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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and ZILLOW GROUP, INC. (ZG). Click either name above to swap in a different company.
ZILLOW GROUP, INC. is the larger business by last-quarter revenue ($654.0M vs $403.4M, roughly 1.6× Madison Square Garden Sports Corp.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs 0.5%, a 1.6% gap on every dollar of revenue. On growth, ZILLOW GROUP, INC. posted the faster year-over-year revenue change (18.1% vs 12.8%). ZILLOW GROUP, INC. produced more free cash flow last quarter ($44.0M vs $31.6M). Over the past eight quarters, ZILLOW GROUP, INC.'s revenue compounded faster (11.2% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Zillow Group, Inc., or simply Zillow, is an American tech real-estate marketplace company that was founded in 2006 by co-executive chairmen Rich Barton and Lloyd Frink, former Microsoft executives and founders of Microsoft spin-off Expedia; Spencer Rascoff, a co-founder of Hotwire.com; David Beitel, Zillow's current chief technology officer; and Kristin Acker, Zillow's current technology leadership advisor.
MSGS vs ZG — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $654.0M |
| Net Profit | $8.2M | $3.0M |
| Gross Margin | — | 72.8% |
| Operating Margin | 5.5% | -1.7% |
| Net Margin | 2.0% | 0.5% |
| Revenue YoY | 12.8% | 18.1% |
| Net Profit YoY | 641.9% | 105.8% |
| EPS (diluted) | $0.34 | $0.01 |
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 | $654.0M | ||
| Q3 25 | $39.5M | $676.0M | ||
| Q2 25 | $204.0M | $655.0M | ||
| Q1 25 | $424.2M | $598.0M | ||
| Q4 24 | $357.8M | $554.0M | ||
| Q3 24 | $53.3M | $581.0M | ||
| Q2 24 | $227.3M | $572.0M | ||
| Q1 24 | $430.0M | $529.0M |
| Q4 25 | $8.2M | $3.0M | ||
| Q3 25 | $-8.8M | $10.0M | ||
| Q2 25 | $-1.8M | $2.0M | ||
| Q1 25 | $-14.2M | $8.0M | ||
| Q4 24 | $1.1M | $-52.0M | ||
| Q3 24 | $-7.5M | $-20.0M | ||
| Q2 24 | $25.5M | $-17.0M | ||
| Q1 24 | $37.9M | $-23.0M |
| Q4 25 | — | 72.8% | ||
| Q3 25 | — | 72.6% | ||
| Q2 25 | — | 74.7% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | — | 75.8% | ||
| Q3 24 | — | 75.9% | ||
| Q2 24 | — | 77.3% | ||
| Q1 24 | — | 76.7% |
| Q4 25 | 5.5% | -1.7% | ||
| Q3 25 | -69.5% | -0.4% | ||
| Q2 25 | -11.1% | -1.7% | ||
| Q1 25 | 7.6% | -1.5% | ||
| Q4 24 | 3.7% | -12.5% | ||
| Q3 24 | -15.5% | -7.7% | ||
| Q2 24 | 23.0% | -6.6% | ||
| Q1 24 | 18.5% | -8.5% |
| Q4 25 | 2.0% | 0.5% | ||
| Q3 25 | -22.3% | 1.5% | ||
| Q2 25 | -0.9% | 0.3% | ||
| Q1 25 | -3.4% | 1.3% | ||
| Q4 24 | 0.3% | -9.4% | ||
| Q3 24 | -14.1% | -3.4% | ||
| Q2 24 | 11.2% | -3.0% | ||
| Q1 24 | 8.8% | -4.3% |
| Q4 25 | $0.34 | $0.01 | ||
| Q3 25 | $-0.37 | $0.04 | ||
