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Madison Square Garden (MSGS) Financials

Madison Square Garden logo
$372.72 +2.77 (+0.75%)
As of 01:47 PM Eastern
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 6/30/2015 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
Net Income / (Loss) Attributable to Common Shareholders		 -41 -77 -73 142 11 -182 -14 51 48 59 -22
Consolidated Net Income / (Loss)		 -41 -77 -77 134 -3.12 -209 -16 49 46 59 -22
Net Income / (Loss) Continuing Operations		 -41 -77 -77 38 -48 -119 -16 49 46 59 -22
Total Pre-Tax Income 		-40 -77 -81 -21 -61 -98 -89 74 90 106 -17
Total Operating Income		 -0.41 -59 -56 -18 -58 -94 -78 86 85 146 15
Total Gross Profit		 1,072 1,115 1,318 712 729 603 416 821 887 1,027 1,039
Total Revenue		 1,072 1,115 1,318 712 729 603 416 821 887 1,027 1,039
Operating Revenue		 1,072 1,115 1,318 712 729 603 416 821 887 1,027 1,039
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 1,072 1,174 1,375 731 788 697 494 735 802 881 1,024
Selling, General & Admin Expense		 238 334 407 291 327 320 207 230 250 261 266
Depreciation Expense		 109 102 107 21 20 18 5.57 5.04 3.58 3.16 3.22
Other Operating Expenses / (Income)		 725 738 860 419 440 360 282 501 549 617 755
Total Other Income / (Expense), net		 -40 -18 -25 -3.11 -2.45 -4.18 -11 -12 4.75 -40 -32
Interest Expense		 2.50 2.03 4.19 3.49 4.97 4.46 11 12 23 28 22
Interest & Investment Income		 -38 -12 -18 0.90 1.19 0.70 0.03 0.31 2.39 2.79 4.03
Other Income / (Expense), net		 0.19 -4.02 -2.55 -0.52 1.33 -0.42 -0.35 -0.73 25 -16 -14
Income Tax Expense		 0.44 0.30 -4.40 -59 -13 21 -73 25 44 47 5.17
Net Income / (Loss) Attributable to Noncontrolling Interest		 - - -4.07 -7.15 -15 -26 -1.94 -2.25 -2.17 0.00 0.00
Basic Earnings per Share		 ($1.63) ($3.12) ($3.05) $5.99 $0.48 ($7.62) ($0.58) $2.11 $1.90 $2.45 ($0.93)
Weighted Average Basic Shares Outstanding		 24.93M 24.75M 23.85M 23.64M 23.77M 23.94M 24.13M 24.25M 24.09M 24.01M 24.09M
Diluted Earnings per Share		 ($1.63) ($3.12) ($3.05) $5.94 $0.48 ($7.62) ($0.58) $2.10 $1.89 $2.44 ($0.93)
Weighted Average Diluted Shares Outstanding		 24.93M 24.75M 23.85M 23.85M 23.90M 23.94M 24.13M 24.41M 24.19M 24.10M 24.09M
Weighted Average Basic & Diluted Shares Outstanding		 25M 24.80M 23.80M 23.60M 23.76M 24.00M 24.12M 24.23M 23.89M 23.95M 24.02M
Cash Dividends to Common per Share		 - - - - - - - - $7.00 - $7.00

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 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		 -19 14 38 25 -7.54 1.11 -14 -1.78 -8.80 8.24 -20
Consolidated Net Income / (Loss)		 -19 14 38 25 -7.54 1.11 -14 -1.78 -8.80 8.24 -20
Net Income / (Loss) Continuing Operations		 -19 14 38 25 -7.54 1.11 -14 -1.78 -8.80 8.24 -20
Total Pre-Tax Income 		-34 25 72 43 -15 1.81 23 -27 -17 15 -13
Total Operating Income		 -15 29 80 52 -8.27 13 32 -23 -27 22 1.96
Total Gross Profit		 43 327 430 231 53 82 108 204 39 92 78
Total Revenue		 43 327 430 227 53 358 424 204 39 403 432
Operating Revenue		 43 327 430 227 53 358 424 204 39 403 432
Total Cost of Revenue		 0.00 0.00 0.00 -3.52 0.00 276 316 - 0.00 311 355
Operating Cost of Revenue		 - - - - - 276 316 - - 311 355
Total Operating Expenses		 58 298 350 178 62 69 76 227 67 70 76
Selling, General & Admin Expense		 54 65 76 66 53 68 75 71 58 69 74
Depreciation Expense		 0.79 0.79 0.79 0.79 0.78 0.79 0.82 0.82 0.81 0.79 0.79
Restructuring Charge		 - - - - - - 0.00 - - - 1.24
Total Other Income / (Expense), net		 -19 -3.81 -7.85 -9.57 -6.32 -12 -9.71 -4.55 10 -7.22 -15
Interest Expense		 6.93 7.42 6.92 6.32 6.06 5.59 5.02 4.99 5.59 6.21 4.84
Interest & Investment Income		 0.45 0.62 0.48 1.24 0.86 0.69 1.05 1.43 0.58 0.50 0.73
Other Income / (Expense), net		 -13 2.99 -1.40 -4.49 -1.13 -6.61 -5.74 -0.98 15 -1.51 -11
Income Tax Expense		 -15 11 34 17 -7.05 0.70 37 -25 -8.56 6.72 6.69
Basic Earnings per Share		 ($0.79) $0.59 $1.58 $1.07 ($0.31) $0.05 ($0.59) ($0.08) ($0.37) $0.34 ($0.83)
Weighted Average Basic Shares Outstanding		 23.97M 24.02M 24.03M 24.01M 24.05M 24.10M 24.10M 24.09M 24.12M 24.17M 24.17M
Diluted Earnings per Share		 ($0.79) $0.59 $1.57 $1.07 ($0.31) $0.05 ($0.59) ($0.08) ($0.37) $0.34 ($0.83)
Weighted Average Diluted Shares Outstanding		 23.97M 24.07M 24.10M 24.10M 24.05M 24.17M 24.10M 24.09M 24.12M 24.22M 24.17M
Weighted Average Basic & Diluted Shares Outstanding		 23.93M 23.95M 23.95M 23.95M 23.99M 24.01M 24.02M 24.02M 24.06M 24.07M 24.08M
Cash Dividends to Common per Share		 $7.00 $7.00 - - $7.00 $7.00 $7.00 - $7.00 $7.00 $7.00

