Earnings release
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Exhibit 99.1 SPHERE ENTERTAINMENT CO. REPORTS THIRD QUARTER 2026 RESULTS NEW YORK, N.Y., November 5, 2026 - Sphere Entertainment Co. (NYSE: SPHR) (“Sphere Entertainment” or the “Company”) today reported financial results for the third quarter ended September 30, 2026. Recent highlights for the Company’s Sphere segment include: • In late September, the Company debuted enhanced and expanded 4D effects for The Wizard of Oz at Sphere, and announced that the production had exceeded half a billion dollars in ticket sales with over four million tickets sold since its debut in August 2025, while the production also surpassed its 1,000 showing in early October; • Production is underway on The Rocky Horror Picture Show at Sphere, a new Sphere Experience, which the Company expects will debut by the end of March 2027; • In October, Metallica began a new concert residency at Sphere, with 24 concerts planned through March 2027; • Backstreet Boys and the Eagles have continued to extend their long-running residencies – now up to 63 and 74 planned nights, respectively – while Oprah Winfrey and John Mayer each announced new residencies for 2027; and • The Company announced a new multi-year sponsorship agreement with Lyft. For the three months ended September 30, 2026, the Company reported revenues of $274.3 million, an increase of $11.7 million, or 4%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $240.6 million, an increase of $77.5 million, or 47%, and adjusted operating income of $39.2 million, an increase of $2.8 million, or 8%, both as compared to the prior year quarter. Executive Chairman and CEO James L. Dolan said, “With today’s results, our Sphere segment remains on track to deliver substantial growth this calendar year. Looking ahead, we continue to make progress on our long-term vision for Sphere, including a global network of venues and a growing slate of original content.” Segment Results for the Three and Nine Months Ended September 30, 2026 and 2025: (In millions) Three Months Ended Nine Months Ended September 30, Change September 30, Change 2026 2025 $ % 2026 2025 $ % Revenues: Sphere $ 198.9 $ 174.1 $ 24.8 14 % $ 691.2 $ 507.2 $ 184.0 36 % MSG Networks 75.4 88.4 (13.0) (15)% 283.1 318.5 (35.4) (11)% Total Revenues $ 274.3 $ 262.5 $ 11.7 4 % $ 974.3 $ 825.8 $ 148.5 18 % Operating Loss: Sphere $ (67.0) $ (84.4) $ 17.5 21 % $ (161.4) $ (261.6) $ 100.2 38 % MSG Networks (173.6) (78.7) (94.9) (121)% (133.2) (30.2) (103.0) NM Total Operating Loss $ (240.6) $ (163.1) $ (77.5) (47)% $ (294.6) $ (291.9) $ (2.8) (1)% Adjusted Operating Income: Sphere $ 32.4 $ 17.1 $ 15.3 90 % $ 146.6 $ 55.2 $ 91.4 166 % MSG Networks 6.8 19.3 (12.5) (65)% 53.5 78.6 (25.2) (32)% Total Adjusted Operating Income $ 39.2 $ 36.4 $ 2.8 8 % $ 200.1 $ 133.8 $ 66.3 50 % _________________ Note: Does not foot due to rounding. NM — Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are considered not meaningful. (1) See page 3 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures. (2) Certain prior period financials have been revised for corrections of immaterial errors related to historical goodwill impairment charges at MSG Networks. See “Exhibit A” in this earnings release for additional information. th (1) (2) (1)
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Sphere For the three months ended September 30, 2026, the Sphere segment reported revenues of $198.9 million, an increase of $24.8 million, or 14%, as compared to the prior year quarter. Revenues related to The Sphere Experience increased $13.1 million as compared to the prior year quarter, which reflected an increase in the number of overall performances and, to a lesser extent, higher per-show revenue. In the current year quarter, The Sphere Experience reflected 241 performances of The Wizard of Oz at Sphere as compared to a combined 220 performances of The Wizard of Oz at Sphere, Postcard from Earth and V-U2 An Immersive Concert Film in the prior year quarter. The Wizard of Oz at Sphere debuted on August 28, 2025 in the prior year quarter. Revenues from sponsorship, Exosphere advertising and suite license fees increased $6.2 million as compared to the prior year quarter due to higher Exosphere advertising revenues and, to a lesser extent, higher sponsorship revenues and suite license fee revenues. Event-related revenues increased $6.1 million as compared to the prior year quarter, primarily due to higher revenues from concerts. The increase in revenues from