Madison Square Garden Entertainment (MSGE) Financials

$85.38 +1.09 (+1.30%)

Closing price 08/14/2026 03:59 PM Eastern

Extended Trading

$85.40 +0.02 (+0.02%)

As of 08/14/2026 07:34 PM Eastern

Annual Income Statements for Madison Square Garden Entertainment

This table shows Madison Square Garden Entertainment's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025	2026
Period end date	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-219	-133	77	144	37	66
Consolidated Net Income / (Loss)	-219	-136	76	144	37	66
Net Income / (Loss) Continuing Operations	-219	-136	76	144	37	66
Total Pre-Tax Income	-214	-136	78	52	66	107
Total Operating Income	-237	-5.65	105	112	122	142
Total Gross Profit	82	653	352	390	943	1,061
Total Revenue	82	653	851	959	943	1,061
Operating Revenue	82	653	851	959	943	1,061
Total Cost of Revenue	0.00	0.00	500	569	0.00	0.00
Total Operating Expenses	319	659	247	278	821	919
Selling, General & Admin Expense	137	167	180	207	215	253
Depreciation Expense	72	70	60	54	58	56
Other Operating Expenses / (Income)	96	417	-	-	536	582
Impairment Charge	-	-	0.00	0.00	11	14
Restructuring Charge	15	5.17	10	18	1.06	14
Total Other Income / (Expense), net	23	-131	-27	-60	-57	-35
Interest Expense	34	89	52	58	57	40
Interest & Investment Income	6.44	7.15	7.24	2.98	2.33	6.20
Other Income / (Expense), net	51	-49	17	-4.67	-2.22	-0.79
Income Tax Expense	5.35	-0.07	1.73	-92	28	41
Basic Earnings per Share	($4.22)	($2.58)	$1.48	$2.99	$0.78	$1.39
Weighted Average Basic Shares Outstanding	51.77M	51.77M	51.82M	48.28M	48.03M	47.46M
Diluted Earnings per Share	($4.22)	($2.58)	$1.47	$2.97	$0.77	$1.38
Weighted Average Diluted Shares Outstanding	51.77M	51.77M	52.28M	48.59M	48.33M	48.00M
Weighted Average Basic & Diluted Shares Outstanding	-	-	51.05M	48.06M	47.46M	47.31M

This table shows Madison Square Garden Entertainment's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	125	2.80	67	-19	76	8.04	-27	-22	93	5.11	-9.99
Consolidated Net Income / (Loss)	125	2.80	67	-19	76	8.04	-27	-22	93	5.11	-9.99
Net Income / (Loss) Continuing Operations	125	2.80	67	-19	76	8.04	-27	-22	93	5.11	-9.99
Total Pre-Tax Income	126	2.80	-25	-33	125	15	-42	-40	154	8.23	-14
Total Operating Income	137	17	-8.86	-18	139	27	-26	-30	164	16	-8.64
Total Gross Profit	200	86	186	139	407	104	-46	158	247	246	409
Total Revenue	403	228	186	139	407	242	154	158	460	246	196
Operating Revenue	403	228	186	139	407	242	154	158	460	246	196
Total Cost of Revenue	203	142	-	0.00	0.00	139	200	0.00	213	0.00	-213
Total Operating Expenses	62	69	195	157	268	76	-20	188	83	230	418
Selling, General & Admin Expense	48	54	56	46	57	52	60	57	68	61	67
Depreciation Expense	13	13	14	14	14	14	15	14	14	14	14
Restructuring Charge	0.89	2.36	2.85	-0.04	-0.03	0.08	1.04	1.19	1.13	8.62	3.05
Total Other Income / (Expense), net	-11	-14	-17	-14	-14	-12	-16	-11	-10	-7.88	-5.72
Interest Expense	15	14	14	14	13	12	18	11	10	9.42	9.09
Interest & Investment Income	1.08	0.34	0.70	0.37	0.37	0.71	0.88	0.52	0.81	2.25	2.62
Other Income / (Expense), net	2.85	0.08	-3.13	-0.77	-1.05	-0.95	0.54	-0.17	-0.67	-0.70	0.75
Income Tax Expense	1.05	0.00	-92	-14	49	7.25	-15	-19	61	3.12	-4.38
Basic Earnings per Share	$2.61	$0.06	$1.32	($0.40)	$1.57	$0.17	($0.56)	($0.46)	$1.96	$0.11	($0.22)
Weighted Average Basic Shares Outstanding	48.03M	48.11M	48.28M	48.22M	48.34M	47.96M	48.03M	47.48M	47.41M	47.46M	47.46M
Diluted Earnings per Share	$2.59	$0.06	$1.32	($0.40)	$1.56	$0.17	($0.56)	($0.46)	$1.94	$0.11	($0.21)
Weighted Average Diluted Shares Outstanding	48.29M	48.45M	48.59M	48.22M	48.61M	48.27M	48.33M	47.48M	47.84M	48.13M	48.00M
Weighted Average Basic & Diluted Shares Outstanding	47.99M	48.02M	48.06M	48.47M	47.84M	47.46M	47.46M	47.23M	47.27M	47.31M	47.31M

This table details how cash moves in and out of Madison Square Garden Entertainment's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2021	2022	2023	2024	2025	2026
Period end date	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
Net Change in Cash & Equivalents	315	-255	22	-51	9.98	251
Net Cash From Operating Activities	-148	95	136	111	115	351
Net Cash From Continuing Operating Activities	-148	95	136	111	115	351
Net Income / (Loss) Continuing Operations	-219	-136	76	144	37	66
Consolidated Net Income / (Loss)	-219	-136	76	144	37	66
Depreciation Expense	72	70	60	54	58	56
Amortization Expense	4.32	6.78	3.22	3.35	3.34	2.02
Non-Cash Adjustments To Reconcile Net Income	-10	121	7.24	79	86	71
Changes in Operating Assets and Liabilities, net	5.69	34	-11	-169	-69	156
Net Cash From Investing Activities	-10	45	30	-62	-24	-30
Net Cash From Continuing Investing Activities	-10	45	30	-62	-24	-30
Purchase of Property, Plant & Equipment	-10	-16	-15	-24	-22	-28
Purchase of Investments	-22	-6.78	-6.70	-65	0.00	0.00
Sale and/or Maturity of Investments	22	-0.35	24	28	0.06	0.00
Other Investing Activities, net	0.00	68	0.00	-1.66	-1.53	-1.44
Net Cash From Financing Activities	473	-396	-144	-100	-82	-71
Net Cash From Continuing Financing Activities	473	-396	-144	-100	-82	-71
Repayment of Debt	-18	-676	-20	-107	-690	-65
Repurchase of Common Equity	0.00	0.00	-25	-51	-40	-25
Issuance of Debt	631	679	0.30	73	664	35
Other Financing Activities, net	-139	-400	-99	-15	-16	-16

