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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and PROCORE TECHNOLOGIES, INC. (PCOR). 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 $349.1M, roughly 1.2× PROCORE TECHNOLOGIES, INC.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -10.8%, a 12.8% gap on every dollar of revenue. On growth, PROCORE TECHNOLOGIES, INC. posted the faster year-over-year revenue change (15.6% vs 12.8%). PROCORE TECHNOLOGIES, INC. produced more free cash flow last quarter ($109.2M vs $31.6M). Over the past eight quarters, PROCORE TECHNOLOGIES, INC.'s revenue compounded faster (13.8% CAGR vs -3.1%).
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.
MSGS vs PCOR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $349.1M |
| Net Profit | $8.2M | $-37.6M |
| Gross Margin | — | 80.1% |
| Operating Margin | 5.5% | -12.3% |
| Net Margin | 2.0% | -10.8% |
| Revenue YoY | 12.8% | 15.6% |
| Net Profit YoY | 641.9% | 39.6% |
| EPS (diluted) | $0.34 | $-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 | $403.4M | $349.1M | ||
| Q3 25 | $39.5M | $338.9M | ||
| Q2 25 | $204.0M | $323.9M | ||
| Q1 25 | $424.2M | $310.6M | ||
| Q4 24 | $357.8M | $302.0M | ||
| Q3 24 | $53.3M | $295.9M | ||
| Q2 24 | $227.3M | $284.3M | ||
| Q1 24 | $430.0M | $269.4M |
| Q4 25 | $8.2M | $-37.6M | ||
| Q3 25 | $-8.8M | $-9.1M | ||
| Q2 25 | $-1.8M | $-21.1M | ||
| Q1 25 | $-14.2M | $-33.0M | ||
| Q4 24 | $1.1M | $-62.3M | ||
| Q3 24 | $-7.5M | $-26.4M | ||
| Q2 24 | $25.5M | $-6.3M | ||
| Q1 24 | $37.9M | $-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 | 5.5% | -12.3% | ||
| Q3 25 | -69.5% | -4.4% | ||
| Q2 25 | -11.1% | -9.3% | ||
| Q1 25 | 7.6% | -11.7% | ||
| Q4 24 | 3.7% | -21.9% | ||
| Q3 24 | -15.5% | -12.3% | ||
| Q2 24 | 23.0% | -5.2% | ||
| Q1 24 | 18.5% | -7.0% |
| Q4 25 | 2.0% | -10.8% | ||
| Q3 25 | -22.3% | -2.7% | ||
| Q2 25 | -0.9% | -6.5% | ||
| Q1 25 | -3.4% | -10.6% | ||
| Q4 24 | 0.3% | -20.6% | ||
| Q3 24 | -14.1% | -8.9% | ||
| Q2 24 | 11.2% | -2.2% | ||
| Q1 24 | 8.8% | -4.1% |
| Q4 25 | $0.34 | $-0.25 | ||
| Q3 25 | $-0.37 | $-0.06 | ||
| Q2 25 | $-0.08 | $-0.14 | ||
| Q1 25 | $-0.59 | $-0.22 | ||
| Q4 24 | $0.05 | $-0.42 | ||
| Q3 24 | $-0.31 | $-0.18 | ||
| Q2 24 | $1.07 | $-0.04 | ||
| Q1 24 | $1.57 | $-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 | $81.3M | $768.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-282.1M | $1.3B |
| Total Assets | $1.5B | $2.2B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $768.5M | ||
| Q3 25 | $48.6M | $684.0M | ||
| Q2 25 | $144.6M | $620.9M | ||
| Q1 25 | $96.5M | $566.7M | ||
| Q4 24 | $107.8M | $775.4M | ||
| Q3 24 | $52.3M | $756.9M | ||
| Q2 24 | $89.1M | $735.4M | ||
| Q1 24 | $40.0M | $744.6M |
| Q4 25 | $-282.1M | $1.3B | ||
| Q3 25 | $-294.2M | $1.2B | ||
| Q2 25 | $-281.4M | $1.2B | ||
| Q1 25 | $-283.4M | $1.2B | ||
| Q4 24 | $-273.1M | $1.3B | ||
| Q3 24 | $-277.5M | $1.3B | ||
| Q2 24 | $-266.3M | $1.3B | ||
| Q1 24 | $-294.0M | $1.2B |
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.5B | $2.1B | ||
| Q2 25 | $1.5B | $2.0B | ||
| Q1 25 | $1.5B | $1.9B | ||
| Q4 24 | $1.4B | $2.1B | ||
| Q3 24 | $1.4B | $2.0B | ||
| Q2 24 | $1.3B | $2.0B | ||
| Q1 24 | $1.4B | $1.9B |
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 | $114.9M |
| Free Cash FlowOCF − Capex | $31.6M | $109.2M |
| FCF MarginFCF / Revenue | 7.8% | 31.3% |
| Capex IntensityCapex / Revenue | 0.2% | 1.6% |
| Cash ConversionOCF / Net Profit | 3.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $282.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $114.9M | ||
| Q3 25 | $-85.0M | $88.5M | ||
| Q2 25 | $49.7M | $30.8M | ||
| Q1 25 | $6.3M | $66.0M | ||
| Q4 24 | $61.8M | $29.1M | ||
| Q3 24 | $-26.2M | $39.3M | ||
| Q2 24 | $108.4M | $58.7M | ||
| Q1 24 | $4.0M | $69.1M |
| Q4 25 | $31.6M | $109.2M | ||
| Q3 25 | $-85.3M | $83.1M | ||
| Q2 25 | $49.4M | $27.9M | ||
| Q1 25 | $3.9M | $62.0M | ||
| Q4 24 | $61.2M | $17.4M | ||
| Q3 24 | $-26.5M | $35.7M | ||
| Q2 24 | $108.0M | $56.8M | ||
| Q1 24 | $3.9M | $67.1M |
| Q4 25 | 7.8% | 31.3% | ||
| Q3 25 | -216.3% | 24.5% | ||
| Q2 25 | 24.2% | 8.6% | ||
| Q1 25 | 0.9% | 20.0% | ||
| Q4 24 | 17.1% | 5.8% | ||
| Q3 24 | -49.7% | 12.1% | ||
| Q2 24 | 47.5% | 20.0% | ||
| Q1 24 | 0.9% | 24.9% |
| Q4 25 | 0.2% | 1.6% | ||
| Q3 25 | 0.9% | 1.6% | ||
| Q2 25 | 0.2% | 0.9% | ||
| Q1 25 | 0.6% | 1.3% | ||
| Q4 24 | 0.1% | 3.9% | ||
| Q3 24 | 0.7% | 1.2% | ||
| Q2 24 | 0.2% | 0.7% | ||
| Q1 24 | 0.0% | 0.8% |
| 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% |
PCOR
| US | $298.3M | 85% |
| Non Us | $50.9M | 15% |
