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Side-by-side financial comparison of Madison Square Garden Entertainment Corp. (MSGE) and Walker & Dunlop, Inc. (WD). 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 $340.0M, roughly 1.2× Walker & Dunlop, Inc.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs -12.9%, a 34.7% gap on every dollar of revenue. On growth, Madison Square Garden Entertainment Corp. posted the faster year-over-year revenue change (12.5% vs -0.4%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs 22.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
MSGE vs WD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $424.8M | $340.0M |
| Net Profit | $92.7M | $-13.9M |
| Gross Margin | — | — |
| Operating Margin | 38.6% | -17.2% |
| Net Margin | 21.8% | -12.9% |
| Revenue YoY | 12.5% | -0.4% |
| Net Profit YoY | 22.2% | -131.0% |
| EPS (diluted) | $1.94 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $154.1M | $337.7M | ||
| Q2 25 | $145.1M | $319.2M | ||
| Q1 25 | $206.0M | $237.4M | ||
| Q4 24 | $377.6M | $341.5M | ||
| Q3 24 | $134.1M | $292.3M | ||
| Q2 24 | $177.6M | $270.7M | ||
| Q1 24 | $191.6M | $228.1M |
| Q4 25 | $92.7M | $-13.9M | ||
| Q3 25 | $-21.7M | $33.5M | ||
| Q2 25 | $-27.2M | $34.0M | ||
| Q1 25 | $8.0M | $2.8M | ||
| Q4 24 | $75.9M | $44.8M | ||
| Q3 24 | $-19.3M | $28.8M | ||
| Q2 24 | $66.9M | $22.7M | ||
| Q1 24 | $2.8M | $11.9M |
| Q4 25 | 38.6% | -17.2% | ||
| Q3 25 | -19.3% | 13.6% | ||
| Q2 25 | -17.7% | 14.5% | ||
| Q1 25 | 13.3% | 2.2% | ||
| Q4 24 | 36.8% | 15.3% | ||
| Q3 24 | -13.8% | 12.8% | ||
| Q2 24 | -5.0% | 10.4% | ||
| Q1 24 | 8.8% | 6.0% |
| Q4 25 | 21.8% | -12.9% | ||
| Q3 25 | -14.0% | 9.9% | ||
| Q2 25 | -18.7% | 10.6% | ||
| Q1 25 | 3.9% | 1.2% | ||
| Q4 24 | 20.1% | 13.1% | ||
| Q3 24 | -14.4% | 9.9% | ||
| Q2 24 | 37.7% | 8.4% | ||
| Q1 24 | 1.5% | 5.2% |
| Q4 25 | $1.94 | $-0.41 | ||
| Q3 25 | $-0.46 | $0.98 | ||
| Q2 25 | $-0.56 | $0.99 | ||
| Q1 25 | $0.17 | $0.08 | ||
| Q4 24 | $1.56 | $1.32 | ||
| Q3 24 | $-0.40 | $0.85 | ||
| Q2 24 | $1.32 | $0.67 | ||
| Q1 24 | $0.06 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | $554.6M | — |
| Stockholders' EquityBook value | $36.0M | $1.7B |
| Total Assets | $1.8B | $5.1B |
| Debt / EquityLower = less leverage | 15.40× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $157.1M | $299.3M | ||
| Q3 25 | $29.9M | $274.8M | ||
| Q2 25 | $43.0M | $233.7M | ||
| Q1 25 | $89.0M | $181.0M | ||
| Q4 24 | $54.9M | $279.3M | ||
| Q3 24 | $37.3M | $179.8M | ||
| Q2 24 | $33.3M | $208.1M | ||
| Q1 24 | $28.0M | $216.5M |
| 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 | $1.7B | ||
| Q3 25 | $-65.8M | $1.8B | ||
| Q2 25 | $-13.3M | $1.8B | ||
| Q1 25 | $9.5M | $1.7B | ||
| Q4 24 | $10.3M | $1.7B | ||
| Q3 24 | $-48.7M | $1.7B | ||
| Q2 24 | $-23.2M | $1.7B | ||
| Q1 24 | $-94.6M | $1.7B |
| Q4 25 | $1.8B | $5.1B | ||
| Q3 25 | $1.7B | $5.8B | ||
| Q2 25 | $1.7B | $4.7B | ||
| Q1 25 | $1.7B | $4.5B | ||
| Q4 24 | $1.6B | $4.4B | ||
| Q3 24 | $1.6B | $4.6B | ||
| Q2 24 | $1.6B | $4.2B | ||
| Q1 24 | $1.5B | $3.8B |
| 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 | $-664.3M |
| Free Cash FlowOCF − Capex | — | $-680.1M |
| FCF MarginFCF / Revenue | — | -200.0% |
| Capex IntensityCapex / Revenue | — | 4.6% |
| Cash ConversionOCF / Net Profit | 1.77× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $164.4M | $-664.3M | ||
| Q3 25 | $19.8M | $-948.1M | ||
| Q2 25 | $-27.0M | $-238.5M | ||
| Q1 25 | $56.8M | $-281.1M | ||
| Q4 24 | $112.9M | $129.4M | ||
| Q3 24 | $-27.4M | $-202.0M | ||
| Q2 24 | $212.0K | $-237.8M | ||
| Q1 24 | $5.8M | $38.4M |
| Q4 25 | — | $-680.1M | ||
| Q3 25 | — | $-950.4M | ||
| Q2 25 | — | $-241.0M | ||
| Q1 25 | — | $-284.7M | ||
| Q4 24 | — | $116.4M | ||
| Q3 24 | — | $-204.0M | ||
| Q2 24 | — | $-241.7M | ||
| Q1 24 | — | $35.2M |
| Q4 25 | — | -200.0% | ||
| Q3 25 | — | -281.5% | ||
| Q2 25 | — | -75.5% | ||
| Q1 25 | — | -120.0% | ||
| Q4 24 | — | 34.1% | ||
| Q3 24 | — | -69.8% | ||
| Q2 24 | — | -89.3% | ||
| Q1 24 | — | 15.4% |
| Q4 25 | — | 4.6% | ||
| Q3 25 | — | 0.7% | ||
| Q2 25 | — | 0.8% | ||
| Q1 25 | — | 1.5% | ||
| Q4 24 | — | 3.8% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 1.4% | ||
| Q1 24 | — | 1.4% |
| Q4 25 | 1.77× | — | ||
| Q3 25 | — | -28.34× | ||
| Q2 25 | — | -7.02× | ||
| Q1 25 | 7.07× | -102.07× | ||
| Q4 24 | 1.49× | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | 0.00× | -10.49× | ||
| Q1 24 | 2.08× | 3.24× |
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% |
WD
Segment breakdown not available.
