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Madison Square Garden (MSGS) Financials

Madison Square Garden logo
$411.12 +3.95 (+0.97%)
Closing price 08/17/2026 03:58 PM Eastern
Extended Trading
$411.85 +0.73 (+0.18%)
As of 04:01 AM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Madison Square Garden

Annual Income Statements for Madison Square Garden

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

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 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		 -77 -73 142 11 -182 -14 51 48 59 -22 7.76
Consolidated Net Income / (Loss)		 -77 -77 134 -3.12 -209 -16 49 46 59 -22 7.76
Net Income / (Loss) Continuing Operations		 -77 -77 38 -48 -119 -16 49 46 59 -22 7.76
Total Pre-Tax Income 		-77 -81 -21 -61 -98 -89 74 90 106 -17 18
Total Operating Income		 -59 -56 -18 -58 -94 -78 86 85 146 15 29
Total Gross Profit		 1,115 1,318 712 729 603 416 821 887 411 284 320
Total Revenue		 1,115 1,318 712 729 603 416 821 887 1,027 1,039 1,154
Operating Revenue		 1,115 1,318 712 729 603 416 821 887 1,027 1,039 1,154
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 617 755 834
Operating Cost of Revenue		 - - - - - - - - 617 755 834
Total Operating Expenses		 1,174 1,375 731 788 697 494 735 802 265 269 291
Selling, General & Admin Expense		 334 407 291 327 320 207 230 250 261 266 286
Depreciation Expense		 102 107 21 20 18 5.57 5.04 3.58 3.16 3.22 3.18
Restructuring Charge		 - - - - - - - - 0.00 0.00 2.08
Total Other Income / (Expense), net		 -18 -25 -3.11 -2.45 -4.18 -11 -12 4.75 -40 -32 -11
Interest Expense		 2.03 4.19 3.49 4.97 4.46 11 12 23 28 22 21
Interest & Investment Income		 -12 -18 0.90 1.19 0.70 0.03 0.31 2.39 2.79 4.03 2.94
Other Income / (Expense), net		 -4.02 -2.55 -0.52 1.33 -0.42 -0.35 -0.73 25 -16 -14 7.26
Income Tax Expense		 0.30 -4.40 -59 -13 21 -73 25 44 47 5.17 10
Basic Earnings per Share		 ($3.12) ($3.05) $5.99 $0.48 ($7.62) ($0.58) $2.11 $1.90 $2.45 ($0.93) $0.32
Weighted Average Basic Shares Outstanding		 24.75M 23.85M 23.64M 23.77M 23.94M 24.13M 24.25M 24.09M 24.01M 24.09M 24.15M
Diluted Earnings per Share		 ($3.12) ($3.05) $5.94 $0.48 ($7.62) ($0.58) $2.10 $1.89 $2.44 ($0.93) $0.32
Weighted Average Diluted Shares Outstanding		 24.75M 23.85M 23.85M 23.90M 23.94M 24.13M 24.41M 24.19M 24.10M 24.09M 24.25M
Weighted Average Basic & Diluted Shares Outstanding		 24.80M 23.80M 23.60M 23.76M 24.00M 24.12M 24.23M 23.89M 23.95M 24.02M 24.08M

Quarterly Income Statements for Madison Square Garden

This table shows Madison Square Garden'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		 14 38 25 -7.54 1.11 -14 -1.78 -8.80 8.24 -20 28
Consolidated Net Income / (Loss)		 14 38 25 -7.54 1.11 -14 -1.78 -8.80 8.24 -20 28
Net Income / (Loss) Continuing Operations		 14 38 25 -7.54 1.11 -14 -1.78 -8.80 8.24 -20 28
Total Pre-Tax Income 		25 72 43 -15 1.81 23 -27 -17 15 -13 34
Total Operating Income		 29 80 52 -8.27 13 32 -23 -27 22 1.96 32
Total Gross Profit		 327 430 231 53 82 108 204 39 92 78 111
Total Revenue		 327 430 227 53 358 424 204 39 403 432 279
Operating Revenue		 327 430 227 53 358 424 204 39 403 432 279
Total Cost of Revenue		 0.00 0.00 -3.52 0.00 276 316 - 0.00 311 355 168
Total Operating Expenses		 298 350 178 62 69 76 227 67 70 76 79
Selling, General & Admin Expense		 65 76 66 53 68 75 71 58 69 74 85
Depreciation Expense		 0.79 0.79 0.79 0.78 0.79 0.82 0.82 0.81 0.79 0.79 0.79
Total Other Income / (Expense), net		 -3.81 -7.85 -9.57 -6.32 -12 -9.71 -4.55 10 -7.22 -15 1.52
Interest Expense		 7.42 6.92 6.32 6.06 5.59 5.02 4.99 5.59 6.21 4.84 4.45
Interest & Investment Income		 0.62 0.48 1.24 0.86 0.69 1.05 1.43 0.58 0.50 0.73 1.13
Other Income / (Expense), net		 2.99 -1.40 -4.49 -1.13 -6.61 -5.74 -0.98 15 -1.51 -11 4.84
Income Tax Expense		 11 34 17 -7.05 0.70 37 -25 -8.56 6.72 6.69 5.37
Basic Earnings per Share		 $0.59 $1.58 $1.07 ($0.31) $0.05 ($0.59) ($0.08) ($0.37) $0.34 ($0.83) $1.18
Weighted Average Basic Shares Outstanding		 24.02M 24.03M 24.01M 24.05M 24.10M 24.10M 24.09M 24.12M 24.17M 24.17M 24.15M
Diluted Earnings per Share		 $0.59 $1.57 $1.07 ($0.31) $0.05 ($0.59) ($0.08) ($0.37) $0.34 ($0.83) $1.18
Weighted Average Diluted Shares Outstanding		 24.07M 24.10M 24.10M 24.05M 24.17M 24.10M 24.09M 24.12M 24.22M 24.17M 24.25M
Weighted Average Basic & Diluted Shares Outstanding		 23.95M 23.95M 23.95M 23.99M 24.01M 24.02M 24.02M 24.06M 24.07M 24.08M 24.08M

