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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and TRINITY INDUSTRIES INC (TRN). Click either name above to swap in a different company.
TRINITY INDUSTRIES INC is the larger business by last-quarter revenue ($611.2M vs $403.4M, roughly 1.5× Madison Square Garden Sports Corp.). TRINITY INDUSTRIES INC runs the higher net margin — 31.8% vs 2.0%, a 29.7% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -2.9%). TRINITY INDUSTRIES INC produced more free cash flow last quarter ($158.6M vs $31.6M). Over the past eight quarters, Madison Square Garden Sports Corp.'s revenue compounded faster (-3.1% CAGR vs -13.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Trinity Industries Inc. is an American industrial corporation that owns a variety of businesses which provide products and services to the industrial, energy, transportation and construction sectors.
MSGS vs TRN — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $611.2M |
| Net Profit | $8.2M | $194.2M |
| Gross Margin | — | 25.5% |
| Operating Margin | 5.5% | 54.9% |
| Net Margin | 2.0% | 31.8% |
| Revenue YoY | 12.8% | -2.9% |
| Net Profit YoY | 641.9% | 413.8% |
| EPS (diluted) | $0.34 | $2.25 |
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 | $611.2M | ||
| Q3 25 | $39.5M | $454.1M | ||
| Q2 25 | $204.0M | $506.2M | ||
| Q1 25 | $424.2M | $585.4M | ||
| Q4 24 | $357.8M | $629.4M | ||
| Q3 24 | $53.3M | $798.8M | ||
| Q2 24 | $227.3M | $841.4M | ||
| Q1 24 | $430.0M | $809.6M |
| Q4 25 | $8.2M | $194.2M | ||
| Q3 25 | $-8.8M | $30.3M | ||
| Q2 25 | $-1.8M | $14.1M | ||
| Q1 25 | $-14.2M | $22.1M | ||
| Q4 24 | $1.1M | $37.8M | ||
| Q3 24 | $-7.5M | $31.4M | ||
| Q2 24 | $25.5M | $54.4M | ||
| Q1 24 | $37.9M | $23.7M |
| Q4 25 | — | 25.5% | ||
| Q3 25 | — | 31.1% | ||
| Q2 25 | — | 26.4% | ||
| Q1 25 | — | 24.3% | ||
| Q4 24 | — | 24.6% | ||
| Q3 24 | — | 21.2% | ||
| Q2 24 | — | 21.3% | ||
| Q1 24 | — | 20.3% |
| Q4 25 | 5.5% | 54.9% | ||
| Q3 25 | -69.5% | 26.1% | ||
| Q2 25 | -11.1% | 18.8% | ||
| Q1 25 | 7.6% | 17.0% | ||
| Q4 24 | 3.7% | 17.8% | ||
| Q3 24 | -15.5% | 15.3% | ||
| Q2 24 | 23.0% | 16.9% | ||
| Q1 24 | 18.5% | 14.2% |
| Q4 25 | 2.0% | 31.8% | ||
| Q3 25 | -22.3% | 6.7% | ||
| Q2 25 | -0.9% | 2.8% | ||
| Q1 25 | -3.4% | 3.8% | ||
| Q4 24 | 0.3% | 6.0% | ||
| Q3 24 | -14.1% | 3.9% | ||
| Q2 24 | 11.2% | 6.5% | ||
| Q1 24 | 8.8% | 2.9% |
| Q4 25 | $0.34 | $2.25 | ||
| Q3 25 | $-0.37 | $0.37 | ||
| Q2 25 | $-0.08 | $0.17 | ||
| Q1 25 | $-0.59 | $0.26 | ||
| Q4 24 | $0.05 | $0.34 | ||
| Q3 24 | $-0.31 | $0.37 | ||
| Q2 24 | $1.07 | $0.65 | ||
| Q1 24 | $1.57 | $0.28 |
