Sphere Entertainment swings to $38.8M Q2 net loss as MSG Networks decline offsets Las Vegas Sphere growth

Sphere Entertainment swung to a $38.8 million net loss in Q2 fiscal 2026 (three months ended 30 June), reversing $151.8 million in net income a year earlier. That prior-year profit was inflated by a $346.1 million one-time debt-extinguishment gain. The Las Vegas Sphere's revenue rose 29% to $226.4 million, but MSG Networks' adjusted operating income fell 70% to $11.0 million on a 16.5% subscriber decline, more than offsetting the venue's $15.0 million adjusted operating income gain. The results, reported 30 July, beat analyst consensus of $308.45 million. CEO James L. Dolan cited plans for Sphere venues in Abu Dhabi and National Harbor.