Madison Square Garden Entertainment Corp. (MSG Entertainment) reported financial results for the fourth quarter (Q4) and full year (FY) ended December 31, 2025. For Q4, MSG Entertainment's Sphere segment recorded revenues of USD 274.2 million, representing an increase of 62%. Adjusted operating income for the quarter rose to USD 128.0 million. For the full year 2025, the company reported revenues of USD 1.22 billion, up 8%. Adjusted operating income for FY 2025 was USD 261.8 million, increasing 138%. The company recorded an operating loss of USD 229.6 million for the year, improving 38%. Key business highlights included the announcement of plans to develop a new Sphere venue in National Harbor, Maryland, marking the second U.S. location and the first with a smaller-scale design. Additionally, The Wizard of Oz at Sphere in Las Vegas surpassed two million tickets sold in mid-January 2026. MSG Entertainment’s Executive Chairman and CEO, James L. Dolan, stated that the company remains focused on expanding the Sphere’s global footprint, with plans underway for new venues in Abu Dhabi and National Harbor.

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