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 | $201.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-282.1M | $1.1B |
| Total Assets | $1.5B | $8.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $201.3M | ||
| Q3 25 | $48.6M | $66.3M | ||
| Q2 25 | $144.6M | $147.7M | ||
| Q1 25 | $96.5M | $94.9M | ||
| Q4 24 | $107.8M | $228.2M | ||
| Q3 24 | $52.3M | $222.4M | ||
| Q2 24 | $89.1M | $257.1M | ||
| Q1 24 | $40.0M | $118.8M |
| Q4 25 | $-282.1M | $1.1B | ||
| Q3 25 | $-294.2M | $1.0B | ||
| Q2 25 | $-281.4M | $1.0B | ||
| Q1 25 | $-283.4M | $1.1B | ||
| Q4 24 | $-273.1M | $1.1B | ||
| Q3 24 | $-277.5M | $1.1B | ||
| Q2 24 | $-266.3M | $1.1B | ||
| Q1 24 | $-294.0M | $1.0B |
| Q4 25 | $1.5B | $8.4B | ||
| Q3 25 | $1.5B | $8.9B | ||
| Q2 25 | $1.5B | $8.8B | ||
| Q1 25 | $1.5B | $8.7B | ||
| Q4 24 | $1.4B | $8.8B | ||
| Q3 24 | $1.4B | $8.8B | ||
| Q2 24 | $1.3B | $9.0B | ||
| Q1 24 | $1.4B | $9.1B |
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 | $177.4M |
| Free Cash FlowOCF − Capex | $31.6M | $158.6M |
| FCF MarginFCF / Revenue | 7.8% | 25.9% |
| Capex IntensityCapex / Revenue | 0.2% | 3.1% |
| Cash ConversionOCF / Net Profit | 3.94× | 0.91× |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $314.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $177.4M | ||
| Q3 25 | $-85.0M | $44.2M | ||
| Q2 25 | $49.7M | $61.6M | ||
| Q1 25 | $6.3M | $76.5M | ||
| Q4 24 | $61.8M | $201.6M | ||
| Q3 24 | $-26.2M | $78.5M | ||
| Q2 24 | $108.4M | $241.5M | ||
| Q1 24 | $4.0M | $52.2M |
| Q4 25 | $31.6M | $158.6M | ||
| Q3 25 | $-85.3M | $35.3M | ||
| Q2 25 | $49.4M | $52.9M | ||
| Q1 25 | $3.9M | $67.3M | ||
| Q4 24 | $61.2M | $180.1M | ||
| Q3 24 | $-26.5M | $62.1M | ||
| Q2 24 | $108.0M | $230.2M | ||
| Q1 24 | $3.9M | $47.6M |
| Q4 25 | 7.8% | 25.9% | ||
| Q3 25 | -216.3% | 7.8% | ||
| Q2 25 | 24.2% | 10.5% | ||
| Q1 25 | 0.9% | 11.5% | ||
| Q4 24 | 17.1% | 28.6% | ||
| Q3 24 | -49.7% | 7.8% | ||
| Q2 24 | 47.5% | 27.4% | ||
| Q1 24 | 0.9% | 5.9% |
| Q4 25 | 0.2% | 3.1% | ||
| Q3 25 | 0.9% | 2.0% | ||
| Q2 25 | 0.2% | 1.7% | ||
| Q1 25 | 0.6% | 1.6% | ||
| Q4 24 | 0.1% | 3.4% | ||
| Q3 24 | 0.7% | 2.1% | ||
| Q2 24 | 0.2% | 1.3% | ||
| Q1 24 | 0.0% | 0.6% |
| Q4 25 | 3.94× | 0.91× | ||
| Q3 25 | — | 1.46× | ||
| Q2 25 | — | 4.37× | ||
| Q1 25 | — | 3.46× | ||
| Q4 24 | 55.61× | 5.33× | ||
| Q3 24 | — | 2.50× | ||
| Q2 24 | 4.25× | 4.44× | ||
| Q1 24 | 0.11× | 2.20× |
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% |
TRN
| Manufacturing | $296.5M | 49% |
| Leasing And Management | $234.8M | 38% |
| Maintenance Services Domain | $69.8M | 11% |
| Digital Logistics Services | $11.2M | 2% |
