vs
Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and XPLR Infrastructure, LP (XIFR). 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 $249.0M, roughly 1.6× XPLR Infrastructure, LP). XPLR Infrastructure, LP runs the higher net margin — 11.2% vs 2.0%, a 9.2% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -15.3%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $-88.0M). Over the past eight quarters, XPLR Infrastructure, LP's revenue compounded faster (-1.6% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
XPLR Infrastructure is a publicly traded subsidiary of NextEra Energy, is a Juno Beach, Florida-based renewable energy company.
MSGS vs XIFR — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $249.0M |
| Net Profit | $8.2M | $28.0M |
| Gross Margin | — | — |
| Operating Margin | 5.5% | -19.3% |
| Net Margin | 2.0% | 11.2% |
| Revenue YoY | 12.8% | -15.3% |
| Net Profit YoY | 641.9% | 124.3% |
| EPS (diluted) | $0.34 | — |
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 | $249.0M | ||
| Q3 25 | $39.5M | $315.0M | ||
| Q2 25 | $204.0M | $342.0M | ||
| Q1 25 | $424.2M | $282.0M | ||
| Q4 24 | $357.8M | $294.0M | ||
| Q3 24 | $53.3M | $319.0M | ||
| Q2 24 | $227.3M | $360.0M | ||
| Q1 24 | $430.0M | $257.0M |
| Q4 25 | $8.2M | $28.0M | ||
| Q3 25 | $-8.8M | $-37.0M | ||
| Q2 25 | $-1.8M | $79.0M | ||
| Q1 25 | $-14.2M | $-98.0M | ||
| Q4 24 | $1.1M | $-115.0M | ||
| Q3 24 | $-7.5M | $-40.0M | ||
| Q2 24 | $25.5M | $62.0M | ||
| Q1 24 | $37.9M | $70.0M |
| Q4 25 | 5.5% | -19.3% | ||
| Q3 25 | -69.5% | 1.6% | ||
| Q2 25 | -11.1% | 26.3% | ||
| Q1 25 | 7.6% | -82.6% | ||
| Q4 24 | 3.7% | -188.1% | ||
| Q3 24 | -15.5% | 15.4% | ||
| Q2 24 | 23.0% | 18.3% | ||
| Q1 24 | 18.5% | -8.2% |
| Q4 25 | 2.0% | 11.2% | ||
| Q3 25 | -22.3% | -11.7% | ||
| Q2 25 | -0.9% | 23.1% | ||
| Q1 25 | -3.4% | -34.8% | ||
| Q4 24 | 0.3% | -39.1% | ||
| Q3 24 | -14.1% | -12.5% | ||
| Q2 24 | 11.2% | 17.2% | ||
| Q1 24 | 8.8% | 27.2% |
| Q4 25 | $0.34 | — | ||
| Q3 25 | $-0.37 | $-0.40 | ||
| Q2 25 | $-0.08 | $0.84 | ||
| Q1 25 | $-0.59 | $-1.05 | ||
| Q4 24 | $0.05 | — | ||
| Q3 24 | $-0.31 | $-0.43 | ||
| Q2 24 | $1.07 | $0.66 | ||
| Q1 24 | $1.57 | $0.75 |
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 | $960.0M |
| Total DebtLower is stronger | — | $6.2B |
| Stockholders' EquityBook value | $-282.1M | $10.9B |
| Total Assets | $1.5B | $19.6B |
| Debt / EquityLower = less leverage | — | 0.57× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $960.0M | ||
| Q3 25 | $48.6M | $711.0M | ||
| Q2 25 | $144.6M | $880.0M | ||
| Q1 25 | $96.5M | $1.5B | ||
| Q4 24 | $107.8M | $283.0M | ||
| Q3 24 | $52.3M | $290.0M | ||
| Q2 24 | $89.1M | $281.0M | ||
| Q1 24 | $40.0M | $245.0M |
| Q4 25 | — | $6.2B | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $5.3B | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $-282.1M | $10.9B | ||
| Q3 25 | $-294.2M | $11.0B | ||
| Q2 25 | $-281.4M | $11.3B | ||
| Q1 25 | $-283.4M | $12.6B | ||
| Q4 24 | $-273.1M | $12.9B | ||
| Q3 24 | $-277.5M | $13.6B | ||
| Q2 24 | $-266.3M | $13.9B | ||
| Q1 24 | $-294.0M | $14.0B |
| Q4 25 | $1.5B | $19.6B | ||
| Q3 25 | $1.5B | $19.1B | ||
| Q2 25 | $1.5B | $20.5B | ||
| Q1 25 | $1.5B | $21.4B | ||
| Q4 24 | $1.4B | $20.3B | ||
| Q3 24 | $1.4B | $20.9B | ||
| Q2 24 | $1.3B | $21.7B | ||
| Q1 24 | $1.4B | $22.3B |
| Q4 25 | — | 0.57× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.41× | ||
| 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 | $186.0M |
| Free Cash FlowOCF − Capex | $31.6M | $-88.0M |
| FCF MarginFCF / Revenue | 7.8% | -35.3% |
| Capex IntensityCapex / Revenue | 0.2% | 110.0% |
| Cash ConversionOCF / Net Profit | 3.94× | 6.64× |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $-219.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $186.0M | ||
| Q3 25 | $-85.0M | $231.0M | ||
| Q2 25 | $49.7M | $232.0M | ||
| Q1 25 | $6.3M | $90.0M | ||
| Q4 24 | $61.8M | $283.0M | ||
| Q3 24 | $-26.2M | $208.0M | ||
| Q2 24 | $108.4M | $231.0M | ||
| Q1 24 | $4.0M | $78.0M |
| Q4 25 | $31.6M | $-88.0M | ||
| Q3 25 | $-85.3M | $-283.0M | ||
| Q2 25 | $49.4M | $151.0M | ||
| Q1 25 | $3.9M | $1.0M | ||
| Q4 24 | $61.2M | $231.0M | ||
| Q3 24 | $-26.5M | $152.0M | ||
| Q2 24 | $108.0M | $162.0M | ||
| Q1 24 | $3.9M | $14.0M |
| Q4 25 | 7.8% | -35.3% | ||
| Q3 25 | -216.3% | -89.8% | ||
| Q2 25 | 24.2% | 44.2% | ||
| Q1 25 | 0.9% | 0.4% | ||
| Q4 24 | 17.1% | 78.6% | ||
| Q3 24 | -49.7% | 47.6% | ||
| Q2 24 | 47.5% | 45.0% | ||
| Q1 24 | 0.9% | 5.4% |
| Q4 25 | 0.2% | 110.0% | ||
| Q3 25 | 0.9% | 163.2% | ||
| Q2 25 | 0.2% | 23.7% | ||
| Q1 25 | 0.6% | 31.6% | ||
| Q4 24 | 0.1% | 17.7% | ||
| Q3 24 | 0.7% | 17.6% | ||
| Q2 24 | 0.2% | 19.2% | ||
| Q1 24 | 0.0% | 24.9% |
| Q4 25 | 3.94× | 6.64× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.94× | ||
| Q1 25 | — | — | ||
| Q4 24 | 55.61× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 4.25× | 3.73× | ||
| Q1 24 | 0.11× | 1.11× |
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% |
XIFR
| Renewable Energy Sales | $238.0M | 96% |
| Related Party | $8.0M | 3% |
