Madison Square Garden Entertainment (MSGE) Financials

$70.58 +0.94 (+1.35%)

Closing price 05/26/2026 03:58 PM Eastern

Extended Trading

$71.92 +1.35 (+1.91%)

As of 04:03 AM 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
Period end date	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-219	-133	77	144	37
Consolidated Net Income / (Loss)	-219	-136	76	144	37
Net Income / (Loss) Continuing Operations	-219	-136	76	144	37
Total Pre-Tax Income	-214	-136	78	52	66
Total Operating Income	-237	-5.65	105	112	122
Total Gross Profit	82	653	352	390	407
Total Revenue	82	653	851	959	943
Operating Revenue	82	653	851	959	943
Total Cost of Revenue	0.00	0.00	500	569	536
Operating Cost of Revenue	-	-	500	569	536
Total Operating Expenses	319	659	247	278	285
Selling, General & Admin Expense	137	167	180	207	215
Depreciation Expense	72	70	60	54	58
Impairment Charge	-	-	0.00	0.00	11
Restructuring Charge	15	5.17	10	18	1.06
Other Special Charges / (Income)	0.00	0.00	-4.36	0.00	0.00
Total Other Income / (Expense), net	23	-131	-27	-60	-57
Interest Expense	34	89	52	58	57
Interest & Investment Income	6.44	7.15	7.24	2.98	2.33
Other Income / (Expense), net	51	-49	17	-4.67	-2.22
Income Tax Expense	5.35	-0.07	1.73	-92	28
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.69	-2.86	-0.55	0.00	0.00
Basic Earnings per Share	($4.22)	($2.58)	$1.48	$2.99	$0.78
Weighted Average Basic Shares Outstanding	51.77M	51.77M	51.82M	48.28M	48.03M
Diluted Earnings per Share	($4.22)	($2.58)	$1.47	$2.97	$0.77
Weighted Average Diluted Shares Outstanding	51.77M	51.77M	52.28M	48.59M	48.33M
Weighted Average Basic & Diluted Shares Outstanding	-	-	51.05M	48.06M	47.46M

