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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and Paylocity Holding Corp (PCTY). 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 $387.0M, roughly 1.0× Paylocity Holding Corp). Paylocity Holding Corp runs the higher net margin — 13.0% vs 2.0%, a 10.9% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 11.3%). Paylocity Holding Corp produced more free cash flow last quarter ($113.6M vs $31.6M). Over the past eight quarters, Paylocity Holding Corp's revenue compounded faster (2.7% CAGR vs -3.1%).
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.
MSGS vs PCTY — Head-to-Head
Income Statement — Q2 FY2026 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $387.0M |
| Net Profit | $8.2M | $50.2M |
| Gross Margin | — | 72.9% |
| Operating Margin | 5.5% | 18.2% |
| Net Margin | 2.0% | 13.0% |
| Revenue YoY | 12.8% | 11.3% |
| Net Profit YoY | 641.9% | 34.0% |
| EPS (diluted) | $0.34 | $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 | $403.4M | $387.0M | ||
| Q3 25 | $39.5M | $378.9M | ||
| Q2 25 | $204.0M | $369.9M | ||
| Q1 25 | $424.2M | $421.1M | ||
| Q4 24 | $357.8M | $347.7M | ||
| Q3 24 | $53.3M | $333.1M | ||
| Q2 24 | $227.3M | $324.7M | ||
| Q1 24 | $430.0M | $366.8M |
| Q4 25 | $8.2M | $50.2M | ||
| Q3 25 | $-8.8M | $48.0M | ||
| Q2 25 | $-1.8M | $48.6M | ||
| Q1 25 | $-14.2M | $91.5M | ||
| Q4 24 | $1.1M | $37.5M | ||
| Q3 24 | $-7.5M | $49.6M | ||
| Q2 24 | $25.5M | $48.8M | ||
| Q1 24 | $37.9M | $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 | 5.5% | 18.2% | ||
| Q3 25 | -69.5% | 19.6% | ||
| Q2 25 | -11.1% | 17.9% | ||
| Q1 25 | 7.6% | 30.2% | ||
| Q4 24 | 3.7% | 13.4% | ||
| Q3 24 | -15.5% | 19.3% | ||
| Q2 24 | 23.0% | 19.4% | ||
| Q1 24 | 18.5% | 29.0% |
| Q4 25 | 2.0% | 13.0% | ||
| Q3 25 | -22.3% | 12.7% | ||
| Q2 25 | -0.9% | 13.1% | ||
| Q1 25 | -3.4% | 21.7% | ||
| Q4 24 | 0.3% | 10.8% | ||
| Q3 24 | -14.1% | 14.9% | ||
| Q2 24 | 11.2% | 15.0% | ||
| Q1 24 | 8.8% | 23.3% |
| Q4 25 | $0.34 | $0.92 | ||
| Q3 25 | $-0.37 | $0.86 | ||
| Q2 25 | $-0.08 | $0.87 | ||
| Q1 25 | $-0.59 | $1.61 | ||
| Q4 24 | $0.05 | $0.66 | ||
| Q3 24 | $-0.31 | $0.88 | ||
| Q2 24 | $1.07 | $0.85 | ||
| Q1 24 | $1.57 | $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 | $81.3M | $162.5M |
| Total DebtLower is stronger | — | $81.3M |
| Stockholders' EquityBook value | $-282.1M | $1.1B |
| Total Assets | $1.5B | $7.0B |
| Debt / EquityLower = less leverage | — | 0.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $162.5M | ||
| Q3 25 | $48.6M | $165.2M | ||
| Q2 25 | $144.6M | $398.1M | ||