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 6/30/2015 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
Net Change in Cash & Equivalents		 8.07 1,430 -199 -15 -143 -1,027 -19 19 -51 54 58
Net Cash From Operating Activities		 69 126 224 218 161 3.57 -35 178 152 92 92
Net Cash From Continuing Operating Activities		 69 126 224 218 161 3.57 -35 178 152 92 92
Net Income / (Loss) Continuing Operations		 -41 -77 -77 134 -3.12 -209 -16 49 46 59 -22
Consolidated Net Income / (Loss)		 -41 -77 -77 134 -3.12 -209 -16 49 46 59 -22
Depreciation Expense		 109 102 107 122 119 93 5.57 5.04 3.58 3.16 3.22
Non-Cash Adjustments To Reconcile Net Income		 51 89 133 78 44 191 60 48 12 54 55
Changes in Operating Assets and Liabilities, net		 -50 11 51 -117 1.18 -72 -85 76 91 -24 56
Net Cash From Investing Activities		 -103 -116 -264 -182 -233 -515 -0.47 -2.93 -18 -8.90 -6.92
Net Cash From Continuing Investing Activities		 -103 -116 -264 -182 -233 -515 -0.47 -2.93 -18 -8.90 -6.92
Purchase of Property, Plant & Equipment		 -67 -74 -45 -198 -189 -362 -0.47 -0.93 -1.18 -1.45 -3.62
Purchase of Investments		 - -7.09 -23 -1.50 -122 -405 0.00 -2.00 -14 -7.45 -3.40
Other Investing Activities, net		 - - - 0.00 0.00 0.48 - 0.00 -3.02 0.00 0.10
Net Cash From Financing Activities		 41 1,420 -159 -51 -72 -521 17 -156 -185 -29 -26
Net Cash From Continuing Financing Activities		 41 1,420 -159 -51 -72 -521 17 -156 -185 -29 -26
Repayment of Debt		 - - -3.23 -0.75 -112 -20 -29 -138 -136 -95 -14
Repurchase of Preferred Equity		 - - - - - - 0.00 0.00 -75 0.00 0.00
Payment of Dividends		 - - - -4.12 -2.19 -0.54 0.00 0.00 -171 -0.70 -0.63
Issuance of Debt		 - - 0.00 0.00 56 350 60 0.00 215 75 0.00
Other Financing Activities, net		 41 1,526 -7.33 -38 -20 -854 -14 -18 -18 -8.08 -12

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 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		 12 -11 3.55 50 -37 58 -11 48 -96 24 26
Net Cash From Operating Activities		 -54 34 4.04 108 -26 62 6.26 50 -85 32 58
Net Cash From Continuing Operating Activities		 -54 34 4.04 108 -26 62 6.26 50 -85 32 58
Net Income / (Loss) Continuing Operations		 -19 14 38 25 -7.54 1.11 -14 -1.78 -8.80 8.24 -20
Consolidated Net Income / (Loss)		 -19 14 38 25 -7.54 1.11 -14 -1.78 -8.80 8.24 -20
Depreciation Expense		 0.79 0.79 0.79 0.79 0.78 0.79 0.82 0.82 0.81 0.79 0.79
Non-Cash Adjustments To Reconcile Net Income		 5.33 16 34 -4.04 -6.88 27 34 0.43 -21 26 39
Changes in Operating Assets and Liabilities, net		 -41 2.56 -69 86 -13 33 -15 50 -56 -2.40 38
Net Cash From Investing Activities		 -1.73 -3.51 -0.45 -3.21 -1.16 -1.14 -3.05 -1.57 -1.85 -0.90 0.72
Net Cash From Continuing Investing Activities		 -1.73 -3.51 -0.45 -3.21 -1.16 -1.14 -3.05 -1.57 -1.85 -0.90 0.72
Purchase of Property, Plant & Equipment		 -0.39 -0.60 -0.09 -0.37 -0.36 -0.53 -2.36 -0.37 -0.37 -0.86 -0.14
Purchase of Investments		 -1.34 -2.91 - - -0.80 -0.61 -0.69 -1.30 -1.48 -0.04 -0.74
Net Cash From Financing Activities		 68 -42 -0.03 -55 -9.50 -2.87 -14 - -9.11 -7.52 -33
Net Cash From Continuing Financing Activities		 68 -42 -0.03 -55 -9.50 -2.87 -14 - -9.11 -7.52 -33
Repayment of Debt		 - - - -55 - - -14 - - - -33

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 6/30/2015 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
Total Assets		 2,149 3,544 1,272 3,736 3,764 1,234 1,310 1,302 1,315 1,346 1,473
Total Current Assets		 169 1,604 1,272 1,416 1,413 128 185 205 149 217 251
Cash & Equivalents		 14 1,444 1,238 1,226 4.32 78 65 91 40 89 145
Restricted Cash		 13 27 34 31 22 13 7.13 0.00 0.06 5.77 8.57
Accounts Receivable		 52 80 - 101 16 7.54 81 76 56 66 29
Prepaid Expenses		 24 27 - 29 21 21 17 19 25 31 43
Other Current Assets		 35 25 - 29 6.37 9.43 16 20 28 25 25
Plant, Property, & Equipment, net		 1,189 1,161 0.00 1,254 31 40 36 33 31 29 29
Total Noncurrent Assets		 792 779 0.00 1,067 2,319 1,066 1,089 1,064 1,135 1,101 1,193
Goodwill		 277 277 - 393 227 227 227 227 227 227 227
Intangible Assets		 189 183 - 420 118 115 114 113 104 104 104
Noncurrent Deferred & Refundable Income Taxes		 - - - - - 0.00 16 - - 0.00 35
Other Noncurrent Operating Assets		 76 54 - 45 5.89 724 732 724 805 771 828
Total Liabilities & Shareholders' Equity		 2,149 3,544 47 3,736 3,764 1,234 1,310 1,302 1,315 1,346 1,473
Total Liabilities		 926 958 0.00 1,105 1,057 1,437 1,512 1,447 1,652 1,613 1,754
Total Current Liabilities		 534 615 0.00 766 760 290 368 438 521 522 564
Short-Term Debt		 - - - 4.37 - 0.00 30 30 30 30 24
Accounts Payable		 4.90 29 - 43 1.24 20 19 31 15 17 14
Accrued Expenses		 122 134 - 180 124 33 16 82 124 142 13
Current Deferred Revenue		 311 332 - 325 110 126 131 132 157 149 164
Current Employee Benefit Liabilities		 96 119 - 124 78 71 90 119 144 134 99
Other Current Liabilities		 - - - 90 0.00 39 81 44 50 50 249
Total Noncurrent Liabilities		 392 343 0.00 340 297 1,147 1,144 1,009 1,132 1,091 1,191
Long-Term Debt		 - - - 101 0.00 350 355 220 295 275 267
Noncurrent Deferred Revenue		 - - - - - 2.01 32 31 13 1.15 0.66
Noncurrent Employee Benefit Liabilities		 134 99 - 103 7.05 57 64 5.01 54 48 82
Other Noncurrent Operating Liabilities		 51 49 - 57 55 680 693 744 746 750 841
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		 1,223 2,586 2,420 2,554 2,639 -203 -202 -145 -337 -266 -281
Total Preferred & Common Equity		 1,223 2,586 -34 2,536 2,621 -207 -204 -147 -337 -266 -281
Preferred Stock		 - 0.00 - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 1,223 2,586 -34 2,536 2,621 -207 -204 -147 -337 -266 -281
Common Stock		 - 2,806 - 2,818 2,846 6.19 23 18 17 19 16
Retained Earnings		 - -76 - -11 29 -44 -79 -36 -174 -115 -138
Treasury Stock		 - -102 - -224 -208 -167 -147 -128 -179 -170 -159
Accumulated Other Comprehensive Income / (Loss)		 -40 -43 -34 -47 -47 -2.14 -2.03 -1.19 -1.01 -0.95 -0.90