This table details how cash moves in and out of Madison Square Garden Entertainment's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-1.94	-9.26	5.25	4.06	18	34	-46	-13	127	166	-29
Net Cash From Operating Activities	104	5.82	0.21	-27	113	57	-27	20	164	184	-17
Net Cash From Continuing Operating Activities	104	5.82	0.21	-27	113	57	-27	20	164	184	-17
Net Income / (Loss) Continuing Operations	125	2.80	67	-19	76	8.04	-27	-22	93	5.11	-9.99
Consolidated Net Income / (Loss)	125	2.80	67	-19	76	8.04	-27	-22	93	5.11	-9.99
Depreciation Expense	13	13	14	14	14	14	15	14	14	14	14
Amortization Expense	0.85	0.85	0.84	0.85	0.85	0.83	0.81	0.53	0.50	0.50	0.50
Non-Cash Adjustments To Reconcile Net Income	5.75	6.82	48	27	20	18	20	29	23	10	8.13
Changes in Operating Assets and Liabilities, net	-41	-18	-129	-50	1.63	15	-36	-2.39	34	154	-29
Net Cash From Investing Activities	-7.24	-9.89	10	-6.69	-9.59	-3.10	-4.31	-6.80	-8.49	-10	-4.33
Net Cash From Continuing Investing Activities	-7.24	-9.89	10	-6.69	-9.59	-3.10	-4.31	-6.80	-8.49	-10	-4.33
Purchase of Property, Plant & Equipment	-7.88	-8.43	-4.54	-5.91	-9.29	-2.96	-4.07	-5.95	-8.33	-9.96	-4.10
Other Investing Activities, net	-	-	-0.19	-0.84	-0.31	-0.13	-0.25	-0.85	-0.16	-0.20	-0.23
Net Cash From Financing Activities	-99	-5.19	-5.22	38	-86	-19	-15	-26	-29	-7.62	-8.55
Net Cash From Continuing Financing Activities	-99	-5.19	-5.22	38	-86	-19	-15	-26	-29	-7.62	-8.55
Repayment of Debt	-99	-4.06	-4.06	-4.06	-59	-4.06	-623	-23	-27	-7.62	-7.62
Other Financing Activities, net	-0.41	-1.13	-1.16	-13	-1.55	-0.70	-1.20	-13	-1.51	-	-0.93

This table presents Madison Square Garden Entertainment's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025	2026
Period end date	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
Total Assets	1,527	1,401	1,553	1,670	1,935
Total Current Assets	341	295	219	237	522
Cash & Equivalents	63	84	34	44	294
Accounts Receivable	199	133	95	89	116
Prepaid Expenses	79	78	91	104	112
Plant, Property, & Equipment, net	696	629	634	621	592
Total Noncurrent Assets	489	477	700	812	821
Goodwill	69	69	69	69	69
Intangible Assets	65	64	64	64	64
Noncurrent Deferred & Refundable Income Taxes	-	0.00	68	54	53
Other Noncurrent Operating Assets	355	344	499	625	635
Total Liabilities & Shareholders' Equity	1,527	1,401	1,553	1,670	1,935
Total Liabilities	1,528	1,471	1,576	1,683	1,889
Total Current Liabilities	545	541	506	502	748
Short-Term Debt	8.76	16	16	30	30
Accounts Payable	222	215	204	184	325
Current Deferred Revenue	203	226	216	229	285
Other Current Liabilities	112	84	70	59	108
Total Noncurrent Liabilities	983	930	1,070	1,181	1,141
Long-Term Debt	655	630	599	569	540
Other Noncurrent Operating Liabilities	305	276	471	612	601
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-1.59	-69	-23	-13	46
Total Preferred & Common Equity	-1.48	-69	-23	-13	46
Total Common Equity	-1.48	-69	-23	-13	46
Common Stock	0.00	18	34	45	62
Retained Earnings	0.00	-29	116	153	219
Treasury Stock	0.00	-25	-141	-180	-205
Accumulated Other Comprehensive Income / (Loss)	-35	-34	-32	-32	-31

This table presents Madison Square Garden Entertainment's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	9/30/2024	12/31/2024	3/31/2025	9/30/2025	12/31/2025	3/31/2026
Total Assets	1,349	1,420	1,459	1,610	1,588	1,739	1,680	1,823	1,957
Total Current Assets	284	250	256	260	270	308	264	420	539
Cash & Equivalents	40	38	28	38	55	89	30	158	324
Accounts Receivable	148	143	138	116	118	116	105	159	122
Prepaid Expenses	96	69	89	106	96	102	129	103	93
Plant, Property, & Equipment, net	620	626	636	642	641	627	613	607	599
Total Noncurrent Assets	445	544	567	708	678	805	803	796	820
Goodwill	69	69	69	69	69	69	69	69	69
Intangible Assets	64	64	64	64	64	64	64	64	64
Noncurrent Deferred & Refundable Income Taxes	-	-	-	82	43	41	73	43	48
Other Noncurrent Operating Assets	312	411	434	493	502	631	597	621	639
Total Liabilities & Shareholders' Equity	1,349	1,420	1,459	1,610	1,588	1,739	1,680	1,823	1,957
Total Liabilities	1,584	1,522	1,553	1,659	1,578	1,730	1,746	1,787	1,909
Total Current Liabilities	605	538	551	521	502	538	548	618	753
Short-Term Debt	20	16	16	20	24	28	30	30	30
Accounts Payable	187	197	205	159	172	175	154	228	340
Current Deferred Revenue	289	236	251	271	224	231	286	250	287
Other Current Liabilities	108	88	78	71	81	103	78	110	95
Total Noncurrent Liabilities	979	984	1,002	1,138	1,076	1,192	1,198	1,169	1,156
Long-Term Debt	699	606	602	647	585	577	582	555	547
Other Noncurrent Operating Liabilities	257	354	376	491	492	615	616	614	609
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-235	-102	-95	-49	10	9.53	-66	36	48
Total Preferred & Common Equity	-235	-102	-95	-49	10	9.53	-66	36	48
Total Common Equity	-235	-102	-95	-49	10	9.53	-66	36	48
Common Stock	19	26	30	27	35	41	39	48	55
Retained Earnings	-79	46	49	96	172	180	131	224	229
Treasury Stock	-141	-141	-141	-141	-166	-180	-205	-205	-205
Accumulated Other Comprehensive Income / (Loss)	-34	-33	-33	-32	-32	-31	-31	-31	-31