concerts primarily reflects the impact of three additional concert residency shows held at Sphere in Las Vegas during the current year quarter. For the three months ended September 30, 2026, the Sphere segment had direct operating expenses of $83.8 million, an increase of $5.1 million, or 6%, as compared to the prior year quarter. This increase was primarily due to higher expenses associated with The Sphere Experience of $7.6 million as compared to the prior year quarter, which reflected higher per-show expenses and an increase in the number of overall performances. As mentioned above, in the current year quarter, The Sphere Experience solely reflected performances of The Wizard of Oz at Sphere as compared to showings of The Wizard of Oz at Sphere, Postcard from Earth and V-U2 An Immersive Concert Film in the prior year quarter. For the three months ended September 30, 2026, selling, general and administrative expenses of $98.3 million increased $5.6 million, or 6%, as compared to the prior year quarter, primarily due to (i) higher employee compensation and related benefits and (ii) other cost increases, partially offset by (iii) the impact of mark-to-market adjustments on certain share-based compensation awards as a result of the decrease in the Company’s stock price during the current year quarter. For the three months ended September 30, 2026, operating loss of $67.0 million improved by $17.5 million, or 21%, as compared to the prior year quarter, primarily due to the increase in revenues, partially offset by higher selling, general and administrative expenses and direct operating expenses. Adjusted operating income of $32.4 million increased $15.3 million, or 90%, as compared to the prior year quarter, primarily due to the increase in revenues, partially offset by higher direct operating expenses and selling, general and administrative expenses (excluding share-based compensation). MSG Networks For the three months ended September 30, 2026, the MSG Networks segment reported total revenues of $75.4 million, a decrease of $13.0 million, or 15%, as compared to the prior year quarter. Distribution revenue decreased $12.8 million, primarily reflecting a decrease in total subscribers of approximately 15.5%. For the three months ended September 30, 2026, direct operating expenses of $59.3 million increased $1.0 million, or 2%, as compared to the prior year quarter. For the three months ended September 30, 2026, selling, general and administrative expenses of $10.0 million increased $3.0 million, or 43%, as compared to the prior year quarter. This increase was primarily due to (i) higher employee compensation and related benefits of $3.5 million and (ii) other cost increases, partially offset by (iii) lower advertising and marketing costs of $1.6 million. For the three months ended September 30, 2026, operating loss of $173.6 million increased $94.9 million as compared to the prior year quarter, primarily due to an increase in impairments and other losses and, to a lesser extent, the decrease in revenues. Adjusted operating income of $6.8 million decreased $12.5 million as compared to the prior year quarter, primarily due to the decrease in revenues. _________________ (3) Results for the three months ended September 30, 2026 included a non-cash goodwill impairment charge of $177.6 million as compared to a charge of $98.8 million in the prior year quarter. The charge in the prior year quarter reflects revised prior period financials. See “Exhibit A” in this earnings release for additional information. (3) 2
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About Sphere Entertainment Co. Sphere Entertainment Co. is a leader in immersive experiences, technology and media. The Company includes Sphere, an experientialmedium powered by advanced technologies. The first Sphere opened in Las Vegas, with plans also announced for Sphere venues in Abu Dhabi and National Harbor. In addition, the Company includes MSG Networks, which operates two regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as a direct-to-consumer and authenticated streaming product, MSG+, delivering awide range of live sports content and other programming. More information is available at www.sphereentertainmentco.com. Non-GAAP Financial Measures We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) before (i) depreciation, amortization and impairments of property and equipment, goodwill and intangible assets, (ii) amortization for capitalized cloudcomputing arrangement costs, (iii) share-based