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 6/30/2015 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
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 17.29% 4.08% 18.21% -45.97% 2.38% -17.29% -31.09% 97.57% 8.05% 15.74% 1.18%
EBITDA Growth		 588.40% -63.30% 43.67% 81.36% -39.94% -101.48% -7,815.14% 223.47% 26.10% 17.23% -97.33%
EBIT Growth		 99.81% -28,903.70% 6.04% 68.24% -204.12% -65.82% 16.44% 208.33% 29.36% 18.17% -99.73%
NOPAT Growth		 99.64% -14,341.13% 3.96% 67.72% -220.12% -61.30% 16.43% 203.65% -24.06% 87.94% -87.24%
Net Income Growth		 65.21% -89.98% 0.65% 275.09% -102.32% -6,600.77% 92.39% 407.48% -6.65% 28.80% -138.18%
EPS Growth		 65.25% -91.41% 2.24% 275.09% -102.32% -1,687.50% 92.39% 462.07% -10.00% 29.10% -138.11%
Operating Cash Flow Growth		 -49.40% 81.37% 77.71% -2.64% -25.90% -97.79% -1,090.08% 604.04% -14.37% -39.58% -0.57%
Free Cash Flow Firm Growth		 0.00% 105.76% 1,388.05% -257.94% 194.68% -108.80% -3.03% 240.22% -29.07% -22.62% 15.37%
Invested Capital Growth		 0.00% -10.10% -100.00% 0.00% -98.84% 279.73% 98.77% -87.75% -487.31% -6.69% -155.49%
Revenue Q/Q Growth		 0.00% -3.23% 7.14% -53.94% -13.04% 2,267.95% 58.76% 3.57% -5.16% 10.83% -2.19%
EBITDA Q/Q Growth		 0.00% -56.90% -36.49% 12.27% -37.42% 98.22% 20.10% 96.95% -20.83% 68.30% -95.24%
EBIT Q/Q Growth		 0.00% -668.22% -319.17% 32.87% -182.14% 44.28% 23.48% 106.58% -21.18% 71.32% -99.52%
NOPAT Q/Q Growth		 0.00% -618.96% -300.98% 14.17% -199.68% 45.78% 23.56% -44.10% -46.35% 112.38% 25.74%
Net Income Q/Q Growth		 0.00% -286.64% -60.80% 37.92% -112.18% -0.13% 89.00% -31.53% -44.20% 147.08% -564.27%
EPS Q/Q Growth		 0.00% -271.43% -63.10% 37.92% -112.18% -3.25% 90.14% -30.69% -46.15% 151.55% -522.73%
Operating Cash Flow Q/Q Growth		 0.00% -5.37% 51.73% -22.55% 7.53% -97.96% 78.18% 113.82% -33.31% 329.48% -39.02%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 321.22% -133.15% 146.35% 93.45% -108.09% 68.73% -41.24% 4,656.11% -23.01%
Invested Capital Q/Q Growth		 0.00% -7.50% -100.00% 148.72% 0.00% -96.30% 44.89% -84.36% -179.64% -364.41% -47.33%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 10.13% 3.57% 4.34% 14.57% 8.55% -0.15% -17.61% 11.01% 12.84% 13.01% 0.34%
Operating Margin		 -0.04% -5.26% -4.27% -2.55% -7.98% -15.56% -18.87% 10.48% 9.60% 14.22% 1.42%
EBIT Margin		 -0.02% -5.62% -4.46% -2.62% -7.80% -15.63% -18.95% 10.39% 12.44% 12.70% 0.03%
Profit (Net Income) Margin		 -3.80% -6.93% -5.82% 18.87% -0.43% -34.62% -3.82% 5.95% 5.14% 5.72% -2.16%
Tax Burden Percent		 101.08% 100.39% 94.58% -631.57% 5.14% 213.02% 17.80% 66.11% 50.74% 55.62% 129.91%
Interest Burden Percent		 18,633.33% 122.90% 137.93% 113.86% 106.65% 103.99% 113.36% 86.62% 81.44% 80.99% -4,991.91%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 33.89% 49.26% 44.38% 0.00%
Return on Invested Capital (ROIC)		 -0.06% -4.56% -9.26% -2.00% -6.34% -186.11% -65.76% 91.28% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 29.19% -0.96% -7.49% -9.63% -8.20% -174.34% -52.13% 87.87% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 -6.59% 0.51% 6.24% 7.24% 6.23% 169.42% 73.61% -119.43% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -6.65% -4.06% -3.02% 5.24% -0.12% -16.69% 7.84% -28.15% -18.91% -19.48% 8.19%
Cash Return on Invested Capital (CROIC)		 -200.06% 6.07% 190.74% -202.00% 189.07% -302.73% -131.88% 247.64% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -0.01% -2.20% -2.44% -0.75% -1.52% -3.77% -6.19% 6.54% 8.44% 9.80% 0.02%
Return on Assets (ROA)		 -1.89% -2.72% -3.19% 5.37% -0.08% -8.36% -1.25% 3.74% 3.49% 4.42% -1.59%
Return on Common Equity (ROCE)		 -6.65% -4.06% -1.51% 2.56% -0.11% -16.09% 7.96% -28.49% -18.98% -19.48% 8.19%
Return on Equity Simple (ROE_SIMPLE)		 -3.33% -2.99% 225.09% 5.30% -0.12% 100.91% 7.78% -33.23% -13.53% -22.07% 0.00%
Net Operating Profit after Tax (NOPAT)		 -0.28 -41 -39 -13 -41 -66 -55 57 43 81 10
NOPAT Margin		 -0.03% -3.68% -2.99% -1.79% -5.58% -10.89% -13.21% 6.93% 4.87% 7.91% 1.00%
Net Nonoperating Expense Percent (NNEP)		 -29.25% -3.60% -1.76% 7.62% 1.86% -11.77% -13.63% 3.40% -1.09% 9.08% 18.86%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - - - - 108.42%
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% 0.00%
SG&A Expenses to Revenue		 22.24% 29.91% 30.87% 40.81% 44.89% 52.99% 49.72% 27.96% 28.16% 25.45% 25.60%
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		 100.04% 105.26% 104.27% 102.55% 107.98% 115.56% 118.87% 89.52% 90.40% 85.78% 98.58%
Earnings before Interest and Taxes (EBIT)		 -0.22 -63 -59 -19 -57 -94 -79 85 110 130 0.35
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 109 40 57 104 62 -0.93 -73 90 114 134 3.56
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 0.00 1.56 0.00 2.76 2.42 0.00 0.00 0.00 0.00 0.00 0.00
Price to Tangible Book Value (P/TBV)		 0.00 1.90 0.00 4.07 2.79 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.00 3.61 3.36 9.84 8.71 5.58 9.56 4.25 5.06 4.39 4.83
Price to Earnings (P/E)		 0.00 0.00 0.00 49.52 555.97 0.00 0.00 68.34 94.01 76.65 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.72% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 2.02% 0.18% 0.00% 0.00% 1.46% 1.06% 1.30% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 2.70 0.00 4.52 435.71 64.93 38.62 268.65 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 2.06 2.45 8.06 8.79 6.02 10.32 4.45 5.38 4.59 4.96
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 57.66 56.56 55.35 102.89 0.00 0.00 40.43 41.91 35.28 1,446.77
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 42.82 43.27 36.14 14,902.58
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 64.22 110.55 58.05 497.44
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 18.26 14.48 26.40 39.77 1,017.14 0.00 20.53 31.33 51.18 56.29
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 42.09 3.99 0.00 5.28 0.00 0.00 23.67 43.63 55.64 52.74
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.04 0.00 -1.72 -1.91 -1.72 -0.96 -1.15 -1.03
Long-Term Debt to Equity		 0.00 0.00 0.00 0.04 0.00 -1.72 -1.76 -1.51 -0.87 -1.03 -0.95
Financial Leverage		 -0.23 -0.53 -0.83 -0.75 -0.76 -0.97 -1.41 -1.36 -0.92 -0.82 -0.64
Leverage Ratio		 1.76 1.49 0.95 0.98 1.41 2.00 -6.28 -7.52 -5.42 -4.41 -5.15