Annual Cash Flow Statements for Madison Square Garden

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

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
Net Change in Cash & Equivalents		 1,430 -199 -15 -143 -1,027 -19 19 -51 54 58 11
Net Cash From Operating Activities		 126 224 218 161 3.57 -35 178 152 92 92 63
Net Cash From Continuing Operating Activities		 126 224 218 161 3.57 -35 178 152 92 92 63
Net Income / (Loss) Continuing Operations		 -77 -77 134 -3.12 -209 -16 49 46 59 -22 7.76
Consolidated Net Income / (Loss)		 -77 -77 134 -3.12 -209 -16 49 46 59 -22 7.76
Depreciation Expense		 102 107 122 119 93 5.57 5.04 3.58 3.16 3.22 3.18
Non-Cash Adjustments To Reconcile Net Income		 89 133 78 44 191 60 48 12 54 55 38
Changes in Operating Assets and Liabilities, net		 11 51 -117 1.18 -72 -85 76 91 -24 56 14
Net Cash From Investing Activities		 -116 -264 -182 -233 -515 -0.47 -2.93 -18 -8.90 -6.92 -2.21
Net Cash From Continuing Investing Activities		 -116 -264 -182 -233 -515 -0.47 -2.93 -18 -8.90 -6.92 -2.21
Purchase of Property, Plant & Equipment		 -74 -45 -198 -189 -362 -0.47 -0.93 -1.18 -1.45 -3.62 -1.41
Purchase of Investments		 -7.09 -23 -1.50 -122 -405 0.00 -2.00 -14 -7.45 -3.40 -2.40
Sale and/or Maturity of Investments		 1.53 4.48 37 4.77 235 - - - 0.00 0.00 1.60
Other Investing Activities, net		 - - 0.00 0.00 0.48 - 0.00 -3.02 0.00 0.10 0.00
Net Cash From Financing Activities		 1,420 -159 -51 -72 -521 17 -156 -185 -29 -26 -49
Net Cash From Continuing Financing Activities		 1,420 -159 -51 -72 -521 17 -156 -185 -29 -26 -49
Repayment of Debt		 - -3.23 -0.75 -112 -20 -29 -138 -136 -95 -14 -38
Payment of Dividends		 - - -4.12 -2.19 -0.54 0.00 0.00 -171 -0.70 -0.63 -0.47
Issuance of Debt		 - 0.00 0.00 56 350 60 0.00 215 75 0.00 0.00
Other Financing Activities, net		 1,526 -7.33 -38 -20 -854 -14 -18 -18 -8.08 -12 -11

Quarterly Cash Flow Statements for Madison Square Garden

This table details how cash moves in and out of Madison Square Garden'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		 -11 3.55 50 -37 58 -11 48 -96 24 26 57
Net Cash From Operating Activities		 34 4.04 108 -26 62 6.26 50 -85 32 58 58
Net Cash From Continuing Operating Activities		 34 4.04 108 -26 62 6.26 50 -85 32 58 58
Net Income / (Loss) Continuing Operations		 14 38 25 -7.54 1.11 -14 -1.78 -8.80 8.24 -20 28
Consolidated Net Income / (Loss)		 14 38 25 -7.54 1.11 -14 -1.78 -8.80 8.24 -20 28
Depreciation Expense		 0.79 0.79 0.79 0.78 0.79 0.82 0.82 0.81 0.79 0.79 0.79
Non-Cash Adjustments To Reconcile Net Income		 16 34 -4.04 -6.88 27 34 0.43 -21 26 39 -6.11
Changes in Operating Assets and Liabilities, net		 2.56 -69 86 -13 33 -15 50 -56 -2.40 38 35
Net Cash From Investing Activities		 -3.51 -0.45 -3.21 -1.16 -1.14 -3.05 -1.57 -1.85 -0.90 0.72 -0.18
Net Cash From Continuing Investing Activities		 -3.51 -0.45 -3.21 -1.16 -1.14 -3.05 -1.57 -1.85 -0.90 0.72 -0.18
Purchase of Property, Plant & Equipment		 -0.60 -0.09 -0.37 -0.36 -0.53 -2.36 -0.37 -0.37 -0.86 -0.14 -0.04
Purchase of Investments		 -2.91 - - -0.80 -0.61 -0.69 -1.30 -1.48 -0.04 -0.74 -0.14

Annual Balance Sheets for Madison Square Garden

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

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
Total Assets		 3,544 1,272 3,736 3,764 1,234 1,310 1,302 1,315 1,346 1,473 1,538
Total Current Assets		 1,604 1,272 1,416 1,413 128 185 205 149 217 251 323
Cash & Equivalents		 1,444 1,238 1,226 4.32 78 65 91 40 89 145 165
Restricted Cash		 27 34 31 22 13 7.13 0.00 0.06 5.77 8.57 0.00
Accounts Receivable		 80 - 101 16 7.54 81 76 56 66 29 88
Prepaid Expenses		 27 - 29 21 21 17 19 25 31 43 43
Other Current Assets		 25 - 29 6.37 9.43 16 20 28 25 25 27
Plant, Property, & Equipment, net		 1,161 0.00 1,254 31 40 36 33 31 29 29 27
Total Noncurrent Assets		 779 0.00 1,067 2,319 1,066 1,089 1,064 1,135 1,101 1,193 1,187
Goodwill		 277 - 393 227 227 227 227 227 227 227 227
Intangible Assets		 183 - 420 118 115 114 113 104 104 104 104
Noncurrent Deferred & Refundable Income Taxes		 - - - - 0.00 16 - - 0.00 35 29
Other Noncurrent Operating Assets		 54 - 45 5.89 724 732 724 805 771 828 828
Total Liabilities & Shareholders' Equity		 3,544 47 3,736 3,764 1,234 1,310 1,302 1,315 1,346 1,473 1,538
Total Liabilities		 958 0.00 1,105 1,057 1,437 1,512 1,447 1,652 1,613 1,754 1,801
Total Current Liabilities		 615 0.00 766 760 290 368 438 521 522 564 642
Short-Term Debt		 - - 4.37 - 0.00 30 30 30 30 24 17
Accounts Payable		 29 - 43 1.24 20 19 31 15 17 14 23
Accrued Expenses		 134 - 180 124 33 16 82 124 142 13 9.44
Current Deferred Revenue		 332 - 325 110 126 131 132 157 149 164 165
Current Employee Benefit Liabilities		 119 - 124 78 71 90 119 144 134 99 160
Other Current Liabilities		 - - 90 0.00 39 81 44 50 50 249 268
Total Noncurrent Liabilities		 343 0.00 340 297 1,147 1,144 1,009 1,132 1,091 1,191 1,159
Long-Term Debt		 - - 101 0.00 350 355 220 295 275 267 242
Noncurrent Deferred Revenue		 - - - - 2.01 32 31 13 1.15 0.66 0.55
Noncurrent Employee Benefit Liabilities		 99 - 103 7.05 57 64 5.01 54 48 82 72
Other Noncurrent Operating Liabilities		 49 - 57 55 680 693 744 746 750 841 844
Commitments & Contingencies		 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,586 2,420 2,554 2,639 -203 -202 -145 -337 -266 -281 -263
Total Preferred & Common Equity		 2,586 -34 2,536 2,621 -207 -204 -147 -337 -266 -281 -263
Preferred Stock		 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,586 -34 2,536 2,621 -207 -204 -147 -337 -266 -281 -263
Common Stock		 2,806 - 2,818 2,846 6.19 23 18 17 19 16 17
Retained Earnings		 -76 - -11 29 -44 -79 -36 -174 -115 -138 -130
Treasury Stock		 -102 - -224 -208 -167 -147 -128 -179 -170 -159 -150
Accumulated Other Comprehensive Income / (Loss)		 -43 -34 -47 -47 -2.14 -2.03 -1.19 -1.01 -0.95 -0.90 -0.92