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	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
Net Income / (Loss) Attributable to Common Shareholders	-51	125	2.80	67	-19	76	8.04	-27	-22	93	5.11
Consolidated Net Income / (Loss)	-51	125	2.80	67	-19	76	8.04	-27	-22	93	5.11
Net Income / (Loss) Continuing Operations	-51	125	2.80	67	-19	76	8.04	-27	-22	93	5.11
Total Pre-Tax Income	-51	126	2.80	-25	-33	125	15	-42	-40	154	8.23
Total Operating Income	-33	137	17	-8.86	-18	139	27	-26	-30	164	16
Total Gross Profit	41	200	86	186	139	407	104	-46	158	247	246
Total Revenue	142	403	228	186	139	407	242	154	158	460	246
Operating Revenue	142	403	228	186	139	407	242	154	158	460	246
Total Cost of Revenue	102	203	142	-	0.00	0.00	139	200	0.00	213	0.00
Total Operating Expenses	74	62	69	195	157	268	76	-20	188	83	230
Selling, General & Admin Expense	49	48	54	56	46	57	52	60	57	68	61
Depreciation Expense	14	13	13	14	14	14	14	15	14	14	14
Other Operating Expenses / (Income)	-	-	-	122	98	197	-	-	102	-	147
Impairment Charge	-	-	0.00	-	0.00	0.00	9.70	-	14	0.00	0.00
Restructuring Charge	12	0.89	2.36	2.85	-0.04	-0.03	0.08	1.04	1.19	1.13	8.62
Total Other Income / (Expense), net	-18	-11	-14	-17	-14	-14	-12	-16	-11	-10	-7.88
Interest Expense	14	15	14	14	14	13	12	18	11	10	9.42
Interest & Investment Income	0.85	1.08	0.34	0.70	0.37	0.37	0.71	0.88	0.52	0.81	2.25
Other Income / (Expense), net	-4.47	2.85	0.08	-3.13	-0.77	-1.05	-0.95	0.54	-0.17	-0.67	-0.70
Income Tax Expense	-0.66	1.05	0.00	-92	-14	49	7.25	-15	-19	61	3.12
Basic Earnings per Share	($1.00)	$2.61	$0.06	$1.32	($0.40)	$1.57	$0.17	($0.56)	($0.46)	$1.96	$0.11
Weighted Average Basic Shares Outstanding	50.44M	48.03M	48.11M	48.28M	48.22M	48.34M	47.96M	48.03M	47.48M	47.41M	47.46M
Diluted Earnings per Share	($1.00)	$2.59	$0.06	$1.32	($0.40)	$1.56	$0.17	($0.56)	($0.46)	$1.94	$0.11
Weighted Average Diluted Shares Outstanding	50.44M	48.29M	48.45M	48.59M	48.22M	48.61M	48.27M	48.33M	47.48M	47.84M	48.13M
Weighted Average Basic & Diluted Shares Outstanding	47.97M	47.99M	48.02M	48.06M	48.47M	47.84M	47.46M	47.46M	47.23M	47.27M	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
Period end date	6/30/2021	6/30/2022	6/30/2023	6/30/2024	6/30/2025
Net Change in Cash & Equivalents	315	-255	22	-51	9.98
Net Cash From Operating Activities	-148	95	136	111	115
Net Cash From Continuing Operating Activities	-148	95	136	111	115
Net Income / (Loss) Continuing Operations	-219	-136	76	144	37
