Sphere Entertainment Co. unexpectedly posted a profit in fiscal second-quarter 2025 after recording a $346.1 million gain tied to the restructuring of MSG Networks’ credit facility. The company reported GAAP earnings of $3.39 a share, sharply reversing both last year’s loss and Wall Street’s forecast for a $1.55 loss. Revenue rose 3 % from a year earlier to $282.7 million, coming in fractionally below analysts’ $286.6 million estimate. The Sphere venue generated $175.6 million in revenue, a 16 % increase, supported by a strong concert calendar. Adjusted operating income reached $25 million, topping both company-specific and Street projections. Investors welcomed the surprise profit and improved operating performance, sending the shares up roughly 11 % in pre-market trading.