This table displays calculated financial ratios and metrics derived from Madison Square Garden Entertainment's official financial filings.

Metric	2021	2022	2023	2024	2025	2026
Period end date	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	47,305,234.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	47,305,234.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	1.40
Growth Metrics	-	-	-	-	-	-
Revenue Growth	0.00%	698.77%	30.30%	12.66%	-1.72%	12.52%
EBITDA Growth	0.00%	119.53%	760.13%	-11.60%	10.02%	9.86%
EBIT Growth	0.00%	70.71%	323.84%	-12.36%	11.75%	17.41%
NOPAT Growth	0.00%	97.62%	2,697.00%	200.86%	-77.43%	25.62%
Net Income Growth	0.00%	37.90%	155.83%	89.76%	-74.06%	76.82%
EPS Growth	0.00%	38.86%	156.98%	102.04%	-74.07%	79.22%
Operating Cash Flow Growth	0.00%	164.38%	42.31%	-18.00%	3.62%	204.81%
Free Cash Flow Firm Growth	0.00%	0.00%	134.73%	15.82%	-64.54%	257.31%
Invested Capital Growth	0.00%	0.00%	-17.83%	13.43%	-2.93%	-40.56%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	4.14%	-3.28%	4.14%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-0.58%	-6.09%	8.64%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-0.74%	-9.94%	14.04%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	219.79%	-68.64%	13.72%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	172.83%	-71.54%	35.09%
EPS Q/Q Growth	0.00%	0.00%	0.00%	153.85%	-70.94%	33.98%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	-2.75%	-19.10%	3.05%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-55.22%	2.30%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	12.69%	3.14%	6.67%
Profitability Metrics	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	43.18%	100.00%
EBITDA Margin	-135.40%	3.31%	21.85%	17.15%	19.20%	18.74%
Operating Margin	-290.04%	-0.86%	12.33%	11.67%	12.95%	13.34%
EBIT Margin	-228.16%	-8.37%	14.37%	11.18%	12.72%	13.27%
Profit (Net Income) Margin	-268.06%	-20.84%	8.93%	15.04%	3.97%	6.24%
Tax Burden Percent	102.50%	99.95%	97.78%	275.96%	57.09%	61.87%
Interest Burden Percent	114.62%	249.21%	63.54%	48.75%	54.69%	76.01%
Effective Tax Rate	0.00%	0.00%	2.22%	-175.96%	42.91%	38.13%
Return on Invested Capital (ROIC)	0.00%	-1.32%	18.80%	58.76%	12.66%	20.25%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-45.32%	14.22%	29.99%	6.99%	15.11%
Return on Net Nonoperating Assets (RNNOA)	0.00%	17,144.18%	-232.83%	-370.30%	-217.96%	387.29%
Return on Equity (ROE)	0.00%	17,142.86%	-214.02%	-311.54%	-205.30%	407.54%
Cash Return on Invested Capital (CROIC)	0.00%	-201.32%	38.38%	46.17%	15.63%	71.12%
Operating Return on Assets (OROA)	0.00%	-3.58%	8.36%	7.26%	7.44%	7.81%
Return on Assets (ROA)	0.00%	-8.92%	5.19%	9.77%	2.32%	3.67%
Return on Common Equity (ROCE)	0.00%	15,912.97%	-213.68%	-311.54%	-205.30%	407.54%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	-109.46%	-622.92%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-166	-3.95	103	309	70	88
NOPAT Margin	-203.03%	-0.61%	12.06%	32.20%	7.39%	8.26%
Net Nonoperating Expense Percent (NNEP)	0.00%	44.00%	4.58%	28.78%	5.67%	5.14%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	11.90%	14.20%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	56.82%	0.00%
SG&A Expenses to Revenue	166.96%	25.58%	21.16%	21.58%	22.80%	23.86%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	390.04%	100.86%	87.67%	88.33%	30.23%	86.66%
Earnings before Interest and Taxes (EBIT)	-187	-55	122	107	120	141
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-111	22	186	164	181	199
Valuation Ratios	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	83.58
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	0.00	0.00	1.71	2.01	3.61
Price to Earnings (P/E)	0.00	0.00	0.00	11.39	50.68	57.81
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	8.78%	1.97%	1.73%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	3.98	4.52	12.73
Enterprise Value to Revenue (EV/Rev)	0.00	0.00	0.00	2.32	2.60	3.87
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	13.53	13.55	20.64
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	20.75	20.46	29.15
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	7.21	35.19	46.86
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	20.00	21.27	11.68
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	9.17	28.50	13.34
Leverage & Solvency	-	-	-	-	-	-
Debt to Equity	0.00	-417.67	-9.31	-26.57	-45.06	12.47
Long-Term Debt to Equity	0.00	-412.15	-9.07	-25.87	-42.77	11.80
