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Side-by-side financial comparison of Madison Square Garden Entertainment Corp. (MSGE) and Madison Square Garden Sports Corp. (MSGS), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
Madison Square Garden Entertainment Corp. is the larger business by last-quarter revenue ($424.8M vs $403.4M, roughly 1.1× Madison Square Garden Sports Corp.). Madison Square Garden Entertainment Corp. runs the higher net margin — 21.8% vs 2.0%, a 19.8% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 12.5%). Over the past eight quarters, Madison Square Garden Entertainment Corp.'s revenue compounded faster (48.9% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
MSGE vs MSGS — Head-to-Head
Income Statement — Q2 2026 vs Q2 2026
| Metric | | |
|---|---|---|
| Revenue | $424.8M | $403.4M |
| Net Profit | $92.7M | $8.2M |
| Gross Margin | — | — |
| Operating Margin | 38.6% | 5.5% |
| Net Margin | 21.8% | 2.0% |
| Revenue YoY | 12.5% | 12.8% |
| Net Profit YoY | 22.2% | 641.9% |
| EPS (diluted) | $1.94 | $0.34 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $424.8M | $403.4M | ||
| Q3 25 | $154.1M | $39.5M | ||
| Q2 25 | $145.1M | $204.0M | ||
| Q1 25 | $206.0M | $424.2M | ||
| Q4 24 | $377.6M | $357.8M | ||
| Q3 24 | $134.1M | $53.3M | ||
| Q2 24 | $177.6M | $227.3M | ||
| Q1 24 | $191.6M | $430.0M |
| Q4 25 | $92.7M | $8.2M | ||
| Q3 25 | $-21.7M | $-8.8M | ||
| Q2 25 | $-27.2M | $-1.8M | ||
| Q1 25 | $8.0M | $-14.2M | ||
| Q4 24 | $75.9M | $1.1M | ||
| Q3 24 | $-19.3M | $-7.5M | ||
| Q2 24 | $66.9M | $25.5M | ||
| Q1 24 | $2.8M | $37.9M |
| Q4 25 | 38.6% | 5.5% | ||
| Q3 25 | -19.3% | -69.5% | ||
| Q2 25 | -17.7% | -11.1% | ||
| Q1 25 | 13.3% | 7.6% | ||
| Q4 24 | 36.8% | 3.7% | ||
| Q3 24 | -13.8% | -15.5% | ||
| Q2 24 | -5.0% | 23.0% | ||
| Q1 24 | 8.8% | 18.5% |
| Q4 25 | 21.8% | 2.0% | ||
| Q3 25 | -14.0% | -22.3% | ||
| Q2 25 | -18.7% | -0.9% | ||
| Q1 25 | 3.9% | -3.4% | ||
| Q4 24 | 20.1% | 0.3% | ||
| Q3 24 | -14.4% | -14.1% | ||
| Q2 24 | 37.7% | 11.2% | ||
| Q1 24 | 1.5% | 8.8% |
| Q4 25 | $1.94 | $0.34 | ||
| Q3 25 | $-0.46 | $-0.37 | ||
| Q2 25 | $-0.56 | $-0.08 | ||
| Q1 25 | $0.17 | $-0.59 | ||
| Q4 24 | $1.56 | $0.05 | ||
| Q3 24 | $-0.40 | $-0.31 | ||
| Q2 24 | $1.32 | $1.07 | ||
| Q1 24 | $0.06 | $1.57 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $157.1M | $81.3M |
| Total DebtLower is stronger | $554.6M | — |
| Stockholders' EquityBook value | $36.0M | $-282.1M |
| Total Assets | $1.8B | $1.5B |
| Debt / EquityLower = less leverage | 15.40× | — |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $157.1M | $81.3M | ||
| Q3 25 | $29.9M | $48.6M | ||
| Q2 25 | $43.0M | $144.6M | ||
| Q1 25 | $89.0M | $96.5M | ||
| Q4 24 | $54.9M | $107.8M | ||
| Q3 24 | $37.3M | $52.3M | ||
| Q2 24 | $33.3M | $89.1M | ||
| Q1 24 | $28.0M | $40.0M |
| Q4 25 | $554.6M | — | ||
| Q3 25 | $581.7M | — | ||
| Q2 25 | $568.8M | — | ||
| Q1 25 | $577.4M | — | ||
| Q4 24 | $584.7M | — | ||
| Q3 24 | $647.0M | — | ||
| Q2 24 | $599.2M | — | ||
| Q1 24 | $602.5M | — |
| Q4 25 | $36.0M | $-282.1M | ||
| Q3 25 | $-65.8M | $-294.2M | ||
| Q2 25 | $-13.3M | $-281.4M | ||
| Q1 25 | $9.5M | $-283.4M | ||
| Q4 24 | $10.3M | $-273.1M | ||
| Q3 24 | $-48.7M | $-277.5M | ||
| Q2 24 | $-23.2M | $-266.3M | ||
| Q1 24 | $-94.6M | $-294.0M |
| Q4 25 | $1.8B | $1.5B | ||
| Q3 25 | $1.7B | $1.5B | ||
| Q2 25 | $1.7B | $1.5B | ||
| Q1 25 | $1.7B | $1.5B | ||
| Q4 24 | $1.6B | $1.4B | ||
| Q3 24 | $1.6B | $1.4B | ||
| Q2 24 | $1.6B | $1.3B | ||
| Q1 24 | $1.5B | $1.4B |
| Q4 25 | 15.40× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 60.61× | — | ||
| Q4 24 | 56.61× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $164.4M | $32.4M |
| Free Cash FlowOCF − Capex | — | $31.6M |
| FCF MarginFCF / Revenue | — | 7.8% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | — | 0.2% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.77× | 3.94× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-480.0K |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $164.4M | $32.4M | ||
| Q3 25 | $19.8M | $-85.0M | ||
| Q2 25 | $-27.0M | $49.7M | ||
| Q1 25 | $56.8M | $6.3M | ||
| Q4 24 | $112.9M | $61.8M | ||
| Q3 24 | $-27.4M | $-26.2M | ||
| Q2 24 | $212.0K | $108.4M | ||
| Q1 24 | $5.8M | $4.0M |
| Q4 25 | — | $31.6M | ||
| Q3 25 | — | $-85.3M | ||
| Q2 25 | — | $49.4M | ||
| Q1 25 | — | $3.9M | ||
| Q4 24 | — | $61.2M | ||
| Q3 24 | — | $-26.5M | ||
| Q2 24 | — | $108.0M | ||
| Q1 24 | — | $3.9M |
| Q4 25 | — | 7.8% | ||
| Q3 25 | — | -216.3% | ||
| Q2 25 | — | 24.2% | ||
| Q1 25 | — | 0.9% | ||
| Q4 24 | — | 17.1% | ||
| Q3 24 | — | -49.7% | ||
| Q2 24 | — | 47.5% | ||
| Q1 24 | — | 0.9% |
| Q4 25 | — | 0.2% | ||
| Q3 25 | — | 0.9% | ||
| Q2 25 | — | 0.2% | ||
| Q1 25 | — | 0.6% | ||
| Q4 24 | — | 0.1% | ||
| Q3 24 | — | 0.7% | ||
| Q2 24 | — | 0.2% | ||
| Q1 24 | — | 0.0% |
| Q4 25 | 1.77× | 3.94× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.07× | — | ||
| Q4 24 | 1.49× | 55.61× | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.00× | 4.25× | ||
| Q1 24 | 2.08× | 0.11× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |