Sphere Entertainment Co. reported fourth-quarter and full-year 2025 financial results (all figures US$), showing continued revenue growth at its flagship Las Vegas venue, alongside plans to expand the concept to additional markets.
For the three months ended December 31, 2025, the company reported total revenue of $394.3 million, up 28 percent year over year. The Sphere segment generated $274.2 million in revenue during the quarter, an increase of 62 percent compared with the prior year period. Operating loss for the segment narrowed significantly to $6.5 million from $107.9 million a year earlier, while adjusted operating income reached $89.4 million.
For the full year, Sphere segment revenues totaled $781.4 million, up 27 percent year over year. While the segment reported an operating loss of $268.2 million in 2025, that was a 36 percent improvement over 2024. Adjusted operating income for the year was $144.6 million.
The company attributed much of the quarterly revenue growth to The Wizard of Oz at Sphere, which opened in Las Vegas in August 2025 and surpassed two million tickets sold in January. The production accounted for 245 performances in the quarter, compared with 190 performances of prior Sphere Experience shows during the same period last year. It looks like the Sphere has found the sweet spot with cinematic shows like that, since they are much more scalable than for example concerts.
Sponsorship and Exosphere advertising revenues also increased year over year, supported by new multi-year partnerships with Anheuser-Busch and Delta Air Lines. During CES in January, Lenovo held its Tech World event at the venue for a second consecutive year, reinforcing Sphere’s positioning as a large-scale corporate and technology event destination.
As reported in January by Sixteen:Nine, the company announced plans to develop a second U.S. Sphere venue at National Harbor in Maryland, near Washington, D.C., using a smaller-scale design model. Sphere Entertainment is also advancing plans for a venue in Abu Dhabi as part of its broader international expansion strategy.
(Image: The Sphere)