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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and Walker & Dunlop, Inc. (WD). 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 $340.0M, roughly 1.2× Walker & Dunlop, Inc.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -12.9%, a 14.9% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -0.4%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
MSGS vs WD — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $340.0M |
| Net Profit | $8.2M | $-13.9M |
| Gross Margin | — | — |
| Operating Margin | 5.5% | -17.2% |
| Net Margin | 2.0% | -12.9% |
| Revenue YoY | 12.8% | -0.4% |
| Net Profit YoY | 641.9% | -131.0% |
| EPS (diluted) | $0.34 | $-0.41 |
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 | $340.0M | ||
| Q3 25 | $39.5M | $337.7M | ||
| Q2 25 | $204.0M | $319.2M | ||
| Q1 25 | $424.2M | $237.4M | ||
| Q4 24 | $357.8M | $341.5M | ||
| Q3 24 | $53.3M | $292.3M | ||
| Q2 24 | $227.3M | $270.7M | ||
| Q1 24 | $430.0M | $228.1M |
| Q4 25 | $8.2M | $-13.9M | ||
| Q3 25 | $-8.8M | $33.5M | ||
| Q2 25 | $-1.8M | $34.0M | ||
| Q1 25 | $-14.2M | $2.8M | ||
| Q4 24 | $1.1M | $44.8M | ||
| Q3 24 | $-7.5M | $28.8M | ||
| Q2 24 | $25.5M | $22.7M | ||
| Q1 24 | $37.9M | $11.9M |
| Q4 25 | 5.5% | -17.2% | ||
| Q3 25 | -69.5% | 13.6% | ||
| Q2 25 | -11.1% | 14.5% | ||
| Q1 25 | 7.6% | 2.2% | ||
| Q4 24 | 3.7% | 15.3% | ||
| Q3 24 | -15.5% | 12.8% | ||
| Q2 24 | 23.0% | 10.4% | ||
| Q1 24 | 18.5% | 6.0% |
| Q4 25 | 2.0% | -12.9% | ||
| Q3 25 | -22.3% | 9.9% | ||
| Q2 25 | -0.9% | 10.6% | ||
| Q1 25 | -3.4% | 1.2% | ||
| Q4 24 | 0.3% | 13.1% | ||
| Q3 24 | -14.1% | 9.9% | ||
| Q2 24 | 11.2% | 8.4% | ||
| Q1 24 | 8.8% | 5.2% |
| Q4 25 | $0.34 | $-0.41 | ||
| Q3 25 | $-0.37 | $0.98 | ||
| Q2 25 | $-0.08 | $0.99 | ||
| Q1 25 | $-0.59 | $0.08 | ||
| Q4 24 | $0.05 | $1.32 | ||
| Q3 24 | $-0.31 | $0.85 | ||
| Q2 24 | $1.07 | $0.67 | ||
| Q1 24 | $1.57 | $0.35 |
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 | $299.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-282.1M | $1.7B |
| Total Assets | $1.5B | $5.1B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $299.3M | ||
| Q3 25 | $48.6M | $274.8M | ||
| Q2 25 | $144.6M | $233.7M | ||
| Q1 25 | $96.5M | $181.0M | ||
| Q4 24 | $107.8M | $279.3M | ||
| Q3 24 | $52.3M | $179.8M | ||
| Q2 24 | $89.1M | $208.1M | ||
| Q1 24 | $40.0M | $216.5M |
| Q4 25 | $-282.1M | $1.7B | ||
| Q3 25 | $-294.2M | $1.8B | ||
| Q2 25 | $-281.4M | $1.8B | ||
| Q1 25 | $-283.4M | $1.7B | ||
| Q4 24 | $-273.1M | $1.7B | ||
| Q3 24 | $-277.5M | $1.7B | ||
| Q2 24 | $-266.3M | $1.7B | ||
| Q1 24 | $-294.0M | $1.7B |
| Q4 25 | $1.5B | $5.1B | ||
| Q3 25 | $1.5B | $5.8B | ||
| Q2 25 | $1.5B | $4.7B | ||
| Q1 25 | $1.5B | $4.5B | ||
| Q4 24 | $1.4B | $4.4B | ||
| Q3 24 | $1.4B | $4.6B | ||
| Q2 24 | $1.3B | $4.2B | ||
| Q1 24 | $1.4B | $3.8B |
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 | $-664.3M |
| Free Cash FlowOCF − Capex | $31.6M | $-680.1M |
| FCF MarginFCF / Revenue | 7.8% | -200.0% |
| Capex IntensityCapex / Revenue | 0.2% | 4.6% |
| Cash ConversionOCF / Net Profit | 3.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $-2.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $-664.3M | ||
| Q3 25 | $-85.0M | $-948.1M | ||
| Q2 25 | $49.7M | $-238.5M | ||
| Q1 25 | $6.3M | $-281.1M | ||
| Q4 24 | $61.8M | $129.4M | ||
| Q3 24 | $-26.2M | $-202.0M | ||
| Q2 24 | $108.4M | $-237.8M | ||
| Q1 24 | $4.0M | $38.4M |
| Q4 25 | $31.6M | $-680.1M | ||
| Q3 25 | $-85.3M | $-950.4M | ||
| Q2 25 | $49.4M | $-241.0M | ||
| Q1 25 | $3.9M | $-284.7M | ||
| Q4 24 | $61.2M | $116.4M | ||
| Q3 24 | $-26.5M | $-204.0M | ||
| Q2 24 | $108.0M | $-241.7M | ||
| Q1 24 | $3.9M | $35.2M |
| Q4 25 | 7.8% | -200.0% | ||
| Q3 25 | -216.3% | -281.5% | ||
| Q2 25 | 24.2% | -75.5% | ||
| Q1 25 | 0.9% | -120.0% | ||
| Q4 24 | 17.1% | 34.1% | ||
| Q3 24 | -49.7% | -69.8% | ||
| Q2 24 | 47.5% | -89.3% | ||
| Q1 24 | 0.9% | 15.4% |
| Q4 25 | 0.2% | 4.6% | ||
| Q3 25 | 0.9% | 0.7% | ||
| Q2 25 | 0.2% | 0.8% | ||
| Q1 25 | 0.6% | 1.5% | ||
| Q4 24 | 0.1% | 3.8% | ||
| Q3 24 | 0.7% | 0.7% | ||
| Q2 24 | 0.2% | 1.4% | ||
| Q1 24 | 0.0% | 1.4% |
| Q4 25 | 3.94× | — | ||
| Q3 25 | — | -28.34× | ||
| Q2 25 | — | -7.02× | ||
| Q1 25 | — | -102.07× | ||
| Q4 24 | 55.61× | 2.89× | ||
| Q3 24 | — | -7.01× | ||
| Q2 24 | 4.25× | -10.49× | ||
| Q1 24 | 0.11× | 3.24× |
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% |
WD
Segment breakdown not available.
