Sphere ENT

Q2 FY2026 EarningsFY26 Q2 results presented a mixed profile with revenue slightly beating consensus at $313.6M (+1.8% vs. expected), driven by a 29% YoY surge in the Sphere segment despite a continued double-digit decline in MSG Networks. While GAAP EPS of -$1.07 was significantly better than the -$1.51 expected due to a substantial tax benefit, the operating loss widened to $61.3M, missing the consensus by 8.1%. Management confirmed a new five-year F1 agreement and the Abu Dhabi expansion, though subscriber attrition at MSG Networks remains a structural headwind.