Sphere Entertainment (SPHR) Operating Margin (2018 - 2026)
Sphere Entertainment (SPHR) recorded Operating Margin of -19.53% in Q2 2026, down 21.40 percentage points from the prior quarter.
Powered by 
Analysis
Sphere Entertainment (SPHR) Operating Margin (2018 - 2026) Analysis & Trends
On a TTM basis, Sphere Entertainment's Operating Margin came in at -12.00% as of Jun 30, 2026; for FY2025, it came in at -18.82%, up 29.78 percentage points from FY2024.
- Annual Operating Margin has a five-year change of -35.20 percentage points (FY2020 to FY2025).
- Across earlier years, Operating Margin came in at -48.59% in FY2024, -47.58% in FY2023 (-30.75 pp), -16.83% in FY2022 (+12.23 pp) and -29.07% in FY2021 (-45.45 pp).
- Quarterly Operating Margin has ranged from -49.41% in Q3 2025 to 3.92% in Q4 2025 over the past five years.
- Per Business Quant, the preceding three quarters came in at 1.86% (Q1 2026), 3.92% (Q4 2025) and -49.41% (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Las Vegas Sands | 25.75 Bn | 12.34 Bn | 1.47 Bn | 19.22% |
| 2 | Flutter Entertainment | 14.42 Bn | 7.81 Bn | 1.52 Bn | -30.74% |
| 3 | Life Time Group Holdings | 10.41 Bn | 9.58 Bn | 419.01 Mn | 17.68% |
| 4 | DraftKings | 9.28 Bn | 4.95 Bn | 551.45 Mn | -4.72% |
| 5 | Wynn Resorts | 8.83 Bn | 2.96 Bn | 655.12 Mn | 10.55% |
| 6 | MGM Resorts International | 8.29 Bn | -1.01 Bn | 1.73 Bn | 2.82% |
| 7 | Madison Square Garden Sports | 7.83 Bn | 7.42 Bn | 119.21 Mn | 11.53% |
| 8 | Light & Wonder | 7.12 Bn | 6.42 Bn | 623.00 Mn | 29.37% |
| 9 | Churchill Downs | 6.92 Bn | 6.15 Bn | 207.00 Mn | 20.55% |
| 10 | Sphere Entertainment | 4.41 Bn | 2.18 Bn | 131.17 Mn | -87.72% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | -87.72% |
| Jun 30, 2026 | -19.53% |
| Mar 31, 2026 | 1.86% |
| Dec 31, 2025 | 3.92% |
| Sep 30, 2025 | -49.41% |
| Jun 30, 2025 | -17.74% |
| Mar 31, 2025 | -28.02% |
| Sep 30, 2024 | -51.61% |
| Jun 30, 2024 | -26.11% |
| Mar 31, 2024 | -12.57% |
| Dec 31, 2023 | -50.83% |
| Sep 30, 2023 | -59.14% |
| Jun 30, 2023 | -54.49% |
| Mar 31, 2023 | -62.88% |
| Dec 31, 2022 | -31.17% |
| Sep 30, 2022 | -41.46% |
| Jun 30, 2022 | -44.26% |
| Mar 31, 2022 | -13.20% |
| Dec 31, 2021 | -18.21% |
| Sep 30, 2021 | -37.06% |
API Access
Sphere Entertainment Operating Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=operating-margin&ticker=SPHR&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "ticker": "SPHR", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=operating-margin&ticker=SPHR&period=max&api_key=YOUR_API_KEY");
const data = await res.json();