v3.26.1
Revenue Recognition
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue Recognition Revenue Recognition
Contracts with Customers
See Note 2. Summary of Significant Accounting Policies and Note 5. Revenue Recognition, to the Audited Consolidated Financial Statements included in the Form 10-K, for more information regarding the details of the Company’s revenue recognition policies. All revenue recorded in the condensed consolidated statements of operations is considered to be revenue from contracts with customers in accordance with ASC Topic 606, Revenue From Contracts with Customers, except for revenues from subleases that are accounted for in accordance with ASC Topic 842, Leases.
Disaggregation of Revenue
The following tables disaggregate the Company’s consolidated revenues by segment and type of goods or services for the three months ended March 31, 2026 and 2025:
Three Months Ended
March 31, 2026
Sphere
MSG Networks
Total
Ticketing and venue license fee revenues (a)
$198,304 $— $198,304 
Sponsorship, signage, Exosphere advertising, and suite license revenues (b)
27,065 — 27,065 
Food, beverage, and merchandise revenues (c)
33,718 — 33,718 
Media networks revenues (b)
— 120,447 120,447 
Other
6,439 — 6,439 
Total revenues from contracts with customers265,526 120,447 385,973 
Revenues from subleases439 — 439 
Total revenues $265,965 $120,447 $386,412 
Three Months Ended
March 31, 2025
Sphere
MSG Networks
Total
Ticketing and venue license fee revenues (a)
$107,327 $— $107,327 
Sponsorship, signage, Exosphere advertising, and suite license revenues (b)
24,174 — 24,174 
Food, beverage, and merchandise revenues (c)
19,889 — 19,889 
Media networks revenues (b)
— 123,029 123,029 
Other
5,651 — 5,651 
Total revenues from contracts with customers157,041 123,029 280,070 
Revenues from subleases504 — 504 
Total revenues $157,545 $123,029 $280,574 
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(a)    Amounts include ticket sales, other ticket-related revenue, and venue license fees from the Company’s events such as (i) concerts, (ii) The Sphere Experience, (iii) brand events and (iv) other live entertainment and sporting events. These revenues are generally recognized at a point in time.
(b)    Sponsorship and signage, Exosphere advertising, suite licenses, and media related revenues are generally recognized over time.
(c)    Food, beverage, and merchandise revenues are generally recognized at a point in time.
Contract Balances
The following table provides information about contract balances from the Company’s contracts with customers as of March 31, 2026 and December 31, 2025:
As of
March 31,
December 31,
20262025
Receivables from contracts with customers, net (a)
$182,133 $173,525 
Contract assets, current (b)
311 445 
Deferred revenue, including non-current portion (c)
261,949 250,170 
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(a)    As of March 31, 2026 and December 31, 2025, the Company’s receivables from contracts with customers, net above included $584 and $1,895, respectively, related to various related parties. See Note 14 . Related Party Transactions for further details on these related party arrangements.
(b)     Contract assets, current and Contract assets, non-current, which are reported as Prepaid expenses and other current assets and Other non-current assets, respectively, in the Company’s condensed consolidated balance sheets, primarily relate to the Company’s rights to consideration for goods or services transferred to customers, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional.
(c)    Deferred revenue primarily relates to the Company’s receipt of consideration from customers in advance of the Company’s transfer of goods or services to the customers. Deferred revenue is reduced and the related revenue is recognized once the underlying goods or services are transferred to a customer. Revenue recognized for the three months ended March 31, 2026 relating to the deferred revenue balance as of December 31, 2025 was $124,173.

Transaction Price Allocated to the Remaining Performance Obligations
As of March 31, 2026, the Company’s remaining performance obligations were $384,141, of which 51% is expected to be recognized over the next two years and 49% of the balance is expected to be recognized thereafter. This includes performance obligations under sponsorship agreements and the Company’s agreements with DCT Abu Dhabi that have original expected durations longer than one year and for which the respective consideration is not variable. In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less.