compensation expense, (iv) restructuring charges or credits, (v) merger, debt work-out and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries, (vi) gains or losses on sales or dispositions of businesses and associated settlements, (vii) the impact of purchase accounting adjustments related to business acquisitions,and (viii) gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger, debt work-out andacquisition-related costs, including merger related litigation expenses, net of insurance recoveries, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related tothe remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan, provides investors with a clearer picture of the Company’s operating performance given that, in accordance with U.S. generally accepted accounting principles (“GAAP”), gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan are recognized in operating income (loss) whereas gains and losses related to the remeasurement of the assets under the Company’s Executive Deferred CompensationPlan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in other income (expense), net, which is not reflected in operating income (loss). We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of our business segments and the Company on a consolidated basis. Adjusted operating income (loss) and similar measures with similar titles are commonperformance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operatingincome (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income(loss) to adjusted operating income (loss), please see page 5 of this release. Forward-Looking Statements This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performanceor results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with theSecurities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein. # # # Contacts: Ari Danes, CFAInvestor Relations(212) 465-6072 Grace KaminerInvestor Relations(212) 631-5076 Conference Call Information: The conference call will be webcast live today at 11:00 a.m. ET at investor.sphereentertainmentco.com Conference call dial-in number is 833-461-5787 / Conference ID Number 556087132Webcast replay available at investor.sphereentertainmentco.com until November 12, 2026 3
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SPHERE ENTERTAINMENT CO. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Revenues $ 274,260 $ 262,511 $ 974,311 $ 825,762 Operating expenses: Direct operating expenses 143,091 136,984 463,801 426,625 Selling, general, and administrative expenses 108,347 99,692 369,257 326,984 Depreciation and amortization 83,374 84,102 252,049 252,238 Impairments and other losses, net 177,553 98,844 177,632 103,006 Restructuring charges 2,466 5,993 6,203 8,781 Operating loss (240,571) (163,104) (294,631) (291,872) Other income (expense): (Loss) gain on extinguishment of debt — — (2,071) 346,092 Interest income 4,851 2,737 13,588 10,699 Interest expense (8,011) (9,399) (24,323) (61,467) Other expense, net (1,131) (328) (3,059) (2,068) (Loss) income from continuing operations before income taxes (244,862) (170,094) (310,496) 1,384 Income tax benefit (expense) 68,824 44,412 100,591 (57,204) Net loss (176,038) (125,682) (209,905) (55,820) Less: Net income attributable to participating securities — — 6,514 — Net loss attributable to Sphere Entertainment Co.’s stockholders $ (176,038) $ (125,682) $ (216,419) $ (55,820) Basic loss per common share attributable to Sphere EntertainmentCo.’s stockholders $ (4.84) $ (3.47) $ (5.99) $ (1.54) Diluted loss per common share attributable to SphereEntertainment Co.’s stockholders $ (4.84) $ (3.47) $ (5.99) $ (1.54) Weighted-average number of common shares outstanding: Basic 36,336 36,200 36,123 36,197 Diluted 36,336 36,200 36,123 36,197 _________________ Note: Certain prior period financials have been revised for corrections of immaterial errors related to historical goodwill impairment charges at MSG Networks. See “Exhibit A” in this earnings release for additional information. 4
