Sphere Entertainment Co.

Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Our Class A Common Stock is listed on the NYSE under the symbol “SPHR.” The Company’s Class A Common Stock began “regular way” trading on the NYSE on April 20, 2020.

Performance Graph

The following graph compares the relative performance of our Class A Common Stock, the Russell 2000 Index and the S&P 500 Media & Entertainment Index . This graph covers the period from June 30, 2020 through December 31, 2025. The comparison assumes an investment of $100 on June 30, 2020 and reinvestment of dividends. The stock price performance included in this graph is not necessarily indicative of future stock performance. The Russell 2000 Index and the S&P 500 Media & Entertainment Index are included for comparative purposes only. They do not necessarily reflect management’s opinion that such indices are an appropriate measure of the relative performance of the stock involved and they are not intended to forecast or be indicative of possible future performance of our common stock.

Pursuant to SEC rules, our performance graph must include both a broad market equity index and a published industry or line-of-business index (or a self-constructed peer index) in addition to our Class A Common Stock. The rules also require that if a registrant selects a different index from an index used for the immediately preceding fiscal year, it must (i) explain the reason for the change and (ii) compare the registrant’s total return with that of both the newly selected index and the index used in the immediately preceding fiscal year. With respect to the published industry index, in prior years, we used the Bloomberg Americas Entertainment Index; however, that index was discontinued in 2025. Accordingly, we have used the S&P 500 Media & Entertainment Index as a replacement for the discontinued index and because the Bloomberg Americas Entertainment Index was discontinued, we are unable to compare our cumulative total return with that index.

This performance graph shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or incorporated by reference into any of our filings under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

As of December 31, 2025, there were 629 holders of record of our Class A Common Stock. There is no public trading market for our Class B common stock. As of December 31, 2025, there were 17 holders of record of our Class B Common Stock.

We did not pay any dividends on our common stock during the year ended December 31, 2025 and do not have any current plans to pay cash dividends on our common stock for the foreseeable future.

Issuer Purchases of Equity Securities

On March 31, 2020, the Company’s Board of Directors authorized a share repurchase program to repurchase up to $350 million of the Company’s Class A Common Stock, which was reauthorized on March 29, 2023 (the “Stock Repurchase Program”). Under the Stock Repurchase Program, shares of Class A Common Stock may be purchased from time to time in open market transactions, in accordance with applicable insider trading and other securities laws and regulations. The timing and amount of purchases will depend on market conditions and other factors. For the three months ended December 31, 2025, the Company did not repurchase any shares of Class A Common Stock. During the year ended December 31, 2025, the Company repurchased approximately 1.1 million shares of Class A Common Stock for approximately $50 million. As of December 31, 2025, the Company had approximately $300 million remaining available for repurchases under the Stock Repurchase Program.

Securities Authorized for Issuance Under Equity Compensation Plans

The information required by this Item is incorporated by reference to the definitive Proxy Statement for our 2026 Annual Meeting of Stockholders, which is expected to be filed with the SEC within 120 days of the year ended December 31, 2025.