Quarterly Balance Sheets for Madison Square Garden

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

Metric Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026 Q2 2026 Q3 2026
Period end date 12/31/2022 3/31/2023 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		 1,301 1,363 1,366 1,368 1,388 1,373 1,412 1,504 1,517 1,545 1,509
Total Current Assets		 208 262 201 216 251 236 297 319 247 300 296
Cash & Equivalents		 44 65 51 38 40 52 108 97 49 81 107
Restricted Cash		 1.25 0.65 1.21 3.35 4.75 5.83 8.03 8.50 8.64 0.00 0.00
Accounts Receivable		 99 107 53 90 100 71 99 139 69 111 91
Prepaid Expenses		 44 23 71 56 32 84 61 35 103 83 43
Other Current Assets		 21 66 24 29 74 22 20 40 18 25 54
Plant, Property, & Equipment, net		 32 31 30 30 29 28 28 29 29 29 28
Total Noncurrent Assets		 1,061 1,070 1,135 1,123 1,109 1,109 1,087 1,156 1,242 1,217 1,186
Goodwill		 227 227 227 227 227 227 227 227 227 227 227
Intangible Assets		 113 113 104 104 104 104 104 104 104 104 104
Noncurrent Deferred & Refundable Income Taxes		 - - - - - - - - 43 37 31
Other Noncurrent Operating Assets		 721 730 805 793 779 779 757 826 869 850 825
Total Liabilities & Shareholders' Equity		 1,301 1,363 1,366 1,368 1,388 1,373 1,412 1,504 1,517 1,545 1,509
Total Liabilities		 1,687 1,696 1,725 1,708 1,682 1,651 1,686 1,788 1,812 1,827 1,805
Total Current Liabilities		 483 511 554 560 527 575 603 617 637 642 638
Short-Term Debt		 30 30 30 30 30 30 30 24 24 24 17
Accounts Payable		 16 16 12 11 11 9.99 14 13 9.60 13 13
Accrued Expenses		 109 128 91 121 167 109 154 224 162 200 276
Current Deferred Revenue		 188 132 300 258 117 307 268 166 331 249 102
Current Employee Benefit Liabilities		 96 161 70 91 152 69 87 139 57 99 173
Other Current Liabilities		 44 44 51 51 50 50 50 51 54 56 57
Total Noncurrent Liabilities		 1,204 1,186 1,171 1,147 1,156 1,076 1,083 1,171 1,174 1,185 1,167
Long-Term Debt		 405 350 370 330 330 275 275 267 267 267 242
Noncurrent Deferred Revenue		 31 32 1.61 1.41 1.20 1.12 0.92 0.72 0.63 0.61 0.58
Noncurrent Employee Benefit Liabilities		 5.00 4.75 4.53 4.54 53 52 4.10 48 77 77 72
Other Noncurrent Operating Liabilities		 750 762 786 792 757 739 796 849 829 841 852
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -386 -333 -359 -339 -294 -278 -273 -283 -294 -282 -295
Total Preferred & Common Equity		 -388 -334 0.00 -339 -294 -278 -273 -283 -294 -282 -295
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -388 -334 -359 -339 -294 -278 -273 -283 -294 -282 -295
Common Stock		 0.25 11 7.80 12 18 8.60 10 12 4.65 6.85 13
Retained Earnings		 -217 -165 -193 -179 -141 -123 -122 -136 -146 -138 -158
Treasury Stock		 -170 -179 -173 -171 -171 -163 -161 -159 -152 -150 -150
Accumulated Other Comprehensive Income / (Loss)		 -1.18 -1.18 -1.00 -1.00 -0.99 -0.94 -0.93 -0.91 -0.90 -0.89 -0.89

