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Side-by-side financial comparison of Madison Square Garden Entertainment Corp. (MSGE) and Paylocity Holding Corp (PCTY). 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 $387.0M, roughly 1.1× Paylocity Holding Corp). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 13.0%, a 8.9% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs 11.3%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 2.7%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Paylocity Holding Corporation is an American provider of cloud-based payroll, , spend management, and human capital management (HCM) software.
MSGE vs PCTY — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $424.8M | $387.0M |
| Net Profit | $92.7M | $50.2M |
| Gross Margin | — | 72.9% |
| Operating Margin | 38.6% | 18.2% |
| Net Margin | 21.8% | 13.0% |
| Revenue YoY | 12.5% | 11.3% |
| Net Profit YoY | 22.2% | 34.0% |
| EPS (diluted) | $1.94 | $0.92 |
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 | $387.0M | ||
| Q3 25 | $154.1M | $378.9M | ||
| Q2 25 | $145.1M | $369.9M | ||
| Q1 25 | $206.0M | $421.1M | ||
| Q4 24 | $377.6M | $347.7M | ||
| Q3 24 | $134.1M | $333.1M | ||
| Q2 24 | $177.6M | $324.7M | ||
| Q1 24 | $191.6M | $366.8M |
| Q4 25 | $92.7M | $50.2M | ||
| Q3 25 | $-21.7M | $48.0M | ||
| Q2 25 | $-27.2M | $48.6M | ||
| Q1 25 | $8.0M | $91.5M | ||
| Q4 24 | $75.9M | $37.5M | ||
| Q3 24 | $-19.3M | $49.6M | ||
| Q2 24 | $66.9M | $48.8M | ||
| Q1 24 | $2.8M | $85.3M |
| Q4 25 | — | 72.9% | ||
| Q3 25 | — | 73.9% | ||
| Q2 25 | — | 73.5% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 72.6% | ||
| Q3 24 | — | 74.4% | ||
| Q2 24 | — | 74.0% | ||
| Q1 24 | — | 77.8% |
| Q4 25 | 38.6% | 18.2% | ||
| Q3 25 | -19.3% | 19.6% | ||
| Q2 25 | -17.7% | 17.9% | ||
| Q1 25 | 13.3% | 30.2% | ||
| Q4 24 | 36.8% | 13.4% | ||
| Q3 24 | -13.8% | 19.3% | ||
| Q2 24 | -5.0% | 19.4% | ||
| Q1 24 | 8.8% | 29.0% |
| Q4 25 | 21.8% | 13.0% | ||
| Q3 25 | -14.0% | 12.7% | ||
| Q2 25 | -18.7% | 13.1% | ||
| Q1 25 | 3.9% | 21.7% | ||
| Q4 24 | 20.1% | 10.8% | ||
| Q3 24 | -14.4% | 14.9% | ||
| Q2 24 | 37.7% | 15.0% | ||
| Q1 24 | 1.5% | 23.3% |
| Q4 25 | $1.94 | $0.92 | ||
| Q3 25 | $-0.46 | $0.86 | ||
| Q2 25 | $-0.56 | $0.87 | ||
| Q1 25 | $0.17 | $1.61 | ||
| Q4 24 | $1.56 | $0.66 | ||
| Q3 24 | $-0.40 | $0.88 | ||
| Q2 24 | $1.32 | $0.85 | ||
| Q1 24 | $0.06 | $1.50 |
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 | $162.5M |
| Total DebtLower is stronger | $554.6M | $81.3M |
| Stockholders' EquityBook value | $36.0M | $1.1B |
| Total Assets | $1.8B | $7.0B |
| Debt / EquityLower = less leverage | 15.40× | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $157.1M | $162.5M | ||