Financial Leverage	0.00	-378.29	-16.37	-12.35	-31.20	25.63
Leverage Ratio	0.00	-960.79	-41.20	-31.89	-88.37	110.99
Compound Leverage Factor	0.00	-2,394.38	-26.18	-15.54	-48.33	84.36
Debt to Total Capital	0.00%	100.24%	112.04%	103.91%	102.27%	92.58%
Short-Term Debt to Total Capital	0.00%	1.32%	2.82%	2.74%	5.20%	4.94%
Long-Term Debt to Total Capital	0.00%	98.92%	109.22%	101.17%	97.07%	87.63%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	-0.02%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-0.22%	-12.04%	-3.91%	-2.27%	7.42%
Debt to EBITDA	0.00	30.68	3.47	3.74	3.31	2.87
Net Debt to EBITDA	0.00	27.79	3.02	3.54	3.07	1.39
Long-Term Debt to EBITDA	0.00	30.27	3.39	3.64	3.14	2.72
Debt to NOPAT	0.00	-167.87	6.30	1.99	8.60	6.52
Net Debt to NOPAT	0.00	-152.04	5.47	1.88	7.97	3.16
Long-Term Debt to NOPAT	0.00	-165.65	6.14	1.94	8.16	6.17
Altman Z-Score	0.00	0.00	0.00	1.35	1.42	2.02
Noncontrolling Interest Sharing Ratio	0.00%	7.17%	0.16%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-
Current Ratio	0.00	0.63	0.55	0.43	0.47	0.70
Quick Ratio	0.00	0.48	0.40	0.25	0.26	0.55
Cash Flow Metrics	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-603	210	243	86	308
Operating Cash Flow to CapEx	-1,435.95%	603.60%	893.43%	460.14%	518.84%	1,239.94%
Free Cash Flow to Firm to Interest Expense	0.00	-6.80	4.04	4.19	1.52	7.70
Operating Cash Flow to Interest Expense	-4.39	1.07	2.62	1.92	2.04	8.79
Operating Cash Flow Less CapEx to Interest Expense	-4.70	0.90	2.32	1.50	1.64	8.09
Efficiency Ratios	-	-	-	-	-	-
Asset Turnover	0.00	0.43	0.58	0.65	0.59	0.59
Accounts Receivable Turnover	0.00	3.28	5.12	8.41	10.25	10.33
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	0.94	1.29	1.52	1.50	1.75
Accounts Payable Turnover	0.00	0.00	0.00	0.00	2.76	0.00
Days Sales Outstanding (DSO)	0.00	111.39	71.33	43.39	35.62	35.34
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	132.23	0.00
Cash Conversion Cycle (CCC)	0.00	111.39	71.33	43.39	-96.61	35.34
Capital & Investment Metrics	-	-	-	-	-	-
Invested Capital	0.00	600	493	559	542	322
Invested Capital Turnover	0.00	2.18	1.56	1.82	1.71	2.45
Increase / (Decrease) in Invested Capital	0.00	600	-107	66	-16	-220
Enterprise Value (EV)	0.00	0.00	0.00	2,226	2,453	4,103
Market Capitalization	0.00	0.00	0.00	1,644	1,897	3,827
Book Value per Share	$0.00	($0.03)	($1.34)	($0.48)	($0.28)	$0.97
Tangible Book Value per Share	$0.00	($2.63)	($3.90)	($3.25)	($3.08)	($1.84)
Total Capital	0.00	662	577	592	586	617
Total Debt	0.00	664	646	615	599	571
Total Long-Term Debt	0.00	655	630	599	569	540
Net Debt	0.00	601	562	582	556	277
Capital Expenditures (CapEx)	10	16	15	24	22	28
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-257	-313	-304	-278	-490
Debt-free Net Working Capital (DFNWC)	0.00	-195	-229	-270	-235	-196
Net Working Capital (NWC)	0.00	-204	-245	-287	-265	-226
Net Nonoperating Expense (NNE)	53	132	27	165	32	21
Net Nonoperating Obligations (NNO)	0.00	601	562	582	556	277
Total Depreciation and Amortization (D&A)	76	76	64	57	61	58
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-39.40%	-36.81%	-31.70%	-29.52%	-46.17%
Debt-free Net Working Capital to Revenue	0.00%	-29.82%	-26.91%	-28.20%	-24.91%	-18.44%
Net Working Capital to Revenue	0.00%	-31.16%	-28.82%	-29.89%	-28.14%	-21.31%
Earnings Adjustments	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.48	$2.99	$0.78	$1.39
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	51.82M	48.28M	48.03M	47.46M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.47	$2.97	$0.77	$1.38
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	52.28M	48.59M	48.33M	48.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	51.05M	48.06M	47.46M	47.31M
Normalized Net Operating Profit after Tax (NOPAT)	-156	-0.33	108	91	77	105
Normalized NOPAT Margin	-190.46%	-0.05%	12.73%	9.46%	8.14%	9.87%
Pre Tax Income Margin	-261.53%	-20.85%	9.13%	5.45%	6.95%	10.08%
Debt Service Ratios	-	-	-	-	-	-
EBIT to Interest Expense	-5.53	-0.62	2.36	1.85	2.12	3.52
NOPAT to Interest Expense	-4.92	-0.04	1.98	5.33	1.23	2.19
EBIT Less CapEx to Interest Expense	-5.84	-0.79	2.07	1.43	1.72	2.81
NOPAT Less CapEx to Interest Expense	-5.23	-0.22	1.69	4.91	0.84	1.48
Payout Ratios	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	32.88%	35.26%	106.04%	37.77%

This table displays calculated financial ratios and metrics derived from Madison Square Garden Entertainment's official financial filings.