Consolidated Net Income / (Loss)	-219	-136	76	144	37
Depreciation Expense	72	70	60	54	58
Amortization Expense	4.32	6.78	3.22	3.35	3.34
Non-Cash Adjustments To Reconcile Net Income	-10	121	7.24	79	86
Changes in Operating Assets and Liabilities, net	5.69	34	-11	-169	-69
Net Cash From Investing Activities	-10	45	30	-62	-24
Net Cash From Continuing Investing Activities	-10	45	30	-62	-24
Purchase of Property, Plant & Equipment	-10	-16	-15	-24	-22
Purchase of Investments	-22	-6.78	-6.70	-65	0.00
Divestitures	0.00	0.00	28	0.00	0.00
Sale and/or Maturity of Investments	22	-0.35	24	28	0.06
Other Investing Activities, net	0.00	68	0.00	-1.66	-1.53
Net Cash From Financing Activities	473	-396	-144	-100	-82
Net Cash From Continuing Financing Activities	473	-396	-144	-100	-82
Repayment of Debt	-18	-676	-20	-107	-690
Repurchase of Common Equity	0.00	0.00	-25	-51	-40
Issuance of Debt	631	679	0.30	73	664
Other Financing Activities, net	-139	-400	-99	-15	-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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	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
Net Change in Cash & Equivalents	-45	-1.94	-9.26	5.25	4.06	18	34	-46	-13	127	166
Net Cash From Operating Activities	1.38	104	5.82	0.21	-27	113	57	-27	20	164	184
Net Cash From Continuing Operating Activities	1.38	104	5.82	0.21	-27	113	57	-27	20	164	184
Net Income / (Loss) Continuing Operations	-51	125	2.80	67	-19	76	8.04	-27	-22	93	5.11
Consolidated Net Income / (Loss)	-51	125	2.80	67	-19	76	8.04	-27	-22	93	5.11
Depreciation Expense	14	13	13	14	14	14	14	15	14	14	14
Amortization Expense	0.81	0.85	0.85	0.84	0.85	0.85	0.83	0.81	0.53	0.50	0.50
Non-Cash Adjustments To Reconcile Net Income	19	5.75	6.82	48	27	20	18	20	29	23	10
Changes in Operating Assets and Liabilities, net	19	-41	-18	-129	-50	1.63	15	-36	-2.39	34	154
Net Cash From Investing Activities	-55	-7.24	-9.89	10	-6.69	-9.59	-3.10	-4.31	-6.80	-8.49	-10
Net Cash From Continuing Investing Activities	-55	-7.24	-9.89	10	-6.69	-9.59	-3.10	-4.31	-6.80	-8.49	-10
Purchase of Property, Plant & Equipment	-3.33	-7.88	-8.43	-4.54	-5.91	-9.29	-2.96	-4.07	-5.95	-8.33	-9.96
Other Investing Activities, net	0.00	-	-	-0.19	-0.84	-0.31	-0.13	-0.25	-0.85	-0.16	-0.20
Net Cash From Financing Activities	9.27	-99	-5.19	-5.22	38	-86	-19	-15	-26	-29	-7.62
Net Cash From Continuing Financing Activities	9.27	-99	-5.19	-5.22	38	-86	-19	-15	-26	-29	-7.62
Repayment of Debt	-0.63	-99	-4.06	-4.06	-4.06	-59	-4.06	-623	-23	-27	-7.62

