Sphere Entertainment Co. (SPHR) shares surged 5.05% during intraday trading on Thursday, following the release of its second-quarter fiscal 2026 results that beat analyst expectations on both revenue and earnings.

The company posted revenue of $313.6 million, an 11% increase year-over-year, surpassing the consensus estimate of $300 million. The loss per share came in at $1.07, significantly narrower than the FactSet estimate of a $1.57 loss. Adjusted operating income was $50.9 million, while the Sphere segment's adjusted operating income jumped 60% to $39.9 million.

The revenue beat was driven by the continued success of The Wizard of Oz at Sphere, which surpassed $400 million in ticket sales, along with higher Exosphere advertising, sponsorship, and suite license fees. The company also highlighted its expansion plans, including the selection of Yas Island as the location for Sphere Abu Dhabi, with construction expected to be completed by the end of 2029, and announced a new five-year partnership with Formula 1 Las Vegas Grand Prix extending through 2030.