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Side-by-side financial comparison of KILROY REALTY CORP (KRC) 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 $272.2M, roughly 1.6× KILROY REALTY CORP). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 6.3%, a 15.5% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs -5.0%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs -1.2%).
Kilroy Realty Corp is a leading U.S. real estate investment trust that develops, owns, and operates premium office, life science, and mixed-use properties primarily across high-growth West Coast markets including Los Angeles, San Francisco, Seattle, and San Diego. It serves tenants across the technology, life sciences, media, and creative sectors, with a core focus on delivering sustainable, future-ready workspaces tailored to modern business needs.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
KRC vs MSGE — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $272.2M | $424.8M |
| Net Profit | $17.1M | $92.7M |
| Gross Margin | — | — |
| Operating Margin | — | 38.6% |
| Net Margin | 6.3% | 21.8% |
| Revenue YoY | -5.0% | 12.5% |
| Net Profit YoY | -73.7% | 22.2% |
| EPS (diluted) | $0.11 | $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 | $272.2M | $424.8M | ||
| Q3 25 | $279.7M | $154.1M | ||
| Q2 25 | $289.9M | $145.1M | ||
| Q1 25 | $270.8M | $206.0M | ||
| Q4 24 | $286.4M | $377.6M | ||
| Q3 24 | $289.9M | $134.1M | ||
| Q2 24 | $280.7M | $177.6M | ||
| Q1 24 | $278.6M | $191.6M |
| Q4 25 | $17.1M | $92.7M | ||
| Q3 25 | $162.3M | $-21.7M | ||
| Q2 25 | $79.6M | $-27.2M | ||
| Q1 25 | $43.7M | $8.0M | ||
| Q4 24 | $65.0M | $75.9M | ||
| Q3 24 | $57.7M | $-19.3M | ||
| Q2 24 | $54.5M | $66.9M | ||
| Q1 24 | $55.7M | $2.8M |
| Q4 25 | — | 38.6% | ||
| Q3 25 | — | -19.3% | ||
| Q2 25 | — | -17.7% | ||
| Q1 25 | — | 13.3% | ||
| Q4 24 | — | 36.8% | ||
| Q3 24 | — | -13.8% | ||
| Q2 24 | — | -5.0% | ||
| Q1 24 | — | 8.8% |
| Q4 25 | 6.3% | 21.8% | ||
| Q3 25 | 58.0% | -14.0% | ||
| Q2 25 | 27.4% | -18.7% | ||
| Q1 25 | 16.1% | 3.9% | ||
| Q4 24 | 22.7% | 20.1% | ||
| Q3 24 | 19.9% | -14.4% | ||
| Q2 24 | 19.4% | 37.7% | ||
| Q1 24 | 20.0% | 1.5% |
| Q4 25 | $0.11 | $1.94 | ||
| Q3 25 | $1.31 | $-0.46 | ||
| Q2 25 | $0.57 | $-0.56 | ||
| Q1 25 | $0.33 | $0.17 | ||
| Q4 24 | $0.50 | $1.56 | ||
| Q3 24 | $0.44 | $-0.40 | ||
| Q2 24 | $0.41 | $1.32 | ||
| Q1 24 | $0.42 | $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 | $179.3M | $157.1M |
| Total DebtLower is stronger | — | $554.6M |
| Stockholders' EquityBook value | $5.4B | $36.0M |
| Total Assets | $10.9B | $1.8B |
| Debt / EquityLower = less leverage | — | 15.40× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $179.3M | $157.1M | ||
| Q3 25 | $372.4M | $29.9M | ||
| Q2 25 | $193.1M | $43.0M | ||
| Q1 25 | $146.7M | $89.0M | ||
| Q4 24 | $165.7M | $54.9M | ||
| Q3 24 | $625.4M | $37.3M | ||
| Q2 24 | $835.9M | $33.3M | ||
| Q1 24 | $855.0M | $28.0M |
| Q4 25 | — | $554.6M | ||
| Q3 25 | — | $581.7M | ||
| Q2 25 | — | $568.8M | ||
| Q1 25 | — | $577.4M | ||
| Q4 24 | — | $584.7M | ||
| Q3 24 | — | $647.0M | ||
| Q2 24 | — | $599.2M | ||
| Q1 24 | — | $602.5M |
| Q4 25 | $5.4B | $36.0M | ||
| Q3 25 | $5.5B | $-65.8M | ||
| Q2 25 | $5.4B | $-13.3M | ||
| Q1 25 | $5.4B | $9.5M | ||
| Q4 24 | $5.4B | $10.3M | ||
| Q3 24 | $5.4B | $-48.7M | ||
| Q2 24 | $5.4B | $-23.2M | ||
| Q1 24 | $5.4B | $-94.6M |
| Q4 25 | $10.9B | $1.8B | ||
| Q3 25 | $11.0B | $1.7B | ||
| Q2 25 | $10.9B | $1.7B | ||
| Q1 25 | $10.9B | $1.7B | ||
| Q4 24 | $10.9B | $1.6B | ||
| Q3 24 | $11.4B | $1.6B | ||
| Q2 24 | $11.5B | $1.6B | ||
| Q1 24 | $11.6B | $1.5B |
| Q4 25 | — | 15.40× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 60.61× | ||
| Q4 24 | — | 56.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 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 | $566.3M | $164.4M |
| Free Cash FlowOCF − Capex | $450.3M | — |
| FCF MarginFCF / Revenue | 165.4% | — |
| Capex IntensityCapex / Revenue | 42.6% | — |
| Cash ConversionOCF / Net Profit | 33.10× | 1.77× |
| TTM Free Cash FlowTrailing 4 quarters | $833.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $566.3M | $164.4M | ||
| Q3 25 | $176.6M | $19.8M | ||
| Q2 25 | $143.7M | $-27.0M | ||
| Q1 25 | $136.9M | $56.8M | ||
| Q4 24 | $541.1M | $112.9M | ||
| Q3 24 | $176.3M | $-27.4M | ||
| Q2 24 | $88.7M | $212.0K | ||
| Q1 24 | $167.9M | $5.8M |
| Q4 25 | $450.3M | — | ||
| Q3 25 | $148.7M | — | ||
| Q2 25 | $118.4M | — | ||
| Q1 25 | $115.6M | — | ||
| Q4 24 | $440.8M | — | ||
| Q3 24 | $147.2M | — | ||
| Q2 24 | $69.5M | — | ||
| Q1 24 | $151.9M | — |
| Q4 25 | 165.4% | — | ||
| Q3 25 | 53.1% | — | ||
| Q2 25 | 40.9% | — | ||
| Q1 25 | 42.7% | — | ||
| Q4 24 | 153.9% | — | ||
| Q3 24 | 50.8% | — | ||
| Q2 24 | 24.7% | — | ||
| Q1 24 | 54.5% | — |
| Q4 25 | 42.6% | — | ||
| Q3 25 | 10.0% | — | ||
| Q2 25 | 8.7% | — | ||
| Q1 25 | 7.9% | — | ||
| Q4 24 | 35.0% | — | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 6.8% | — | ||
| Q1 24 | 5.7% | — |
| Q4 25 | 33.10× | 1.77× | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 1.81× | — | ||
| Q1 25 | 3.13× | 7.07× | ||
| Q4 24 | 8.32× | 1.49× | ||
| Q3 24 | 3.06× | — | ||
| Q2 24 | 1.63× | 0.00× | ||
| Q1 24 | 3.01× | 2.08× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KRC
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% |