Compound Leverage Factor		 327.33 1.84 1.31 1.11 1.50 2.08 -7.11 -6.52 -4.42 -3.57 256.93
Debt to Total Capital		 0.00% 0.00% 0.00% 3.86% 0.00% 238.80% 210.23% 238.95% -2,656.53% 788.32% 3,043.61%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.16% 0.00% 0.00% 16.38% 28.67% -245.22% 77.54% 251.02%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 3.70% 0.00% 238.80% 193.85% 210.28% -2,411.31% 710.78% 2,792.59%
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% 3.22% 3.44% 3.17% 2.42% 1.33% 1.64% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 99.99% -1.36% 92.68% 96.83% -141.22% -111.56% -140.59% 2,756.53% -688.32% -2,943.61%
Debt to EBITDA		 0.00 0.00 0.00 1.02 0.00 -378.38 -5.26 2.77 2.85 2.28 81.65
Net Debt to EBITDA		 0.00 0.00 0.00 -13.11 0.00 -280.35 -4.27 1.76 2.50 1.57 38.67
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.98 0.00 -378.38 -4.85 2.43 2.59 2.06 74.92
Debt to NOPAT		 0.00 0.00 0.00 -8.31 0.00 -5.33 -7.01 4.39 7.52 3.76 28.07
Net Debt to NOPAT		 0.00 0.00 0.00 106.94 0.00 -3.95 -5.70 2.79 6.58 2.59 13.30
Long-Term Debt to NOPAT		 0.00 0.00 0.00 -7.96 0.00 -5.33 -6.47 3.87 6.83 3.39 25.76
Altman Z-Score		 0.00 3.09 0.00 4.18 3.97 1.44 1.44 2.04 2.06 2.37 2.04
Noncontrolling Interest Sharing Ratio		 0.00% 0.01% 49.83% 51.24% 3.38% 3.57% -1.48% -1.20% -0.35% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.32 2.61 0.00 1.85 1.86 0.44 0.50 0.47 0.29 0.42 0.45
Quick Ratio		 0.18 2.48 0.00 1.73 0.03 0.29 0.40 0.38 0.19 0.30 0.31
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -947 55 812 -1,283 1,214 -107 -110 154 110 85 98
Operating Cash Flow to CapEx		 110.50% 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%
Free Cash Flow to Firm to Interest Expense		 -379.25 26.91 193.85 -367.29 244.34 -23.96 -10.43 13.16 4.79 3.07 4.52
Operating Cash Flow to Interest Expense		 27.76 62.02 53.36 62.32 32.45 0.80 -3.34 15.17 6.66 3.34 4.23
Operating Cash Flow Less CapEx to Interest Expense		 2.64 25.68 42.57 5.65 -5.55 -80.45 -3.39 15.09 6.61 3.29 4.06
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.50 0.39 0.55 0.28 0.19 0.24 0.33 0.63 0.68 0.77 0.74
Accounts Receivable Turnover		 20.58 16.88 0.00 0.00 12.49 52.28 9.43 10.52 13.48 16.82 21.77
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		 0.90 0.95 0.00 0.00 1.14 17.03 11.04 23.94 28.00 34.79 36.14
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 17.73 21.62 0.00 0.00 29.23 6.98 38.70 34.70 27.08 21.70 16.77
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 0.00
Cash Conversion Cycle (CCC)		 17.73 21.62 0.00 0.00 29.23 6.98 38.70 34.70 27.08 21.70 16.77
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 947 851 0.00 1,270 15 56 111 14 -53 -56 -144
Invested Capital Turnover		 2.26 1.24 3.10 1.12 1.14 17.09 4.98 13.17 -45.41 -18.86 -10.40
Increase / (Decrease) in Invested Capital		 947 -96 -851 1,270 -1,255 41 55 -97 -66 -3.52 -87
Enterprise Value (EV)		 0.00 2,297 3,237 5,745 6,413 3,629 4,291 3,655 4,778 4,715 5,156
Market Capitalization		 0.00 4,032 4,428 7,011 6,353 3,366 3,975 3,494 4,493 4,505 5,018
Book Value per Share		 $49.07 $105.70 ($1.45) $107.18 $110.30 ($8.63) ($8.47) ($6.07) ($14.11) ($11.12) ($11.72)
Tangible Book Value per Share		 $30.36 $86.91 ($1.45) $72.85 $95.76 ($22.88) ($22.60) ($20.09) ($27.93) ($24.91) ($25.46)
Total Capital		 1,223 2,586 2,500 2,736 2,706 147 183 105 -12 39 9.56
Total Debt		 0.00 0.00 0.00 106 0.00 350 385 250 325 305 291
Total Long-Term Debt		 0.00 0.00 0.00 101 0.00 350 355 220 295 275 267
Net Debt		 -276 -1,735 -1,272 -1,361 -26 259 313 159 285 210 138
Capital Expenditures (CapEx)		 63 74 45 198 189 362 0.47 0.93 1.18 1.45 3.62
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -392 -482 0.00 -602 627 -253 -225 -294 -382 -370 -442
Debt-free Net Working Capital (DFNWC)		 -365 989 1,272 655 653 -162 -153 -203 -341 -275 -288
Net Working Capital (NWC)		 -365 989 1,272 650 653 -162 -183 -233 -371 -305 -312
Net Nonoperating Expense (NNE)		 40 36 37 -147 -38 143 -39 8.03 -2.41 22 33
Net Nonoperating Obligations (NNO)		 -276 -1,735 -2,500 -1,361 -2,692 259 313 159 285 210 138
Total Depreciation and Amortization (D&A)		 109 102 116 122 119 93 5.57 5.04 3.58 3.16 3.22
Debt-free, Cash-free Net Working Capital to Revenue		 -36.57% -43.25% 0.00% -84.51% 86.03% -41.88% -54.14% -35.80% -43.02% -36.02% -42.49%
Debt-free Net Working Capital to Revenue		 -34.07% 88.68% 96.49% 91.87% 89.57% -26.85% -36.81% -24.72% -38.46% -26.78% -27.75%
Net Working Capital to Revenue		 -34.07% 88.68% 96.49% 91.26% 89.57% -26.85% -44.03% -28.37% -41.84% -29.70% -30.06%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($1.16) ($2.23) ($2.18) $4.27 $0.34 ($7.62) ($0.58) $2.11 $1.90 $2.45 ($0.93)
Adjusted Weighted Average Basic Shares Outstanding		 34.95M 34.70M 33.44M 33.14M 33.32M 23.94M 24.13M 24.25M 24.09M 24.01M 24.09M
Adjusted Diluted Earnings per Share		 ($1.16) ($2.23) ($2.18) $4.24 $0.34 ($7.62) ($0.58) $2.10 $1.89 $2.44 ($0.93)
Adjusted Weighted Average Diluted Shares Outstanding		 34.95M 34.70M 33.44M 33.43M 33.51M 23.94M 24.13M 24.41M 24.19M 24.10M 24.09M
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		 35.05M 33.74M 33.01M 33.18M 33.31M 24.00M 24.12M 24.23M 23.89M 23.95M 24.02M
Normalized Net Operating Profit after Tax (NOPAT)		 -0.28 -41 -39 -13 -41 -66 -55 57 43 81 10
Normalized NOPAT Margin		 -0.03% -3.68% -2.99% -1.79% -5.58% -10.89% -13.21% 6.93% 4.87% 7.91% 1.00%
Pre Tax Income Margin		 -3.76% -6.90% -6.16% -2.99% -8.31% -16.25% -21.49% 9.00% 10.13% 10.29% -1.66%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -0.09 -30.89 -14.05 -5.35 -11.44 -21.14 -7.46 7.27 4.82 4.73 0.02
NOPAT to Interest Expense		 -0.11 -20.24 -9.41 -3.64 -8.20 -14.73 -5.20 4.85 1.89 2.94 0.48
EBIT Less CapEx to Interest Expense		 -25.21 -67.24 -24.85 -62.03 -49.44 -102.39 -7.50 7.19 4.77 4.68 -0.15
NOPAT Less CapEx to Interest Expense		 -25.24 -56.59 -20.21 -60.32 -46.19 -95.98 -5.24 4.77 1.84 2.89 0.31
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 3.07% -70.13% -0.26% 0.00% 0.00% 374.60% 1.19% -2.82%
Augmented Payout Ratio		 0.00% -136.80% -192.69% 11.87% -70.13% -0.26% 0.00% 0.00% 374.60% 1.19% -2.82%

