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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and PEGASYSTEMS INC (PEGA). Click either name above to swap in a different company.
PEGASYSTEMS INC is the larger business by last-quarter revenue ($430.0M vs $403.4M, roughly 1.1× Madison Square Garden Sports Corp.). PEGASYSTEMS INC runs the higher net margin — 7.6% vs 2.0%, a 5.6% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -9.6%). PEGASYSTEMS INC produced more free cash flow last quarter ($206.5M vs $31.6M). Over the past eight quarters, PEGASYSTEMS INC's revenue compounded faster (10.7% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Pegasystems Inc. (Pega) is a global software company based in Waltham, Massachusetts, in the United States, and founded in 1983. The company has been publicly traded since 1996 as PEGA (NASDAQ). Pega is a low-code platform for workflow automation and generative AI-powered decision-making for businesses.
MSGS vs PEGA — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $430.0M |
| Net Profit | $8.2M | $32.8M |
| Gross Margin | — | 75.2% |
| Operating Margin | 5.5% | 8.6% |
| Net Margin | 2.0% | 7.6% |
| Revenue YoY | 12.8% | -9.6% |
| Net Profit YoY | 641.9% | — |
| EPS (diluted) | $0.34 | $0.18 |
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 | — | $430.0M | ||
| Q4 25 | $403.4M | $504.3M | ||
| Q3 25 | $39.5M | $381.4M | ||
| Q2 25 | $204.0M | $384.5M | ||
| Q1 25 | $424.2M | $475.6M | ||
| Q4 24 | $357.8M | $490.8M | ||
| Q3 24 | $53.3M | $325.1M | ||
| Q2 24 | $227.3M | $351.2M |
| Q1 26 | — | $32.8M | ||
| Q4 25 | $8.2M | $234.6M | ||
| Q3 25 | $-8.8M | $43.4M | ||
| Q2 25 | $-1.8M | $30.1M | ||
| Q1 25 | $-14.2M | $85.4M | ||
| Q4 24 | $1.1M | $119.1M | ||
| Q3 24 | $-7.5M | $-14.4M | ||
| Q2 24 | $25.5M | $6.6M |
| Q1 26 | — | 75.2% | ||
| Q4 25 | — | 79.5% | ||
| Q3 25 | — | 72.2% | ||
| Q2 25 | — | 71.5% | ||
| Q1 25 | — | 78.5% | ||
| Q4 24 | — | 79.1% | ||
| Q3 24 | — | 70.2% | ||
| Q2 24 | — | 72.4% |
| Q1 26 | — | 8.6% | ||
| Q4 25 | 5.5% | 20.7% | ||
| Q3 25 | -69.5% | 3.8% | ||
| Q2 25 | -11.1% | 4.5% | ||
| Q1 25 | 7.6% | 26.7% | ||
| Q4 24 | 3.7% | 29.1% | ||
| Q3 24 | -15.5% | -3.6% | ||
| Q2 24 | 23.0% | 3.7% |
| Q1 26 | — | 7.6% | ||
| Q4 25 | 2.0% | 46.5% | ||
| Q3 25 | -22.3% | 11.4% | ||
| Q2 25 | -0.9% | 7.8% | ||
| Q1 25 | -3.4% | 18.0% | ||
| Q4 24 | 0.3% | 24.3% | ||
| Q3 24 | -14.1% | -4.4% | ||
| Q2 24 | 11.2% | 1.9% |
| Q1 26 | — | $0.18 | ||
| Q4 25 | $0.34 | $0.81 | ||
| Q3 25 | $-0.37 | $0.24 | ||
| Q2 25 | $-0.08 | $0.17 | ||
| Q1 25 | $-0.59 | $0.91 | ||
| Q4 24 | $0.05 | $1.35 | ||
| Q3 24 | $-0.31 | $-0.17 | ||
| Q2 24 | $1.07 | $0.07 |
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 | $270.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-282.1M | $705.9M |
| Total Assets | $1.5B | $1.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $270.0M | ||
| Q4 25 | $81.3M | $425.8M | ||
| Q3 25 | $48.6M | $351.4M | ||
| Q2 25 | $144.6M | $411.6M | ||
| Q1 25 | $96.5M | $371.7M | ||
| Q4 24 | $107.8M | $740.0M | ||
| Q3 24 | $52.3M | $703.0M | ||
| Q2 24 | $89.1M | $665.1M |
| Q1 26 | — | $705.9M | ||
| Q4 25 | $-282.1M | $787.4M | ||
| Q3 25 | $-294.2M | $596.8M | ||
| Q2 25 | $-281.4M | $624.5M | ||
| Q1 25 | $-283.4M | $611.3M | ||
| Q4 24 | $-273.1M | $585.5M | ||
| Q3 24 | $-277.5M | $473.0M | ||
| Q2 24 | $-266.3M | $435.4M |
| Q1 26 | — | $1.6B | ||
| Q4 25 | $1.5B | $1.6B | ||
| Q3 25 | $1.5B | $1.3B | ||
| Q2 25 | $1.5B | $1.3B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.4B | $1.8B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.3B | $1.5B |
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 | $206.5M |
| FCF MarginFCF / Revenue | 7.8% | 48.0% |
| Capex IntensityCapex / Revenue | 0.2% | — |
| Cash ConversionOCF / Net Profit | 3.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $494.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $32.4M | $158.4M | ||
| Q3 25 | $-85.0M | $56.3M | ||
| Q2 25 | $49.7M | $86.3M | ||
| Q1 25 | $6.3M | $204.2M | ||
| Q4 24 | $61.8M | $95.2M | ||
| Q3 24 | $-26.2M | $30.5M | ||
| Q2 24 | $108.4M | $40.1M |
| Q1 26 | — | $206.5M | ||
| Q4 25 | $31.6M | $152.4M | ||
| Q3 25 | $-85.3M | $51.8M | ||
| Q2 25 | $49.4M | $84.1M | ||
| Q1 25 | $3.9M | $202.3M | ||
| Q4 24 | $61.2M | $92.4M | ||
| Q3 24 | $-26.5M | $27.4M | ||
| Q2 24 | $108.0M | $38.8M |
| Q1 26 | — | 48.0% | ||
| Q4 25 | 7.8% | 30.2% | ||
| Q3 25 | -216.3% | 13.6% | ||
| Q2 25 | 24.2% | 21.9% | ||
| Q1 25 | 0.9% | 42.5% | ||
| Q4 24 | 17.1% | 18.8% | ||
| Q3 24 | -49.7% | 8.4% | ||
| Q2 24 | 47.5% | 11.1% |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 1.2% | ||
| Q3 25 | 0.9% | 1.2% | ||
| Q2 25 | 0.2% | 0.6% | ||
| Q1 25 | 0.6% | 0.4% | ||
| Q4 24 | 0.1% | 0.6% | ||
| Q3 24 | 0.7% | 0.9% | ||
| Q2 24 | 0.2% | 0.4% |
| Q1 26 | — | — | ||
| Q4 25 | 3.94× | 0.68× | ||
| Q3 25 | — | 1.30× | ||
| Q2 25 | — | 2.87× | ||
| Q1 25 | — | 2.39× | ||
| Q4 24 | 55.61× | 0.80× | ||
| Q3 24 | — | — | ||
| Q2 24 | 4.25× | 6.06× |
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% |
PEGA
| Pega Cloud | $205.0M | 48% |
| Subscription license | $94.9M | 22% |
| Maintenance | $75.3M | 18% |
| Consulting | $54.8M | 13% |