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SPHERE ENTERTAINMENT CO. ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS) (In thousands) (Unaudited) The following is a description of the adjustments to operating loss in arriving at adjusted operating income as described in this earnings release: • Share-based compensation. This adjustment eliminates the compensation expense relating to restricted stock units, performance stock units and stock options granted under the Sphere Entertainment Employee Stock Plan, MSG Networks Employee Stock Plan, as amended and assumed by Sphere Entertainment, and Sphere Entertainment Non-Employee Director Plan. • Depreciation and amortization. This adjustment eliminates depreciation and amortization of property and equipment and intangible assets. • Restructuring charges. This adjustment eliminates costs related to termination benefits provided to certain executives and employees. • Impairments and other losses (gains), net. This adjustment eliminates non-cash impairment charges and the impact of gains or losses from the disposition of assets or businesses. • Merger, debt work-out, and acquisition-related costs, including merger-related litigation expenses, net of insurance recoveries. This adjustment eliminates costs related to mergers, debt work-outs and acquisitions, including litigation expenses. • Amortization for capitalized cloud computing arrangement costs. This adjustment eliminates amortization of capitalized cloud computing arrangement costs. • Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the Company's executive deferred compensation plan. Three Months Ended Nine Months Ended September 30, September 30, 2026 2025 2026 2025 Operating loss $ (240,571) $ (163,104) $ (294,631) $ (291,872) Share-based compensation 14,703 8,533 46,335 48,978 Depreciation and amortization 83,374 84,102 252,049 252,238 Restructuring charges 2,466 5,993 6,203 8,781 Impairments and other losses, net 177,553 98,844 177,632 103,006 Merger, debt work-out, and acquisition-related costs,including merger-related litigation expenses, net ofinsurance recoveries 206 257 8,499 7,530 Amortization for capitalized cloud computingarrangement costs 1,453 1,579 3,769 4,737 Remeasurement of deferred compensation planliabilities (32) 160 196 400 Adjusted operating income $ 39,152 $ 36,364 $ 200,052 $ 133,798 _________________ Note: Certain prior period financials have been revised for corrections of immaterial errors related to historical goodwill impairment charges at MSG Networks. See “Exhibit A” in this earnings release for additional information. 5
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SPHERE ENTERTAINMENT CO. SEGMENT RESULTS (In thousands) (Unaudited) BUSINESS SEGMENT RESULTS Three Months Ended September 30, 2026 Sphere MSG Networks Total Revenues $ 198,856 $ 75,404 $ 274,260 Operating expenses: Direct operating expenses 83,835 59,256 143,091 Selling, general and administrative expenses 98,323 10,024 108,347 Depreciation and amortization 81,517 1,857 83,374 Impairments and other losses, net — 177,553 177,553 Restructuring charges 2,148 318 2,466 Operating loss $ (66,967) $ (173,604) $ (240,571) Reconciliation to adjusted operating income: Share-based compensation 14,073 630 14,703 Depreciation and amortization 81,517 1,857 83,374 Restructuring charges 2,148 318 2,466 Impairments and other losses, net — 177,553 177,553 Merger, debt work-out, and acquisition-related costs, includingmerger-related litigation expenses, net of insurance recoveries 206 — 206 Amortization for capitalized cloud computing arrangement costs 1,453 — 1,453 Remeasurement of deferred compensation plan liabilities (32) — (32) Adjusted operating income $ 32,398 $ 6,754 $ 39,152 Three Months Ended September 30, 2025 Sphere MSG Networks Total Revenues $ 174,090 $ 88,421 $ 262,511 Operating expenses: Direct operating expenses 78,733 58,251 136,984 Selling, general and administrative expenses 92,697 6,995 99,692 Depreciation and amortization 81,996 2,106 84,102 Impairments and other losses, net 57 98,787 98,844 Restructuring charges 5,041 952 5,993 Operating loss $ (84,434) $ (78,670) $ (163,104) Reconciliation to adjusted operating income: Share-based compensation 12,409 (3,876) 8,533 Depreciation and amortization 81,996 2,106 84,102 Restructuring charges 5,041 952 5,993 Impairments and other losses, net 57 98,787 98,844 Merger, debt work-out, and acquisition-related costs, includingmerger-related litigation expenses, net of insurance recoveries 257 — 257 Amortization for capitalized cloud computing arrangement costs 1,579 — 1,579 Remeasurement of deferred compensation plan liabilities 160 — 160 Adjusted operating income $ 17,065 $ 19,299 $ 36,364 _________________ Note: Certain prior period financials have been revised for corrections of immaterial errors related to historical goodwill impairment charges at MSG Networks. See “Exhibit A” in this earnings release for additional information. 6