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 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		 - - - - - - - - - - 24,069,333.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 24,069,333.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - -0.83
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 78.70% -7.58% 12.33% 79.05% 23.84% 9.44% -1.34% -10.25% -25.99% 12.76% 1.89%
EBITDA Growth		 23.81% -38.19% -22.36% 963.76% 67.72% -77.00% -65.34% -146.78% -33.79% 186.30% -130.64%
EBIT Growth		 23.78% -38.72% -22.49% 835.46% 65.81% -78.92% -66.05% -149.28% -31.29% 208.29% -134.56%
NOPAT Growth		 58.71% -32.41% -6.00% 465.45% 44.19% -50.11% -148.40% -150.65% -231.50% 49.45% 106.76%
Net Income Growth		 -1.59% -34.86% -26.90% 368.50% 59.93% -92.19% -137.56% -106.98% -16.65% 641.94% -40.46%
EPS Growth		 -8.22% -29.76% -27.98% 367.50% 60.76% -91.53% -137.58% -107.48% -19.35% 580.00% -40.68%
Operating Cash Flow Growth		 -4,313.31% 11.86% -95.15% 187.62% 51.69% 82.33% 55.14% -54.11% -224.77% -47.48% 818.43%
Free Cash Flow Firm Growth		 -102.61% -65.20% -98.73% -39.88% 687.08% 78.29% 5,060.37% 106.21% -23.21% -99.14% -51.35%
Invested Capital Growth		 -272.10% -695.36% 212.83% -6.69% -179.26% -311.29% -558.52% -155.49% -97.48% 13.82% -47.70%
Revenue Q/Q Growth		 -66.08% 659.42% 31.53% -47.15% -76.54% 571.13% 18.57% -51.92% -80.66% 922.52% 7.13%
EBITDA Q/Q Growth		 -374.41% 222.11% 142.74% -38.57% -117.73% 187.00% 265.77% -182.92% 49.30% 286.17% -139.14%
EBIT Q/Q Growth		 -322.84% 215.71% 146.29% -38.97% -119.66% 171.35% 296.64% -188.57% 47.62% 267.54% -144.46%
NOPAT Q/Q Growth		 -21.54% 257.95% 156.31% -25.73% -118.56% 241.21% -348.64% 22.28% -21.48% 163.66% -88.76%
Net Income Q/Q Growth		 -98.24% 175.58% 166.29% -32.70% -129.59% 114.73% -1,380.56% 87.49% -394.27% 193.69% -342.42%
EPS Q/Q Growth		 -97.50% 174.68% 166.10% -31.85% -128.97% 116.13% -1,280.00% 86.44% -362.50% 191.89% -344.12%
Operating Cash Flow Q/Q Growth		 -243.72% 162.58% -88.09% 2,583.95% -124.14% 336.18% -89.86% 693.92% -270.85% 138.19% 77.29%
Free Cash Flow Firm Q/Q Growth		 -104.09% 1,804.57% -95.26% 1,720.88% -60.09% 417.65% 37.17% -27.24% -85.14% -94.23% 7,694.70%
Invested Capital Q/Q Growth		 79.20% -86.29% 204.11% -364.41% 45.54% -174.36% -16.07% -47.33% 57.91% -19.73% -98.93%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 101.55% 100.00% 100.00% 100.00% 100.00% 100.00% 22.81% 17.98%
EBITDA Margin		 -62.02% 9.97% 18.40% 21.39% -16.16% 2.10% 6.46% -11.15% -29.22% 5.32% -1.94%
Operating Margin		 -34.44% 8.82% 18.55% 23.02% -15.52% 3.72% 7.62% -11.07% -69.51% 5.50% 0.45%
EBIT Margin		 -63.86% 9.73% 18.22% 21.04% -17.63% 1.87% 6.27% -11.55% -31.28% 5.12% -2.13%
Profit (Net Income) Margin		 -43.72% 4.35% 8.81% 11.22% -14.15% 0.31% -3.35% -0.87% -22.30% 2.04% -4.62%
Tax Burden Percent		 55.41% 56.88% 52.68% 59.66% 51.69% 61.42% -62.87% 6.56% 50.70% 55.10% 150.32%
Interest Burden Percent		 123.56% 78.62% 91.77% 89.37% 155.23% 26.98% 85.08% 115.11% 140.62% 72.36% 144.63%
Effective Tax Rate		 0.00% 43.12% 47.32% 40.34% 0.00% 38.58% 162.87% 0.00% 0.00% 44.90% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 7,490.49% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 7,489.18% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% -7,518.06% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -17.09% -10.40% -27.57% -19.48% -22.03% -18.60% -1.67% 8.19% 8.29% 5.97% 7.71%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% -8.75% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -42.69% 6.41% 12.27% 16.24% -13.35% 1.44% 4.61% -8.52% -22.19% 3.71% -1.52%
Return on Assets (ROA)		 -29.23% 2.87% 5.93% 8.66% -10.72% 0.24% -2.46% -0.64% -15.82% 1.48% -3.31%
Return on Common Equity (ROCE)		 -17.14% -10.42% -27.60% -19.48% -22.03% -18.60% -1.67% 8.19% 8.29% 5.97% 7.71%
Return on Equity Simple (ROE_SIMPLE)		 0.00% -11.12% -8.09% 0.00% -25.24% -20.85% -1.71% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -10 16 42 31 -5.79 8.18 -20 -16 -19 12 1.37
NOPAT Margin		 -24.11% 5.01% 9.77% 13.73% -10.86% 2.29% -4.79% -7.75% -48.66% 3.03% 0.32%
