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MSGE

Madison Square Garden Entertainment Corp.

MSGE

Madison Square Garden Entertainment Corp. • NYSE
$49.47 ▲ 1.04% (+0.51)
Market Cap $2.34 B
52w High $49.76
52w Low $28.29
Dividend Yield 0%
P/E 69.68
Volume 125.64K
Outstanding Shares 47.24M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $158.262M ▲ $85.631M ▼ $-21.654M ▲ -13.682% ▲ $-0.46 ▲ $-15.317M ▼
Q4-2025 $154.138M ▼ $101.033M ▲ $-27.177M ▼ -17.632% ▼ $-0.57 ▼ $-7.762M ▼
Q3-2025 $242.465M ▼ $76.268M ▲ $8.036M ▼ 3.314% ▼ $0.17 ▼ $41.46M ▼
Q2-2025 $407.417M ▲ $71.342M ▲ $75.893M ▲ 18.628% ▲ $1.57 ▲ $152.504M ▲
Q1-2025 $138.714M $59.487M $-19.321M -13.929% $-0.4 $-5.098M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $29.95M ▼ $1.68B ▲ $1.746B ▲ $-65.798M ▼
Q4-2025 $43.017M ▼ $1.67B ▼ $1.683B ▼ $-13.3M ▼
Q3-2025 $88.953M ▲ $1.739B ▲ $1.73B ▲ $9.526M ▼
Q2-2025 $54.919M ▲ $1.588B ▼ $1.578B ▼ $10.328M ▲
Q1-2025 $37.307M $1.61B $1.659B $-48.698M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-21.654M ▲ $19.808M ▲ $-6.798M ▼ $-26.077M ▼ $-13.067M ▲ $13.855M ▲
Q4-2025 $-27.177M ▼ $-27.011M ▼ $-4.314M ▼ $-14.611M ▲ $-45.936M ▼ $-31.078M ▼
Q3-2025 $8.036M ▼ $56.809M ▼ $-3.097M ▲ $-19.457M ▲ $34.255M ▲ $53.846M ▼
Q2-2025 $75.893M ▲ $112.858M ▲ $-9.592M ▼ $-85.66M ▼ $17.606M ▲ $103.571M ▲
Q1-2025 $-19.321M $-27.359M $-6.69M $38.107M $4.058M $-33.264M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
Entertainment
Entertainment
 $0 ▲$0 ▲$0 ▲$130.00M ▲
Food Beverage And Merchandise Revenues
Food Beverage And Merchandise Revenues
 $60.00M ▲$20.00M ▼$30.00M ▲$20.00M ▼
Product and Service Other
Product and Service Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Ticketing And Venue License Fee Revenues
Ticketing And Venue License Fee Revenues
 $230.00M ▲$110.00M ▼$120.00M ▲$90.00M ▼
Media Networks Revenue
Media Networks Revenue
 $0 ▲$120.00M ▲$110.00M ▼$0 ▼
Sponsorship and Signage Suite And Advertising Commission Revenues
Sponsorship and Signage Suite And Advertising Commission Revenues
 $90.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement MSGE’s income statement shows a business that has moved from meaningful losses a few years ago to consistent profitability more recently. Revenue has climbed steadily as live events and venue utilization have recovered and expanded, and core event economics (like gross profit and operating profit) now look solid rather than fragile. Profitability dipped slightly in the most recent year despite still-strong sales, suggesting higher costs, interest, or one‑off items are starting to bite at the bottom line. Overall, the trend is from turnaround to mature profitability, but with some early signs that further margin gains may be harder to achieve without careful cost control and continued strong event demand.

Balance Sheet

Balance Sheet The balance sheet is the weak spot. The company carries a sizable debt load relative to its cash and has slightly negative equity, which indicates a leveraged and financially tight capital structure. Management has been reducing debt over time, which is a positive sign, but cash balances remain thin, leaving less room to absorb shocks such as event disruptions or recessions. The assets themselves are high quality and hard to replicate, yet the accounting picture underscores that this is not a fortress balance sheet and is more sensitive to downturns or higher interest costs.

Cash Flow

Cash Flow Cash flow looks healthier than the balance sheet might suggest. The business is generating steady cash from operations, and after relatively modest capital spending, it has consistently produced positive free cash flow in recent years. This means the venues are cash-generative assets, helping to service debt and fund upgrades without constant external financing. The main risk is that cash generation is tightly linked to event volumes and discretionary spending, so a sharp slowdown in attendance or bookings would quickly show up in weaker cash flow.

Competitive Edge

Competitive Edge MSGE’s competitive position is anchored in its portfolio of iconic, almost irreplaceable venues—Madison Square Garden, Radio City Music Hall, the Beacon Theatre, and others. These locations carry unique brand power, prime urban footprints, and long-standing relationships with sports teams, artists, and promoters, which together create a strong barrier to entry. The company’s proprietary content, especially the long‑running Christmas Spectacular, adds a recurring, branded revenue stream that competitors cannot easily copy. That said, MSGE still operates in a highly competitive live entertainment market, faces concentration risk in a few key cities, and remains exposed to shifts in consumer preferences and broader economic cycles.

Innovation and R&D

Innovation and R&D While MSGE is not a traditional R&D-heavy company, it is investing meaningfully in technology and experience innovation rather than in labs or patents. The digital command center, data analytics for crowd and operations management, extensive LED and sound upgrades, and use of facial recognition all point toward a strategy of using tech to enhance throughput, safety, and guest satisfaction. Partnerships with firms like Infosys, Lenovo, and Motorola help bring advanced capabilities without MSGE having to build everything in‑house. These efforts can deepen the venue moat and support higher in‑venue spending, but they also raise ongoing investment needs and operational complexity, and their long‑term payoff will depend on sustained event demand.

Summary

Overall, MSGE looks like a cash‑generative live entertainment platform built on world‑class, scarce assets but supported by a relatively stretched balance sheet. The income statement has moved from losses to stable profitability, and cash flows are robust enough to fund maintenance and some growth, yet financial leverage and low cash buffers remain important risks. The company’s moat rests on iconic venues, unique proprietary shows, and strong partner relationships, which should support pricing power and high utilization so long as the live events market remains healthy. Technology‑driven enhancements and brand partnerships offer upside in guest experience and monetization, but the business remains cyclical and sensitive to demand shocks, regulation, and cost pressures. The key tension to watch is whether strong operations and innovation can continue to offset the constraints of a leveraged capital structure and concentrated asset base.

NEWS

November 7, 2025 · 10:37 AM UTC

New York City Celebrates the Radio City Rockettes Milestone 100th Anniversary

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November 6, 2025 · 7:30 AM UTC

Madison Square Garden Entertainment Corp. Reports Fiscal 2026 First Quarter Results

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October 30, 2025 · 4:35 PM UTC

Madison Square Garden Entertainment Corp. to Host Fiscal 2026 First Quarter Conference Call

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October 29, 2025 · 9:00 AM UTC

DOVE PARTNERS WITH THE ICONIC RADIO CITY ROCKETTES AND CHRISTMAS SPECTACULAR TO CELEBRATE HOLIDAY TREATS COLLECTION THIS SEASON

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October 27, 2025 · 9:07 AM UTC

PensionBee Joins Madison Square Garden as Official College Hoops Partner

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