Metric	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	47,273,099.00	47,305,234.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	47,273,099.00	47,305,234.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.11	-0.21
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	13.15%	13.46%	25.78%	-2.46%	1.18%	6.20%	-17.16%	14.09%	12.89%	1.57%	27.37%
EBITDA Growth	20.88%	-36.04%	-25.83%	80.35%	-0.86%	34.54%	-425.18%	-231.53%	16.10%	-28.61%	176.16%
EBIT Growth	26.06%	-48.43%	-7.17%	49.20%	-1.65%	56.26%	-110.33%	-55.37%	18.26%	-41.61%	68.71%
NOPAT Growth	23.59%	-31.69%	59.34%	44.71%	-38.25%	-14.45%	-190.68%	-60.91%	17.56%	-30.36%	66.45%
Net Income Growth	29.01%	-87.13%	373.36%	61.87%	-39.41%	187.51%	-140.61%	-12.07%	22.17%	-36.41%	63.26%
EPS Growth	37.77%	-85.71%	375.00%	60.00%	-39.77%	183.33%	-142.42%	-15.00%	24.36%	-35.29%	62.50%
Operating Cash Flow Growth	-18.01%	-90.76%	-93.68%	-2,085.41%	8.67%	875.76%	-12,841.04%	172.40%	45.66%	223.64%	38.48%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	68.21%	100.66%	96.73%	97.71%	129.74%	8,662.63%	1,589.25%	12,981.52%
Invested Capital Growth	0.00%	0.00%	13.43%	30.55%	16.97%	6.06%	-2.93%	-11.20%	-17.85%	-42.52%	-40.56%
Revenue Q/Q Growth	183.14%	-43.30%	-18.50%	-25.45%	193.71%	-40.49%	-36.43%	2.68%	190.62%	-46.46%	-20.28%
EBITDA Q/Q Growth	756.78%	-79.97%	-91.07%	-267.32%	3,412.91%	-72.82%	-121.58%	-70.59%	1,260.18%	-83.29%	-76.97%
EBIT Q/Q Growth	470.16%	-87.97%	-171.01%	-60.60%	816.62%	-80.88%	-195.58%	-18.64%	645.42%	-90.56%	-151.22%
NOPAT Q/Q Growth	682.44%	-87.68%	-136.94%	-108.60%	750.42%	-82.93%	-225.51%	-15.47%	575.20%	-89.89%	-160.47%
Net Income Q/Q Growth	347.18%	-97.77%	2,294.53%	-128.87%	492.80%	-89.41%	-438.19%	20.32%	528.17%	-94.49%	-295.40%
EPS Q/Q Growth	359.00%	-97.68%	2,100.00%	-130.30%	490.00%	-89.10%	-429.41%	17.86%	521.74%	-94.33%	-290.91%
Operating Cash Flow Q/Q Growth	7,436.57%	-94.39%	-96.36%	-13,005.19%	512.51%	-49.66%	-147.55%	173.33%	729.90%	11.85%	-109.04%
Free Cash Flow Firm Q/Q Growth	26.13%	-38.44%	84.89%	-105.73%	101.53%	-788.59%	89.41%	2,766.05%	350.87%	17.03%	-8.43%
Invested Capital Q/Q Growth	8.38%	2.81%	12.69%	3.97%	-2.89%	-6.79%	3.14%	-4.89%	-10.16%	-34.78%	6.67%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	49.65%	100.00%	100.00%	100.00%	51.63%	42.73%	-29.56%	100.00%	53.76%	100.00%	208.32%
EBITDA Margin	38.33%	13.54%	1.48%	-3.33%	37.55%	17.15%	-5.82%	-9.67%	38.62%	12.05%	3.48%
Operating Margin	34.13%	7.36%	-4.76%	-13.32%	34.12%	11.27%	-16.71%	-18.79%	35.62%	6.54%	-4.40%
EBIT Margin	34.84%	7.39%	-6.44%	-13.88%	33.86%	10.88%	-16.36%	-18.90%	35.47%	6.25%	-4.02%
Profit (Net Income) Margin	31.10%	1.22%	35.97%	-13.93%	18.63%	3.31%	-17.63%	-13.68%	20.16%	2.08%	-5.09%
Tax Burden Percent	99.17%	99.93%	-262.68%	58.69%	60.54%	52.56%	64.44%	53.57%	60.39%	62.13%	69.52%
Interest Burden Percent	90.04%	16.57%	212.56%	171.01%	90.87%	57.96%	167.27%	135.13%	94.11%	53.41%	182.05%
Effective Tax Rate	0.83%	0.07%	0.00%	0.00%	39.46%	47.44%	0.00%	0.00%	39.61%	37.87%	0.00%
Return on Invested Capital (ROIC)	125.47%	27.32%	-6.08%	-17.38%	37.91%	11.30%	-20.03%	-23.08%	42.48%	9.99%	-7.56%
ROIC Less NNEP Spread (ROIC-NNEP)	121.69%	22.58%	6.70%	-18.35%	36.46%	10.16%	-21.63%	-23.22%	41.21%	8.72%	-8.50%
Return on Net Nonoperating Assets (RNNOA)	-696.87%	-141.00%	-82.77%	84.67%	-452.51%	-132.22%	674.96%	245.64%	872.72%	116.84%	-217.92%
Return on Equity (ROE)	-571.40%	-113.67%	-88.85%	67.30%	-414.59%	-120.92%	654.93%	222.56%	915.20%	126.83%	-225.48%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	46.17%	34.95%	28.80%	37.62%	15.63%	24.09%	35.50%	72.60%	71.12%
Operating Return on Assets (OROA)	21.93%	4.67%	-4.18%	-8.97%	21.62%	6.63%	-9.57%	-11.06%	21.10%	3.45%	-2.36%
Return on Assets (ROA)	19.58%	0.77%	23.36%	-9.00%	11.89%	2.02%	-10.32%	-8.00%	11.99%	1.14%	-2.99%
Return on Common Equity (ROCE)	-571.40%	-113.67%	-88.85%	67.30%	-414.59%	-120.92%	654.93%	222.56%	915.20%	126.83%	-225.48%
Return on Equity Simple (ROE_SIMPLE)	-70.37%	-55.93%	0.00%	-360.69%	1,222.83%	1,380.80%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	136	17	-6.20	-13	84	14	-18	-21	99	10	-6.05