Annual Metrics And Ratios for Madison Square Garden

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

Metric 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Period end date 6/30/2016 6/30/2017 6/30/2018 6/30/2019 6/30/2020 6/30/2021 6/30/2022 6/30/2023 6/30/2024 6/30/2025 6/30/2026
DEI Shares Outstanding		 - - - - - - - - - - 24,076,107.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 24,076,107.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.32
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 4.08% 18.21% -45.97% 2.38% -17.29% -31.09% 97.57% 8.05% 15.74% 1.18% 11.03%
EBITDA Growth		 -63.30% 43.67% 81.36% -39.94% -101.48% -7,815.14% 223.47% 26.10% 17.23% -97.33% 1,002.92%
EBIT Growth		 -28,903.70% 6.04% 68.24% -204.12% -65.82% 16.44% 208.33% 29.36% 18.17% -99.73% 10,341.91%
NOPAT Growth		 -14,341.13% 3.96% 67.72% -220.12% -61.30% 16.43% 203.65% -24.06% 87.94% -87.24% 20.16%
Net Income Growth		 -89.98% 0.65% 275.09% -102.32% -6,600.77% 92.39% 407.48% -6.65% 28.80% -138.18% 134.58%
EPS Growth		 -91.41% 2.24% 275.09% -102.32% -1,687.50% 92.39% 462.07% -10.00% 29.10% -138.11% 134.41%
Operating Cash Flow Growth		 81.37% 77.71% -2.64% -25.90% -97.79% -1,090.08% 604.04% -14.37% -39.58% -0.57% -31.60%
Free Cash Flow Firm Growth		 105.76% 1,388.05% -257.94% 194.68% -108.80% -3.03% 240.22% -29.07% -22.62% 15.37% -61.00%
Invested Capital Growth		 -10.10% -100.00% 0.00% -98.84% 279.73% 98.77% -87.75% -487.31% -6.69% -155.49% -17.88%
Revenue Q/Q Growth		 -3.23% 7.14% -53.94% -13.04% 2,267.95% 58.76% 3.57% -5.16% 10.83% -2.19% 6.93%
EBITDA Q/Q Growth		 -56.90% -36.49% 12.27% -37.42% 98.22% 20.10% 96.95% -20.83% 68.30% -95.24% 285.37%
EBIT Q/Q Growth		 -668.22% -319.17% 32.87% -182.14% 44.28% 23.48% 106.58% -21.18% 71.32% -99.52% 247.96%
NOPAT Q/Q Growth		 -618.96% -300.98% 14.17% -199.68% 45.78% 23.56% -44.10% -46.35% 112.38% 25.74% 168.81%
Net Income Q/Q Growth		 -286.64% -60.80% 37.92% -112.18% -0.13% 89.00% -31.53% -44.20% 147.08% -564.27% 134.77%
EPS Q/Q Growth		 -271.43% -63.10% 37.92% -112.18% -3.25% 90.14% -30.69% -46.15% 151.55% -522.73% 134.04%
Operating Cash Flow Q/Q Growth		 -5.37% 51.73% -22.55% 7.53% -97.96% 78.18% 113.82% -33.31% 329.48% -39.02% 14.48%
Free Cash Flow Firm Q/Q Growth		 0.00% 321.22% -133.15% 146.35% 93.45% -108.09% 68.73% -41.24% 4,656.11% -23.01% 34.26%
Invested Capital Q/Q Growth		 -7.50% -100.00% 148.72% 0.00% -96.30% 44.89% -84.36% -179.64% -364.41% -47.33% -17.58%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 27.74%
EBITDA Margin		 3.57% 4.34% 14.57% 8.55% -0.15% -17.61% 11.01% 12.84% 13.01% 0.34% 3.41%
Operating Margin		 -5.26% -4.27% -2.55% -7.98% -15.56% -18.87% 10.48% 9.60% 14.22% 1.42% 2.50%
EBIT Margin		 -5.62% -4.46% -2.62% -7.80% -15.63% -18.95% 10.39% 12.44% 12.70% 0.03% 3.13%
Profit (Net Income) Margin		 -6.93% -5.82% 18.87% -0.43% -34.62% -3.82% 5.95% 5.14% 5.72% -2.16% 0.67%
Tax Burden Percent		 100.39% 94.58% -631.57% 5.14% 213.02% 17.80% 66.11% 50.74% 55.62% 129.91% 43.15%
Interest Burden Percent		 122.90% 137.93% 113.86% 106.65% 103.99% 113.36% 86.62% 81.44% 80.99% -4,991.91% 49.77%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 33.89% 49.26% 44.38% 0.00% 56.85%
Return on Invested Capital (ROIC)		 -4.56% -9.26% -2.00% -6.34% -186.11% -65.76% 91.28% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 -0.96% -7.49% -9.63% -8.20% -174.34% -52.13% 87.87% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.51% 6.24% 7.24% 6.23% 169.42% 73.61% -119.43% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -4.06% -3.02% 5.24% -0.12% -16.69% 7.84% -28.15% -18.91% -19.48% 8.19% -2.85%
Cash Return on Invested Capital (CROIC)		 6.07% 190.74% -202.00% 189.07% -302.73% -131.88% 247.64% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -2.20% -2.44% -0.75% -1.52% -3.77% -6.19% 6.54% 8.44% 9.80% 0.02% 2.40%
Return on Assets (ROA)		 -2.72% -3.19% 5.37% -0.08% -8.36% -1.25% 3.74% 3.49% 4.42% -1.59% 0.52%
Return on Common Equity (ROCE)		 -4.06% -1.51% 2.56% -0.11% -16.09% 7.96% -28.49% -18.98% -19.48% 8.19% -2.85%
Return on Equity Simple (ROE_SIMPLE)		 -2.99% 225.09% 5.30% -0.12% 100.91% 7.78% -33.23% -13.53% -22.07% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -41 -39 -13 -41 -66 -55 57 43 81 10 12
NOPAT Margin		 -3.68% -2.99% -1.79% -5.58% -10.89% -13.21% 6.93% 4.87% 7.91% 1.00% 1.08%
Net Nonoperating Expense Percent (NNEP)		 -3.60% -1.76% 7.62% 1.86% -11.77% -13.63% 3.40% -1.09% 9.08% 18.86% 4.05%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - 108.42% -259.71%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 72.26%
SG&A Expenses to Revenue		 29.91% 30.87% 40.81% 44.89% 52.99% 49.72% 27.96% 28.16% 25.45% 25.60% 24.79%
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		 105.26% 104.27% 102.55% 107.98% 115.56% 118.87% 89.52% 90.40% 85.78% 98.58% 25.24%
Earnings before Interest and Taxes (EBIT)		 -63 -59 -19 -57 -94 -79 85 110 130 0.35 36
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 40 57 104 62 -0.93 -73 90 114 134 3.56 39
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.56 0.00 2.76 2.42 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 1.90 0.00 4.07 2.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 3.61 3.36 9.84 8.71 5.58 9.56 4.25 5.06 4.39 4.83 8.39
Price to Earnings (P/E)		 0.00 0.00 49.52 555.97 0.00 0.00 68.34 94.01 76.65 0.00 1,246.91
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.72% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 2.02% 0.18% 0.00% 0.00% 1.46% 1.06% 1.30% 0.00% 0.08%
Enterprise Value to Invested Capital (EV/IC)		 2.70 0.00 4.52 435.71 64.93 38.62 268.65 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 2.06 2.45 8.06 8.79 6.02 10.32 4.45 5.38 4.59 4.96 8.47
Enterprise Value to EBITDA (EV/EBITDA)		 57.66 56.56 55.35 102.89 0.00 0.00 40.43 41.91 35.28 1,446.77 248.52
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 42.82 43.27 36.14 14,902.58 270.38
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 64.22 110.55 58.05 497.44 784.29
Enterprise Value to Operating Cash Flow (EV/OCF)		 18.26 14.48 26.40 39.77 1,017.14 0.00 20.53 31.33 51.18 56.29 155.89
Enterprise Value to Free Cash Flow (EV/FCFF)		 42.09 3.99 0.00 5.28 0.00 0.00 23.67 43.63 55.64 52.74 256.16
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.04 0.00 -1.72 -1.91 -1.72 -0.96 -1.15 -1.03 -0.98
Long-Term Debt to Equity		 0.00 0.00 0.04 0.00 -1.72 -1.76 -1.51 -0.87 -1.03 -0.95 -0.92