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

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

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

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	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
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	47,273,099.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	47,273,099.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.11
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.90%	13.15%	13.46%	25.78%	-2.46%	1.18%	6.20%	-17.16%	14.09%	12.89%	1.57%
EBITDA Growth	-469.04%	20.88%	-36.04%	-25.83%	80.35%	-0.86%	34.54%	-425.18%	-231.53%	16.10%	-28.61%
EBIT Growth	-263.56%	26.06%	-48.43%	-7.17%	49.20%	-1.65%	56.26%	-110.33%	-55.37%	18.26%	-41.61%
NOPAT Growth	-195.56%	23.59%	-31.69%	59.34%	44.71%	-38.25%	-14.45%	-190.68%	-60.91%	17.56%	-30.36%
Net Income Growth	-177.28%	29.01%	-87.13%	373.36%	61.87%	-39.41%	187.51%	-140.61%	-12.07%	22.17%	-36.41%
EPS Growth	-185.71%	37.77%	-85.71%	375.00%	60.00%	-39.77%	183.33%	-142.42%	-15.00%	24.36%	-35.29%
Operating Cash Flow Growth	102.40%	-18.01%	-90.76%	-93.68%	-2,085.41%	8.67%	875.76%	-12,841.04%	172.40%	45.66%	223.64%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	68.21%	100.66%	96.73%	97.71%	129.74%	8,662.63%	1,589.25%
Invested Capital Growth	0.00%	0.00%	0.00%	13.43%	30.55%	16.97%	6.06%	-2.93%	-11.20%	-17.85%	-42.52%
Revenue Q/Q Growth	-3.87%	183.14%	-43.30%	-18.50%	-25.45%	193.71%	-40.49%	-36.43%	2.68%	190.62%	-46.46%
EBITDA Q/Q Growth	-731.47%	756.78%	-79.97%	-91.07%	-267.32%	3,412.91%	-72.82%	-121.58%	-70.59%	1,260.18%	-83.29%
EBIT Q/Q Growth	-238.79%	470.16%	-87.97%	-171.01%	-60.60%	816.62%	-80.88%	-195.58%	-18.64%	645.42%	-90.56%
NOPAT Q/Q Growth	-53.40%	682.44%	-87.68%	-136.94%	-108.60%	750.42%	-82.93%	-225.51%	-15.47%	575.20%	-89.89%
Net Income Q/Q Growth	-106.96%	347.18%	-97.77%	2,294.53%	-128.87%	492.80%	-89.41%	-438.19%	20.32%	528.17%	-94.49%
EPS Q/Q Growth	-108.33%	359.00%	-97.68%	2,100.00%	-130.30%	490.00%	-89.10%	-429.41%	17.86%	521.74%	-94.33%
Operating Cash Flow Q/Q Growth	-58.90%	7,436.57%	-94.39%	-96.36%	-13,005.19%	512.51%	-49.66%	-147.55%	173.33%	729.90%	11.85%
Free Cash Flow Firm Q/Q Growth	0.00%	26.13%	-38.44%	84.89%	-105.73%	101.53%	-788.59%	89.41%	2,766.05%	350.87%	17.03%
Invested Capital Q/Q Growth	-9.66%	8.38%	2.81%	12.69%	3.97%	-2.89%	-6.79%	3.14%	-4.89%	-10.16%	-34.78%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	28.50%	49.65%	100.00%	100.00%	100.00%	51.63%	42.73%	-29.56%	100.00%	53.76%	100.00%
EBITDA Margin	-16.52%	38.33%	13.54%	1.48%	-3.33%	37.55%	17.15%	-5.82%	-9.67%	38.62%	12.05%
Operating Margin	-23.50%	34.13%	7.36%	-4.76%	-13.32%	34.12%	11.27%	-16.71%	-18.79%	35.62%	6.54%
EBIT Margin	-26.65%	34.84%	7.39%	-6.44%	-13.88%	33.86%	10.88%	-16.36%	-18.90%	35.47%	6.25%
Profit (Net Income) Margin	-35.63%	31.10%	1.22%	35.97%	-13.93%	18.63%	3.31%	-17.63%	-13.68%	20.16%	2.08%
Tax Burden Percent	98.72%	99.17%	99.93%	-262.68%	58.69%	60.54%	52.56%	64.44%	53.57%	60.39%	62.13%
Interest Burden Percent	135.46%	90.04%	16.57%	212.56%	171.01%	90.87%	57.96%	167.27%	135.13%	94.11%	53.41%
