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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and Madison Square Garden Entertainment Corp. (MSGE). Click either name above to swap in a different company.
Madison Square Garden Entertainment Corp. is the larger business by last-quarter revenue ($424.8M vs $414.7M, roughly 1.0× BILL Holdings, Inc.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs -0.6%, a 22.5% gap on every dollar of revenue. On growth, BILL Holdings, Inc. posted the faster year-over-year revenue change (14.4% vs 12.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 13.3%).
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
BILL vs MSGE — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $424.8M |
| Net Profit | $-2.6M | $92.7M |
| Gross Margin | 79.8% | — |
| Operating Margin | -4.4% | 38.6% |
| Net Margin | -0.6% | 21.8% |
| Revenue YoY | 14.4% | 12.5% |
| Net Profit YoY | -107.7% | 22.2% |
| EPS (diluted) | $-0.03 | $1.94 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $414.7M | $424.8M | ||
| Q3 25 | $395.7M | $154.1M | ||
| Q2 25 | $383.3M | $145.1M | ||
| Q1 25 | $358.2M | $206.0M | ||
| Q4 24 | $362.6M | $377.6M | ||
| Q3 24 | $358.4M | $134.1M | ||
| Q2 24 | $343.7M | $177.6M | ||
| Q1 24 | $323.0M | $191.6M |
| Q4 25 | $-2.6M | $92.7M | ||
| Q3 25 | $-3.0M | $-21.7M | ||
| Q2 25 | $-7.1M | $-27.2M | ||
| Q1 25 | $-11.6M | $8.0M | ||
| Q4 24 | $33.5M | $75.9M | ||
| Q3 24 | $8.9M | $-19.3M | ||
| Q2 24 | $7.6M | $66.9M | ||
| Q1 24 | $31.8M | $2.8M |
| Q4 25 | 79.8% | — | ||
| Q3 25 | 80.5% | — | ||
| Q2 25 | 80.8% | — | ||
| Q1 25 | 81.2% | — | ||
| Q4 24 | 81.6% | — | ||
| Q3 24 | 82.0% | — | ||
| Q2 24 | 81.0% | — | ||
| Q1 24 | 83.0% | — |
| Q4 25 | -4.4% | 38.6% | ||
| Q3 25 | -5.2% | -19.3% | ||
| Q2 25 | -5.8% | -17.7% | ||
| Q1 25 | -8.1% | 13.3% | ||
| Q4 24 | -6.0% | 36.8% | ||
| Q3 24 | -2.1% | -13.8% | ||
| Q2 24 | -6.5% | -5.0% | ||
| Q1 24 | -8.6% | 8.8% |
| Q4 25 | -0.6% | 21.8% | ||
| Q3 25 | -0.7% | -14.0% | ||
| Q2 25 | -1.8% | -18.7% | ||
| Q1 25 | -3.2% | 3.9% | ||
| Q4 24 | 9.3% | 20.1% | ||
| Q3 24 | 2.5% | -14.4% | ||
| Q2 24 | 2.2% | 37.7% | ||
| Q1 24 | 9.8% | 1.5% |
| Q4 25 | $-0.03 | $1.94 | ||
| Q3 25 | $-0.03 | $-0.46 | ||
| Q2 25 | $0.02 | $-0.56 | ||
| Q1 25 | $-0.11 | $0.17 | ||
| Q4 24 | $-0.06 | $1.56 | ||
| Q3 24 | $0.08 | $-0.40 | ||
| Q2 24 | $0.37 | $1.32 | ||
| Q1 24 | $0.00 | $0.06 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $157.1M |
| Total DebtLower is stronger | $1.8B | $554.6M |
| Stockholders' EquityBook value | $3.8B | $36.0M |
| Total Assets | $10.1B | $1.8B |
| Debt / EquityLower = less leverage | 0.48× | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $157.1M | ||
| Q3 25 | $1.1B | $29.9M | ||
| Q2 25 | $1.0B | $43.0M | ||
| Q1 25 | $1.0B | $89.0M | ||
| Q4 24 | $1.6B | $54.9M | ||
| Q3 24 | $853.5M | $37.3M | ||
| Q2 24 | $985.9M | $33.3M | ||
| Q1 24 | $952.5M | $28.0M |
| Q4 25 | $1.8B | $554.6M | ||
| Q3 25 | $1.9B | $581.7M | ||
| Q2 25 | $1.7B | $568.8M | ||
| Q1 25 | $1.7B | $577.4M | ||
| Q4 24 | $1.7B | $584.7M | ||
| Q3 24 | $914.8M | $647.0M | ||
| Q2 24 | $914.0M | $599.2M | ||
| Q1 24 | $1.1B | $602.5M |
| Q4 25 | $3.8B | $36.0M | ||
| Q3 25 | $3.9B | $-65.8M | ||
| Q2 25 | $3.9B | $-13.3M | ||
| Q1 25 | $3.9B | $9.5M | ||
| Q4 24 | $3.8B | $10.3M | ||
| Q3 24 | $4.0B | $-48.7M | ||
| Q2 24 | $4.1B | $-23.2M | ||
| Q1 24 | $4.1B | $-94.6M |
| Q4 25 | $10.1B | $1.8B | ||
| Q3 25 | $10.2B | $1.7B | ||
| Q2 25 | $10.1B | $1.7B | ||
| Q1 25 | $9.6B | $1.7B | ||
| Q4 24 | $9.7B | $1.6B | ||
| Q3 24 | $9.0B | $1.6B | ||
| Q2 24 | $9.2B | $1.6B | ||
| Q1 24 | $9.1B | $1.5B |
| Q4 25 | 0.48× | 15.40× | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.43× | 60.61× | ||
| Q4 24 | 0.44× | 56.61× | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 0.28× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $105.3M | $164.4M |
| Free Cash FlowOCF − Capex | $103.8M | — |
| FCF MarginFCF / Revenue | 25.0% | — |
| Capex IntensityCapex / Revenue | 0.4% | — |
| Cash ConversionOCF / Net Profit | — | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $164.4M | ||
| Q3 25 | $96.9M | $19.8M | ||
| Q2 25 | $83.8M | $-27.0M | ||
| Q1 25 | $99.5M | $56.8M | ||
| Q4 24 | $78.7M | $112.9M | ||
| Q3 24 | $88.6M | $-27.4M | ||
| Q2 24 | $78.6M | $212.0K | ||
| Q1 24 | $66.8M | $5.8M |
| Q4 25 | $103.8M | — | ||
| Q3 25 | $95.6M | — | ||
| Q2 25 | $81.0M | — | ||
| Q1 25 | $98.4M | — | ||
| Q4 24 | $78.3M | — | ||
| Q3 24 | $88.6M | — | ||
| Q2 24 | $78.4M | — | ||
| Q1 24 | $66.8M | — |
| Q4 25 | 25.0% | — | ||
| Q3 25 | 24.1% | — | ||
| Q2 25 | 21.1% | — | ||
| Q1 25 | 27.5% | — | ||
| Q4 24 | 21.6% | — | ||
| Q3 24 | 24.7% | — | ||
| Q2 24 | 22.8% | — | ||
| Q1 24 | 20.7% | — |
| Q4 25 | 0.4% | — | ||
| Q3 25 | 0.3% | — | ||
| Q2 25 | 0.7% | — | ||
| Q1 25 | 0.3% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.0% | — | ||
| Q2 24 | 0.1% | — | ||
| Q1 24 | 0.0% | — |
| Q4 25 | — | 1.77× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 7.07× | ||
| Q4 24 | 2.35× | 1.49× | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | 0.00× | ||
| Q1 24 | 2.10× | 2.08× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
