Sphere Entertainment Co. — Director's Dealing 2026

Feb 19, 2026

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Sphere Entertainment Co. (SPHR)
CIK: 0001795250
Period of Report: 2026-02-17

Reporting Person: DOLAN JAMES LAWRENCE (N/A)
Reporting Person: Dolan Kristin A (N/A)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2026-02-17	Class A Common Stock	M	54315	$67.33	Acquired	1032783	Direct
2026-02-17	Class A Common Stock	M	54315	$67.33	Acquired	1087098	Direct
2026-02-17	Class A Common Stock	D	11599.5	$114.71	Disposed	1075498.5	Direct
2026-02-17	Class A Common Stock	D	11599.5	$114.71	Disposed	1063899	Direct
2026-02-17	Class A Common Stock	F	63761	$114.71	Disposed	1000138	Direct
2026-02-17	Class A Common Stock	F	21670	$114.71	Disposed	978468	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2026-02-17	Stock Options (Rights to Buy)	$67.33	M	54315	Disposed	2026-02-25	Class A Common Stock (54315)	Direct
2026-02-17	Stock Options (Rights to Buy)	$67.33	M	54315	Disposed	2026-02-25	Class A Common Stock (54315)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock	14119	Indirect
Class A Common Stock	746	Indirect

Footnotes

F1: Each stock option was granted under the MSG Networks Inc. 2010 Employee Stock Plan, as amended and assumed by Sphere Entertainment Co. ("SPHR"), and represents the option to purchase Class A Common Stock. The options were exercised on February 17, 2026, through cashless exercise, and settled in cash.

F2: Includes shares jointly held with spouse.

F3: Securities held directly by James L. Dolan, Kristin A. Dolan's spouse. Ms. Dolan disclaims beneficial ownership of these securities, and this filing shall not be deemed an admission that Ms. Dolan is, for the purpose of Section 16 or for any other purpose, the beneficial owner of such securities.

F4: Represents shares of Class A Common Stock withheld to satisfy the exercise price in connection with the exercise of stock options described in footnote 1, exempt under Rule 16b-3.

F5: Represents shares of Class A Common Stock withheld to satisfy tax withholding obligations in connection with the exercise and settlement of stock options described in footnote 1, exempt under Rule 16b-3.

F6: Securities held directly by Kristin A. Dolan, James L. Dolan's spouse. Mr. Dolan disclaims beneficial ownership of these securities beneficially owned or deemed to be beneficially owned by Ms. Dolan (other than securities in which he has a direct pecuniary interest) and this report shall not be deemed to be an admission that Mr. Dolan is, for the purposes of Section 16 or for any other purpose, the beneficial owner of such securities.

F7: The reporting persons disclaim beneficial ownership of all securities of SPHR beneficially owned and deemed to be beneficially owned by their minor children and household members and this report shall not be deemed an admission that reporting persons are, for the purposes of Section 16 or for any other purpose, the beneficial owner of such securities.

F8: Two-thirds of the stock options were fully vested on the date of grant, July 9, 2021, and the remaining one-third vested on August 29, 2021.