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Side-by-side financial comparison of Reservoir Media, Inc. (RSVR) and Sphere Entertainment Co. (SPHR). Click either name above to swap in a different company.
Sphere Entertainment Co. is the larger business by last-quarter revenue ($393.8M vs $45.6M, roughly 8.6× Reservoir Media, Inc.). Sphere Entertainment Co. runs the higher net margin — 16.4% vs 4.8%, a 11.6% gap on every dollar of revenue. Over the past eight quarters, Sphere Entertainment Co.'s revenue compounded faster (12.1% CAGR vs 7.9%).
Reservoir Media, Inc. is a leading global independent music rights management company. It owns and administers extensive catalogs of recorded music, music publishing copyrights, and neighboring rights, partnering with top songwriters, performing artists, and producers across genres including pop, hip-hop, rock, and film soundtracks. It licenses its content for use across streaming platforms, advertising, film and television productions, live events, and other commercial channels, with operations spanning North America, Europe, and Asia Pacific markets.
Sphere Entertainment Co. is an American entertainment holding company based in New York City, and controlled by the family of Charles Dolan. It owns the Sphere event venue in Paradise, Nevada, in the Las Vegas Valley and New York-based regional sports network chain MSG Networks.
RSVR vs SPHR — Head-to-Head
Income Statement — Q3 2026 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $45.6M | $393.8M |
| Net Profit | $2.2M | $64.7M |
| Gross Margin | 64.5% | — |
| Operating Margin | 22.7% | 7.3% |
| Net Margin | 4.8% | 16.4% |
| Revenue YoY | 7.7% | — |
| Net Profit YoY | -58.1% | — |
| EPS (diluted) | $0.03 | $2.42 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $45.6M | $393.8M | ||
| Q3 25 | $45.4M | $262.1M | ||
| Q2 25 | $37.2M | $282.2M | ||
| Q1 25 | $41.4M | $280.1M | ||
| Q4 24 | $42.3M | — | ||
| Q3 24 | $40.7M | $227.1M | ||
| Q2 24 | $34.3M | $272.6M | ||
| Q1 24 | $39.1M | $320.6M |
| Q4 25 | $2.2M | $64.7M | ||
| Q3 25 | $2.3M | $-101.2M | ||
| Q2 25 | $-555.7K | $151.8M | ||
| Q1 25 | $2.7M | $-82.0M | ||
| Q4 24 | $5.2M | — | ||
| Q3 24 | $185.0K | $-105.3M | ||
| Q2 24 | $-346.7K | $-46.6M | ||
| Q1 24 | $2.8M | $-47.2M |
| Q4 25 | 64.5% | — | ||
| Q3 25 | 63.6% | — | ||
| Q2 25 | 64.5% | — | ||
| Q1 25 | 65.6% | — | ||
| Q4 24 | 64.4% | — | ||
| Q3 24 | 63.5% | — | ||
| Q2 24 | 61.3% | — | ||
| Q1 24 | 63.4% | — |
| Q4 25 | 22.7% | 7.3% | ||
| Q3 25 | 23.5% | -49.5% | ||
| Q2 25 | 14.7% | -17.8% | ||
| Q1 25 | 25.2% | -28.1% | ||
| Q4 24 | 22.6% | — | ||
| Q3 24 | 24.9% | -51.8% | ||
| Q2 24 | 14.5% | -66.3% | ||
| Q1 24 | 22.4% | -12.6% |
| Q4 25 | 4.8% | 16.4% | ||
| Q3 25 | 5.0% | -38.6% | ||
| Q2 25 | -1.5% | 53.8% | ||
| Q1 25 | 6.4% | -29.3% | ||
| Q4 24 | 12.4% | — | ||
| Q3 24 | 0.5% | -46.4% | ||
| Q2 24 | -1.0% | -17.1% | ||
| Q1 24 | 7.1% | -14.7% |
| Q4 25 | $0.03 | $2.42 | ||
| Q3 25 | $0.03 | $-2.80 | ||
| Q2 25 | $-0.01 | $3.39 | ||
| Q1 25 | — | $-2.27 | ||
| Q4 24 | $0.08 | — | ||
| Q3 24 | — | $-2.95 | ||
| Q2 24 | $-0.01 | $-1.33 | ||
| Q1 24 | — | $-1.33 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $20.6M | — |
