Stratos-SPHERE: Las Vegas Orb’s Revenue Up 38% from Last Year
Posted on: May 6, 2026, 11:04h.
Last updated on: May 6, 2026, 11:04h.
- Sphere Entertainment reported a 38% revenue surge to $386.4 million for Q1 2026
- The “Wizard of Oz” immersive experience has become a massive financial success, topping $370 million in total revenue
- New non-music content, including an extreme-sports film by the creators of Free Solo, is set to premiere later this year
Sphere Entertainment delivered another record quarter to start 2026, posting results that far exceeded Wall Street forecasts and underscored the Las Vegas Sphere’s emergence as the most profitable entertainment venue in the world. Revenue for the January–March period surged 38% year-over-year to $386.4 million, helping propel the company’s stock to an all time high of $145.93 before settling near $137 by Tuesday’s closing bell.
The company notched its second straight profitable quarter, reporting $7.2 million in operating income against a $79 million loss during the same period last year. Adjusted operating income — a metric closely watched by analysts — climbed to $110 million, up from $36 million a year ago, while earnings per share swung from a 49 cent loss to a 4 cent gain, handily beating consensus estimates.
‘Oz’ Fest
The engine behind the surge remains Sphere’s AI enhanced reimagining of The Wizard of Oz, a runaway hit that has sold nearly 3 million tickets and generated $370 million on revenue since debuting last August. Sphere CEO James Dolan explained that the production’s ability to run several times a day is “good for the bottom line” and a key lesson for future programming. The venue segment alone posted $266 million in revenue and $74.3 million in adjusted operating income for the quarter.
The strong performance extends a dramatic turnaround for Sphere Entertainment. The company’s stock fell below $25 in April 2025 amid a broader slump in leisure stocks and concerns about the financial health of MSG Networks. Since then, shares have rebounded more than 45% year to date, far outpacing the S&P 500’s 6% gain in 2026.
The venue’s momentum shows no signs of slowing. Sphere topped both Billboard’s and Pollstar’s lists of the world’s highest‑grossing venues in 2025, even as Las Vegas tourism softened. Later this year, the Sphere will premiere From the Edge, an extreme-sports documentary from Oscar-winners E. Chai Vasarhelyi and Jimmy Chin set to feature free-climber Alex Honnold scaling the Sphere’s exterior. And upcoming surefire hit residencies include Metallica’s 24‑show run beginning in October and the Backstreet Boys’ return this summer.
Dolan used the earnings call to reiterate his ambition to build a global network of Sphere venues. A full‑scale Sphere in Abu Dhabi is advancing with funding from the emirate’s Department of Culture and Tourism, a project Dolan said has been “minimally impacted” by regional conflict. A smaller Sphere planned for National Harbor in Maryland remains on track for a 2030 opening, with additional domestic and international sites under evaluation.
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