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Side-by-side financial comparison of Gogo Inc. (GOGO) and Madison Square Garden Sports Corp. (MSGS). Click either name above to swap in a different company.
Madison Square Garden Sports Corp. is the larger business by last-quarter revenue ($403.4M vs $230.6M, roughly 1.7× Gogo Inc.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -4.3%, a 6.4% gap on every dollar of revenue. On growth, Gogo Inc. posted the faster year-over-year revenue change (67.3% vs 12.8%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $-25.4M). Over the past eight quarters, Gogo Inc.'s revenue compounded faster (48.7% CAGR vs -3.1%).
Gogo Inc. is an American provider of in-flight broadband Internet service and other connectivity services for business aircraft, headquartered in Broomfield, Colorado. Through its Gogo LLC subsidiary, Gogo previously provided in-flight WiFi to 17 airlines until the Commercial Air business was sold to Intelsat for $400 million in December 2020. According to Gogo, over 2,500 commercial aircraft and 6,600 business aircraft have been equipped with its onboard Wi-Fi services. The company is the de...
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
GOGO vs MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $230.6M | $403.4M |
| Net Profit | $-10.0M | $8.2M |
| Gross Margin | — | — |
| Operating Margin | 6.2% | 5.5% |
| Net Margin | -4.3% | 2.0% |
| Revenue YoY | 67.3% | 12.8% |
| Net Profit YoY | 64.6% | 641.9% |
| EPS (diluted) | $-0.08 | $0.34 |
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 | $230.6M | $403.4M | ||
| Q3 25 | $223.6M | $39.5M | ||
| Q2 25 | $226.0M | $204.0M | ||
| Q1 25 | $230.3M | $424.2M | ||
| Q4 24 | $137.8M | $357.8M | ||
| Q3 24 | $100.5M | $53.3M | ||
| Q2 24 | $102.1M | $227.3M | ||
| Q1 24 | $104.3M | $430.0M |
| Q4 25 | $-10.0M | $8.2M | ||
| Q3 25 | $-1.9M | $-8.8M | ||
| Q2 25 | $12.8M | $-1.8M | ||
| Q1 25 | $12.0M | $-14.2M | ||
| Q4 24 | $-28.2M | $1.1M | ||
| Q3 24 | $10.6M | $-7.5M | ||
| Q2 24 | $839.0K | $25.5M | ||
| Q1 24 | $30.5M | $37.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | 87.8% | — | ||
| Q1 25 | 87.3% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | 6.2% | 5.5% | ||
| Q3 25 | 12.9% | -69.5% | ||
| Q2 25 | 15.9% | -11.1% | ||
| Q1 25 | 15.3% | 7.6% | ||
| Q4 24 | -17.5% | 3.7% | ||
| Q3 24 | 19.0% | -15.5% | ||
| Q2 24 | 21.2% | 23.0% | ||
| Q1 24 | 33.2% | 18.5% |
| Q4 25 | -4.3% | 2.0% | ||
| Q3 25 | -0.9% | -22.3% | ||
| Q2 25 | 5.7% | -0.9% | ||
| Q1 25 | 5.2% | -3.4% | ||
| Q4 24 | -20.5% | 0.3% | ||
| Q3 24 | 10.6% | -14.1% | ||
| Q2 24 | 0.8% | 11.2% | ||
| Q1 24 | 29.2% | 8.8% |
| Q4 25 | $-0.08 | $0.34 | ||
| Q3 25 | $-0.01 | $-0.37 | ||
| Q2 25 | $0.09 | $-0.08 | ||
| Q1 25 | $0.09 | $-0.59 | ||