Financial Leverage		 -0.53 -0.83 -0.75 -0.76 -0.97 -1.41 -1.36 -0.92 -0.82 -0.64 -0.43
Leverage Ratio		 1.49 0.95 0.98 1.41 2.00 -6.28 -7.52 -5.42 -4.41 -5.15 -5.53
Compound Leverage Factor		 1.84 1.31 1.11 1.50 2.08 -7.11 -6.52 -4.42 -3.57 256.93 -2.75
Debt to Total Capital		 0.00% 0.00% 3.86% 0.00% 238.80% 210.23% 238.95% -2,656.53% 788.32% 3,043.61% -5,389.91%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.16% 0.00% 0.00% 16.38% 28.67% -245.22% 77.54% 251.02% -344.04%
Long-Term Debt to Total Capital		 0.00% 0.00% 3.70% 0.00% 238.80% 193.85% 210.28% -2,411.31% 710.78% 2,792.59% -5,045.87%
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% 3.22% 3.44% 3.17% 2.42% 1.33% 1.64% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 99.99% -1.36% 92.68% 96.83% -141.22% -111.56% -140.59% 2,756.53% -688.32% -2,943.61% 5,489.91%
Debt to EBITDA		 0.00 0.00 1.02 0.00 -378.38 -5.26 2.77 2.85 2.28 81.65 6.58
Net Debt to EBITDA		 0.00 0.00 -13.11 0.00 -280.35 -4.27 1.76 2.50 1.57 38.67 2.39
Long-Term Debt to EBITDA		 0.00 0.00 0.98 0.00 -378.38 -4.85 2.43 2.59 2.06 74.92 6.16
Debt to NOPAT		 0.00 0.00 -8.31 0.00 -5.33 -7.01 4.39 7.52 3.76 28.07 20.75
Net Debt to NOPAT		 0.00 0.00 106.94 0.00 -3.95 -5.70 2.79 6.58 2.59 13.30 7.55
Long-Term Debt to NOPAT		 0.00 0.00 -7.96 0.00 -5.33 -6.47 3.87 6.83 3.39 25.76 19.43
Altman Z-Score		 3.09 0.00 4.18 3.97 1.44 1.44 2.04 2.06 2.37 2.04 3.68
Noncontrolling Interest Sharing Ratio		 0.01% 49.83% 51.24% 3.38% 3.57% -1.48% -1.20% -0.35% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 2.61 0.00 1.85 1.86 0.44 0.50 0.47 0.29 0.42 0.45 0.50
Quick Ratio		 2.48 0.00 1.73 0.03 0.29 0.40 0.38 0.19 0.30 0.31 0.39
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 55 812 -1,283 1,214 -107 -110 154 110 85 98 38
Operating Cash Flow to CapEx		 170.63% 494.28% 109.96% 85.39% 0.98% -7,580.69% 19,104.72% 12,910.50% 6,349.48% 2,529.88% 4,453.66%
Free Cash Flow to Firm to Interest Expense		 26.91 193.85 -367.29 244.34 -23.96 -10.43 13.16 4.79 3.07 4.52 1.81
Operating Cash Flow to Interest Expense		 62.02 53.36 62.32 32.45 0.80 -3.34 15.17 6.66 3.34 4.23 2.97
Operating Cash Flow Less CapEx to Interest Expense		 25.68 42.57 5.65 -5.55 -80.45 -3.39 15.09 6.61 3.29 4.06 2.91
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.39 0.55 0.28 0.19 0.24 0.33 0.63 0.68 0.77 0.74 0.77
Accounts Receivable Turnover		 16.88 0.00 0.00 12.49 52.28 9.43 10.52 13.48 16.82 21.77 19.60
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		 0.95 0.00 0.00 1.14 17.03 11.04 23.94 28.00 34.79 36.14 41.12
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 44.44
Days Sales Outstanding (DSO)		 21.62 0.00 0.00 29.23 6.98 38.70 34.70 27.08 21.70 16.77 18.62
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)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8.21
Cash Conversion Cycle (CCC)		 21.62 0.00 0.00 29.23 6.98 38.70 34.70 27.08 21.70 16.77 10.41
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 851 0.00 1,270 15 56 111 14 -53 -56 -144 -169
Invested Capital Turnover		 1.24 3.10 1.12 1.14 17.09 4.98 13.17 -45.41 -18.86 -10.40 -7.37
Increase / (Decrease) in Invested Capital		 -96 -851 1,270 -1,255 41 55 -97 -66 -3.52 -87 -26
Enterprise Value (EV)		 2,297 3,237 5,745 6,413 3,629 4,291 3,655 4,778 4,715 5,156 9,769
Market Capitalization		 4,032 4,428 7,011 6,353 3,366 3,975 3,494 4,493 4,505 5,018 9,675
Book Value per Share		 $105.70 ($1.45) $107.18 $110.30 ($8.63) ($8.47) ($6.07) ($14.11) ($11.12) ($11.72) ($10.94)
Tangible Book Value per Share		 $86.91 ($1.45) $72.85 $95.76 ($22.88) ($22.60) ($20.09) ($27.93) ($24.91) ($25.46) ($24.65)
Total Capital		 2,586 2,500 2,736 2,706 147 183 105 -12 39 9.56 -4.80
Total Debt		 0.00 0.00 106 0.00 350 385 250 325 305 291 259
Total Long-Term Debt		 0.00 0.00 101 0.00 350 355 220 295 275 267 242
Net Debt		 -1,735 -1,272 -1,361 -26 259 313 159 285 210 138 94
Capital Expenditures (CapEx)		 74 45 198 189 362 0.47 0.93 1.18 1.45 3.62 1.41
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -482 0.00 -602 627 -253 -225 -294 -382 -370 -442 -467
Debt-free Net Working Capital (DFNWC)		 989 1,272 655 653 -162 -153 -203 -341 -275 -288 -303
Net Working Capital (NWC)		 989 1,272 650 653 -162 -183 -233 -371 -305 -312 -319
Net Nonoperating Expense (NNE)		 36 37 -147 -38 143 -39 8.03 -2.41 22 33 4.70
Net Nonoperating Obligations (NNO)		 -1,735 -2,500 -1,361 -2,692 259 313 159 285 210 138 94
Total Depreciation and Amortization (D&A)		 102 116 122 119 93 5.57 5.04 3.58 3.16 3.22 3.18
Debt-free, Cash-free Net Working Capital to Revenue		 -43.25% 0.00% -84.51% 86.03% -41.88% -54.14% -35.80% -43.02% -36.02% -42.49% -40.49%
Debt-free Net Working Capital to Revenue		 88.68% 96.49% 91.87% 89.57% -26.85% -36.81% -24.72% -38.46% -26.78% -27.75% -26.23%
Net Working Capital to Revenue		 88.68% 96.49% 91.26% 89.57% -26.85% -44.03% -28.37% -41.84% -29.70% -30.06% -27.66%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($2.23) ($2.18) $4.27 $0.34 ($7.62) ($0.58) $2.11 $1.90 $2.45 ($0.93) $0.32
Adjusted Weighted Average Basic Shares Outstanding		 34.70M 33.44M 33.14M 33.32M 23.94M 24.13M 24.25M 24.09M 24.01M 24.09M 24.15M
Adjusted Diluted Earnings per Share		 ($2.23) ($2.18) $4.24 $0.34 ($7.62) ($0.58) $2.10 $1.89 $2.44 ($0.93) $0.32
Adjusted Weighted Average Diluted Shares Outstanding		 34.70M 33.44M 33.43M 33.51M 23.94M 24.13M 24.41M 24.19M 24.10M 24.09M 24.25M
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		 33.74M 33.01M 33.18M 33.31M 24.00M 24.12M 24.23M 23.89M 23.95M 24.02M 24.08M
Normalized Net Operating Profit after Tax (NOPAT)		 -41 -39 -13 -41 -66 -55 57 43 81 10 22
Normalized NOPAT Margin		 -3.68% -2.99% -1.79% -5.58% -10.89% -13.21% 6.93% 4.87% 7.91% 1.00% 1.88%
Pre Tax Income Margin		 -6.90% -6.16% -2.99% -8.31% -16.25% -21.49% 9.00% 10.13% 10.29% -1.66% 1.56%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -30.89 -14.05 -5.35 -11.44 -21.14 -7.46 7.27 4.82 4.73 0.02 1.71
NOPAT to Interest Expense		 -20.24 -9.41 -3.64 -8.20 -14.73 -5.20 4.85 1.89 2.94 0.48 0.59
EBIT Less CapEx to Interest Expense		 -67.24 -24.85 -62.03 -49.44 -102.39 -7.50 7.19 4.77 4.68 -0.15 1.65
NOPAT Less CapEx to Interest Expense		 -56.59 -20.21 -60.32 -46.19 -95.98 -5.24 4.77 1.84 2.89 0.31 0.52
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 3.07% -70.13% -0.26% 0.00% 0.00% 374.60% 1.19% -2.82% 6.08%
Augmented Payout Ratio		 -136.80% -192.69% 11.87% -70.13% -0.26% 0.00% 0.00% 374.60% 1.19% -2.82% 6.08%