NOPAT Margin	33.84%	7.35%	-3.33%	-9.33%	20.65%	5.92%	-11.70%	-13.15%	21.51%	4.06%	-3.08%
Net Nonoperating Expense Percent (NNEP)	3.77%	4.74%	-12.78%	0.97%	1.45%	1.14%	1.61%	0.14%	1.27%	1.27%	0.95%
Return On Investment Capital (ROIC_SIMPLE)	26.21%	-	-	-	13.59%	2.33%	-3.08%	-3.81%	15.93%	1.60%	-0.98%
Cost of Revenue to Revenue	50.35%	0.00%	0.00%	0.00%	48.37%	57.27%	129.56%	0.00%	46.24%	0.00%	-108.32%
SG&A Expenses to Revenue	12.02%	23.63%	29.99%	32.98%	14.04%	21.49%	38.88%	35.75%	14.86%	24.75%	34.24%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.52%	92.64%	104.76%	113.32%	17.51%	31.46%	-12.85%	118.79%	18.15%	93.46%	212.72%
Earnings before Interest and Taxes (EBIT)	140	17	-12	-19	138	26	-25	-30	163	15	-7.89
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	154	31	2.76	-4.62	153	42	-8.98	-15	178	30	6.84
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	167.08	164.43	0.00	0.00	70.68	58.01	83.58
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.71	2.04	1.71	2.14	1.80	1.61	2.01	2.23	2.51	2.73	3.61
Price to Earnings (P/E)	21.23	35.58	11.39	11.64	13.66	11.91	50.68	61.17	49.02	56.84	57.81
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.71%	2.81%	8.78%	8.59%	7.32%	8.40%	1.97%	1.63%	2.04%	1.76%	1.73%
Enterprise Value to Invested Capital (EV/IC)	4.37	4.99	3.98	4.60	4.04	3.96	4.52	5.29	6.41	10.05	12.73
Enterprise Value to Revenue (EV/Rev)	2.36	2.68	2.32	2.80	2.37	2.14	2.60	2.84	2.93	2.98	3.87
Enterprise Value to EBITDA (EV/EBITDA)	11.53	14.94	13.53	14.58	12.52	10.81	13.55	16.02	15.25	16.61	20.64
Enterprise Value to EBIT (EV/EBIT)	17.02	22.87	20.75	21.23	18.44	15.65	20.46	24.99	22.12	24.62	29.15
Enterprise Value to NOPAT (EV/NOPAT)	20.12	25.59	7.21	8.48	9.80	9.37	35.19	40.73	36.40	39.47	46.86
Enterprise Value to Operating Cash Flow (EV/OCF)	12.29	21.61	20.00	32.40	24.90	14.61	21.27	16.80	13.89	8.91	11.68
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	9.17	14.91	15.13	10.84	28.50	20.66	16.30	10.11	13.34
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-6.09	-6.54	-26.57	-13.70	58.97	63.60	-45.06	-9.30	16.25	12.04	12.47
Long-Term Debt to Equity	-5.94	-6.37	-25.87	-13.29	56.61	60.61	-42.77	-8.84	15.40	11.40	11.80
Financial Leverage	-5.73	-6.24	-12.35	-4.61	-12.41	-13.02	-31.20	-10.58	21.18	13.40	25.63
Leverage Ratio	-13.92	-15.42	-31.89	-10.42	-32.80	-37.61	-88.37	-28.74	73.62	64.26	110.99
Compound Leverage Factor	-12.53	-2.56	-67.78	-17.82	-29.81	-21.80	-147.82	-38.83	69.29	34.32	202.06
Debt to Total Capital	119.63%	118.04%	103.91%	107.87%	98.33%	98.45%	102.27%	112.04%	94.20%	92.33%	92.58%
Short-Term Debt to Total Capital	3.13%	3.10%	2.74%	3.28%	3.94%	4.62%	5.20%	5.58%	4.91%	4.87%	4.94%
Long-Term Debt to Total Capital	116.50%	114.94%	101.17%	104.59%	94.40%	93.83%	97.07%	106.47%	89.30%	87.46%	87.63%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	-19.63%	-18.04%	-3.91%	-7.87%	1.67%	1.55%	-2.27%	-12.04%	5.80%	7.67%	7.42%
Debt to EBITDA	3.40	3.74	3.74	3.64	3.35	3.14	3.31	3.59	3.00	3.16	2.87
Net Debt to EBITDA	3.20	3.57	3.54	3.43	3.04	2.68	3.07	3.42	2.19	1.39	1.39
Long-Term Debt to EBITDA	3.31	3.64	3.64	3.53	3.21	3.00	3.14	3.42	2.85	2.99	2.72
Debt to NOPAT	5.93	6.41	1.99	2.12	2.62	2.73	8.60	9.14	7.16	7.51	6.52
Net Debt to NOPAT	5.57	6.11	1.88	2.00	2.38	2.32	7.97	8.68	5.23	3.30	3.16
Long-Term Debt to NOPAT	5.78	6.24	1.94	2.05	2.51	2.60	8.16	8.68	6.79	7.11	6.17
Altman Z-Score	1.36	1.20	1.10	1.18	1.52	1.14	1.13	1.16	1.75	1.45	1.77
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.47	0.46	0.43	0.50	0.54	0.57	0.47	0.48	0.68	0.72	0.70
Quick Ratio	0.34	0.30	0.25	0.30	0.35	0.38	0.26	0.25	0.51	0.59	0.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-346	-479	-72	-149	2.28	-16	-1.66	44	200	234	214
Operating Cash Flow to CapEx	1,317.78%	69.05%	4.67%	-463.32%	1,215.23%	1,917.28%	-664.15%	332.74%	1,973.66%	1,845.42%	-405.51%
Free Cash Flow to Firm to Interest Expense	-22.99	-33.21	-5.10	-10.60	0.18	-1.33	-0.09	4.02	19.15	24.80	23.54
Operating Cash Flow to Interest Expense	6.90	0.40	0.01	-1.95	8.71	4.81	-1.51	1.80	15.77	19.52	-1.83