Effective Tax Rate	0.00%	0.83%	0.07%	0.00%	0.00%	39.46%	47.44%	0.00%	0.00%	39.61%	37.87%
Return on Invested Capital (ROIC)	-62.65%	125.47%	27.32%	-6.08%	-17.38%	37.91%	11.30%	-20.03%	-23.08%	42.48%	9.99%
ROIC Less NNEP Spread (ROIC-NNEP)	-70.67%	121.69%	22.58%	6.70%	-18.35%	36.46%	10.16%	-21.63%	-23.22%	41.21%	8.72%
Return on Net Nonoperating Assets (RNNOA)	204.37%	-696.87%	-141.00%	-82.77%	84.67%	-452.51%	-132.22%	674.96%	245.64%	872.72%	116.84%
Return on Equity (ROE)	141.72%	-571.40%	-113.67%	-88.85%	67.30%	-414.59%	-120.92%	654.93%	222.56%	915.20%	126.83%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	46.17%	34.95%	28.80%	37.62%	15.63%	24.09%	35.50%	72.60%
Operating Return on Assets (OROA)	-16.74%	21.93%	4.67%	-4.18%	-8.97%	21.62%	6.63%	-9.57%	-11.06%	21.10%	3.45%
Return on Assets (ROA)	-22.39%	19.58%	0.77%	23.36%	-9.00%	11.89%	2.02%	-10.32%	-8.00%	11.99%	1.14%
Return on Common Equity (ROCE)	141.72%	-571.40%	-113.67%	-88.85%	67.30%	-414.59%	-120.92%	654.93%	222.56%	915.20%	126.83%
Return on Equity Simple (ROE_SIMPLE)	-18.56%	-70.37%	-55.93%	0.00%	-360.69%	1,222.83%	1,380.80%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-23	136	17	-6.20	-13	84	14	-18	-21	99	10
NOPAT Margin	-16.45%	33.84%	7.35%	-3.33%	-9.33%	20.65%	5.92%	-11.70%	-13.15%	21.51%	4.06%
Net Nonoperating Expense Percent (NNEP)	8.02%	3.77%	4.74%	-12.78%	0.97%	1.45%	1.14%	1.61%	0.14%	1.27%	1.27%
Return On Investment Capital (ROIC_SIMPLE)	-	26.21%	-	-	-	13.59%	2.33%	-3.08%	-3.81%	15.93%	1.60%
Cost of Revenue to Revenue	71.50%	50.35%	0.00%	0.00%	0.00%	48.37%	57.27%	129.56%	0.00%	46.24%	0.00%
SG&A Expenses to Revenue	34.33%	12.02%	23.63%	29.99%	32.98%	14.04%	21.49%	38.88%	35.75%	14.86%	24.75%
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	52.01%	15.52%	92.64%	104.76%	113.32%	17.51%	31.46%	-12.85%	118.79%	18.15%	93.46%
Earnings before Interest and Taxes (EBIT)	-38	140	17	-12	-19	138	26	-25	-30	163	15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-23	154	31	2.76	-4.62	153	42	-8.98	-15	178	30
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	167.08	164.43	0.00	0.00	70.68	58.01
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)	1.98	1.71	2.04	1.71	2.14	1.80	1.61	2.01	2.23	2.51	2.73
Price to Earnings (P/E)	38.33	21.23	35.58	11.39	11.64	13.66	11.91	50.68	61.17	49.02	56.84
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	2.61%	4.71%	2.81%	8.78%	8.59%	7.32%	8.40%	1.97%	1.63%	2.04%	1.76%
Enterprise Value to Invested Capital (EV/IC)	5.30	4.37	4.99	3.98	4.60	4.04	3.96	4.52	5.29	6.41	10.05
Enterprise Value to Revenue (EV/Rev)	2.79	2.36	2.68	2.32	2.80	2.37	2.14	2.60	2.84	2.93	2.98
Enterprise Value to EBITDA (EV/EBITDA)	15.11	11.53	14.94	13.53	14.58	12.52	10.81	13.55	16.02	15.25	16.61
Enterprise Value to EBIT (EV/EBIT)	24.86	17.02	22.87	20.75	21.23	18.44	15.65	20.46	24.99	22.12	24.62
Enterprise Value to NOPAT (EV/NOPAT)	30.52	20.12	25.59	7.21	8.48	9.80	9.37	35.19	40.73	36.40	39.47
Enterprise Value to Operating Cash Flow (EV/OCF)	12.14	12.29	21.61	20.00	32.40	24.90	14.61	21.27	16.80	13.89	8.91
