Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

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 customers	265,526		120,447		385,973
Revenues from subleases	439		—		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 customers	157,041		123,029		280,070
Revenues from subleases	504		—		504
Total revenues	$	157,545	$	123,029	$	280,574

_________________

(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.

Contract with Customer, Contract Assets and Liabilities

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,
	2026		2025
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

_________________

(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.