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Side-by-side financial comparison of Madison Square Garden Entertainment Corp. (MSGE) and PROCORE TECHNOLOGIES, INC. (PCOR). 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 $349.1M, roughly 1.2× PROCORE TECHNOLOGIES, INC.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs -10.8%, a 32.6% gap on every dollar of revenue. On growth, PROCORE TECHNOLOGIES, INC. posted the faster year-over-year revenue change (15.6% vs 12.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 13.8%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Procore Technologies is an American construction management software as a service company founded in 2002, with headquarters in Carpinteria, California. Procore hosts a platform to connect those involved in the construction industry on a global platform. The software allows for the creation of simplified workflows and displays a consolidated view of construction products that includes the tracking of tasks, management of project workflows, and scheduling.
MSGE vs PCOR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $424.8M | $349.1M |
| Net Profit | $92.7M | $-37.6M |
| Gross Margin | — | 80.1% |
| Operating Margin | 38.6% | -12.3% |
| Net Margin | 21.8% | -10.8% |
| Revenue YoY | 12.5% | 15.6% |
| Net Profit YoY | 22.2% | 39.6% |
| EPS (diluted) | $1.94 | $-0.25 |
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 | $349.1M | ||
| Q3 25 | $154.1M | $338.9M | ||
| Q2 25 | $145.1M | $323.9M | ||
| Q1 25 | $206.0M | $310.6M | ||
| Q4 24 | $377.6M | $302.0M | ||
| Q3 24 | $134.1M | $295.9M | ||
| Q2 24 | $177.6M | $284.3M | ||
| Q1 24 | $191.6M | $269.4M |
| Q4 25 | $92.7M | $-37.6M | ||
| Q3 25 | $-21.7M | $-9.1M | ||
| Q2 25 | $-27.2M | $-21.1M | ||
| Q1 25 | $8.0M | $-33.0M | ||
| Q4 24 | $75.9M | $-62.3M | ||
| Q3 24 | $-19.3M | $-26.4M | ||
| Q2 24 | $66.9M | $-6.3M | ||
| Q1 24 | $2.8M | $-11.0M |
| Q4 25 | — | 80.1% | ||
| Q3 25 | — | 79.7% | ||
| Q2 25 | — | 79.1% | ||
| Q1 25 | — | 79.1% | ||
| Q4 24 | — | 81.2% | ||
| Q3 24 | — | 81.4% | ||
| Q2 24 | — | 83.1% | ||
| Q1 24 | — | 83.0% |
| Q4 25 | 38.6% | -12.3% | ||
| Q3 25 | -19.3% | -4.4% | ||
| Q2 25 | -17.7% | -9.3% | ||
| Q1 25 | 13.3% | -11.7% | ||
| Q4 24 | 36.8% | -21.9% | ||
| Q3 24 | -13.8% | -12.3% | ||
| Q2 24 | -5.0% | -5.2% | ||
| Q1 24 | 8.8% | -7.0% |
| Q4 25 | 21.8% | -10.8% | ||
| Q3 25 | -14.0% | -2.7% | ||
| Q2 25 | -18.7% | -6.5% | ||
| Q1 25 | 3.9% | -10.6% | ||
| Q4 24 | 20.1% | -20.6% | ||
| Q3 24 | -14.4% | -8.9% | ||
| Q2 24 | 37.7% | -2.2% | ||
| Q1 24 | 1.5% | -4.1% |
| Q4 25 | $1.94 | $-0.25 | ||
| Q3 25 | $-0.46 | $-0.06 | ||
| Q2 25 | $-0.56 | $-0.14 | ||
| Q1 25 | $0.17 | $-0.22 | ||
| Q4 24 | $1.56 | $-0.42 | ||
| Q3 24 | $-0.40 | $-0.18 | ||
| Q2 24 | $1.32 | $-0.04 | ||
| Q1 24 | $0.06 | $-0.08 |
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 | $768.5M |
| Total DebtLower is stronger | $554.6M | — |
| Stockholders' EquityBook value | $36.0M | $1.3B |
| Total Assets | $1.8B | $2.2B |
| Debt / EquityLower = less leverage | 15.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $157.1M | $768.5M | ||
| Q3 25 | $29.9M | $684.0M | ||
| Q2 25 | $43.0M | $620.9M | ||
| Q1 25 | $89.0M | $566.7M | ||
| Q4 24 | $54.9M | $775.4M | ||
| Q3 24 | $37.3M | $756.9M | ||
| Q2 24 | $33.3M | $735.4M | ||
| Q1 24 | $28.0M | $744.6M |
| 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 | $1.3B | ||
| Q3 25 | $-65.8M | $1.2B | ||
| Q2 25 | $-13.3M | $1.2B | ||
| Q1 25 | $9.5M | $1.2B | ||
| Q4 24 | $10.3M | $1.3B | ||
| Q3 24 | $-48.7M | $1.3B | ||
| Q2 24 | $-23.2M | $1.3B | ||
| Q1 24 | $-94.6M | $1.2B |
| Q4 25 | $1.8B | $2.2B | ||
| Q3 25 | $1.7B | $2.1B | ||
| Q2 25 | $1.7B | $2.0B | ||
| Q1 25 | $1.7B | $1.9B | ||
| Q4 24 | $1.6B | $2.1B | ||
| Q3 24 | $1.6B | $2.0B | ||
| Q2 24 | $1.6B | $2.0B | ||
| Q1 24 | $1.5B | $1.9B |
| 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 | $114.9M |
| Free Cash FlowOCF − Capex | — | $109.2M |
| FCF MarginFCF / Revenue | — | 31.3% |
| Capex IntensityCapex / Revenue | — | 1.6% |
| Cash ConversionOCF / Net Profit | 1.77× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $282.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $164.4M | $114.9M | ||
| Q3 25 | $19.8M | $88.5M | ||
| Q2 25 | $-27.0M | $30.8M | ||
| Q1 25 | $56.8M | $66.0M | ||
| Q4 24 | $112.9M | $29.1M | ||
| Q3 24 | $-27.4M | $39.3M | ||
| Q2 24 | $212.0K | $58.7M | ||
| Q1 24 | $5.8M | $69.1M |
| Q4 25 | — | $109.2M | ||
| Q3 25 | — | $83.1M | ||
| Q2 25 | — | $27.9M | ||
| Q1 25 | — | $62.0M | ||
| Q4 24 | — | $17.4M | ||
| Q3 24 | — | $35.7M | ||
| Q2 24 | — | $56.8M | ||
| Q1 24 | — | $67.1M |
| Q4 25 | — | 31.3% | ||
| Q3 25 | — | 24.5% | ||
| Q2 25 | — | 8.6% | ||
| Q1 25 | — | 20.0% | ||
| Q4 24 | — | 5.8% | ||
| Q3 24 | — | 12.1% | ||
| Q2 24 | — | 20.0% | ||
| Q1 24 | — | 24.9% |
| Q4 25 | — | 1.6% | ||
| Q3 25 | — | 1.6% | ||
| Q2 25 | — | 0.9% | ||
| Q1 25 | — | 1.3% | ||
| Q4 24 | — | 3.9% | ||
| Q3 24 | — | 1.2% | ||
| Q2 24 | — | 0.7% | ||
| Q1 24 | — | 0.8% |
| 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% |
PCOR
| US | $298.3M | 85% |
| Non Us | $50.9M | 15% |