Operating Cash Flow Less CapEx to Interest Expense	6.38	-0.18	-0.30	-2.37	7.99	4.56	-1.74	1.26	14.97	18.46	-2.28
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.63	0.63	0.65	0.65	0.64	0.61	0.59	0.58	0.59	0.55	0.59
Accounts Receivable Turnover	6.24	6.66	8.41	7.24	7.34	7.66	10.25	8.70	7.30	8.56	10.33
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.43	1.45	1.52	1.51	1.52	1.54	1.50	1.53	1.63	1.66	1.75
Accounts Payable Turnover	1.54	0.00	0.00	0.00	0.00	0.00	2.76	3.42	3.74	2.36	0.00
Days Sales Outstanding (DSO)	58.49	54.78	43.39	50.40	49.73	47.67	35.62	41.96	49.97	42.62	35.34
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	236.50	0.00	0.00	0.00	0.00	0.00	132.23	106.65	97.49	154.39	0.00
Cash Conversion Cycle (CCC)	-178.00	54.78	43.39	50.40	49.73	47.67	-96.61	-64.69	-47.52	-111.76	35.34
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	482	496	559	581	564	526	542	516	463	302	322
Invested Capital Turnover	3.71	3.72	1.82	1.86	1.84	1.91	1.71	1.75	1.98	2.46	2.45
Increase / (Decrease) in Invested Capital	482	496	66	136	82	30	-16	-65	-101	-224	-220
Enterprise Value (EV)	2,109	2,472	2,226	2,674	2,279	2,083	2,453	2,729	2,973	3,039	4,103
Market Capitalization	1,525	1,882	1,644	2,044	1,726	1,566	1,897	2,147	2,545	2,785	3,827
Book Value per Share	($2.13)	($1.97)	($0.48)	($1.01)	$0.21	$0.20	($0.28)	($1.39)	$0.76	$1.02	$0.97
Tangible Book Value per Share	($4.90)	($4.74)	($3.25)	($3.78)	($2.53)	($2.58)	($3.08)	($4.19)	($2.05)	($1.79)	($1.84)
Total Capital	520	524	592	619	619	615	586	546	621	626	617
Total Debt	622	619	615	667	609	606	599	612	585	578	571
Total Long-Term Debt	606	602	599	647	585	577	569	582	555	547	540
Net Debt	584	590	582	630	554	516	556	582	427	254	277
Capital Expenditures (CapEx)	7.88	8.43	4.54	5.91	9.29	2.96	4.07	5.95	8.33	9.96	4.10
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-309	-307	-304	-278	-263	-291	-278	-283	-325	-508	-490
Debt-free Net Working Capital (DFNWC)	-272	-279	-270	-241	-207	-202	-235	-253	-168	-184	-196
Net Working Capital (NWC)	-288	-295	-287	-261	-232	-230	-265	-283	-198	-215	-226
Net Nonoperating Expense (NNE)	11	14	-73	6.38	8.25	6.33	9.15	0.84	6.21	4.89	3.94
Net Nonoperating Obligations (NNO)	584	590	582	630	554	516	556	582	427	254	277
Total Depreciation and Amortization (D&A)	14	14	15	15	15	15	16	15	14	14	15
Debt-free, Cash-free Net Working Capital to Revenue	-34.58%	-33.33%	-31.70%	-29.10%	-27.35%	-29.86%	-29.52%	-29.46%	-32.07%	-49.85%	-46.17%
Debt-free Net Working Capital to Revenue	-30.38%	-30.26%	-28.20%	-25.16%	-21.60%	-20.68%	-24.91%	-26.29%	-16.54%	-18.08%	-18.44%
Net Working Capital to Revenue	-32.19%	-32.02%	-29.89%	-27.29%	-24.14%	-23.60%	-28.14%	-29.46%	-19.55%	-21.07%	-21.31%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.61	$0.06	$1.32	($0.40)	$1.57	$0.17	($0.56)	($0.46)	$1.96	$0.11	($0.22)
Adjusted Weighted Average Basic Shares Outstanding	48.03M	48.11M	48.28M	48.22M	48.34M	47.96M	48.03M	47.48M	47.41M	47.46M	47.46M
Adjusted Diluted Earnings per Share	$2.59	$0.06	$1.32	($0.40)	$1.56	$0.17	($0.56)	($0.46)	$1.94	$0.11	($0.21)
Adjusted Weighted Average Diluted Shares Outstanding	48.29M	48.45M	48.59M	48.22M	48.61M	48.27M	48.33M	47.48M	47.84M	48.13M	48.00M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	47.99M	48.02M	48.06M	48.47M	47.84M	47.46M	47.46M	47.23M	47.27M	47.31M	47.31M
Normalized Net Operating Profit after Tax (NOPAT)	137	19	-4.21	-13	84	20	-17	-10	100	15	-3.92
Normalized NOPAT Margin	34.06%	8.39%	-2.26%	-9.35%	20.65%	8.05%	-11.22%	-6.53%	21.66%	6.24%	-1.99%
Pre Tax Income Margin	31.37%	1.23%	-13.69%	-23.73%	30.77%	6.31%	-27.36%	-25.54%	33.38%	3.34%	-7.32%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	9.32	1.17	-0.84	-1.37	10.65	2.24	-1.41	-2.71	15.65	1.63	-0.87
NOPAT to Interest Expense	9.06	1.16	-0.44	-0.92	6.50	1.22	-1.01	-1.89	9.49	1.06	-0.67
EBIT Less CapEx to Interest Expense	8.80	0.59	-1.16	-1.79	9.93	1.98	-1.64	-3.25	14.85	0.58	-1.32
NOPAT Less CapEx to Interest Expense	8.53	0.58	-0.76	-1.34	5.78	0.97	-1.24	-2.43	8.69	0.00	-1.12
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	105.65%	143.46%	35.26%	-0.29%	19.80%	30.18%	106.04%	184.32%	76.45%	51.03%	37.77%