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	9.17	14.91	15.13	10.84	28.50	20.66	16.30	10.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-3.06	-6.09	-6.54	-26.57	-13.70	58.97	63.60	-45.06	-9.30	16.25	12.04
Long-Term Debt to Equity	-2.97	-5.94	-6.37	-25.87	-13.29	56.61	60.61	-42.77	-8.84	15.40	11.40
Financial Leverage	-2.89	-5.73	-6.24	-12.35	-4.61	-12.41	-13.02	-31.20	-10.58	21.18	13.40
Leverage Ratio	-5.73	-13.92	-15.42	-31.89	-10.42	-32.80	-37.61	-88.37	-28.74	73.62	64.26
Compound Leverage Factor	-7.77	-12.53	-2.56	-67.78	-17.82	-29.81	-21.80	-147.82	-38.83	69.29	34.32
Debt to Total Capital	148.54%	119.63%	118.04%	103.91%	107.87%	98.33%	98.45%	102.27%	112.04%	94.20%	92.33%
Short-Term Debt to Total Capital	4.19%	3.13%	3.10%	2.74%	3.28%	3.94%	4.62%	5.20%	5.58%	4.91%	4.87%
Long-Term Debt to Total Capital	144.35%	116.50%	114.94%	101.17%	104.59%	94.40%	93.83%	97.07%	106.47%	89.30%	87.46%
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	-48.54%	-19.63%	-18.04%	-3.91%	-7.87%	1.67%	1.55%	-2.27%	-12.04%	5.80%	7.67%
Debt to EBITDA	4.61	3.40	3.74	3.74	3.64	3.35	3.14	3.31	3.59	3.00	3.16
Net Debt to EBITDA	4.35	3.20	3.57	3.54	3.43	3.04	2.68	3.07	3.42	2.19	1.39
Long-Term Debt to EBITDA	4.48	3.31	3.64	3.64	3.53	3.21	3.00	3.14	3.42	2.85	2.99
Debt to NOPAT	9.31	5.93	6.41	1.99	2.12	2.62	2.73	8.60	9.14	7.16	7.51
Net Debt to NOPAT	8.80	5.57	6.11	1.88	2.00	2.38	2.32	7.97	8.68	5.23	3.30
Long-Term Debt to NOPAT	9.04	5.78	6.24	1.94	2.05	2.51	2.60	8.16	8.68	6.79	7.11
Altman Z-Score	0.80	1.36	1.20	1.10	1.18	1.52	1.14	1.13	1.16	1.75	1.45
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	0.47	0.46	0.43	0.50	0.54	0.57	0.47	0.48	0.68	0.72
Quick Ratio	0.31	0.34	0.30	0.25	0.30	0.35	0.38	0.26	0.25	0.51	0.59
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-468	-346	-479	-72	-149	2.28	-16	-1.66	44	200	234
Operating Cash Flow to CapEx	41.33%	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%
Free Cash Flow to Firm to Interest Expense	-32.79	-22.99	-33.21	-5.10	-10.60	0.18	-1.33	-0.09	4.02	19.15	24.80
Operating Cash Flow to Interest Expense	0.10	6.90	0.40	0.01	-1.95	8.71	4.81	-1.51	1.80	15.77	19.52
Operating Cash Flow Less CapEx to Interest Expense	-0.14	6.38	-0.18	-0.30	-2.37	7.99	4.56	-1.74	1.26	14.97	18.46
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.63	0.63	0.63	0.65	0.65	0.64	0.61	0.59	0.58	0.59	0.55
Accounts Receivable Turnover	5.74	6.24	6.66	8.41	7.24	7.34	7.66	10.25	8.70	7.30	8.56
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	1.37	1.43	1.45	1.52	1.51	1.52	1.54	1.50	1.53	1.63	1.66
Accounts Payable Turnover	0.54	1.54	0.00	0.00	0.00	0.00	0.00	2.76	3.42	3.74	2.36
Days Sales Outstanding (DSO)	63.61	58.49	54.78	43.39	50.40	49.73	47.67	35.62	41.96	49.97	42.62
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)	671.96	236.50	0.00	0.00	0.00	0.00	0.00	132.23	106.65	97.49	154.39
Cash Conversion Cycle (CCC)	-608.36	-178.00	54.78	43.39	50.40	49.73	47.67	-96.61	-64.69	-47.52	-111.76
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	445	482	496	559	581	564	526	542	516	463	302
Invested Capital Turnover	3.81	3.71	3.72	1.82	1.86	1.84	1.91	1.71	1.75	1.98	2.46