Quarterly Metrics And Ratios for Madison Square Garden

This table displays calculated financial ratios and metrics derived from Madison Square Garden'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		 - - - - - - - - - 24,069,333.00 24,076,107.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 24,069,333.00 24,076,107.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - -0.83 1.18
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -7.58% 12.33% 79.05% 23.84% 9.44% -1.34% -10.25% -25.99% 12.76% 1.89% 36.67%
EBITDA Growth		 -38.19% -22.36% 963.76% 67.72% -77.00% -65.34% -146.78% -33.79% 186.30% -130.64% 266.13%
EBIT Growth		 -38.72% -22.49% 835.46% 65.81% -78.92% -66.05% -149.28% -31.29% 208.29% -134.56% 256.99%
NOPAT Growth		 -32.41% -6.00% 465.45% 44.19% -50.11% -148.40% -150.65% -231.50% 49.45% 106.76% 270.98%
Net Income Growth		 -34.86% -26.90% 368.50% 59.93% -92.19% -137.56% -106.98% -16.65% 641.94% -40.46% 1,689.72%
EPS Growth		 -29.76% -27.98% 367.50% 60.76% -91.53% -137.58% -107.48% -19.35% 580.00% -40.68% 1,575.00%
Operating Cash Flow Growth		 11.86% -95.15% 187.62% 51.69% 82.33% 55.14% -54.11% -224.77% -47.48% 818.43% 15.94%
Free Cash Flow Firm Growth		 -65.20% -98.73% -39.88% 687.08% 78.29% 5,060.37% 106.21% -23.21% -99.14% -51.35% -26.40%
Invested Capital Growth		 -695.36% 212.83% -6.69% -179.26% -311.29% -558.52% -155.49% -97.48% 13.82% -47.70% -17.88%
Revenue Q/Q Growth		 659.42% 31.53% -47.15% -76.54% 571.13% 18.57% -51.92% -80.66% 922.52% 7.13% -35.51%
EBITDA Q/Q Growth		 222.11% 142.74% -38.57% -117.73% 187.00% 265.77% -182.92% 49.30% 286.17% -139.14% 549.60%
EBIT Q/Q Growth		 215.71% 146.29% -38.97% -119.66% 171.35% 296.64% -188.57% 47.62% 267.54% -144.46% 502.38%
NOPAT Q/Q Growth		 257.95% 156.31% -25.73% -118.56% 241.21% -348.64% 22.28% -21.48% 163.66% -88.76% 1,866.35%
Net Income Q/Q Growth		 175.58% 166.29% -32.70% -129.59% 114.73% -1,380.56% 87.49% -394.27% 193.69% -342.42% 241.61%
EPS Q/Q Growth		 174.68% 166.10% -31.85% -128.97% 116.13% -1,280.00% 86.44% -362.50% 191.89% -344.12% 242.17%
Operating Cash Flow Q/Q Growth		 162.58% -88.09% 2,583.95% -124.14% 336.18% -89.86% 693.92% -270.85% 138.19% 77.29% 0.23%
Free Cash Flow Firm Q/Q Growth		 1,804.57% -95.26% 1,720.88% -60.09% 417.65% 37.17% -27.24% -85.14% -94.23% 7,694.70% 10.07%
Invested Capital Q/Q Growth		 -86.29% 204.11% -364.41% 45.54% -174.36% -16.07% -47.33% 57.91% -19.73% -98.93% -17.58%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 101.55% 100.00% 100.00% 100.00% 100.00% 100.00% 22.81% 17.98% 39.80%
EBITDA Margin		 9.97% 18.40% 21.39% -16.16% 2.10% 6.46% -11.15% -29.22% 5.32% -1.94% 13.55%
Operating Margin		 8.82% 18.55% 23.02% -15.52% 3.72% 7.62% -11.07% -69.51% 5.50% 0.45% 11.53%
EBIT Margin		 9.73% 18.22% 21.04% -17.63% 1.87% 6.27% -11.55% -31.28% 5.12% -2.13% 13.27%
Profit (Net Income) Margin		 4.35% 8.81% 11.22% -14.15% 0.31% -3.35% -0.87% -22.30% 2.04% -4.62% 10.15%
Tax Burden Percent		 56.88% 52.68% 59.66% 51.69% 61.42% -62.87% 6.56% 50.70% 55.10% 150.32% 84.04%
Interest Burden Percent		 78.62% 91.77% 89.37% 155.23% 26.98% 85.08% 115.11% 140.62% 72.36% 144.63% 91.03%
Effective Tax Rate		 43.12% 47.32% 40.34% 0.00% 38.58% 162.87% 0.00% 0.00% 44.90% 0.00% 15.96%
Return on Invested Capital (ROIC)		 0.00% 7,490.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 7,489.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% -7,518.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -10.40% -27.57% -19.48% -22.03% -18.60% -1.67% 8.19% 8.29% 5.97% 7.71% -2.85%
Cash Return on Invested Capital (CROIC)		 0.00% -8.75% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 6.41% 12.27% 16.24% -13.35% 1.44% 4.61% -8.52% -22.19% 3.71% -1.52% 10.17%
Return on Assets (ROA)		 2.87% 5.93% 8.66% -10.72% 0.24% -2.46% -0.64% -15.82% 1.48% -3.31% 7.78%
Return on Common Equity (ROCE)		 -10.42% -27.60% -19.48% -22.03% -18.60% -1.67% 8.19% 8.29% 5.97% 7.71% -2.85%
Return on Equity Simple (ROE_SIMPLE)		 -11.12% -8.09% 0.00% -25.24% -20.85% -1.71% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 16 42 31 -5.79 8.18 -20 -16 -19 12 1.37 27
NOPAT Margin		 5.01% 9.77% 13.73% -10.86% 2.29% -4.79% -7.75% -48.66% 3.03% 0.32% 9.69%
Net Nonoperating Expense Percent (NNEP)		 0.61% 1.31% 2.31% 0.59% 2.78% -2.44% -8.06% -4.33% 1.99% 12.66% -1.10%
Return On Investment Capital (ROIC_SIMPLE)		 78.76% - - - 25.66% -269.27% -165.29% 604.07% 137.01% -3.72% -563.38%
Cost of Revenue to Revenue		 0.00% 0.00% -1.55% 0.00% 0.00% 0.00% 0.00% 0.00% 77.19% 82.02% 60.20%
SG&A Expenses to Revenue		 19.90% 17.77% 29.22% 98.65% 18.98% 17.61% 34.76% 146.47% 17.12% 17.05% 30.65%
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		 91.18% 81.45% 78.53% 115.52% 96.28% 92.38% 111.07% 169.51% 17.32% 17.52% 28.26%
Earnings before Interest and Taxes (EBIT)		 32 78 48 -9.40 6.71 27 -24 -12 21 -9.19 37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 33 79 49 -8.62 7.50 27 -23 -12 21 -8.40 38
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 0.00 0.00 0.00 0.00 0.00 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 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 4.95 4.77 4.39 4.81 5.07 4.40 4.83 5.32 5.81 7.17 8.39
Price to Earnings (P/E)		 112.96 183.93 76.65 71.21 95.10 967.35 0.00 0.00 0.00 0.00 1,246.91
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		 0.89% 0.54% 1.30% 1.40% 1.05% 0.10% 0.00% 0.00% 0.00% 0.00% 0.08%
Enterprise Value to Invested Capital (EV/IC)		 0.00 222.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 5.31 5.11 4.59 5.05 5.25 4.58 4.96 5.55 6.01 7.31 8.47
Enterprise Value to EBITDA (EV/EBITDA)		 45.71 59.62 35.28 34.51 44.26 64.90 1,446.77 8,720.43 440.02 0.00 248.52
Enterprise Value to EBIT (EV/EBIT)		 47.23 62.16 36.14 35.24 45.39 67.78 14,902.58 0.00 565.61 0.00 270.38
Enterprise Value to NOPAT (EV/NOPAT)		 109.07 123.78 58.05 61.24 73.12 589.67 497.44 0.00 2,032.63 0.00 784.29
Enterprise Value to Operating Cash Flow (EV/OCF)		 46.41 220.67 51.18 43.59 37.86 32.36 56.29 173.29 1,850.06 144.10 155.89
Enterprise Value to Free Cash Flow (EV/FCFF)		 70.05 0.00 55.64 49.80 39.97 38.28 52.74 212.15 0.00 277.69 256.16
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -1.06 -1.22 -1.15 -1.10 -1.12 -1.03 -1.03 -0.99 -1.03 -0.87 -0.98
Long-Term Debt to Equity		 -0.97 -1.12 -1.03 -0.99 -1.01 -0.94 -0.95 -0.91 -0.95 -0.82 -0.92
Financial Leverage		 -0.98 -1.00 -0.82 -0.93 -0.83 -0.87 -0.64 -0.84 -0.72 -0.58 -0.43