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SPHERE ENTERTAINMENT CO. SEGMENT RESULTS (In thousands) (Unaudited) BUSINESS SEGMENT RESULTS Nine Months Ended September 30, 2026 Sphere MSG Networks Total Revenues $ 691,174 $ 283,137 $ 974,311 Operating expenses: Direct operating expenses 270,791 193,010 463,801 Selling, general and administrative expenses 330,509 38,748 369,257 Depreciation and amortization 246,077 5,972 252,049 Impairments and other losses, net 79 177,553 177,632 Restructuring charges 5,144 1,059 6,203 Operating loss $ (161,426) $ (133,205) $ (294,631) Reconciliation to adjusted operating income: Share-based compensation 44,259 2,076 46,335 Depreciation and amortization 246,077 5,972 252,049 Restructuring charges 5,144 1,059 6,203 Impairments and other losses, net 79 177,553 177,632 Merger, debt work-out, and acquisition-related costs, includingmerger-related litigation expenses, net of insurance recoveries 8,499 — 8,499 Amortization for capitalized cloud computing arrangement costs 3,769 — 3,769 Remeasurement of deferred compensation plan liabilities 196 — 196 Adjusted operating income $ 146,597 $ 53,455 $ 200,052 Nine Months Ended September 30, 2025 Sphere MSG Networks Total Revenues $ 507,222 $ 318,540 $ 825,762 Operating expenses: Direct operating expenses 225,620 201,005 426,625 Selling, general and administrative expenses 285,490 41,494 326,984 Depreciation and amortization 245,708 6,530 252,238 Impairments and other losses, net 4,219 98,787 103,006 Restructuring charges 7,829 952 8,781 Operating loss $ (261,644) $ (30,228) $ (291,872) Reconciliation to adjusted operating income: Share-based compensation 50,316 (1,338) 48,978 Depreciation and amortization 245,708 6,530 252,238 Restructuring charges 7,829 952 8,781 Impairments and other losses, net 4,219 98,787 103,006 Merger, debt work-out, and acquisition-related costs, includingmerger-related litigation expenses, net of insurance recoveries 3,596 3,934 7,530 Amortization for capitalized cloud computing arrangement costs 4,737 — 4,737 Remeasurement of deferred compensation plan liabilities 400 — 400 Adjusted operating income $ 55,161 $ 78,637 $ 133,798 _________________ Note: Certain prior period financials have been revised for corrections of immaterial errors related to historical goodwill impairment charges at MSG Networks. See “Exhibit A” in this earnings release for additional information. 7
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SPHERE ENTERTAINMENT CO. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) As of September 30, December 31, 2026 2025 ASSETS Current Assets: Cash, cash equivalents, and restricted cash $ 527,324 $ 521,264 Accounts receivable, net 158,763 171,630 Related party receivables, current 14,751 24,457 Prepaid expenses and other current assets 86,371 92,824 Total current assets 787,209 810,175 Non-Current Assets: Investments 36,350 38,725 Property and equipment, net 2,480,245 2,710,643 Right-of-use lease assets 95,108 91,372 Goodwill 80,569 258,122 Intangible assets, net 16,849 21,817 Other non-current assets 227,597 192,404 Total assets $ 3,723,927 $ 4,123,258 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ 36,384 $ 24,593 Accrued expenses and other current liabilities 372,543 431,477 Related party payables, current 13,881 14,301 Current portion of long-term debt, net 59,658 63,009 Operating lease liabilities, current 12,418 17,186 Deferred revenue 176,169 192,808 Total current liabilities 671,053 743,374 Non-Current Liabilities: Long-term debt, net 708,772 767,439 Operating lease liabilities, non-current 118,734 113,824 Deferred tax liabilities, net 44,291 150,119 Other non-current liabilities 204,016 179,921 Total liabilities 1,746,866 1,954,677 Commitments and contingencies Equity: Class A Common Stock 305 297 Class B Common Stock 69 69 Additional paid-in capital 2,489,499 2,470,120 Treasury stock, at cost, 1,054 shares as of September 30, 2026 and December 31, 2025 (50,024) (50,024) Accumulated deficit (461,004) (251,099) Accumulated other comprehensive loss (1,784) (782) Total stockholders’ equity 1,977,061 2,168,581 Total liabilities and equity $ 3,723,927 $ 4,123,258 _________________ Note: Certain prior period financials have been revised for corrections of immaterial errors related to historical goodwill impairment charges at MSG Networks. See “Exhibit A” in this earnings release for additional information. (a) Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 30,457 and 29,683 shares issued, and 29,403 and 28,629 shares outstanding as of September 30, 2026 and December 31, 2025, respectively. (b) Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued and outstanding as of September 30, 2026 and December 31, 2025. (a) (b) 8