Increase / (Decrease) in Invested Capital	445	482	496	66	136	82	30	-16	-65	-101	-224
Enterprise Value (EV)	2,360	2,109	2,472	2,226	2,674	2,279	2,083	2,453	2,729	2,973	3,039
Market Capitalization	1,680	1,525	1,882	1,644	2,044	1,726	1,566	1,897	2,147	2,545	2,785
Book Value per Share	($4.61)	($2.13)	($1.97)	($0.48)	($1.01)	$0.21	$0.20	($0.28)	($1.39)	$0.76	$1.02
Tangible Book Value per Share	($7.21)	($4.90)	($4.74)	($3.25)	($3.78)	($2.53)	($2.58)	($3.08)	($4.19)	($2.05)	($1.79)
Total Capital	485	520	524	592	619	619	615	586	546	621	626
Total Debt	720	622	619	615	667	609	606	599	612	585	578
Total Long-Term Debt	699	606	602	599	647	585	577	569	582	555	547
Net Debt	680	584	590	582	630	554	516	556	582	427	254
Capital Expenditures (CapEx)	3.33	7.88	8.43	4.54	5.91	9.29	2.96	4.07	5.95	8.33	9.96
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-340	-309	-307	-304	-278	-263	-291	-278	-283	-325	-508
Debt-free Net Working Capital (DFNWC)	-301	-272	-279	-270	-241	-207	-202	-235	-253	-168	-184
Net Working Capital (NWC)	-321	-288	-295	-287	-261	-232	-230	-265	-283	-198	-215
Net Nonoperating Expense (NNE)	27	11	14	-73	6.38	8.25	6.33	9.15	0.84	6.21	4.89
Net Nonoperating Obligations (NNO)	680	584	590	582	630	554	516	556	582	427	254
Total Depreciation and Amortization (D&A)	14	14	14	15	15	15	15	16	15	14	14
Debt-free, Cash-free Net Working Capital to Revenue	-40.16%	-34.58%	-33.33%	-31.70%	-29.10%	-27.35%	-29.86%	-29.52%	-29.46%	-32.07%	-49.85%
Debt-free Net Working Capital to Revenue	-35.50%	-30.38%	-30.26%	-28.20%	-25.16%	-21.60%	-20.68%	-24.91%	-26.29%	-16.54%	-18.08%
Net Working Capital to Revenue	-37.90%	-32.19%	-32.02%	-29.89%	-27.29%	-24.14%	-23.60%	-28.14%	-29.46%	-19.55%	-21.07%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.00)	$2.61	$0.06	$1.32	($0.40)	$1.57	$0.17	($0.56)	($0.46)	$1.96	$0.11
Adjusted Weighted Average Basic Shares Outstanding	50.44M	48.03M	48.11M	48.28M	48.22M	48.34M	47.96M	48.03M	47.48M	47.41M	47.46M
Adjusted Diluted Earnings per Share	($1.00)	$2.59	$0.06	$1.32	($0.40)	$1.56	$0.17	($0.56)	($0.46)	$1.94	$0.11
Adjusted Weighted Average Diluted Shares Outstanding	50.44M	48.29M	48.45M	48.59M	48.22M	48.61M	48.27M	48.33M	47.48M	47.84M	48.13M
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	47.97M	47.99M	48.02M	48.06M	48.47M	47.84M	47.46M	47.46M	47.23M	47.27M	47.31M
Normalized Net Operating Profit after Tax (NOPAT)	-15	137	19	-4.21	-13	84	20	-17	-10	100	15
Normalized NOPAT Margin	-10.77%	34.06%	8.39%	-2.26%	-9.35%	20.65%	8.05%	-11.22%	-6.53%	21.66%	6.24%
Pre Tax Income Margin	-36.09%	31.37%	1.23%	-13.69%	-23.73%	30.77%	6.31%	-27.36%	-25.54%	33.38%	3.34%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-2.65	9.32	1.17	-0.84	-1.37	10.65	2.24	-1.41	-2.71	15.65	1.63
NOPAT to Interest Expense	-1.64	9.06	1.16	-0.44	-0.92	6.50	1.22	-1.01	-1.89	9.49	1.06
EBIT Less CapEx to Interest Expense	-2.89	8.80	0.59	-1.16	-1.79	9.93	1.98	-1.64	-3.25	14.85	0.58
NOPAT Less CapEx to Interest Expense	-1.87	8.53	0.58	-0.76	-1.34	5.78	0.97	-1.24	-2.43	8.69	0.00
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	175.01%	105.65%	143.46%	35.26%	-0.29%	19.80%	30.18%	106.04%	184.32%	76.45%	51.03%