| Q2 25 | $-0.08 | $0.01 | ||
| Q1 25 | $-0.59 | $0.03 | ||
| Q4 24 | $0.05 | $-0.23 | ||
| Q3 24 | $-0.31 | $-0.08 | ||
| Q2 24 | $1.07 | $-0.07 | ||
| Q1 24 | $1.57 | $-0.10 |
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 | $768.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-282.1M | $4.9B |
| Total Assets | $1.5B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $768.0M | ||
| Q3 25 | $48.6M | $874.0M | ||
| Q2 25 | $144.6M | $587.0M | ||
| Q1 25 | $96.5M | $914.0M | ||
| Q4 24 | $107.8M | $1.1B | ||
| Q3 24 | $52.3M | $1.1B | ||
| Q2 24 | $89.1M | $1.2B | ||
| Q1 24 | $40.0M | $1.4B |
| Q4 25 | $-282.1M | $4.9B | ||
| Q3 25 | $-294.2M | $5.0B | ||
| Q2 25 | $-281.4M | $4.7B | ||
| Q1 25 | $-283.4M | $4.8B | ||
| Q4 24 | $-273.1M | $4.8B | ||
| Q3 24 | $-277.5M | $4.7B | ||
| Q2 24 | $-266.3M | $4.5B | ||
| Q1 24 | $-294.0M | $4.7B |
| Q4 25 | $1.5B | $5.7B | ||
| Q3 25 | $1.5B | $5.7B | ||
| Q2 25 | $1.5B | $5.4B | ||
| Q1 25 | $1.5B | $5.7B | ||
| Q4 24 | $1.4B | $5.8B | ||
| Q3 24 | $1.4B | $6.2B | ||
| Q2 24 | $1.3B | $6.6B | ||
| Q1 24 | $1.4B | $6.8B |
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 | $72.0M |
| Free Cash FlowOCF − Capex | $31.6M | $44.0M |
| FCF MarginFCF / Revenue | 7.8% | 6.7% |
| Capex IntensityCapex / Revenue | 0.2% | 4.3% |
| Cash ConversionOCF / Net Profit | 3.94× | 24.00× |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $235.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $72.0M | ||
| Q3 25 | $-85.0M | $105.0M | ||
| Q2 25 | $49.7M | $87.0M | ||
| Q1 25 | $6.3M | $104.0M | ||
| Q4 24 | $61.8M | $122.0M | ||
| Q3 24 | $-26.2M | $171.0M | ||
| Q2 24 | $108.4M | $55.0M | ||
| Q1 24 | $4.0M | $80.0M |
| Q4 25 | $31.6M | $44.0M | ||
| Q3 25 | $-85.3M | $73.0M | ||
| Q2 25 | $49.4M | $50.0M | ||
| Q1 25 | $3.9M | $68.0M | ||
| Q4 24 | $61.2M | $88.0M | ||
| Q3 24 | $-26.5M | $138.0M | ||
| Q2 24 | $108.0M | $18.0M | ||
| Q1 24 | $3.9M | $41.0M |
| Q4 25 | 7.8% | 6.7% | ||
| Q3 25 | -216.3% | 10.8% | ||
| Q2 25 | 24.2% | 7.6% | ||
| Q1 25 | 0.9% | 11.4% | ||
| Q4 24 | 17.1% | 15.9% | ||
| Q3 24 | -49.7% | 23.8% | ||
| Q2 24 | 47.5% | 3.1% | ||
| Q1 24 | 0.9% | 7.8% |
| Q4 25 | 0.2% | 4.3% | ||
| Q3 25 | 0.9% | 4.7% | ||
| Q2 25 | 0.2% | 5.6% | ||
| Q1 25 | 0.6% | 6.0% | ||
| Q4 24 | 0.1% | 6.1% | ||
| Q3 24 | 0.7% | 5.7% | ||
| Q2 24 | 0.2% | 6.5% | ||
| Q1 24 | 0.0% | 7.4% |
| Q4 25 | 3.94× | 24.00× | ||
| Q3 25 | — | 10.50× | ||
| Q2 25 | — | 43.50× | ||
| Q1 25 | — | 13.00× | ||
| 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% |
ZG
| Residential Revenue | $418.0M | 64% |
| Rental Revenue | $168.0M | 26% |
| Mortgage Revenue | $57.0M | 9% |
| Display Advertising And Other Revenue | $11.0M | 2% |