| Q1 25 | $96.5M | $477.8M | ||
| Q4 24 | $107.8M | $482.4M | ||
| Q3 24 | $52.3M | $778.5M | ||
| Q2 24 | $89.1M | $401.8M | ||
| Q1 24 | $40.0M | $492.7M |
| Q4 25 | — | $81.3M | ||
| Q3 25 | — | $81.3M | ||
| Q2 25 | — | $162.5M | ||
| Q1 25 | — | $243.8M | ||
| Q4 24 | — | $325.0M | ||
| Q3 24 | — | $325.0M | ||
| Q2 24 | — | $0 | ||
| Q1 24 | — | — |
| Q4 25 | $-282.1M | $1.1B | ||
| Q3 25 | $-294.2M | $1.1B | ||
| Q2 25 | $-281.4M | $1.2B | ||
| Q1 25 | $-283.4M | $1.2B | ||
| Q4 24 | $-273.1M | $1.2B | ||
| Q3 24 | $-277.5M | $1.1B | ||
| Q2 24 | $-266.3M | $1.0B | ||
| Q1 24 | $-294.0M | $1.1B |
| Q4 25 | $1.5B | $7.0B | ||
| Q3 25 | $1.5B | $4.2B | ||
| Q2 25 | $1.5B | $4.4B | ||
| Q1 25 | $1.5B | $5.2B | ||
| Q4 24 | $1.4B | $5.3B | ||
| Q3 24 | $1.4B | $4.0B | ||
| Q2 24 | $1.3B | $4.2B | ||
| Q1 24 | $1.4B | $5.0B |
| Q4 25 | — | 0.07× | ||
| Q3 25 | — | 0.07× | ||
| Q2 25 | — | 0.13× | ||
| Q1 25 | — | 0.20× | ||
| Q4 24 | — | 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 | $32.4M | $117.0M |
| Free Cash FlowOCF − Capex | $31.6M | $113.6M |
| FCF MarginFCF / Revenue | 7.8% | 29.4% |
| Capex IntensityCapex / Revenue | 0.2% | 0.9% |
| Cash ConversionOCF / Net Profit | 3.94× | 2.33× |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $461.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $117.0M | ||
| Q3 25 | $-85.0M | $86.5M | ||
| Q2 25 | $49.7M | $86.6M | ||
| Q1 25 | $6.3M | $186.0M | ||
| Q4 24 | $61.8M | $54.2M | ||
| Q3 24 | $-26.2M | $91.5M | ||
| Q2 24 | $108.4M | $79.9M | ||
| Q1 24 | $4.0M | $167.5M |
| Q4 25 | $31.6M | $113.6M | ||
| Q3 25 | $-85.3M | $82.7M | ||
| Q2 25 | $49.4M | $81.1M | ||
| Q1 25 | $3.9M | $183.7M | ||
| Q4 24 | $61.2M | $51.2M | ||
| Q3 24 | $-26.5M | $89.1M | ||
| Q2 24 | $108.0M | $73.6M | ||
| Q1 24 | $3.9M | $162.0M |
| Q4 25 | 7.8% | 29.4% | ||
| Q3 25 | -216.3% | 21.8% | ||
| Q2 25 | 24.2% | 21.9% | ||
| Q1 25 | 0.9% | 43.6% | ||
| Q4 24 | 17.1% | 14.7% | ||
| Q3 24 | -49.7% | 26.8% | ||
| Q2 24 | 47.5% | 22.7% | ||
| Q1 24 | 0.9% | 44.2% |
| Q4 25 | 0.2% | 0.9% | ||
| Q3 25 | 0.9% | 1.0% | ||
| Q2 25 | 0.2% | 1.5% | ||
| Q1 25 | 0.6% | 0.5% | ||
| Q4 24 | 0.1% | 0.9% | ||
| Q3 24 | 0.7% | 0.7% | ||
| Q2 24 | 0.2% | 1.9% | ||
| Q1 24 | 0.0% | 1.5% |
| Q4 25 | 3.94× | 2.33× | ||
| Q3 25 | — | 1.80× | ||
| Q2 25 | — | 1.78× | ||
| Q1 25 | — | 2.03× | ||
| Q4 24 | 55.61× | 1.45× | ||
| Q3 24 | — | 1.84× | ||
| Q2 24 | 4.25× | 1.64× | ||
| Q1 24 | 0.11× | 1.96× |
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% |
PCTY
| Recurring Fees | $370.1M | 96% |
| Implementation Services And Other | $16.9M | 4% |
