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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and NNN REIT, INC. (NNN). Click either name above to swap in a different company.
Madison Square Garden Sports Corp. is the larger business by last-quarter revenue ($403.4M vs $240.4M, roughly 1.7× NNN REIT, INC.). NNN REIT, INC. runs the higher net margin — 39.1% vs 2.0%, a 37.0% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 4.1%). Over the past eight quarters, NNN REIT, INC.'s revenue compounded faster (5.3% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
NNN Reit, Inc. is a real estate investment trust that invests primarily in restaurant properties that are subject to long-term triple net leases, usually under leaseback arrangements. It is organized in Maryland with its principal office in Orlando, Florida.
MSGS vs NNN — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $240.4M |
| Net Profit | $8.2M | $94.0M |
| Gross Margin | — | — |
| Operating Margin | 5.5% | 61.0% |
| Net Margin | 2.0% | 39.1% |
| Revenue YoY | 12.8% | 4.1% |
| Net Profit YoY | 641.9% | -2.6% |
| EPS (diluted) | $0.34 | $0.50 |
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.
| Q1 26 | — | $240.4M | ||
| Q4 25 | $403.4M | $238.4M | ||
| Q3 25 | $39.5M | $230.2M | ||
| Q2 25 | $204.0M | $226.8M | ||
| Q1 25 | $424.2M | $230.9M | ||
| Q4 24 | $357.8M | $218.5M | ||
| Q3 24 | $53.3M | $218.6M | ||
| Q2 24 | $227.3M | $216.8M |
| Q1 26 | — | $94.0M | ||
| Q4 25 | $8.2M | $96.0M | ||
| Q3 25 | $-8.8M | $96.8M | ||
| Q2 25 | $-1.8M | $100.5M | ||
| Q1 25 | $-14.2M | $96.5M | ||
| Q4 24 | $1.1M | $97.9M | ||
| Q3 24 | $-7.5M | $97.9M | ||
| Q2 24 | $25.5M | $106.7M |
| Q1 26 | — | 61.0% | ||
| Q4 25 | 5.5% | 62.3% | ||
| Q3 25 | -69.5% | 64.0% | ||
| Q2 25 | -11.1% | 66.0% | ||
| Q1 25 | 7.6% | 62.3% | ||
| Q4 24 | 3.7% | 65.8% | ||
| Q3 24 | -15.5% | 65.7% | ||
| Q2 24 | 23.0% | 70.2% |
| Q1 26 | — | 39.1% | ||
| Q4 25 | 2.0% | 40.2% | ||
| Q3 25 | -22.3% | 42.1% | ||
| Q2 25 | -0.9% | 44.3% | ||
| Q1 25 | -3.4% | 41.8% | ||
| Q4 24 | 0.3% | 44.8% | ||
| Q3 24 | -14.1% | 44.8% | ||
| Q2 24 | 11.2% | 49.2% |
| Q1 26 | — | $0.50 | ||
| Q4 25 | $0.34 | $0.51 | ||
| Q3 25 | $-0.37 | $0.51 | ||
| Q2 25 | $-0.08 | $0.54 | ||
| Q1 25 | $-0.59 | $0.51 | ||
| Q4 24 | $0.05 | $0.52 | ||
| Q3 24 | $-0.31 | $0.53 | ||
| Q2 24 | $1.07 | $0.58 |
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 | $4.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-282.1M | $4.4B |
| Total Assets | $1.5B | $9.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $4.6M | ||
| Q4 25 | $81.3M | $5.0M | ||
| Q3 25 | $48.6M | $157.9M | ||
| Q2 25 | $144.6M | $6.0M | ||
| Q1 25 | $96.5M | $5.1M | ||
| Q4 24 | $107.8M | $8.7M | ||
| Q3 24 | $52.3M | $173.5M | ||
| Q2 24 | $89.1M | $2.1M |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $-282.1M | $4.4B | ||
| Q3 25 | $-294.2M | $4.4B | ||
| Q2 25 | $-281.4M | $4.4B | ||
| Q1 25 | $-283.4M | $4.4B | ||
| Q4 24 | $-273.1M | $4.4B | ||
| Q3 24 | $-277.5M | $4.4B | ||
| Q2 24 | $-266.3M | $4.2B |
| Q1 26 | — | $9.4B | ||
| Q4 25 | $1.5B | $9.4B | ||
| Q3 25 | $1.5B | $9.5B | ||
| Q2 25 | $1.5B | $9.1B | ||
| Q1 25 | $1.5B | $9.0B | ||
| Q4 24 | $1.4B | $8.9B | ||
| Q3 24 | $1.4B | $8.9B | ||
| Q2 24 | $1.3B | $8.7B |
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 | — |
| Free Cash FlowOCF − Capex | $31.6M | — |
| FCF MarginFCF / Revenue | 7.8% | — |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | 3.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $32.4M | $667.1M | ||
| Q3 25 | $-85.0M | $218.3M | ||
| Q2 25 | $49.7M | $119.4M | ||
| Q1 25 | $6.3M | $203.3M | ||
| Q4 24 | $61.8M | $635.5M | ||
| Q3 24 | $-26.2M | $206.6M | ||
| Q2 24 | $108.4M | $120.5M |
| Q1 26 | — | — | ||
| Q4 25 | $31.6M | — | ||
| Q3 25 | $-85.3M | — | ||
| Q2 25 | $49.4M | — | ||
| Q1 25 | $3.9M | — | ||
| Q4 24 | $61.2M | — | ||
| Q3 24 | $-26.5M | — | ||
| Q2 24 | $108.0M | — |
| Q1 26 | — | — | ||
| Q4 25 | 7.8% | — | ||
| Q3 25 | -216.3% | — | ||
| Q2 25 | 24.2% | — | ||
| Q1 25 | 0.9% | — | ||
| Q4 24 | 17.1% | — | ||
| Q3 24 | -49.7% | — | ||
| Q2 24 | 47.5% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | — | ||
| Q3 25 | 0.9% | — | ||
| Q2 25 | 0.2% | — | ||
| Q1 25 | 0.6% | — | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.7% | — | ||
| Q2 24 | 0.2% | — |
| Q1 26 | — | — | ||
| Q4 25 | 3.94× | 6.95× | ||
| Q3 25 | — | 2.25× | ||
| Q2 25 | — | 1.19× | ||
| Q1 25 | — | 2.11× | ||
| Q4 24 | 55.61× | 6.49× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | 4.25× | 1.13× |
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% |
NNN
Segment breakdown not available.
