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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and TRUPANION, INC. (TRUP). 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 $376.9M, roughly 1.1× TRUPANION, INC.). On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 11.7%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $25.3M). Over the past eight quarters, TRUPANION, INC.'s revenue compounded faster (11.0% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
TRUPANION, INC.TRUPEarnings & Financial Report
Trupanion, Inc. is a pet insurance provider headquartered in Seattle, Washington. Established in 1998, Trupanion operates across the United States, Canada, Australia, and Puerto Rico. The company offers coverage for pets and is self-underwritten by the American Pet Insurance Company (APIC).
MSGS vs TRUP — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $376.9M |
| Net Profit | $8.2M | — |
| Gross Margin | — | 17.3% |
| Operating Margin | 5.5% | 1.9% |
| Net Margin | 2.0% | — |
| Revenue YoY | 12.8% | 11.7% |
| Net Profit YoY | 641.9% | — |
| EPS (diluted) | $0.34 | $0.13 |
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 | $376.9M | ||
| Q3 25 | $39.5M | $366.9M | ||
| Q2 25 | $204.0M | $353.6M | ||
| Q1 25 | $424.2M | $342.0M | ||
| Q4 24 | $357.8M | $337.3M | ||
| Q3 24 | $53.3M | $327.5M | ||
| Q2 24 | $227.3M | $314.8M | ||
| Q1 24 | $430.0M | $306.1M |
| Q4 25 | $8.2M | — | ||
| Q3 25 | $-8.8M | — | ||
| Q2 25 | $-1.8M | — | ||
| Q1 25 | $-14.2M | — | ||
| Q4 24 | $1.1M | — | ||
| Q3 24 | $-7.5M | — | ||
| Q2 24 | $25.5M | — | ||
| Q1 24 | $37.9M | — |
| Q4 25 | — | 17.3% | ||
| Q3 25 | — | 16.4% | ||
| Q2 25 | — | 15.5% | ||
| Q1 25 | — | 14.9% | ||
| Q4 24 | — | 15.7% | ||
| Q3 24 | — | 15.1% | ||
| Q2 24 | — | 12.8% | ||
| Q1 24 | — | 11.8% |
| Q4 25 | 5.5% | 1.9% | ||
| Q3 25 | -69.5% | 1.6% | ||
| Q2 25 | -11.1% | 0.7% | ||
| Q1 25 | 7.6% | -0.4% | ||
| Q4 24 | 3.7% | 0.1% | ||
| Q3 24 | -15.5% | 0.5% | ||
| Q2 24 | 23.0% | -1.7% | ||
| Q1 24 | 18.5% | -2.0% |
| Q4 25 | 2.0% | — | ||
| Q3 25 | -22.3% | — | ||
| Q2 25 | -0.9% | — | ||
| Q1 25 | -3.4% | — | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | -14.1% | — | ||
| Q2 24 | 11.2% | — | ||
| Q1 24 | 8.8% | — |
| Q4 25 | $0.34 | $0.13 | ||
| Q3 25 | $-0.37 | $0.13 | ||
| Q2 25 | $-0.08 | $0.22 | ||
| Q1 25 | $-0.59 | $-0.03 | ||
| Q4 24 | $0.05 | $0.04 | ||
| Q3 24 | $-0.31 | $0.03 | ||
| Q2 24 | $1.07 | $-0.14 | ||
| Q1 24 | $1.57 | $-0.16 |
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 | $370.7M |
| Total DebtLower is stronger | — | $101.8M |
| Stockholders' EquityBook value | $-282.1M | $383.9M |
| Total Assets | $1.5B | $915.0M |
| Debt / EquityLower = less leverage | — | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $370.7M | ||
| Q3 25 | $48.6M | $348.5M | ||
| Q2 25 | $144.6M | $319.6M | ||
| Q1 25 | $96.5M | $321.8M | ||
| Q4 24 | $107.8M | $307.4M | ||
| Q3 24 | $52.3M | $293.1M | ||
| Q2 24 | $89.1M | $277.2M | ||
| Q1 24 | $40.0M | $275.2M |
| Q4 25 | — | $101.8M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $127.5M | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-282.1M | $383.9M | ||
| Q3 25 | $-294.2M | $368.6M | ||
| Q2 25 | $-281.4M | $355.5M | ||
| Q1 25 | $-283.4M | $333.7M | ||
| Q4 24 | $-273.1M | $323.3M | ||
| Q3 24 | $-277.5M | $320.2M | ||
| Q2 24 | $-266.3M | $305.8M | ||
| Q1 24 | $-294.0M | $303.4M |
| Q4 25 | $1.5B | $915.0M | ||
| Q3 25 | $1.5B | $880.2M | ||
| Q2 25 | $1.5B | $847.8M | ||
| Q1 25 | $1.5B | $837.2M | ||
| Q4 24 | $1.4B | $806.9M | ||
| Q3 24 | $1.4B | $816.1M | ||
| Q2 24 | $1.3B | $795.9M | ||
| Q1 24 | $1.4B | $789.5M |
| Q4 25 | — | 0.27× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.39× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| 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 | $29.3M |
| Free Cash FlowOCF − Capex | $31.6M | $25.3M |
| FCF MarginFCF / Revenue | 7.8% | 6.7% |
| Capex IntensityCapex / Revenue | 0.2% | 1.0% |
| Cash ConversionOCF / Net Profit | 3.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $75.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $29.3M | ||
| Q3 25 | $-85.0M | $29.2M | ||
| Q2 25 | $49.7M | $15.0M | ||
| Q1 25 | $6.3M | $16.0M | ||
| Q4 24 | $61.8M | $23.7M | ||
| Q3 24 | $-26.2M | $15.3M | ||
| Q2 24 | $108.4M | $6.9M | ||
| Q1 24 | $4.0M | $2.4M |
| Q4 25 | $31.6M | $25.3M | ||
| Q3 25 | $-85.3M | $23.9M | ||
| Q2 25 | $49.4M | $12.0M | ||
| Q1 25 | $3.9M | $14.0M | ||
| Q4 24 | $61.2M | $21.8M | ||
| Q3 24 | $-26.5M | $13.4M | ||
| Q2 24 | $108.0M | $4.0M | ||
| Q1 24 | $3.9M | $-631.0K |
| Q4 25 | 7.8% | 6.7% | ||
| Q3 25 | -216.3% | 6.5% | ||
| Q2 25 | 24.2% | 3.4% | ||
| Q1 25 | 0.9% | 4.1% | ||
| Q4 24 | 17.1% | 6.5% | ||
| Q3 24 | -49.7% | 4.1% | ||
| Q2 24 | 47.5% | 1.3% | ||
| Q1 24 | 0.9% | -0.2% |
| Q4 25 | 0.2% | 1.0% | ||
| Q3 25 | 0.9% | 1.4% | ||
| Q2 25 | 0.2% | 0.8% | ||
| Q1 25 | 0.6% | 0.6% | ||
| Q4 24 | 0.1% | 0.6% | ||
| Q3 24 | 0.7% | 0.6% | ||
| Q2 24 | 0.2% | 0.9% | ||
| Q1 24 | 0.0% | 1.0% |
| 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% |
TRUP
| Subscriptionbusiness | $261.4M | 69% |
| Other | $115.4M | 31% |