Net Nonoperating Expense Percent (NNEP)		 3.27% 0.61% 1.31% 2.31% 0.59% 2.78% -2.44% -8.06% -4.33% 1.99% 12.66%
Return On Investment Capital (ROIC_SIMPLE)		 - 78.76% - - - 25.66% -269.27% -165.29% 604.07% 137.01% -3.72%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% -1.55% 0.00% 0.00% 0.00% 0.00% 0.00% 77.19% 82.02%
SG&A Expenses to Revenue		 124.42% 19.90% 17.77% 29.22% 98.65% 18.98% 17.61% 34.76% 146.47% 17.12% 17.05%
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		 134.44% 91.18% 81.45% 78.53% 115.52% 96.28% 92.38% 111.07% 169.51% 17.32% 17.52%
Earnings before Interest and Taxes (EBIT)		 -27 32 78 48 -9.40 6.71 27 -24 -12 21 -9.19
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -27 33 79 49 -8.62 7.50 27 -23 -12 21 -8.40
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)		 4.65 4.95 4.77 4.39 4.81 5.07 4.40 4.83 5.32 5.81 7.17
Price to Earnings (P/E)		 90.02 112.96 183.93 76.65 71.21 95.10 967.35 0.00 0.00 0.00 0.00
Dividend Yield		 3.97% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 1.11% 0.89% 0.54% 1.30% 1.40% 1.05% 0.10% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 222.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 5.03 5.31 5.11 4.59 5.05 5.25 4.58 4.96 5.55 6.01 7.31
Enterprise Value to EBITDA (EV/EBITDA)		 37.27 45.71 59.62 35.28 34.51 44.26 64.90 1,446.77 8,720.43 440.02 0.00
Enterprise Value to EBIT (EV/EBIT)		 38.32 47.23 62.16 36.14 35.24 45.39 67.78 14,902.58 0.00 565.61 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 89.92 109.07 123.78 58.05 61.24 73.12 589.67 497.44 0.00 2,032.63 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 46.99 46.41 220.67 51.18 43.59 37.86 32.36 56.29 173.29 1,850.06 144.10
Enterprise Value to Free Cash Flow (EV/FCFF)		 77.64 70.05 0.00 55.64 49.80 39.97 38.28 52.74 212.15 0.00 277.69
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 -1.12 -1.06 -1.22 -1.15 -1.10 -1.12 -1.03 -1.03 -0.99 -1.03 -0.87
Long-Term Debt to Equity		 -1.03 -0.97 -1.12 -1.03 -0.99 -1.01 -0.94 -0.95 -0.91 -0.95 -0.82
Financial Leverage		 -0.97 -0.98 -1.00 -0.82 -0.93 -0.83 -0.87 -0.64 -0.84 -0.72 -0.58
Leverage Ratio		 -5.11 -3.68 -4.39 -4.41 -4.31 -4.54 -5.01 -5.15 -5.06 -5.33 -5.21
Compound Leverage Factor		 -6.32 -2.89 -4.03 -3.94 -6.69 -1.23 -4.26 -5.93 -7.11 -3.85 -7.53
Debt to Total Capital		 964.86% 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%
Short-Term Debt to Total Capital		 72.36% 144.15% 45.42% 77.54% 109.21% 94.15% 317.84% 251.02% -755.19% 269.06% -44.65%
Long-Term Debt to Total Capital		 892.49% 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%
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		 -864.86% -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%
Debt to EBITDA		 3.27 3.52 4.53 2.28 2.01 2.41 3.88 81.65 446.32 19.91 -12.19
Net Debt to EBITDA		 2.84 3.12 3.97 1.57 1.63 1.49 2.48 38.67 358.47 14.34 -7.14
Long-Term Debt to EBITDA		 3.02 3.23 4.16 2.06 1.81 2.17 3.56 74.92 409.51 18.26 -11.41
Debt to NOPAT		 7.89 8.41 9.41 3.76 3.57 3.98 35.30 28.07 -95.70 91.95 -14.28
Net Debt to NOPAT		 6.85 7.44 8.24 2.59 2.89 2.47 22.56 13.30 -76.86 66.26 -8.37
Long-Term Debt to NOPAT		 7.30 7.71 8.63 3.39 3.22 3.59 32.39 25.76 -87.81 84.37 -13.37
Altman Z-Score		 1.56 1.76 2.05 2.16 2.12 2.32 1.97 1.98 2.01 2.39 2.85
Noncontrolling Interest Sharing Ratio		 -0.27% -0.18% -0.12% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 0.36 0.38 0.48 0.42 0.41 0.49 0.52 0.45 0.39 0.47 0.46
Quick Ratio		 0.19 0.23 0.27 0.30 0.22 0.34 0.38 0.31 0.19 0.30 0.31
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -2.36 40 1.91 35 14 72 98 72 11 0.61 48
Operating Cash Flow to CapEx		 -13,846.80% 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%
Free Cash Flow to Firm to Interest Expense		 -0.34 5.42 0.28 5.49 2.29 12.84 19.60 14.35 1.90 0.10 9.90
Operating Cash Flow to Interest Expense		 -7.81 4.57 0.58 17.14 -4.32 11.06 1.25 9.96 -15.19 5.22 11.90
Operating Cash Flow Less CapEx to Interest Expense		 -7.87 4.49 0.57 17.09 -4.38 10.96 0.78 9.89 -15.26 5.09 11.87
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.67 0.66 0.67 0.77 0.76 0.77 0.73 0.74 0.71 0.72 0.72