| Total DebtLower is stronger | — | $692.7M |
| Stockholders' EquityBook value | $373.6M | $2.2B |
| Total Assets | $941.9M | $4.2B |
| Debt / EquityLower = less leverage | — | 0.31× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $20.6M | — | ||
| Q3 25 | $27.9M | $384.8M | ||
| Q2 25 | $14.9M | $355.7M | ||
| Q1 25 | $21.4M | $465.0M | ||
| Q4 24 | $17.8M | — | ||
| Q3 24 | $21.1M | — | ||
| Q2 24 | $16.4M | $559.8M | ||
| Q1 24 | $18.1M | — |
| Q4 25 | — | $692.7M | ||
| Q3 25 | — | $733.8M | ||
| Q2 25 | — | $743.8M | ||
| Q1 25 | — | $1.3B | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $1.4B | ||
| Q2 24 | — | $1.4B | ||
| Q1 24 | — | $1.4B |
| Q4 25 | $373.6M | $2.2B | ||
| Q3 25 | $370.9M | $2.2B | ||
| Q2 25 | $368.9M | $2.3B | ||
| Q1 25 | $364.9M | $2.1B | ||
| Q4 24 | $359.5M | — | ||
| Q3 24 | $357.9M | $2.3B | ||
| Q2 24 | $353.0M | $2.4B | ||
| Q1 24 | $353.0M | $2.4B |
| Q4 25 | $941.9M | $4.2B | ||
| Q3 25 | $903.5M | $4.1B | ||
| Q2 25 | $857.0M | $4.2B | ||
| Q1 25 | $865.1M | $4.4B | ||
| Q4 24 | $832.4M | — | ||
| Q3 24 | $778.2M | $4.6B | ||
| Q2 24 | $768.2M | — | ||
| Q1 24 | $783.5M | $4.9B |
| Q4 25 | — | 0.31× | ||
| Q3 25 | — | 0.34× | ||
| Q2 25 | — | 0.32× | ||
| Q1 25 | — | 0.62× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.59× | ||
| Q2 24 | — | 0.57× | ||
| Q1 24 | — | 0.57× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $12.9M | $180.2M |
| Free Cash FlowOCF − Capex | $12.8M | — |
| FCF MarginFCF / Revenue | 28.1% | — |
| Capex IntensityCapex / Revenue | 0.3% | — |
| Cash ConversionOCF / Net Profit | 5.89× | 2.78× |
| TTM Free Cash FlowTrailing 4 quarters | $50.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $12.9M | $180.2M | ||
| Q3 25 | $19.3M | $115.8M | ||
| Q2 25 | $6.0M | $-59.1M | ||
| Q1 25 | $12.2M | $6.3M | ||
| Q4 24 | $11.2M | — | ||
| Q3 24 | $13.3M | $34.1M | ||
| Q2 24 | $8.6M | $-72.4M | ||
| Q1 24 | $13.8M | $101.0M |
| Q4 25 | $12.8M | — | ||
| Q3 25 | $19.2M | — | ||
| Q2 25 | $6.0M | — | ||
| Q1 25 | $12.2M | — | ||
| Q4 24 | $11.2M | — | ||
| Q3 24 | $13.3M | — | ||
| Q2 24 | $8.5M | — | ||
| Q1 24 | $13.8M | — |
| Q4 25 | 28.1% | — | ||
| Q3 25 | 42.2% | — | ||
| Q2 25 | 16.1% | — | ||
| Q1 25 | 29.3% | — | ||
| Q4 24 | 26.5% | — | ||
| Q3 24 | 32.7% | — | ||
| Q2 24 | 24.9% | — | ||
| Q1 24 | 35.2% | — |
| Q4 25 | 0.3% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.1% | — | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.0% | — |
| Q4 25 | 5.89× | 2.78× | ||
| Q3 25 | 8.54× | — | ||
| Q2 25 | — | -0.39× | ||
| Q1 25 | 4.56× | — | ||
| Q4 24 | 2.14× | — | ||
| Q3 24 | 71.97× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 4.93× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
RSVR
| Other | $18.9M | 42% |
| Recorded Music Segment | $12.9M | 28% |
| Performance | $6.2M | 14% |
| Synchronization | $4.6M | 10% |
| Physical | $1.9M | 4% |
| Neighboring Rights | $1.1M | 3% |
SPHR
| Ticketing And Venue License Fee Revenues | $198.5M | 50% |
| Media Networks Revenue | $120.1M | 30% |
| Sponsorship Signage Exosphere Advertising And Suite Licenses | $32.2M | 8% |
| Food Beverage And Merchandise Revenues | $27.6M | 7% |
| Other | $13.2M | 3% |
| Related Party | $2.3M | 1% |
