Madison Square Garden Entertainment Corp.
MSGE NYSE Services-Miscellaneous Amusement & Recreation Financials FY2021–FY2026
Revenue
Total sales reported in the income statement.
$1.1B
12.5%
vs prior year
Operating margin
Operating income as a share of revenue.
13.3%
0.4 pts
Net income
Profit after all expenses, interest and tax.
$66.2M
76.8%
Free cash flow
Cash from operations minus capital spending.
—
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
31.5%
16.0 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On $1.38 EPS (TTM)
What Madison Square Garden Entertainment Corp. does
No business description yet.
- Legal name
- Madison Square Garden Entertainment Corp.
- Fiscal year ends
- June 30, 2026
- Latest annual report
- 10-K · Aug 12, 2026
- Accession · CIK
- 0001628280-26-056286
0001952073
Revenue and margins
Madison Square Garden Entertainment Corp. had $1.1B of revenue in fiscal 2026, up 12.5% on the year before.
FY21
Revenue $81.8M
FY22
Revenue $653M
FY23
Revenue $851M
FY24
Revenue $959M
FY25
Revenue $943M
FY26
Revenue $1.1B
Q1 '24
Revenue $142M
Q2 '24
Revenue $403M
Q3 '24
Revenue $228M
Q4 '24
Revenue $186M
Q1 '25
Revenue $139M
Q2 '25
Revenue $407M
Q3 '25
Revenue $242M
Q4 '25
Revenue $154M
Q1 '26
Revenue $158M
Q2 '26
Revenue $460M
Q3 '26
Revenue $246M
Q4 '26
Revenue $196M
FY21
Gross —
Operating −290.0%
Net −267.2%
FCF —
FY22
Gross —
Operating −0.9%
Net −20.4%
FCF —
FY23
Gross —
Operating 12.3%
Net 9.0%
FCF —
FY24
Gross —
Operating 11.7%
Net 15.0%
FCF —
FY25
Gross —
Operating 13.0%
Net 4.0%
FCF —
FY26
Gross —
Operating 13.3%
Net 6.2%
FCF —
Gross
Operating
Net
FCF
Q1 '24
Gross —
Operating −23.5%
Net −35.6%
FCF —
Q2 '24
Gross —
Operating 34.1%
Net 31.1%
FCF —
Q3 '24
Gross —
Operating 7.4%
Net 1.2%
FCF —
Q4 '24
Gross —
Operating −4.8%
Net 36.0%
FCF —
Q1 '25
Gross —
Operating −13.3%
Net −13.9%
FCF —
Q2 '25
Gross —
Operating 34.1%
Net 18.6%
FCF —
Q3 '25
Gross —
Operating 11.3%
Net 3.3%
FCF —
Q4 '25
Gross —
Operating −16.7%
Net −17.6%
FCF —
Q1 '26
Gross —
Operating −18.8%
Net −13.7%
FCF —
Q2 '26
Gross —
Operating 35.6%
Net 20.2%
FCF —
Q3 '26
Gross —
Operating 6.5%
Net 2.1%
FCF —
Q4 '26
Gross —
Operating −4.4%
Net −5.1%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY21
Net income −$219M
FY22
Net income −$133M
FY23
Net income $76.6M
FY24
Net income $144M
FY25
Net income $37.4M
FY26
Net income $66.2M
Q1 '24
Net income −$50.7M
Q2 '24
Net income $125M
Q3 '24
Net income $2.8M
Q4 '24
Net income $66.9M
Q1 '25
Net income −$19.3M
Q2 '25
Net income $75.9M
Q3 '25
Net income $8.0M
Q4 '25
Net income −$27.2M
Q1 '26
Net income −$21.7M
Q2 '26
Net income $92.7M
Q3 '26
Net income $5.1M
Q4 '26
Net income −$10.0M
FY21
Diluted EPS −$4.22
FY22
Diluted EPS −$2.58
FY23
Diluted EPS $1.47
FY24
Diluted EPS $2.97
FY25
Diluted EPS $0.77
FY26
Diluted EPS $1.38
Q1 '24
Diluted EPS −$1.00
Q2 '24
Diluted EPS $2.59
Q3 '24
Diluted EPS $0.06
Q4 '24
Diluted EPS $1.32
Q1 '25
Diluted EPS −$0.40
Q2 '25
Diluted EPS $1.56
Q3 '25
Diluted EPS $0.17
Q4 '25
Diluted EPS −$0.56
Q1 '26
Diluted EPS −$0.46
Q2 '26
Diluted EPS $1.94
Q3 '26
Diluted EPS $0.11
Q4 '26
Diluted EPS −$0.21
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY21
Return on capital —
Return on equity −43.8%
Return on assets —
FY22
Return on capital −0.7%
Return on equity −53.6%
Return on assets −8.7%
FY23
Return on capital 17.1%
Return on equity —
Return on assets 5.2%
FY24
Return on capital 20.6%
Return on equity —
Return on assets 9.8%
FY25
Return on capital 15.5%
Return on equity —
Return on assets 2.3%
FY26
Return on capital 31.5%
Return on equity 407.5%
Return on assets 3.7%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was — in fiscal 2026, — of revenue. Cash from operations minus capital spending.
