The end of the earnings season is always a good time to take a step back and see who shined (and who not so much). Let’s take a look at how leisure facilities stocks fared in Q4, starting with Sphere Entertainment (NYSE:SPHR).

Leisure facilities companies often sell experiences rather than tangible products, and in the last decade-plus, consumers have slowly shifted their spending from "things" to "experiences". Leisure facilities seek to benefit but must innovate to do so because of the industry's high competition and capital intensity.

The 11 leisure facilities stocks we track reported a mixed Q4. As a group, revenues beat analysts’ consensus estimates by 1.3% while next quarter’s revenue guidance was 1.6% below.

Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 13.5% since the latest earnings results.

Sphere Entertainment (NYSE:SPHR)

Famous for its viral Las Vegas Sphere venue, Sphere Entertainment (NYSE:SPHR) hosts live entertainment events and distributes content across various media platforms.

Sphere Entertainment reported revenues of $308.3 million, down 1.9% year on year. This print exceeded analysts’ expectations by 6.9%. Overall, it was a strong quarter for the company with a solid beat of analysts’ adjusted operating income estimates and an impressive beat of analysts’ EPS estimates.

Executive Chairman and CEO James L. Dolan said, "As we enter a new fiscal year, we see significant opportunities to drive our Sphere business forward in Las Vegas and beyond. We believe we are on a path toward realizing our vision for this next-generation medium and generating long-term shareholder value."

Sphere Entertainment achieved the biggest analyst estimates beat of the whole group. Investor expectations, however, were likely higher than Wall Street’s published projections, leaving some wishing for even better results (analysts’ consensus estimates are those published by big banks and advisory firms, not the investors who make buy and sell decisions). The stock is down 29.4% since reporting and currently trades at $30.81.

Is now the time to buy Sphere Entertainment? Access our full analysis of the earnings results here, it’s free .

Best Q4: Live Nation (NYSE:LYV)

Owner of Ticketmaster and operator of music festival EDC, Live Nation (NYSE:LYV) is a company specializing in live event promotion, venue management, and ticketing services for concerts and shows.

Live Nation reported revenues of $5.68 billion, down 2.4% year on year, outperforming analysts’ expectations by 1.4%. The business had an exceptional quarter with a solid beat of analysts’ EPS estimates and an impressive beat of analysts’ EBITDA estimates.