quarter revenue of $394.3 million, up 28% from a year earlier, and operating income of $28.9 million versus an operating loss in the prior-year quarter. Adjusted operating income — a non-GAAP metric that strips out items such as depreciation and share-based compensation — rose to $128.0 million, and net income attributable to shareholders was $57.6 million. Executive Chairman and CEO James Dolan called the results “continued validation” of Sphere’s model as the company pushes projects in Abu Dhabi and Maryland. (Sphereentertainmentco)
On the earnings call, Dolan said “The Wizard of Oz at Sphere” has sold more than 2.2 million tickets and generated about $290 million in ticket sales, and he teased “Wizard of Oz 2.0” later this year. Management said the planned 6,000-seat “small-scale” Sphere at National Harbor, near Washington, could open in “four years or less,” and described roughly $200 million of incentives as part of a public-private funding mix. CFO Robert Langer also said MSG Networks saw an about 14.5% drop in subscribers and that the company refinanced the Las Vegas Sphere credit facility in January, extending maturity to January 2031. (Investing)
Morgan Stanley raised its price target on Sphere Entertainment to $135 from $105 and kept an “overweight” rating, MT Newswires reported on Friday. (MarketScreener)
A filing showed the company also filed its annual report on Form 10-K on Thursday for the year ended Dec. 31, 2025, giving investors a fuller look at debt, cash flow and risk factors behind the headlines. (SEC)
But the setup cuts both ways. New Sphere projects are capital-heavy and can slip on permitting, cost inflation or financing terms, while ticket demand in Las Vegas can turn quickly if travel softens. The MSG Networks unit remains exposed to subscriber losses and tougher affiliate-rate negotiations.
What traders will watch next is simple: whether SPHR holds Thursday’s breakout when the regular session starts, and whether management provides more detail in coming weeks on the National Harbor financing structure, partners and approvals — along with any update on the Abu Dhabi site and timing.
