Core Insights - Sphere Entertainment's fourth-quarter revenue and earnings exceeded Wall Street expectations, leading to a 23% increase in stock price to $116.72 per share, marking a 145% rise over the past year and a 370% increase from its April 2025 low [1][2] Financial Performance - The company reported fourth-quarter revenue of $394 million, surpassing analyst forecasts of $378 million, with earnings per share of $1.23, significantly better than the projected loss of $0.16 [2] - The venue segment generated revenue of $274 million, a 62% increase year-over-year, with the Sphere Experience contributing $109 million from 245 showings of The Wizard of Oz [5] Business Model and Expansion Plans - CEO James Dolan emphasized that the results validate the business model behind Sphere, with plans to expand its global footprint [3] - The Las Vegas Sphere, a $2.3 billion project, is the first of its kind, with future projects planned for Abu Dhabi and Maryland's National Harbor [3][4] - A smaller-scale Sphere with a capacity of 6,000 seats is planned outside Washington, D.C., as part of a $1 billion project funded through public and private sources [4] Market Engagement - The company is in "active discussions" with numerous domestic and international markets to develop both large- and small-scale Sphere venues [4]