Accounts Receivable Turnover		 16.26 9.33 8.96 16.82 16.68 11.28 8.88 21.77 14.58 10.20 9.37
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		 29.05 28.46 30.65 34.79 35.45 37.10 36.34 36.14 35.97 37.92 37.65
Accounts Payable Turnover		 0.00 0.00 0.26 0.00 0.00 0.00 0.00 0.00 0.00 2.66 5.63
Days Sales Outstanding (DSO)		 22.44 39.12 40.74 21.70 21.89 32.36 41.09 16.77 25.03 35.77 38.95
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 1,406.75 0.00 0.00 0.00 0.00 0.00 0.00 137.39 64.88
Cash Conversion Cycle (CCC)		 22.44 39.12 -1,366.01 21.70 21.89 32.36 41.09 16.77 25.03 -101.61 -25.93
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -11 -20 21 -56 -31 -84 -97 -144 -60 -72 -144
Invested Capital Turnover		 -130.34 -103.54 766.60 -18.86 -49.91 -20.46 -27.88 -10.40 -22.52 -13.70 -8.94
Increase / (Decrease) in Invested Capital		 -8.02 -24 40 -3.52 -20 -64 -119 -87 -30 12 -47
Enterprise Value (EV)		 4,560 4,671 4,734 4,715 5,235 5,604 4,861 5,156 5,686 6,433 7,887
Market Capitalization		 4,212 4,352 4,419 4,505 4,988 5,415 4,675 5,018 5,452 6,223 7,736
Book Value per Share		 ($15.01) ($14.17) ($12.28) ($11.12) ($11.59) ($11.38) ($11.81) ($11.72) ($12.25) ($11.72) ($12.28)
Tangible Book Value per Share		 ($28.82) ($27.97) ($26.06) ($24.91) ($25.37) ($25.14) ($25.56) ($25.46) ($26.00) ($25.45) ($25.99)
Total Capital		 41 21 66 39 27 32 7.55 9.56 -3.18 8.92 -37
Total Debt		 400 360 360 305 305 305 291 291 291 291 259
Total Long-Term Debt		 370 330 330 275 275 275 267 267 267 267 242
Net Debt		 348 319 315 210 247 189 186 138 234 210 151
Capital Expenditures (CapEx)		 0.39 0.60 0.09 0.37 0.36 0.53 2.36 0.37 0.37 0.86 0.14
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -375 -356 -291 -370 -367 -392 -379 -442 -424 -399 -433
Debt-free Net Working Capital (DFNWC)		 -323 -315 -246 -275 -309 -276 -274 -288 -367 -318 -326
Net Working Capital (NWC)		 -353 -345 -276 -305 -339 -306 -298 -312 -391 -342 -342
Net Nonoperating Expense (NNE)		 8.44 2.17 4.13 5.71 1.75 7.07 -6.11 -14 -10 3.98 21
Net Nonoperating Obligations (NNO)		 348 319 315 210 247 189 186 138 234 210 151
Total Depreciation and Amortization (D&A)		 0.79 0.79 0.79 0.79 0.78 0.79 0.82 0.82 0.81 0.79 0.79
Debt-free, Cash-free Net Working Capital to Revenue		 -41.41% -40.48% -31.36% -36.02% -35.37% -36.67% -35.66% -42.49% -41.34% -37.29% -40.11%
Debt-free Net Working Capital to Revenue		 -35.63% -35.79% -26.53% -26.78% -29.78% -25.82% -25.78% -27.75% -35.76% -29.70% -30.19%
Net Working Capital to Revenue		 -38.94% -39.20% -29.77% -29.70% -32.67% -28.63% -28.04% -30.06% -38.10% -31.94% -31.72%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.79) $0.59 $1.58 $1.07 ($0.31) $0.05 ($0.59) ($0.08) ($0.37) $0.34 ($0.83)
Adjusted Weighted Average Basic Shares Outstanding		 23.97M 24.02M 24.03M 24.01M 24.05M 24.10M 24.10M 24.09M 24.12M 24.17M 24.17M
Adjusted Diluted Earnings per Share		 ($0.79) $0.59 $1.57 $1.07 ($0.31) $0.05 ($0.59) ($0.08) ($0.37) $0.34 ($0.83)
Adjusted Weighted Average Diluted Shares Outstanding		 23.97M 24.07M 24.10M 24.10M 24.05M 24.17M 24.10M 24.09M 24.12M 24.22M 24.17M
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		 23.93M 23.95M 23.95M 23.95M 23.99M 24.01M 24.02M 24.02M 24.06M 24.07M 24.08M
Normalized Net Operating Profit after Tax (NOPAT)		 -10 16 42 31 -5.79 8.18 23 -16 -19 12 2.24
Normalized NOPAT Margin		 -24.11% 5.01% 9.77% 13.73% -10.86% 2.29% 5.34% -7.75% -48.66% 3.03% 0.52%
Pre Tax Income Margin		 -78.90% 7.65% 16.72% 18.80% -27.37% 0.51% 5.33% -13.30% -43.98% 3.71% -3.08%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -3.97 4.29 11.32 7.57 -1.55 1.20 5.30 -4.72 -2.21 3.33 -1.90
NOPAT to Interest Expense		 -1.50 2.21 6.07 4.94 -0.96 1.46 -4.05 -3.17 -3.43 1.97 0.28
EBIT Less CapEx to Interest Expense		 -4.02 4.21 11.31 7.51 -1.61 1.10 4.83 -4.80 -2.27 3.19 -1.93
NOPAT Less CapEx to Interest Expense		 -1.55 2.13 6.06 4.88 -1.02 1.37 -4.52 -3.24 -3.50 1.83 0.25
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 378.22% 2.35% 3.28% 1.19% 0.86% 1.15% 13.49% -2.82% -2.25% -3.05% -2.11%
Augmented Payout Ratio		 378.22% 2.35% 3.28% 1.19% 0.86% 1.15% 13.49% -2.82% -2.25% -3.05% -2.11%

