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Side-by-side financial comparison of KILROY REALTY CORP (KRC) 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 $272.2M, roughly 1.5× KILROY REALTY CORP). KILROY REALTY CORP runs the higher net margin — 6.3% vs 2.0%, a 4.2% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -5.0%). KILROY REALTY CORP produced more free cash flow last quarter ($450.3M vs $31.6M). Over the past eight quarters, KILROY REALTY CORP's revenue compounded faster (-1.2% CAGR vs -3.1%).
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 MSGS — Head-to-Head
Income Statement — Q4 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $272.2M | $403.4M |
| Net Profit | $17.1M | $8.2M |
| Gross Margin | — | — |
| Operating Margin | — | 5.5% |
| Net Margin | 6.3% | 2.0% |
| Revenue YoY | -5.0% | 12.8% |
| Net Profit YoY | -73.7% | 641.9% |
| EPS (diluted) | $0.11 | $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 | $272.2M | $403.4M | ||
| Q3 25 | $279.7M | $39.5M | ||
| Q2 25 | $289.9M | $204.0M | ||
| Q1 25 | $270.8M | $424.2M | ||
| Q4 24 | $286.4M | $357.8M | ||
| Q3 24 | $289.9M | $53.3M | ||
| Q2 24 | $280.7M | $227.3M | ||
| Q1 24 | $278.6M | $430.0M |
| Q4 25 | $17.1M | $8.2M | ||
| Q3 25 | $162.3M | $-8.8M | ||
| Q2 25 | $79.6M | $-1.8M | ||
| Q1 25 | $43.7M | $-14.2M | ||
| Q4 24 | $65.0M | $1.1M | ||
| Q3 24 | $57.7M | $-7.5M | ||
| Q2 24 | $54.5M | $25.5M | ||
| Q1 24 | $55.7M | $37.9M |
| Q4 25 | — | 5.5% | ||
| Q3 25 | — | -69.5% | ||
| Q2 25 | — | -11.1% | ||
| Q1 25 | — | 7.6% | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | -15.5% | ||
| Q2 24 | — | 23.0% | ||
| Q1 24 | — | 18.5% |
| Q4 25 | 6.3% | 2.0% | ||
| Q3 25 | 58.0% | -22.3% | ||
| Q2 25 | 27.4% | -0.9% | ||
| Q1 25 | 16.1% | -3.4% | ||
| Q4 24 | 22.7% | 0.3% | ||
| Q3 24 | 19.9% | -14.1% | ||
| Q2 24 | 19.4% | 11.2% | ||
| Q1 24 | 20.0% | 8.8% |
| Q4 25 | $0.11 | $0.34 | ||
| Q3 25 | $1.31 | $-0.37 | ||
| Q2 25 | $0.57 | $-0.08 | ||
| Q1 25 | $0.33 | $-0.59 | ||
| Q4 24 | $0.50 | $0.05 | ||
| Q3 24 | $0.44 | $-0.31 | ||
| Q2 24 | $0.41 | $1.07 | ||
| Q1 24 | $0.42 | $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 | $179.3M | $81.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $5.4B | $-282.1M |
| Total Assets | $10.9B | $1.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $179.3M | $81.3M | ||
| Q3 25 | $372.4M | $48.6M | ||
| Q2 25 | $193.1M | $144.6M | ||
| Q1 25 | $146.7M | $96.5M | ||
| Q4 24 | $165.7M | $107.8M | ||
| Q3 24 | $625.4M | $52.3M | ||
| Q2 24 | $835.9M | $89.1M | ||
| Q1 24 | $855.0M | $40.0M |
| Q4 25 | $5.4B | $-282.1M | ||
| Q3 25 | $5.5B | $-294.2M | ||
| Q2 25 | $5.4B | $-281.4M | ||
| Q1 25 | $5.4B | $-283.4M | ||
| Q4 24 | $5.4B | $-273.1M | ||
| Q3 24 | $5.4B | $-277.5M | ||
| Q2 24 | $5.4B | $-266.3M | ||
| Q1 24 | $5.4B | $-294.0M |
| Q4 25 | $10.9B | $1.5B | ||
| Q3 25 | $11.0B | $1.5B | ||
| Q2 25 | $10.9B | $1.5B | ||
| Q1 25 | $10.9B | $1.5B | ||
| Q4 24 | $10.9B | $1.4B | ||
| Q3 24 | $11.4B | $1.4B | ||
| Q2 24 | $11.5B | $1.3B | ||
| Q1 24 | $11.6B | $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 | $566.3M | $32.4M |
| Free Cash FlowOCF − Capex | $450.3M | $31.6M |
| FCF MarginFCF / Revenue | 165.4% | 7.8% |
| Capex IntensityCapex / Revenue | 42.6% | 0.2% |
| Cash ConversionOCF / Net Profit | 33.10× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | $833.0M | $-480.0K |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $566.3M | $32.4M | ||
| Q3 25 | $176.6M | $-85.0M | ||
| Q2 25 | $143.7M | $49.7M | ||
| Q1 25 | $136.9M | $6.3M | ||
| Q4 24 | $541.1M | $61.8M | ||
| Q3 24 | $176.3M | $-26.2M | ||
| Q2 24 | $88.7M | $108.4M | ||
| Q1 24 | $167.9M | $4.0M |
| Q4 25 | $450.3M | $31.6M | ||
| Q3 25 | $148.7M | $-85.3M | ||
| Q2 25 | $118.4M | $49.4M | ||
| Q1 25 | $115.6M | $3.9M | ||
| Q4 24 | $440.8M | $61.2M | ||
| Q3 24 | $147.2M | $-26.5M | ||
| Q2 24 | $69.5M | $108.0M | ||
| Q1 24 | $151.9M | $3.9M |
| Q4 25 | 165.4% | 7.8% | ||
| Q3 25 | 53.1% | -216.3% | ||
| Q2 25 | 40.9% | 24.2% | ||
| Q1 25 | 42.7% | 0.9% | ||
| Q4 24 | 153.9% | 17.1% | ||
| Q3 24 | 50.8% | -49.7% | ||
| Q2 24 | 24.7% | 47.5% | ||
| Q1 24 | 54.5% | 0.9% |
| Q4 25 | 42.6% | 0.2% | ||
| Q3 25 | 10.0% | 0.9% | ||
| Q2 25 | 8.7% | 0.2% | ||
| Q1 25 | 7.9% | 0.6% | ||
| Q4 24 | 35.0% | 0.1% | ||
| Q3 24 | 10.1% | 0.7% | ||
| Q2 24 | 6.8% | 0.2% | ||
| Q1 24 | 5.7% | 0.0% |
| Q4 25 | 33.10× | 3.94× | ||
| Q3 25 | 1.09× | — | ||
| Q2 25 | 1.81× | — | ||
| Q1 25 | 3.13× | — | ||
| Q4 24 | 8.32× | 55.61× | ||
| Q3 24 | 3.06× | — | ||
| Q2 24 | 1.63× | 4.25× | ||
| Q1 24 | 3.01× | 0.11× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
KRC
Segment breakdown not available.
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
