Sphere Entertainment Co-A 2025年度报告

(Mark One) ☑ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December31, 2025or For the transition period from ______to ______Commission File Number: 001-39245 SPHERE ENTERTAINMENT CO. (Exact name of registrant as specified in its charter) Registrant’s telephone number, including area code: (725) 258-0001Securities registered pursuant to Section 12(b) of the Act: Securities registered pursuant to section 12(g) of the Act: None.Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes☑ No☐Indicate by check mark if the Registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act. Yes☐No☑ Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that the Registrant has been required to file such reports), and (2)has been subject to such filing requirements for the past 90days. Yes☑No☐Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule405 of RegulationS-T during the preceding 12months (or for such shorter period that the registrant was required to submit and post such files).Yes☑No☐Indicate by check mark whether each Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerginggrowth company” in Rule12b-2 of the Exchange Act. Accelerated filer☐Smallerreportingcompany☐Emerging growth company☐ Large accelerated filer☑Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☑If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐Indicate by check mark whether the Registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☑ The aggregate market value of the voting and non-voting common equity held by non-affiliates of Sphere Entertainment Co. computed by referenceto the price at which the common equity was last sold on the New York Stock Exchange as of June 30, 2025, was approximately $1.1 billion.Number of shares of common stock outstanding as of January31, 2026: ClassA Common Stock par value $0.01 per shareClass B Common Stock par value $0.01 per share 28,635,366 Documents incorporated by reference — Certain information required for Part III of this report is incorporated herein by reference to the proxystatement for the 2026 annual meeting of the Company’s stockholders, expected to be filed within 120 days after the end of the year ended December31, 2025. TABLE OF CONTENTS PART IItem1. BusinessItem1A. Risk FactorsItem1B. Unresolved Staff CommentsItem1C. CybersecurityItem2. PropertiesItem3. Legal ProceedingsItem 4. Mine Safety DisclosuresPART IIItem5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of EquitySecuritiesItem 6. [Reserved]Item7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem7A. Quantitative and Qualitative Disclosures about Market RiskItem8. Financial Statements and Supplementary DataItem9. Changes in and Disagreements with Accountants on Accounting and Financial DisclosureItem9A. Controls and ProceduresItem9B. Other InformationItem 9C. Disclosure Regarding Foreign Jurisdictions that Prevent InspectionsPART IIIItem10. Directors, Executive Officers and Corporate GovernanceItem11. Executive CompensationItem12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder MattersItem13. Certain Relationships and Related Transactions, and Director IndependenceItem14. Principal Accountant Fees and ServicesPART IVItem15. Exhibits and Financial Statement SchedulesItem