Leverage Ratio		 -3.68 -4.39 -4.41 -4.31 -4.54 -5.01 -5.15 -5.06 -5.33 -5.21 -5.53
Compound Leverage Factor		 -2.89 -4.03 -3.94 -6.69 -1.23 -4.26 -5.93 -7.11 -3.85 -7.53 -5.03
Debt to Total Capital		 1,729.85% 545.08% 788.32% 1,110.26% 957.19% 3,853.79% 3,043.61% -9,156.70% 3,262.33% -699.59% -5,389.91%
Short-Term Debt to Total Capital		 144.15% 45.42% 77.54% 109.21% 94.15% 317.84% 251.02% -755.19% 269.06% -44.65% -344.04%
Long-Term Debt to Total Capital		 1,585.70% 499.66% 710.78% 1,001.06% 863.04% 3,535.96% 2,792.59% -8,401.51% 2,993.27% -654.94% -5,045.87%
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		 -1,629.85% -445.08% -688.32% -1,010.26% -857.19% -3,753.79% -2,943.61% 9,256.70% -3,162.33% 799.59% 5,489.91%
Debt to EBITDA		 3.52 4.53 2.28 2.01 2.41 3.88 81.65 446.32 19.91 -12.19 6.58
Net Debt to EBITDA		 3.12 3.97 1.57 1.63 1.49 2.48 38.67 358.47 14.34 -7.14 2.39
Long-Term Debt to EBITDA		 3.23 4.16 2.06 1.81 2.17 3.56 74.92 409.51 18.26 -11.41 6.16
Debt to NOPAT		 8.41 9.41 3.76 3.57 3.98 35.30 28.07 -95.70 91.95 -14.28 20.75
Net Debt to NOPAT		 7.44 8.24 2.59 2.89 2.47 22.56 13.30 -76.86 66.26 -8.37 7.55
Long-Term Debt to NOPAT		 7.71 8.63 3.39 3.22 3.59 32.39 25.76 -87.81 84.37 -13.37 19.43
Altman Z-Score		 1.76 2.05 2.16 2.12 2.32 1.97 1.98 2.01 2.39 2.85 3.69
Noncontrolling Interest Sharing Ratio		 -0.18% -0.12% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.38 0.48 0.42 0.41 0.49 0.52 0.45 0.39 0.47 0.46 0.50
Quick Ratio		 0.23 0.27 0.30 0.22 0.34 0.38 0.31 0.19 0.30 0.31 0.39
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 40 1.91 35 14 72 98 72 11 0.61 48 53
Operating Cash Flow to CapEx		 5,656.76% 4,294.68% 29,523.43% -7,286.35% 11,590.81% 265.83% 13,330.56% -22,898.65% 3,785.88% 40,224.48% 160,141.67%
Free Cash Flow to Firm to Interest Expense		 5.42 0.28 5.49 2.29 12.84 19.60 14.35 1.90 0.10 9.90 11.85
Operating Cash Flow to Interest Expense		 4.57 0.58 17.14 -4.32 11.06 1.25 9.96 -15.19 5.22 11.90 12.96
Operating Cash Flow Less CapEx to Interest Expense		 4.49 0.57 17.09 -4.38 10.96 0.78 9.89 -15.26 5.09 11.87 12.95
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.66 0.67 0.77 0.76 0.77 0.73 0.74 0.71 0.72 0.72 0.77
Accounts Receivable Turnover		 9.33 8.96 16.82 16.68 11.28 8.88 21.77 14.58 10.20 9.37 19.60
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		 28.46 30.65 34.79 35.45 37.10 36.34 36.14 35.97 37.92 37.65 41.12
Accounts Payable Turnover		 0.00 0.26 0.00 0.00 0.00 0.00 0.00 0.00 2.66 5.63 44.44
Days Sales Outstanding (DSO)		 39.12 40.74 21.70 21.89 32.36 41.09 16.77 25.03 35.77 38.95 18.62
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)		 0.00 1,406.75 0.00 0.00 0.00 0.00 0.00 0.00 137.39 64.88 8.21
Cash Conversion Cycle (CCC)		 39.12 -1,366.01 21.70 21.89 32.36 41.09 16.77 25.03 -101.61 -25.93 10.41
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -20 21 -56 -31 -84 -97 -144 -60 -72 -144 -169
Invested Capital Turnover		 -103.54 766.60 -18.86 -49.91 -20.46 -27.88 -10.40 -22.52 -13.70 -8.94 -7.37
Increase / (Decrease) in Invested Capital		 -24 40 -3.52 -20 -64 -119 -87 -30 12 -47 -26
Enterprise Value (EV)		 4,671 4,734 4,715 5,235 5,604 4,861 5,156 5,686 6,433 7,887 9,769
Market Capitalization		 4,352 4,419 4,505 4,988 5,415 4,675 5,018 5,452 6,223 7,736 9,675
Book Value per Share		 ($14.17) ($12.28) ($11.12) ($11.59) ($11.38) ($11.81) ($11.72) ($12.25) ($11.72) ($12.28) ($10.94)
Tangible Book Value per Share		 ($27.97) ($26.06) ($24.91) ($25.37) ($25.14) ($25.56) ($25.46) ($26.00) ($25.45) ($25.99) ($24.65)
Total Capital		 21 66 39 27 32 7.55 9.56 -3.18 8.92 -37 -4.80
Total Debt		 360 360 305 305 305 291 291 291 291 259 259
Total Long-Term Debt		 330 330 275 275 275 267 267 267 267 242 242
Net Debt		 319 315 210 247 189 186 138 234 210 151 94
Capital Expenditures (CapEx)		 0.60 0.09 0.37 0.36 0.53 2.36 0.37 0.37 0.86 0.14 0.04
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -356 -291 -370 -367 -392 -379 -442 -424 -399 -433 -467
Debt-free Net Working Capital (DFNWC)		 -315 -246 -275 -309 -276 -274 -288 -367 -318 -326 -303
Net Working Capital (NWC)		 -345 -276 -305 -339 -306 -298 -312 -391 -342 -342 -319
Net Nonoperating Expense (NNE)		 2.17 4.13 5.71 1.75 7.07 -6.11 -14 -10 3.98 21 -1.28
Net Nonoperating Obligations (NNO)		 319 315 210 247 189 186 138 234 210 151 94
Total Depreciation and Amortization (D&A)		 0.79 0.79 0.79 0.78 0.79 0.82 0.82 0.81 0.79 0.79 0.79
Debt-free, Cash-free Net Working Capital to Revenue		 -40.48% -31.36% -36.02% -35.37% -36.67% -35.66% -42.49% -41.34% -37.29% -40.11% -40.49%
Debt-free Net Working Capital to Revenue		 -35.79% -26.53% -26.78% -29.78% -25.82% -25.78% -27.75% -35.76% -29.70% -30.19% -26.23%
Net Working Capital to Revenue		 -39.20% -29.77% -29.70% -32.67% -28.63% -28.04% -30.06% -38.10% -31.94% -31.72% -27.66%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.59 $1.58 $1.07 ($0.31) $0.05 ($0.59) ($0.08) ($0.37) $0.34 ($0.83) $1.18
Adjusted Weighted Average Basic Shares Outstanding		 24.02M 24.03M 24.01M 24.05M 24.10M 24.10M 24.09M 24.12M 24.17M 24.17M 24.15M
Adjusted Diluted Earnings per Share		 $0.59 $1.57 $1.07 ($0.31) $0.05 ($0.59) ($0.08) ($0.37) $0.34 ($0.83) $1.18
Adjusted Weighted Average Diluted Shares Outstanding		 24.07M 24.10M 24.10M 24.05M 24.17M 24.10M 24.09M 24.12M 24.22M 24.17M 24.25M
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		 23.95M 23.95M 23.95M 23.99M 24.01M 24.02M 24.02M 24.06M 24.07M 24.08M 24.08M
Normalized Net Operating Profit after Tax (NOPAT)		 16 42 31 -5.79 8.18 23 -16 -19 12 2.24 27
Normalized NOPAT Margin		 5.01% 9.77% 13.73% -10.86% 2.29% 5.34% -7.75% -48.66% 3.03% 0.52% 9.69%
Pre Tax Income Margin		 7.65% 16.72% 18.80% -27.37% 0.51% 5.33% -13.30% -43.98% 3.71% -3.08% 12.08%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 4.29 11.32 7.57 -1.55 1.20 5.30 -4.72 -2.21 3.33 -1.90 8.31
NOPAT to Interest Expense		 2.21 6.07 4.94 -0.96 1.46 -4.05 -3.17 -3.43 1.97 0.28 6.07
EBIT Less CapEx to Interest Expense		 4.21 11.31 7.51 -1.61 1.10 4.83 -4.80 -2.27 3.19 -1.93 8.31
NOPAT Less CapEx to Interest Expense		 2.13 6.06 4.88 -1.02 1.37 -4.52 -3.24 -3.50 1.83 0.25 6.07
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 2.35% 3.28% 1.19% 0.86% 1.15% 13.49% -2.82% -2.25% -3.05% -2.11% 6.08%
Augmented Payout Ratio		 2.35% 3.28% 1.19% 0.86% 1.15% 13.49% -2.82% -2.25% -3.05% -2.11% 6.08%