FY21
Free cash flow —
FY22
Free cash flow —
FY23
Free cash flow —
FY24
Free cash flow —
FY25
Free cash flow —
FY26
Free cash flow —
FY21
Cash from operations −$148M
Capital spending —
FY22
Cash from operations $95.4M
Capital spending —
FY23
Cash from operations $136M
Capital spending —
FY24
Cash from operations $111M
Capital spending —
FY25
Cash from operations $115M
Capital spending —
FY26
Cash from operations $351M
Capital spending —
Cash from operations
Capital spending
Q1 '24
Cash from operations $1.4M
Capital spending —
Q2 '24
Cash from operations $104M
Capital spending —
Q3 '24
Cash from operations $5.8M
Capital spending —
Q4 '24
Cash from operations $0.2M
Capital spending —
Q1 '25
Cash from operations −$27.4M
Capital spending —
Q2 '25
Cash from operations $113M
Capital spending —
Q3 '25
Cash from operations $56.8M
Capital spending —
Q4 '25
Cash from operations −$27.0M
Capital spending —
Q1 '26
Cash from operations $19.8M
Capital spending —
Q2 '26
Cash from operations $164M
Capital spending —
Q3 '26
Cash from operations $184M
Capital spending —
Q4 '26
Cash from operations −$16.6M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Madison Square Garden Entertainment Corp. returned $25.0M to shareholders in fiscal 2026. The diluted share count fell 0.7%.
FY21
Dividends —
Buybacks $0.0M
FY22
Dividends —
Buybacks $0.0M
FY23
Dividends —
Buybacks $25.0M
FY24
Dividends —
Buybacks $50.9M
FY25
Dividends —
Buybacks $39.7M
FY26
Dividends —
Buybacks $25.0M
Dividends
Buybacks
Q1 '24
Dividends —
Buybacks $51.4M
Q2 '24
Dividends —
Buybacks −$0.5M
Q3 '24
Dividends —
Buybacks $0.0M
Q4 '24
Dividends —
Buybacks $0.0M
Q1 '25
Dividends —
Buybacks $0.0M
Q2 '25
Dividends —
Buybacks $25.0M
Q3 '25
Dividends —
Buybacks $14.7M
Q4 '25
Dividends —
Buybacks $0.0M
Q1 '26
Dividends —
Buybacks $25.0M
Q2 '26
Dividends —
Buybacks $0.0M
Q3 '26
Dividends —
Buybacks $0.0M
Q4 '26
Dividends —
Buybacks $0.0M
Dividends
Buybacks
FY21
Diluted shares 0.05B
FY22
Diluted shares 0.05B
FY23
Diluted shares 0.05B
FY24
Diluted shares 0.05B
FY25
Diluted shares 0.05B
FY26
Diluted shares 0.05B
Balance sheet
Cash, debt and the ratios that show how comfortably Madison Square Garden Entertainment Corp. can carry it.
FY21
Cash $318M
Debt —
FY22
Cash $58.1M
Debt $655M
FY23
Cash $76.1M
Debt $630M
FY24
Cash $33.3M
Debt $599M
FY25
Cash $43.0M
Debt $569M
FY26
Cash $294M
Debt $540M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $58.1M | $76.1M | $33.3M | $43.0M | $294M |
| Debt incl. finance leases | $655M | $630M | $599M | $569M | $540M |
| Net debt / EBITDA | 9.3x | 3.3x | 3.4x | 2.9x | 1.2x |
| Debt / equity | — | — | — | — | 11.8x |
| Interest coverage | −0.1x | 2.0x | 1.9x | 2.4x | 3.5x |
| Current ratio | 0.6x | 0.5x | 0.4x | 0.5x | 0.7x |
| Quick ratio | 0.6x | 0.5x | 0.4x | 0.5x | 0.7x |
| Total assets | $1.5B | $1.4B | $1.6B | $1.7B | $1.9B |
| Total liabilities | $1.5B | $1.5B | $1.6B | $1.7B | $1.9B |
| Shareholders' equity | −$1.5M | −$69.5M | −$23.2M | −$13.3M | $45.8M |
| Net debt (− = net cash) | $597M | $554M | $566M | $526M | $247M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✓ | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✕ | ✓ | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | — | ✓ | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✕ | ✓ | ✓ |
| Debt fell relative to assets | — | — | ✕ | ✓ | ✓ | ✓ |
| Current ratio rose | — | — | ✕ | ✕ | ✓ | ✓ |
| Share count didn't rise | — | ✓ | ✕ | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — | — | — | — |
| Revenue rose relative to assets | — | — | ✓ | ✓ | ✕ | ✕ |