Financials Breakdown Chart

Key Financial Trends

Madison Square Garden Entertainment’s (NYSE: MSGE) financial results show a highly seasonal business with improving liquidity but uneven profitability. The company generated strong earnings and operating cash flow in fiscal 2026’s second and third quarters, although fourth-quarter results turned negative. Comparisons are complicated by restated figures and apparent classification issues in the standardized data.

Revenue increased year over year in each reported fiscal 2026 quarter: 158.3 million dollars in Q1, 459.9 million dollars in Q2, 246.3 million dollars in Q3 and 196.3 million dollars in Q4. The strongest growth occurred in Q2, when revenue rose approximately 13% from the comparable fiscal 2025 quarter. Q4 revenue also increased approximately 27% year over year, despite the company reporting a net loss.

Profitability remained inconsistent. MSGE reported net income of 92.7 million dollars in Q2 2026 and 5.1 million dollars in Q3, but posted losses of 21.7 million dollars in Q1 and 10.0 million dollars in Q4. The company’s Q4 loss was narrower than the 27.2 million-dollar loss reported in Q4 2025, while the Q2 and Q3 earnings figures declined from the corresponding prior-year periods.

Cash generation was also volatile but generally stronger during the middle of the fiscal year. Operating cash flow totaled 19.8 million dollars in Q1, 164.4 million dollars in Q2 and 183.9 million dollars in Q3 before turning negative at 16.6 million dollars in Q4. The large Q2 and Q3 inflows were helped by favorable changes in operating assets and liabilities, including a 154.2 million-dollar working-capital contribution in Q3. Investors should therefore avoid treating those quarters as representative of recurring cash generation.

MSGE’s liquidity position improved substantially through Q3 2026. Cash increased from 30.5 million dollars at September 30, 2025, to 157.6 million dollars at December 31, 2025, and 323.7 million dollars at March 31, 2026. However, the company reported a 29.5 million-dollar decline in cash during Q4 2026, and no Q4 balance sheet was provided. Continued cash burn in weaker seasonal periods remains an important risk.

Revenue growth: Fiscal 2026 revenue exceeded the comparable fiscal 2025 quarter in all four reported quarters, with particularly strong growth in Q2 and Q4.
Improved liquidity: Cash and equivalents rose to 323.7 million dollars by March 31, 2026, up sharply from 30.5 million dollars six months earlier.
Strong seasonal cash generation: Operating cash flow reached 164.4 million dollars in Q2 and 183.9 million dollars in Q3, providing substantial funding for debt reduction and capital spending.
Debt reduction: Reported total debt declined from approximately 612.2 million dollars at September 30, 2025, to approximately 578.0 million dollars at March 31, 2026.
Improved shareholder equity: Total common equity increased from negative 65.8 million dollars at September 30, 2025, to positive 48.0 million dollars at March 31, 2026.
Seasonality is significant: The sharp swings between quarterly revenue, earnings and operating cash flow suggest that annual or trailing-period results may be more informative than any single quarter.
Working-capital dependence: Much of the strong Q2 and Q3 operating cash flow came from changes in receivables, payables and deferred revenue rather than earnings alone.
Recurring losses remain a concern: MSGE reported net losses in Q1 and Q4 2026, and fiscal 2026 profitability was lower than the comparable fiscal 2025 periods in Q2 and Q3.
Cash reversed lower in Q4: Operating cash flow was negative 16.6 million dollars and total cash declined 29.5 million dollars in the latest quarter provided.
Leverage and interest costs: Debt remained close to 578 million dollars at March 31, 2026, while quarterly interest expense generally ranged from approximately 9 million to 11 million dollars.

Data-quality note: The Q4 2026 income statement reports revenue of 196.3 million dollars, total cost of revenue of negative 212.7 million dollars and gross profit of 409.0 million dollars, which does not reconcile under conventional presentation. Several earlier quarters also show zero or unusually large cost-of-revenue classifications. These apparent standardized-data sign or classification issues make gross-margin comparisons unreliable; revenue, operating income, net income and cash-flow trends should be emphasized instead.

08/15/26 06:44 PM ETAI Generated. May Contain Errors.

Madison Square Garden Entertainment Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Madison Square Garden Entertainment's fiscal year ends in June. Their fiscal year 2026 ended on June 30, 2026.

Madison Square Garden Entertainment's net income appears to be on a downward trend, with a most recent value of $66.19 million in 2026, falling from -$219.31 million in 2021. The previous period was $37.43 million in 2025. See where experts think Madison Square Garden Entertainment is headed by visiting Madison Square Garden Entertainment's forecast page.

Madison Square Garden Entertainment's total operating income in 2026 was $141.54 million, based on the following breakdown:

Total Gross Profit: $1.06 billion
Total Operating Expenses: $919.25 million

Over the last 5 years, Madison Square Garden Entertainment's total revenue changed from $81.81 million in 2021 to $1.06 billion in 2026, a change of 1,196.6%.

Madison Square Garden Entertainment's total liabilities were at $1.89 billion at the end of 2026, a 12.3% increase from 2025, and a 23.6% increase since 2022.

In the past 4 years, Madison Square Garden Entertainment's cash and equivalents has ranged from $33.56 million in 2024 to $294.16 million in 2026, and is currently $294.16 million as of their latest financial filing in 2026.

Over the last 5 years, Madison Square Garden Entertainment's book value per share changed from 0.00 in 2021 to 0.97 in 2026, a change of 96.8%.

Related Companies

Financial statements for NYSE:MSGE last updated on 8/12/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Madison Square Garden Entertainment (MSGE) Financials

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Madison Square Garden Entertainment (MSGE) Financials

Annual Income Statements for Madison Square Garden Entertainment

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Quarterly Cash Flow Statements for Madison Square Garden Entertainment

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Quarterly Balance Sheets for Madison Square Garden Entertainment

Annual Metrics And Ratios for Madison Square Garden Entertainment

Quarterly Metrics And Ratios for Madison Square Garden Entertainment

Financials Breakdown Chart

Key Financial Trends

Madison Square Garden Entertainment Financials - Frequently Asked Questions

When does Madison Square Garden Entertainment's financial year end?

How has Madison Square Garden Entertainment's net income changed over the last 5 years?

What is Madison Square Garden Entertainment's operating income?

How has Madison Square Garden Entertainment's revenue changed over the last 5 years?

How much debt does Madison Square Garden Entertainment have?

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How has Madison Square Garden Entertainment's book value per share changed over the last 5 years?

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