Date of Publication: May 6, 2026, 11:04h. 

Updated on: May 6, 2026, 11:04h.

• Sphere Entertainment saw a remarkable revenue increase of 38%, totaling $386.4 million for Q1 2026
• The immersive experience of “The Wizard of Oz” has become an unparalleled financial success, amassing over $370 million in total revenue
• A new extreme-sports film from the creators of Free Solo will debut later this year

Sphere Entertainment kicked off 2026 with exceptional results, surpassing Wall Street expectations and highlighting the Las Vegas Sphere’s status as the world’s leading entertainment venue. The revenue for the January-March quarter soared 38% compared to the previous year, reaching $386.4 million. This impressive growth propelled the company’s stock to an all-time high of $145.93, before closing around $137 on Tuesday.

The company has marked its second consecutive profitable quarter, reporting $7.2 million in operating income, contrasting with a $79 million loss from the same quarter last year. Adjusted operating income — a key indicator for analysts — rose to $110 million, up from $36 million the previous year, while earnings per share improved from a 49-cent deficit to a 4-cent profit, exceeding estimates significantly.

‘Oz’ Phenomenon

The driving force behind this growth is Sphere’s AI-enhanced reimagining of The Wizard of Oz, a stunning success that has sold nearly 3 million tickets and amassed $370 million in revenue since its launch last August. CEO James Dolan highlighted that the production’s multiple daily performances are “beneficial for profitability” and serve as a valuable insight for future programming. The venue segment alone generated $266 million in revenue and $74.3 million in adjusted operating income for the quarter.

This impressive performance marks a significant turnaround for Sphere Entertainment. The company’s stock plummeted below $25 in April 2025 amidst a wider decline in leisure stocks and worries regarding the financial well-being of MSG Networks. Since then, shares have surged over 45% this year, significantly outpacing the S&P 500’s 6% increase in 2026.

The venue’s success shows no signs of abating. Sphere topped both Billboard and Pollstar‘s rankings for the highest-grossing venues globally in 2025, even with a slowdown in Las Vegas tourism. Later this year, the Sphere will unveil From the Edge, an extreme-sports documentary from Oscar-winning filmmakers E. Chai Vasarhelyi and Jimmy Chin, featuring free-climber Alex Honnold scaling the Sphere’s façade. Upcoming assured hits include Metallica’s 24-show residency starting in October and the Backstreet Boys’ anticipated return this summer.

Dolan reiterated his vision during the earnings call to establish a global network of Sphere venues. A large-scale Sphere is in development in Abu Dhabi with support from the emirate’s Department of Culture and Tourism, a project Dolan asserted has been “minimally affected” by regional tensions. A smaller Sphere planned for National Harbor in Maryland is set for a 2030 launch, with further potential domestic and international sites under review.