| F-score | — / 3 | — / 4 | 5 / 8 | 6 / 8 | 6 / 8 | 7 / 8 |
| Accruals ratio | — | −15.0% | −4.0% | 2.2% | −4.8% | −15.8% |
| Altman Z'' | — | −0.90 | −0.76 | −0.50 | −0.26 | 0.12 |
6 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|
| Income statement | ||||||
| Revenue | $81.8M | $653M | $851M | $959M | $943M | $1.1B |
| Provision for credit losses | $0.9M | $0.2M | $0.1M | — | — | — |
| Operating income | −$237M | −$5.6M | $105M | $112M | $122M | $142M |
| Interest expense | $33.7M | $53.1M | $51.9M | $58.0M | $50.5M | $40.0M |
| Pretax income | — | — | — | $52.3M | $65.6M | $107M |
| Income tax | $5.3M | −$0.1M | $1.7M | −$92.0M | $28.1M | $40.8M |
| Net income | −$219M | −$133M | $76.6M | $144M | $37.4M | $66.2M |
| Diluted EPS | −$4.22 | −$2.58 | $1.47 | $2.97 | $0.77 | $1.38 |
| Diluted shares | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B | 0.05B |
| Cash flow | ||||||
| Cash from operations | −$148M | $95.4M | $136M | $111M | $115M | $351M |
| Depreciation and amortization | $71.6M | $69.5M | $60.5M | $53.9M | $57.8M | $56.1M |
| Stock-based compensation | $40.7M | $39.4M | $31.8M | $31.2M | $27.7M | $32.4M |
| Share buybacks | $0.0M | $0.0M | $25.0M | $50.9M | $39.7M | $25.0M |
| Dividends and buybacks | $0.0M | $0.0M | $25.0M | $50.9M | $39.7M | $25.0M |
| Balance sheet | ||||||
| Cash and short-term investments | $318M | $58.1M | $76.1M | $33.3M | $43.0M | $294M |
| Total debt | — | $655M | $630M | $599M | $569M | $540M |
| Current assets | — | $341M | $295M | $219M | $237M | $522M |
| Current liabilities | — | $545M | $541M | $506M | $502M | $748M |
| Inventory | — | $2.8M | $2.6M | $3.9M | $3.8M | $3.7M |
| Property and equipment, net | — | $696M | $629M | $634M | $621M | $592M |
| Goodwill | — | $69.0M | $69.0M | $69.0M | $69.0M | $69.0M |
| Intangible assets | — | $65.4M | $63.8M | — | — | — |
| Total assets | — | $1.5B | $1.4B | $1.6B | $1.7B | $1.9B |
| Total liabilities | — | $1.5B | $1.5B | $1.6B | $1.7B | $1.9B |
| Shareholders' equity | $499M | −$1.5M | −$69.5M | −$23.2M | −$13.3M | $45.8M |
| Margins | ||||||
| Operating margin | −290.0% | −0.9% | 12.3% | 11.7% | 13.0% | 13.3% |
| EBITDA margin | −202.6% | 9.8% | 19.4% | 17.3% | 19.1% | 18.6% |
| Net margin | −267.2% | −20.4% | 9.0% | 15.0% | 4.0% | 6.2% |
| Returns | ||||||
| Return on capital | — | −0.7% | 17.1% | 20.6% | 15.5% | 31.5% |
| Return on capital employed | — | −0.6% | 12.2% | 10.7% | 10.5% | 11.9% |
| Return on equity | −43.8% | −53.6% | — | — | — | 407.5% |
| Return on assets | — | −8.7% | 5.2% | 9.8% | 2.3% | 3.7% |
| Return on tangible equity | −43.8% | — | — | — | — | — |
| Growth | ||||||
| Revenue growth | — | 698.8% | 30.3% | 12.7% | −1.7% | 12.5% |
| Net income growth | — | — | — | 88.4% | −74.1% | 76.8% |
| EPS growth | — | — | — | 102.0% | −74.1% | 79.2% |
| Share count change | — | 0.0% | 1.0% | −7.1% | −0.5% | −0.7% |
| Financial health | ||||||
| Net debt / EBITDA | — | 9.3x | 3.3x | 3.4x | 2.9x | 1.2x |
| Debt / equity | — | — | — | — | — | 11.8x |
| Interest coverage | −7.0x | −0.1x | 2.0x | 1.9x | 2.4x | 3.5x |
| Current ratio | — | 0.6x | 0.5x | 0.4x | 0.5x | 0.7x |
| Quick ratio | — | 0.6x | 0.5x | 0.4x | 0.5x | 0.7x |
| Capital allocation | ||||||
| Stock comp / revenue | 49.7% | 6.0% | 3.7% | 3.2% | 2.9% | 3.1% |
| Quality scores | ||||||
| Piotroski F-score | — | — | 5.0 | 6.0 | 6.0 | 7.0 |
| Altman Z'' | — | −0.9 | −0.8 | −0.5 | −0.3 | 0.1 |
| Accruals ratio | — | −15.0% | −4.0% | 2.2% | −4.8% | −15.8% |
Source: SEC EDGAR XBRL filings (CIK 0001952073). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.