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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) 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 $403.4M, roughly 1.5× Madison Square Garden Sports Corp.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -2.0%, a 4.0% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 12.8%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $31.6M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs -3.1%).
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.
MSGS vs NET — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $614.5M |
| Net Profit | $8.2M | $-12.1M |
| Gross Margin | — | 73.6% |
| Operating Margin | 5.5% | -8.0% |
| Net Margin | 2.0% | -2.0% |
| Revenue YoY | 12.8% | 33.6% |
| Net Profit YoY | 641.9% | 6.0% |
| EPS (diluted) | $0.34 | $-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 | $403.4M | $614.5M | ||
| Q3 25 | $39.5M | $562.0M | ||
| Q2 25 | $204.0M | $512.3M | ||
| Q1 25 | $424.2M | $479.1M | ||
| Q4 24 | $357.8M | $459.9M | ||
| Q3 24 | $53.3M | $430.1M | ||
| Q2 24 | $227.3M | $401.0M | ||
| Q1 24 | $430.0M | $378.6M |
| Q4 25 | $8.2M | $-12.1M | ||
| Q3 25 | $-8.8M | $-1.3M | ||
| Q2 25 | $-1.8M | $-50.4M | ||
| Q1 25 | $-14.2M | $-38.5M | ||
| Q4 24 | $1.1M | $-12.8M | ||
| Q3 24 | $-7.5M | $-15.3M | ||
| Q2 24 | $25.5M | $-15.1M | ||
| Q1 24 | $37.9M | $-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 | 5.5% | -8.0% | ||
| Q3 25 | -69.5% | -6.7% | ||
| Q2 25 | -11.1% | -13.1% | ||
| Q1 25 | 7.6% | -11.1% | ||
| Q4 24 | 3.7% | -7.5% | ||
| Q3 24 | -15.5% | -7.2% | ||
| Q2 24 | 23.0% | -8.7% | ||
| Q1 24 | 18.5% | -14.4% |
| Q4 25 | 2.0% | -2.0% | ||
| Q3 25 | -22.3% | -0.2% | ||
| Q2 25 | -0.9% | -9.8% | ||
| Q1 25 | -3.4% | -8.0% | ||
| Q4 24 | 0.3% | -2.8% | ||
| Q3 24 | -14.1% | -3.6% | ||
| Q2 24 | 11.2% | -3.8% | ||
| Q1 24 | 8.8% | -9.4% |
| Q4 25 | $0.34 | $-0.03 | ||
| Q3 25 | $-0.37 | $0.00 | ||
| Q2 25 | $-0.08 | $-0.15 | ||
| Q1 25 | $-0.59 | $-0.11 | ||
| Q4 24 | $0.05 | $-0.05 | ||
| Q3 24 | $-0.31 | $-0.04 | ||
| Q2 24 | $1.07 | $-0.04 | ||
| Q1 24 | $1.57 | $-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 | $81.3M | $943.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-282.1M | $1.5B |
| Total Assets | $1.5B | $6.0B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $943.5M | ||
| Q3 25 | $48.6M | $1.1B | ||
| Q2 25 | $144.6M | $1.5B | ||
| Q1 25 | $96.5M | $204.5M | ||
| Q4 24 | $107.8M | $147.7M | ||
| Q3 24 | $52.3M | $182.9M | ||
| Q2 24 | $89.1M | $157.0M | ||
| Q1 24 | $40.0M | $254.4M |
| Q4 25 | $-282.1M | $1.5B | ||
| Q3 25 | $-294.2M | $1.3B | ||
| Q2 25 | $-281.4M | $1.2B | ||
| Q1 25 | $-283.4M | $1.4B | ||
| Q4 24 | $-273.1M | $1.0B | ||
| Q3 24 | $-277.5M | $973.1M | ||
| Q2 24 | $-266.3M | $881.5M | ||
| Q1 24 | $-294.0M | $797.2M |
| Q4 25 | $1.5B | $6.0B | ||
| Q3 25 | $1.5B | $5.8B | ||
| Q2 25 | $1.5B | $5.6B | ||
| Q1 25 | $1.5B | $3.7B | ||
| Q4 24 | $1.4B | $3.3B | ||
| Q3 24 | $1.4B | $3.1B | ||
| Q2 24 | $1.3B | $2.9B | ||
| Q1 24 | $1.4B | $2.8B |
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 | $32.4M | $190.4M |
| Free Cash FlowOCF − Capex | $31.6M | $105.2M |
| FCF MarginFCF / Revenue | 7.8% | 17.1% |
| Capex IntensityCapex / Revenue | 0.2% | 13.9% |
| Cash ConversionOCF / Net Profit | 3.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $190.4M | ||
| Q3 25 | $-85.0M | $167.1M | ||
| Q2 25 | $49.7M | $99.8M | ||
| Q1 25 | $6.3M | $145.8M | ||
| Q4 24 | $61.8M | $127.3M | ||
| Q3 24 | $-26.2M | $104.7M | ||
| Q2 24 | $108.4M | $74.8M | ||
| Q1 24 | $4.0M | $73.6M |
| Q4 25 | $31.6M | $105.2M | ||
| Q3 25 | $-85.3M | $82.5M | ||
| Q2 25 | $49.4M | $39.9M | ||
| Q1 25 | $3.9M | $59.9M | ||
| Q4 24 | $61.2M | $54.2M | ||
| Q3 24 | $-26.5M | $54.5M | ||
| Q2 24 | $108.0M | $45.2M | ||
| Q1 24 | $3.9M | $41.5M |
| Q4 25 | 7.8% | 17.1% | ||
| Q3 25 | -216.3% | 14.7% | ||
| Q2 25 | 24.2% | 7.8% | ||
| Q1 25 | 0.9% | 12.5% | ||
| Q4 24 | 17.1% | 11.8% | ||
| Q3 24 | -49.7% | 12.7% | ||
| Q2 24 | 47.5% | 11.3% | ||
| Q1 24 | 0.9% | 11.0% |
| Q4 25 | 0.2% | 13.9% | ||
| Q3 25 | 0.9% | 15.1% | ||
| Q2 25 | 0.2% | 11.7% | ||
| Q1 25 | 0.6% | 17.9% | ||
| Q4 24 | 0.1% | 15.9% | ||
| Q3 24 | 0.7% | 11.7% | ||
| Q2 24 | 0.2% | 7.4% | ||
| Q1 24 | 0.0% | 8.5% |
| Q4 25 | 3.94× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 55.61× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 4.25× | — | ||
| Q1 24 | 0.11× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