| Q4 24 | $-0.22 | $0.05 | ||
| Q3 24 | $0.08 | $-0.31 | ||
| Q2 24 | $0.01 | $1.07 | ||
| Q1 24 | $0.23 | $1.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $125.2M | $81.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $101.1M | $-282.1M |
| Total Assets | $1.3B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.2M | $81.3M | ||
| Q3 25 | $133.6M | $48.6M | ||
| Q2 25 | $102.1M | $144.6M | ||
| Q1 25 | $70.3M | $96.5M | ||
| Q4 24 | $41.8M | $107.8M | ||
| Q3 24 | $176.7M | $52.3M | ||
| Q2 24 | $161.6M | $89.1M | ||
| Q1 24 | $152.8M | $40.0M |
| Q4 25 | $101.1M | $-282.1M | ||
| Q3 25 | $107.0M | $-294.2M | ||
| Q2 25 | $102.8M | $-281.4M | ||
| Q1 25 | $82.9M | $-283.4M | ||
| Q4 24 | $69.3M | $-273.1M | ||
| Q3 24 | $52.7M | $-277.5M | ||
| Q2 24 | $52.0M | $-266.3M | ||
| Q1 24 | $62.4M | $-294.0M |
| Q4 25 | $1.3B | $1.5B | ||
| Q3 25 | $1.3B | $1.5B | ||
| Q2 25 | $1.3B | $1.5B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.2B | $1.4B | ||
| Q3 24 | $810.7M | $1.4B | ||
| Q2 24 | $802.7M | $1.3B | ||
| Q1 24 | $809.0M | $1.4B |
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 | $8.5M | $32.4M |
| Free Cash FlowOCF − Capex | $-25.4M | $31.6M |
| FCF MarginFCF / Revenue | -11.0% | 7.8% |
| Capex IntensityCapex / Revenue | 14.7% | 0.2% |
| Cash ConversionOCF / Net Profit | — | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $65.1M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.5M | $32.4M | ||
| Q3 25 | $46.8M | $-85.0M | ||
| Q2 25 | $36.7M | $49.7M | ||
| Q1 25 | $32.5M | $6.3M | ||
| Q4 24 | $-38.3M | $61.8M | ||
| Q3 24 | $25.1M | $-26.2M | ||
| Q2 24 | $24.9M | $108.4M | ||
| Q1 24 | $29.7M | $4.0M |
| Q4 25 | $-25.4M | $31.6M | ||
| Q3 25 | $27.3M | $-85.3M | ||
| Q2 25 | $33.5M | $49.4M | ||
| Q1 25 | $29.7M | $3.9M | ||
| Q4 24 | $-42.6M | $61.2M | ||
| Q3 24 | $20.7M | $-26.5M | ||
| Q2 24 | $21.6M | $108.0M | ||
| Q1 24 | $28.2M | $3.9M |
| Q4 25 | -11.0% | 7.8% | ||
| Q3 25 | 12.2% | -216.3% | ||
| Q2 25 | 14.8% | 24.2% | ||
| Q1 25 | 12.9% | 0.9% | ||
| Q4 24 | -30.9% | 17.1% | ||
| Q3 24 | 20.6% | -49.7% | ||
| Q2 24 | 21.1% | 47.5% | ||
| Q1 24 | 27.0% | 0.9% |
| Q4 25 | 14.7% | 0.2% | ||
| Q3 25 | 8.7% | 0.9% | ||
| Q2 25 | 1.4% | 0.2% | ||
| Q1 25 | 1.2% | 0.6% | ||
| Q4 24 | 3.1% | 0.1% | ||
| Q3 24 | 4.4% | 0.7% | ||
| Q2 24 | 3.3% | 0.2% | ||
| Q1 24 | 1.4% | 0.0% |
| Q4 25 | — | 3.94× | ||
| Q3 25 | — | — | ||
| Q2 25 | 2.87× | — | ||
| Q1 25 | 2.70× | — | ||
| Q4 24 | — | 55.61× | ||
| Q3 24 | 2.36× | — | ||
| Q2 24 | 29.74× | 4.25× | ||
| Q1 24 | 0.97× | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GOGO
| Services | $191.9M | 83% |
| Products | $38.7M | 17% |
| Fcc Reimbursement Program | $2.0M | 1% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