Financials Breakdown Chart

Key Financial Trends

Madison Square Garden Entertainment (MSGE) has shown a mix of improving top-line performance and ongoing balance-sheet and cash-flow challenges over the last four years. Here are the key trends based on quarterly statements, with the strongest positives listed first.

Revenue growth momentum: Q2 2026 operating revenue of $459.94 million, up from Q2 2025’s $407.42 million (roughly 13% year over year).
Net income turning positive in the latest quarter: Q2 2026 net income reached $92.72 million, reversing several prior quarters with losses.
Operating cash flow strength: Net cash from continuing operating activities was $164.39 million in Q2 2026, with a generally positive trend across recent quarters.
Free cash flow positive: With capex (Purchase of PPE) at about $8.33 million in Q2 2026, free cash flow was roughly $156 million, indicating solid capacity to fund share buybacks or investments from cash flow.
Earnings per share improvements: Q2 2026 basic EPS of $1.96 and diluted EPS of $1.94 reflect stronger profitability per share than in several earlier periods.
Cash balance and liquidity improving: Cash & equivalents were $157.6 million in Q2 2026, with total current assets around $420.1 million, supporting near-term liquidity needs.
Equity rebound: Total common equity rose to about $36.0 million in Q2 2026, contributing to a positive equity balance after prior quarters with negative equity.
Asset base and margins: Total assets reached about $1.823 billion in Q2 2026, and operating margin expanded to approximately 35.6% (Operating income $163.82 million on revenue $459.94 million).
Leverage and balance-sheet nuance: Long-term debt around $555 million with total liabilities near $1.78 billion and relatively small equity in some periods, indicating ongoing leverage risk even as equity improves.
Financing activity is a source of sustained cash outflows: Net cash from financing activities has been negative in multiple periods (examples: Q2 2025 ~ -$85.7 million; Q4 2025 ~ -$14.6 million; Q3 2024 ~ -$84.6 million; Q2 2024 ~ -$102.6 million; Q1 2024 ~ -$102.6 million). This recurring outflow weighs on overall cash flow despite positive operating cash flow in several quarters.

05/27/26 04:03 AM 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 2025 ended on June 30, 2025.

Madison Square Garden Entertainment's net income appears to be on a downward trend, with a most recent value of $37.43 million in 2025, falling from -$219.31 million in 2021. The previous period was $144.30 million in 2024. Find out what analysts predict for Madison Square Garden Entertainment in the coming months.

Madison Square Garden Entertainment's total operating income in 2025 was $122.09 million, based on the following breakdown:

Total Gross Profit: $407.09 million
Total Operating Expenses: $285.00 million

Over the last 4 years, Madison Square Garden Entertainment's total revenue changed from $81.81 million in 2021 to $942.73 million in 2025, a change of 1,052.3%.

Madison Square Garden Entertainment's total liabilities were at $1.68 billion at the end of 2025, a 6.8% increase from 2024, and a 10.1% increase since 2022.

In the past 3 years, Madison Square Garden Entertainment's cash and equivalents has ranged from $33.56 million in 2024 to $84.36 million in 2023, and is currently $43.54 million as of their latest financial filing in 2025.

Over the last 4 years, Madison Square Garden Entertainment's book value per share changed from 0.00 in 2021 to -0.28 in 2025, a change of -28.0%.

Related Companies

Financial statements for NYSE:MSGE last updated on 5/8/2026 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

Quarterly Income Statements for Madison Square Garden Entertainment

Annual Cash Flow Statements for Madison Square Garden Entertainment

Quarterly Cash Flow Statements for Madison Square Garden Entertainment

Annual Balance Sheets for Madison Square Garden Entertainment

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 4 years?

What is Madison Square Garden Entertainment's operating income?

How has Madison Square Garden Entertainment's revenue changed over the last 4 years?

How much debt does Madison Square Garden Entertainment have?

How much cash does Madison Square Garden Entertainment have?

How has Madison Square Garden Entertainment's book value per share changed over the last 4 years?

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