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MSGS

Madison Square Garden Sports Corp.

MSGS

Madison Square Garden Sports Corp. • NYSE
$228.03 ▲ 0.98% (+2.21)
Market Cap $5.49 B
52w High $237.99
52w Low $173.26
Dividend Yield 0%
P/E -232.68
Volume 84.64K
Outstanding Shares 24.06M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q1-2026 $39.454M ▼ $57.789M ▼ $-8.798M ▼ -22.299% ▼ $-0.37 ▼ $-10.951M ▲
Q4-2025 $203.957M ▼ $70.892M ▼ $-1.78M ▲ -0.873% ▲ $-0.074 ▲ $-21.309M ▼
Q3-2025 $424.197M ▲ $74.697M ▲ $-14.227M ▼ -3.354% ▼ $-0.59 ▼ $28.473M ▲
Q2-2025 $357.759M ▲ $67.9M ▲ $1.111M ▲ 0.311% ▲ $0.046 ▲ $8.187M ▲
Q1-2025 $53.307M $52.587M $-7.542M -14.148% $-0.31 $-7.753M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q1-2026 $57.276M ▼ $1.517B ▼ $1.812B ▼ $-294.178M ▼
Q4-2025 $153.188M ▲ $1.581B ▲ $1.862B ▲ $-281.439M ▲
Q3-2025 $105.036M ▼ $1.504B ▲ $1.788B ▲ $-283.449M ▼
Q2-2025 $115.853M ▲ $1.412B ▲ $1.686B ▲ $-273.136M ▲
Q1-2025 $58.084M $1.373B $1.651B $-277.529M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q1-2026 $-8.798M ▼ $-84.954M ▼ $-1.848M ▼ $-9.11M ▼ $-95.912M ▼ $-85.325M ▼
Q4-2025 $-1.78M ▲ $49.723M ▲ $-1.571M ▲ $0 ▲ $48.152M ▲ $49.35M ▲
Q3-2025 $-14.227M ▼ $6.263M ▼ $-3.047M ▼ $-14.033M ▼ $-10.817M ▼ $7.155M ▼
Q2-2025 $1.111M ▲ $61.779M ▲ $-1.139M ▲ $-2.871M ▲ $57.769M ▲ $61.246M ▲
Q1-2025 $-7.542M $-26.158M $-1.163M $-9.502M $-36.823M $-26.517M

Revenue by Products

Product Q2-2025Q3-2025Q4-2025Q1-2026
EventRelated
EventRelated
 $140.00M ▲$180.00M ▲$0 ▼$10.00M ▲
League Distribution
League Distribution
 $10.00M ▲$10.00M ▲$0 ▼$20.00M ▲
Media Rights
Media Rights
 $130.00M ▲$120.00M ▼$0 ▼$10.00M ▲
Sponsorship Signage And Suite Licenses
Sponsorship Signage And Suite Licenses
 $80.00M ▲$110.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the last several years, roughly more than doubling from the pandemic trough, which shows strong underlying demand for the Knicks, Rangers, and related media rights. Profitability improved meaningfully after 2021, with several years of solid operating and net income, though the most recent year slipped back into a small loss. That pattern suggests a fundamentally healthy revenue engine but with earnings that can be quite sensitive to costs, team performance, and one‑off items. Overall, the business has scaled back to and above pre‑pandemic levels, but margin stability remains a key watchpoint.

Balance Sheet

Balance Sheet The balance sheet is asset‑rich but heavily leveraged. Total assets have been fairly stable, but debt is high relative to those assets and shareholders’ equity is negative, which is a sign of a capital structure built more on borrowings and past transactions than on accumulated profits. Cash on hand has improved from earlier years but remains modest compared with total debt, so the company’s financial flexibility depends heavily on consistent cash generation and access to financing markets. The franchises themselves are extremely valuable, but the accounting profile is that of a highly leveraged entity.

Cash Flow

Cash Flow Cash flow is a relative bright spot. After a weak year during the pandemic, operating cash flow has been solidly positive for several years in a row, generally tracking or even outpacing reported earnings. Free cash flow effectively matches operating cash flow, since capital spending has been minimal, which means most cash generated is available for debt service, distributions, or other corporate uses. The lack of visible capital expenditure suggests either an asset‑light structure for the sports operations or that major venue investments sit in related entities, rather than on this balance sheet. Sustaining this cash flow trend is crucial given the leverage.

Competitive Edge

Competitive Edge MSGS enjoys one of the strongest competitive positions in global sports. It controls two iconic, historically important franchises in the largest U.S. media market, with deeply loyal fan bases and strong corporate sponsorship appeal. The scarcity of NBA and NHL team licenses, particularly in New York City, creates a structural advantage that rivals cannot easily replicate. Revenue benefits from multiple streams—tickets, suites, media rights, sponsorship, and partnerships—anchored by brands that remain attractive even in seasons when on‑court or on‑ice performance is mixed. Key risks are the inherent volatility of sports results, periodic league labor or media changes, and dependence on New York–area economic health, but the underlying moat is unusually durable.

Innovation and R&D

Innovation and R&D While it does not conduct traditional lab‑style R&D, MSGS is investing meaningfully in digital and experiential innovation around its teams. Partnerships with technology firms such as Infosys, Lenovo, and AI‑driven security providers are being used to upgrade fan experiences, from real‑time highlights and advanced statistics to smoother arena operations and more modern entry screening. The organization is also leaning into data‑driven personalization, esports, and integrated sports betting content, seeking to deepen fan engagement and open new revenue channels. These efforts aim to turn the live game and the digital ecosystem around it into a more personalized, interactive, and monetizable platform over time.

Summary

MSGS combines highly coveted, hard‑to‑replicate sports assets with a modern push into technology, data, and betting‑related engagement. Financially, revenue recovery has been strong since the pandemic, and cash generation is solid, but profitability has shown some bumps and the capital structure is clearly debt‑heavy with negative equity. The strategic opportunity lies in leveraging iconic brands in a premier market to grow media, sponsorship, and digital revenues, while using technology to enhance and personalize fan experiences. The main watchpoints are earnings volatility, high leverage, and the usual uncertainties tied to team performance and broader sports media economics.

NEWS

October 31, 2025 · 7:30 AM UTC

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

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October 27, 2025 · 4:30 PM UTC

Madison Square Garden Sports Corp. to Release Fiscal 2026 First Quarter Results

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September 16, 2025 · 10:00 AM UTC

GAME 7 Named First-Ever Official Jersey Patch Partner of the New York Rangers

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