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Side-by-side financial comparison of Madison Square Garden Entertainment Corp. (MSGE) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
Cloudflare, Inc. is the larger business by last-quarter revenue ($614.5M vs $424.8M, roughly 1.4× Madison Square Garden Entertainment Corp.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs -2.0%, a 23.8% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 12.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 27.4%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
MSGE vs NET — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $424.8M | $614.5M |
| Net Profit | $92.7M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 38.6% | -8.0% |
| Net Margin | 21.8% | -2.0% |
| Revenue YoY | 12.5% | 33.6% |
| Net Profit YoY | 22.2% | 6.0% |
| EPS (diluted) | $1.94 | $-0.03 |
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 | $424.8M | $614.5M | ||
| Q3 25 | $154.1M | $562.0M | ||
| Q2 25 | $145.1M | $512.3M | ||
| Q1 25 | $206.0M | $479.1M | ||
| Q4 24 | $377.6M | $459.9M | ||
| Q3 24 | $134.1M | $430.1M | ||
| Q2 24 | $177.6M | $401.0M | ||
| Q1 24 | $191.6M | $378.6M |
| Q4 25 | $92.7M | $-12.1M | ||
| Q3 25 | $-21.7M | $-1.3M | ||
| Q2 25 | $-27.2M | $-50.4M | ||
| Q1 25 | $8.0M | $-38.5M | ||
| Q4 24 | $75.9M | $-12.8M | ||
| Q3 24 | $-19.3M | $-15.3M | ||
| Q2 24 | $66.9M | $-15.1M | ||
| Q1 24 | $2.8M | $-35.5M |
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
| Q4 25 | 38.6% | -8.0% | ||
| Q3 25 | -19.3% | -6.7% | ||
| Q2 25 | -17.7% | -13.1% | ||
| Q1 25 | 13.3% | -11.1% | ||
| Q4 24 | 36.8% | -7.5% | ||
| Q3 24 | -13.8% | -7.2% | ||
| Q2 24 | -5.0% | -8.7% | ||
| Q1 24 | 8.8% | -14.4% |
| Q4 25 | 21.8% | -2.0% | ||
| Q3 25 | -14.0% | -0.2% | ||
| Q2 25 | -18.7% | -9.8% | ||
| Q1 25 | 3.9% | -8.0% | ||
| Q4 24 | 20.1% | -2.8% | ||
| Q3 24 | -14.4% | -3.6% | ||
| Q2 24 | 37.7% | -3.8% | ||
| Q1 24 | 1.5% | -9.4% |
| Q4 25 | $1.94 | $-0.03 | ||
| Q3 25 | $-0.46 | $0.00 | ||
| Q2 25 | $-0.56 | $-0.15 | ||
| Q1 25 | $0.17 | $-0.11 | ||
| Q4 24 | $1.56 | $-0.05 | ||
| Q3 24 | $-0.40 | $-0.04 | ||
| Q2 24 | $1.32 | $-0.04 | ||
| Q1 24 | $0.06 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $157.1M | $943.5M |
| Total DebtLower is stronger | $554.6M | — |
| Stockholders' EquityBook value | $36.0M | $1.5B |
| Total Assets | $1.8B | $6.0B |
| Debt / EquityLower = less leverage | 15.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $157.1M | $943.5M | ||
| Q3 25 | $29.9M | $1.1B | ||
| Q2 25 | $43.0M | $1.5B | ||
| Q1 25 | $89.0M | $204.5M | ||
| Q4 24 | $54.9M | $147.7M | ||
| Q3 24 | $37.3M | $182.9M | ||
| Q2 24 | $33.3M | $157.0M | ||
| Q1 24 | $28.0M | $254.4M |
| 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 | $36.0M | $1.5B | ||
| Q3 25 | $-65.8M | $1.3B | ||
| Q2 25 | $-13.3M | $1.2B | ||
| Q1 25 | $9.5M | $1.4B | ||
| Q4 24 | $10.3M | $1.0B | ||
| Q3 24 | $-48.7M | $973.1M | ||
| Q2 24 | $-23.2M | $881.5M | ||
| Q1 24 | $-94.6M | $797.2M |
| Q4 25 | $1.8B | $6.0B | ||
| Q3 25 | $1.7B | $5.8B | ||
| Q2 25 | $1.7B | $5.6B | ||
| Q1 25 | $1.7B | $3.7B | ||
| Q4 24 | $1.6B | $3.3B | ||
| Q3 24 | $1.6B | $3.1B | ||
| Q2 24 | $1.6B | $2.9B | ||
| Q1 24 | $1.5B | $2.8B |
| 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 | $164.4M | $190.4M |
| Free Cash FlowOCF − Capex | — | $105.2M |
| FCF MarginFCF / Revenue | — | 17.1% |
| Capex IntensityCapex / Revenue | — | 13.9% |
| Cash ConversionOCF / Net Profit | 1.77× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $164.4M | $190.4M | ||
| Q3 25 | $19.8M | $167.1M | ||
| Q2 25 | $-27.0M | $99.8M | ||
| Q1 25 | $56.8M | $145.8M | ||
| Q4 24 | $112.9M | $127.3M | ||
| Q3 24 | $-27.4M | $104.7M | ||
| Q2 24 | $212.0K | $74.8M | ||
| Q1 24 | $5.8M | $73.6M |
| Q4 25 | — | $105.2M | ||
| Q3 25 | — | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
| Q4 25 | 1.77× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.07× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 2.08× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