Financials Breakdown Chart

Key Financial Trends

Here is a concise trend analysis of Madison Square Garden Sports Corp. (MSGS) based on quarterly cash flow, income, and balance sheet data from the last four years. The items below focus on the most meaningful points a retail investor might consider when evaluating the stock’s trajectory and risk profile.

  • Profitability return in Q2 2026: Net income of 8.24 million and basic/diluted EPS of 0.34 signal a move back into quarterly profitability, after several quarters of losses.
  • Strong operating cash flow in Q2 2026: Net cash from continuing operating activities = 32.45 million, turning positive after Q1 2026’s negative cash flow, indicating improved cash generation from core operations.
  • Revenue uptrend in recent quarters: Operating revenue reached 403.42 million in Q2 2026, up from 357.76 million in Q2 2025, with Q3 2025 also strong at 424.20 million, suggesting a favorable revenue trajectory.
  • Positive free cash flow signal in Q2 2026: With CFO of about 32.45 million and capex of roughly 0.86 million, approximate quarterly free cash flow is positive, highlighting potential for cash returns to shareholders or debt reduction.
  • Debt deleveraging trend: Long-term debt declined to about 267 million by Q2 2026, down from roughly 330 million in 2024 and earlier periods, indicating improved leverage stability over the period.
  • Dividend per share remains consistent: Cash dividends per share of 7.00 have appeared across multiple quarters, providing a steady income stream for equity holders.
  • Profitability volatility across quarters: Several quarters showed net losses (e.g., Q3 2025: -14.23 million; Q4 2025: -1.78 million; Q1 2026: -8.79 million), indicating earnings volatility despite occasional improvements.
  • Balance sheet complexity and negative equity: Total equity has remained negative in multiple periods, which can complicate equity risk assessment and may reflect accounting/restatement effects rather than purely operating results.
  • Non-cash adjustments vary by quarter: Large non-cash adjustments to reconcile net income appear in several quarters (e.g., substantial amounts in some periods), creating earnings volatility that may not translate to cash flow.
  • Liquidity considerations to monitor: Cash & equivalents around 80–85 million in several periods versus total current liabilities well over 500 million, potentially signaling liquidity pressure if operating cash flow deteriorates or financing activities weaken.
  • Persistent dependence on seasonality and financing activity: Quarterly results show pronounced seasonality (highs in some quarters, lows in others) and sizable financing outflows in certain periods, which may complicate short-term investment decision-making.
05/29/26 01:02 PM 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 fiscal year ends in June. Their fiscal year 2025 ended on June 30, 2025.

Madison Square Garden's net income appears to be on a downward trend, with a most recent value of -$22.44 million in 2025, falling from -$40.68 million in 2015. The previous period was $58.77 million in 2024. See where experts think Madison Square Garden is headed by visiting Madison Square Garden's forecast page.

Madison Square Garden's total operating income in 2025 was $14.81 million, based on the following breakdown:
  • Total Gross Profit: $1.04 billion
  • Total Operating Expenses: $1.02 billion

Over the last 10 years, Madison Square Garden's total revenue changed from $1.07 billion in 2015 to $1.04 billion in 2025, a change of -3.0%.

Madison Square Garden's total liabilities were at $1.75 billion at the end of 2025, a 8.8% increase from 2024, and a 89.5% increase since 2015.

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 $144.62 million as of their latest financial filing in 2025.

Over the last 10 years, Madison Square Garden's book value per share changed from 49.07 in 2015 to -11.72 in 2025, a change of -123.9%.


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Financial statements for NYSE:MSGS last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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