Financials Breakdown Chart

Key Financial Trends

Madison Square Garden Sports Corp. (NYSE: MSGS) delivered a stronger finish to fiscal 2026, but the broader financial picture remains mixed. Fourth-quarter revenue increased to $278.7 million from $204.0 million in Q4 2025, while net income improved to $28.3 million from a $1.8 million loss. Operating income also rose to $32.2 million. However, results remain highly seasonal: revenue was much higher in the second and third quarters, while the first quarter produced a $27.4 million operating loss.

Profitability improved substantially in Q4, although quarterly earnings have been volatile. MSGS reported net losses in Q1 and Q3 2026, partially offset by net income of $8.2 million in Q2 and $28.3 million in Q4. The company’s Q4 gross margin was approximately 39.8%, but comparisons with prior periods are complicated because some earlier statements reported little or no cost of revenue. Interest expense also declined to $4.4 million in Q4 from $5.0 million a year earlier, though other income and expense items have caused significant swings in pretax earnings.

Cash generation was a notable strength late in the year. Operating cash flow totaled $57.7 million in Q4 and $57.5 million in Q3, helping increase cash and equivalents to $107.0 million as of March 31, 2026, up from $48.6 million at the end of Q1. The company also reduced total debt to approximately $258.5 million from $291.0 million a year earlier. Nevertheless, MSGS reported negative shareholders’ equity of $295.5 million, with total liabilities of $1.8 billion exceeding total assets of $1.5 billion. This capital structure remains a significant risk for investors.

  • Q4 revenue growth: Revenue increased approximately 36.7% year over year to $278.7 million, indicating a strong finish to fiscal 2026.
  • Return to quarterly profitability: Q4 net income was $28.3 million, compared with a $1.8 million loss in the prior-year quarter.
  • Improved operating performance: Operating income reached $32.2 million in Q4, reversing the $22.6 million operating loss reported in Q4 2025.
  • Strong operating cash flow: MSGS generated $57.7 million of operating cash flow in Q4 and $57.5 million in Q3.
  • Lower debt balance: Total short- and long-term debt declined to approximately $258.5 million as of March 31, 2026, from $291.0 million a year earlier.
  • Higher cash balance: Cash and equivalents rose to $107.0 million at the end of Q3 2026, more than double the $48.6 million reported at the end of Q1.
  • Highly seasonal results: Revenue ranged from $39.5 million in Q1 to $432.2 million in Q3, making quarter-to-quarter comparisons difficult.
  • Share count largely stable: Weighted average basic shares outstanding remained near 24.2 million throughout fiscal 2026, limiting dilution-related changes to earnings per share.
  • Inconsistent earnings: MSGS posted losses of $8.8 million in Q1 and $20.0 million in Q3, showing that profitability has not yet become consistent.
  • Negative book equity and heavy liabilities: Shareholders’ equity was negative $295.5 million as of March 31, 2026, while liabilities exceeded assets by roughly $295 million.
08/18/26 04:04 AM ETAI Generated. May Contain Errors.

Madison Square Garden Financials - Frequently Asked Questions

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

Madison Square Garden's net income appears to be on a downward trend, with a most recent value of $7.76 million in 2026, falling from -$77.29 million in 2016. The previous period was -$22.44 million in 2025. View Madison Square Garden's forecast to see where analysts expect Madison Square Garden to go next.

Madison Square Garden's total operating income in 2026 was $28.87 million, based on the following breakdown:
  • Total Gross Profit: $320.12 million
  • Total Operating Expenses: $291.25 million

Over the last 10 years, Madison Square Garden's total revenue changed from $1.12 billion in 2016 to $1.15 billion in 2026, a change of 3.5%.

Madison Square Garden's total liabilities were at $1.80 billion at the end of 2026, a 2.7% increase from 2025, and a 88.1% increase since 2016.

In the past 10 years, Madison Square Garden's cash and equivalents has ranged from $4.32 million in 2019 to $1.44 billion in 2016, and is currently $164.51 million as of their latest financial filing in 2026.

Over the last 10 years, Madison Square Garden's book value per share changed from 105.70 in 2016 to -10.94 in 2026, a change of -110.3%.


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Financial statements for NYSE:MSGS last updated on 8/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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