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SPHERE ENTERTAINMENT CO. SELECTED CASH FLOW INFORMATION (In thousands) (Unaudited) Nine Months Ended September 30, 2026 2025 Net cash provided by operating activities $ 159,468 $ 63,127 Net cash (used in) provided by investing activities (63,152) 11,382 Net cash used in financing activities (90,034) (192,080) Effect of exchange rates on cash, cash equivalents and restricted cash (222) 192 Net increase (decrease) in cash, cash equivalents, and restricted cash 6,060 (117,379) Cash, cash equivalents, and restricted cash at beginning of period 521,264 515,633 Cash, cash equivalents, and restricted cash at end of period $ 527,324 $ 398,254
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SPHERE ENTERTAINMENT CO. EXHIBIT A REVISION OF PREVIOUSLY ISSUED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (In thousands) (Unaudited) Correction of Previously Issued Financial Statements for Immaterial Errors Subsequent to the issuance of the Company’s consolidated financial statements as of and for the year ended December 31, 2025, condensed consolidated financial statements as of and for the three and nine months ended September 30, 2025 and consolidated financial statements as of and for the six-month transition period ended December 31, 2024 (the “Company’s previously issued financial statements”), management identified errors related to the goodwill impairment charges recorded with respect to the Company’s MSG Networks reporting unit during the quarterly period ended September 30, 2025 and the six-month transition period ended December 31, 2024, primarily due to the misallocation of deferred tax liabilities between the Company’s reporting units. Management evaluated the quantitative and qualitative impact of these accounting errors and concluded they were not material to the Company’s previously issued financial statements. Notwithstanding this conclusion, management has revised the accompanying condensed consolidated financial statements included herein to correct these accounting errors for all periods presented. The effect of the correction of the errors noted above on the balance sheets included in the Company’s previously issued financial statements is as follows: As of December 31, 2025 September 30, 2025 December 31, 2024 AsPreviouslyIssued Adjustment As Revised AsPreviouslyIssued Adjustment As Revised AsPreviouslyIssued Adjustment As Revised Goodwill $ 344,772 $ (86,650)$ 258,122 $ 344,772 $ (86,650)$ 258,122 $ 410,172 $ (53,263)$ 356,909 Total assets 4,209,908 (86,650)4,123,258 4,138,568 (86,650)4,051,918 4,515,300 (53,263)4,462,037 Deferred tax liabilities, net172,111 (21,992) 150,119 215,125 (22,824) 192,301 148,870 (13,923) 134,947 Total liabilities 1,976,669 (21,992)1,954,677 1,983,467 (22,824)1,960,643 2,313,881 (13,923)2,299,958 Accumulated deficit (186,441) (64,658) (251,099) (251,180) (63,826) (315,006) (219,846) (39,340) (259,186) Total stockholders' equity2,233,239 (64,658)2,168,581 2,155,101 (63,826)2,091,275 2,201,419 (39,340)2,162,079 Total liabilities and equity4,209,908 (86,650)4,123,258 4,138,568 (86,650)4,051,918 4,515,300 (53,263)4,462,037 The effect of the correction of the errors noted above on the statements of operations included in the Company’s previously issued financial statements is as follows: Year Ended Three Months Ended Six Months Ended December 31, 2025 September 30, 2025 December 31, 2024 As PreviouslyIssued Adjustment As Revised As PreviouslyIssued Adjustment As Revised As PreviouslyIssued Adjustment As Revised Impairments and other(losses) gains, net $ (69,781)$ (33,387)$ (103,168)$ (65,457)$ (33,387)$ (98,844)$ (65,233)$ (53,263)$ (118,496) Operating income (loss) (229,564) (33,387) (262,951) (129,717) (33,387) (163,104) (260,560) (53,263) (313,823) Income (loss) fromcontinuing operations beforeincome taxes 57,215 (33,387) 23,828 (136,707) (33,387) (170,094) (306,579) (53,263) (359,842) Income tax (expense) benefit(23,810) 8,069 (15,741) 35,511 8,901 44,412 75,346 13,923 89,269 Net income (loss) 33,405 (25,318) 8,087 (101,196) (24,486) (125,682) (231,233) (39,340) (270,573) Basic earnings (loss) percommon share attributable toSphere Entertainment Co.’sstockholders 0.93 (0.70) 0.22 (2.80) (0.68) (3.47) (6.45) (1.10) (7.55) Diluted earnings (loss) percommon share attributable toSphere Entertainment Co.’sstockholders 0.74 (0.56) 0.18 (2.80) (0.68) (3.47) (6.45) (1.10) (7.55) 10