vs
Side-by-side financial comparison of Federal Realty Investment Trust (FRT) 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 $336.0M, roughly 1.3× Federal Realty Investment Trust). Federal Realty Investment Trust runs the higher net margin — 38.6% vs 21.8%, a 16.8% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs 8.7%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 6.5%).
Federal Realty Investment Trust is a real estate investment trust that invests in shopping centers in the Northeastern United States, the Mid-Atlantic states, California, and South Florida.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
FRT vs MSGE — Head-to-Head
Income Statement — Q1 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $336.0M | $424.8M |
| Net Profit | $129.7M | $92.7M |
| Gross Margin | — | — |
| Operating Margin | 53.8% | 38.6% |
| Net Margin | 38.6% | 21.8% |
| Revenue YoY | 8.7% | 12.5% |
| Net Profit YoY | 103.5% | 22.2% |
| EPS (diluted) | $1.49 | $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.
| Q1 26 | $336.0M | — | ||
| Q4 25 | $336.0M | $424.8M | ||
| Q3 25 | $322.3M | $154.1M | ||
| Q2 25 | $311.5M | $145.1M | ||
| Q1 25 | $309.2M | $206.0M | ||
| Q4 24 | $311.4M | $377.6M | ||
| Q3 24 | $303.6M | $134.1M | ||
| Q2 24 | $296.1M | $177.6M |
| Q1 26 | $129.7M | — | ||
| Q4 25 | $129.7M | $92.7M | ||
| Q3 25 | $61.6M | $-21.7M | ||
| Q2 25 | $155.9M | $-27.2M | ||
| Q1 25 | $63.8M | $8.0M | ||
| Q4 24 | $65.5M | $75.9M | ||
| Q3 24 | $61.0M | $-19.3M | ||
| Q2 24 | $112.0M | $66.9M |
| Q1 26 | 53.8% | — | ||
| Q4 25 | 53.8% | 38.6% | ||
| Q3 25 | 34.3% | -19.3% | ||
| Q2 25 | 65.1% | -17.7% | ||
| Q1 25 | 35.0% | 13.3% | ||
| Q4 24 | 35.1% | 36.8% | ||
| Q3 24 | 34.9% | -13.8% | ||
| Q2 24 | 53.0% | -5.0% |
| Q1 26 | 38.6% | — | ||
| Q4 25 | 38.6% | 21.8% | ||
| Q3 25 | 19.1% | -14.0% | ||
| Q2 25 | 50.0% | -18.7% | ||
| Q1 25 | 20.6% | 3.9% | ||
| Q4 24 | 21.0% | 20.1% | ||
| Q3 24 | 20.1% | -14.4% | ||
| Q2 24 | 37.8% | 37.7% |
| Q1 26 | $1.49 | — | ||
| Q4 25 | $1.49 | $1.94 | ||
| Q3 25 | $0.69 | $-0.46 | ||
| Q2 25 | $1.78 | $-0.56 | ||
| Q1 25 | $0.72 | $0.17 | ||
| Q4 24 | $0.74 | $1.56 | ||
| Q3 24 | $0.70 | $-0.40 | ||
| Q2 24 | $1.32 | $1.32 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $107.4M | $157.1M |
| Total DebtLower is stronger | $5.0B | $554.6M |
| Stockholders' EquityBook value | $3.2B | $36.0M |
| Total Assets | $9.1B | $1.8B |
| Debt / EquityLower = less leverage | 1.53× | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $107.4M | — | ||
| Q4 25 | $107.4M | $157.1M | ||
| Q3 25 | $111.3M | $29.9M | ||
| Q2 25 | $177.0M | $43.0M | ||
| Q1 25 | $109.2M | $89.0M | ||
| Q4 24 | $123.4M | $54.9M | ||
| Q3 24 | $97.0M | $37.3M | ||
| Q2 24 | $103.2M | $33.3M |
| Q1 26 | $5.0B | — | ||
| Q4 25 | $5.0B | $554.6M | ||
| Q3 25 | — | $581.7M | ||
| Q2 25 | — | $568.8M | ||
| Q1 25 | — | $577.4M | ||
| Q4 24 | $4.5B | $584.7M | ||
| Q3 24 | — | $647.0M | ||
| Q2 24 | — | $599.2M |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $3.2B | $36.0M | ||
| Q3 25 | $3.2B | $-65.8M | ||
| Q2 25 | $3.2B | $-13.3M | ||
| Q1 25 | $3.2B | $9.5M | ||
| Q4 24 | $3.2B | $10.3M | ||
| Q3 24 | $3.1B | $-48.7M | ||
| Q2 24 | $3.0B | $-23.2M |
| Q1 26 | $9.1B | — | ||
| Q4 25 | $9.1B | $1.8B | ||
| Q3 25 | $8.9B | $1.7B | ||
| Q2 25 | $8.6B | $1.7B | ||
| Q1 25 | $8.6B | $1.7B | ||
| Q4 24 | $8.5B | $1.6B | ||
| Q3 24 | $8.5B | $1.6B | ||
| Q2 24 | $8.4B | $1.6B |
| Q1 26 | 1.53× | — | ||
| Q4 25 | 1.53× | 15.40× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 60.61× | ||
| Q4 24 | 1.42× | 56.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
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 | — | $164.4M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $622.4M | $164.4M | ||
| Q3 25 | $147.8M | $19.8M | ||
| Q2 25 | $150.7M | $-27.0M | ||
| Q1 25 | $179.0M | $56.8M | ||
| Q4 24 | $574.6M | $112.9M | ||
| Q3 24 | $144.1M | $-27.4M | ||
| Q2 24 | $169.7M | $212.0K |
| Q1 26 | — | — | ||
| Q4 25 | 4.80× | 1.77× | ||
| Q3 25 | 2.40× | — | ||
| Q2 25 | 0.97× | — | ||
| Q1 25 | 2.81× | 7.07× | ||
| Q4 24 | 8.77× | 1.49× | ||
| Q3 24 | 2.36× | — | ||
| Q2 24 | 1.52× | 0.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FRT
Segment breakdown not available.
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% |