| Q3 25 | $29.9M | $165.2M | ||
| Q2 25 | $43.0M | $398.1M | ||
| Q1 25 | $89.0M | $477.8M | ||
| Q4 24 | $54.9M | $482.4M | ||
| Q3 24 | $37.3M | $778.5M | ||
| Q2 24 | $33.3M | $401.8M | ||
| Q1 24 | $28.0M | $492.7M |
| Q4 25 | $554.6M | $81.3M | ||
| Q3 25 | $581.7M | $81.3M | ||
| Q2 25 | $568.8M | $162.5M | ||
| Q1 25 | $577.4M | $243.8M | ||
| Q4 24 | $584.7M | $325.0M | ||
| Q3 24 | $647.0M | $325.0M | ||
| Q2 24 | $599.2M | $0 | ||
| Q1 24 | $602.5M | — |
| Q4 25 | $36.0M | $1.1B | ||
| Q3 25 | $-65.8M | $1.1B | ||
| Q2 25 | $-13.3M | $1.2B | ||
| Q1 25 | $9.5M | $1.2B | ||
| Q4 24 | $10.3M | $1.2B | ||
| Q3 24 | $-48.7M | $1.1B | ||
| Q2 24 | $-23.2M | $1.0B | ||
| Q1 24 | $-94.6M | $1.1B |
| Q4 25 | $1.8B | $7.0B | ||
| Q3 25 | $1.7B | $4.2B | ||
| Q2 25 | $1.7B | $4.4B | ||
| Q1 25 | $1.7B | $5.2B | ||
| Q4 24 | $1.6B | $5.3B | ||
| Q3 24 | $1.6B | $4.0B | ||
| Q2 24 | $1.6B | $4.2B | ||
| Q1 24 | $1.5B | $5.0B |
| Q4 25 | 15.40× | 0.07× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | 60.61× | 0.20× | ||
| Q4 24 | 56.61× | 0.28× | ||
| Q3 24 | — | 0.29× | ||
| Q2 24 | — | 0.00× | ||
| 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 | $117.0M |
| Free Cash FlowOCF − Capex | — | $113.6M |
| FCF MarginFCF / Revenue | — | 29.4% |
| Capex IntensityCapex / Revenue | — | 0.9% |
| Cash ConversionOCF / Net Profit | 1.77× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | — | $461.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $164.4M | $117.0M | ||
| Q3 25 | $19.8M | $86.5M | ||
| Q2 25 | $-27.0M | $86.6M | ||
| Q1 25 | $56.8M | $186.0M | ||
| Q4 24 | $112.9M | $54.2M | ||
| Q3 24 | $-27.4M | $91.5M | ||
| Q2 24 | $212.0K | $79.9M | ||
| Q1 24 | $5.8M | $167.5M |
| Q4 25 | — | $113.6M | ||
| Q3 25 | — | $82.7M | ||
| Q2 25 | — | $81.1M | ||
| Q1 25 | — | $183.7M | ||
| Q4 24 | — | $51.2M | ||
| Q3 24 | — | $89.1M | ||
| Q2 24 | — | $73.6M | ||
| Q1 24 | — | $162.0M |
| Q4 25 | — | 29.4% | ||
| Q3 25 | — | 21.8% | ||
| Q2 25 | — | 21.9% | ||
| Q1 25 | — | 43.6% | ||
| Q4 24 | — | 14.7% | ||
| Q3 24 | — | 26.8% | ||
| Q2 24 | — | 22.7% | ||
| Q1 24 | — | 44.2% |
| Q4 25 | — | 0.9% | ||
| Q3 25 | — | 1.0% | ||
| Q2 25 | — | 1.5% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.9% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 1.9% | ||
| Q1 24 | — | 1.5% |
| Q4 25 | 1.77× | 2.33× | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | — | 1.78× | ||
| Q1 25 | 7.07× | 2.03× | ||
| Q4 24 | 1.49× | 1.45× | ||
| Q3 24 | — | 1.84× | ||
| Q2 24 | 0.00× | 1.64× | ||
| Q1 24 | 2.08× | 1.96× |
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% |
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
