Madison Square Garden Sports
MSGS NYSE Movies & Entertainment Financials FY2017–FY2026
Madison Square Garden Sports' revenue rose 11.0% to $1.2 billion in fiscal 2026. Its operating margin was 2.5%, up from 1.4% a year earlier. Free cash flow was $61 million, down 30.4%. It paid out $0 million in dividends and buybacks, 1% of free cash flow. The diluted share count rose 0.7%.
Revenue
Total sales reported in the income statement.
$1.2B
11.0%
vs prior year
Operating margin
Operating income as a share of revenue.
2.5%
1.1 pts
Net income
Profit after all expenses, interest and tax.
$7.8M
Free cash flow
Cash from operations minus capital spending.
$61.3M
30.4%
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
$9.4B
Oct 23 close
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
What Madison Square Garden Sports does
No business description yet.
- Legal name
- MADISON SQUARE GARDEN SPORTS CORP.
- Fiscal year ends
- June 30, 2026
- Latest annual report
- —
- Accession · CIK
- 0001628280-26-056812
0001636519
Revenue and margins
Madison Square Garden Sports had $1.2B of revenue in fiscal 2026, up 11.0% on the year before.
FY17
Revenue $1.3B
FY18
Revenue $1.6B
FY19
Revenue $1.6B
FY20
Revenue $603M
FY21
Revenue $416M
FY22
Revenue $821M
FY23
Revenue $887M
FY24
Revenue $1.0B
FY25
Revenue $1.0B
FY26
Revenue $1.2B
Q1 '24
Revenue $43.0M
Q2 '24
Revenue $327M
Q3 '24
Revenue $430M
Q4 '24
Revenue $227M
Q1 '25
Revenue $53.3M
Q2 '25
Revenue $358M
Q3 '25
Revenue $424M
Q4 '25
Revenue $204M
Q1 '26
Revenue $39.5M
Q2 '26
Revenue $403M
Q3 '26
Revenue $432M
Q4 '26
Revenue $279M
FY17
Gross —
Operating −4.3%
Net −5.5%
FCF 13.6%
FY18
Gross —
Operating −1.2%
Net 9.1%
FCF 1.7%
FY19
Gross —
Operating −3.6%
Net 0.7%
FCF −1.7%
FY20
Gross —
Operating −15.6%
Net −30.2%
FCF −59.5%
FY21
Gross —
Operating −18.9%
Net −3.4%
FCF −8.6%
FY22
Gross —
Operating 10.5%
Net 6.2%
FCF 21.6%
FY23
Gross —
Operating 9.6%
Net 5.4%
FCF 17.1%
FY24
Gross —
Operating 14.2%
Net 5.7%
FCF 8.8%
FY25
Gross —
Operating 1.4%
Net −2.2%
FCF 8.5%
FY26
Gross —
Operating 2.5%
Net 0.7%
FCF 5.3%
Gross
Operating
Net
FCF
Q1 '24
Gross —
Operating −34.4%
Net −43.7%
FCF −126.7%
Q2 '24
Gross —
Operating 8.8%
Net 4.4%
FCF 10.2%
Q3 '24
Gross —
Operating 18.6%
Net 8.8%
FCF 0.9%
Q4 '24
Gross —
Operating 23.0%
Net 11.2%
FCF 47.5%
Q1 '25
Gross —
Operating −15.5%
Net −14.2%
FCF −49.7%
Q2 '25
Gross —
Operating 3.7%
Net 0.3%
FCF 17.1%
Q3 '25
Gross —
Operating 7.6%
Net −3.4%
FCF 0.9%
Q4 '25
Gross —
Operating −11.1%
Net −0.9%
FCF 24.2%
Q1 '26
Gross —
Operating −69.5%
Net −22.3%
FCF −216.3%
Q2 '26
Gross —
Operating 5.5%
Net 2.0%
FCF 7.8%
Q3 '26
Gross —
Operating 0.5%
Net −4.6%
FCF 13.3%
Q4 '26
Gross —
Operating 11.5%
Net 10.2%
FCF 20.7%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY17
Net income −$72.7M
FY18
Net income $142M
FY19
Net income $11.4M
FY20
Net income −$182M
FY21
Net income −$14.0M
FY22
Net income $51.1M
FY23
Net income $47.8M
FY24
Net income $58.8M
FY25
Net income −$22.4M
FY26
Net income $7.8M
Q1 '24
Net income −$18.8M
Q2 '24
Net income $14.2M
Q3 '24
Net income $37.9M
Q4 '24
Net income $25.5M
Q1 '25
Net income −$7.5M
Q2 '25
Net income $1.1M
Q3 '25
Net income −$14.2M
Q4 '25
Net income −$1.8M
Q1 '26
Net income −$8.8M
Q2 '26
Net income $8.2M
Q3 '26
Net income −$20.0M
Q4 '26
Net income $28.3M
FY17
Diluted EPS −$3.05
FY18
Diluted EPS $5.94
FY19
Diluted EPS $0.48
FY20
Diluted EPS −$7.62
FY21
Diluted EPS −$0.58
FY22
Diluted EPS $2.10
FY23
Diluted EPS $1.89
FY24
Diluted EPS $2.44
FY25
Diluted EPS −$0.93
FY26
Diluted EPS $0.32
Q1 '24
Diluted EPS −$0.79
Q2 '24
Diluted EPS $0.59
Q3 '24
Diluted EPS $1.57
Q4 '24
Diluted EPS $1.06
Q1 '25
Diluted EPS −$0.31
Q2 '25
Diluted EPS $0.05
Q3 '25
Diluted EPS −$0.59
Q4 '25
Diluted EPS −$0.07
Q1 '26
Diluted EPS −$0.37
Q2 '26
Diluted EPS $0.34
Q3 '26
Diluted EPS −$0.83
Q4 '26
Diluted EPS $1.17
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY17
Return on capital —
Return on equity −2.9%
Return on assets −2.0%
FY18
Return on capital −0.6%
Return on equity 5.7%
Return on assets 3.8%
FY19
Return on capital −1.8%
Return on equity 0.4%
Return on assets 0.3%
FY20
Return on capital —
Return on equity −15.1%
Return on assets −7.3%
FY21
Return on capital —
Return on equity —
Return on assets −1.1%
FY22
Return on capital —
Return on equity —
Return on assets 3.9%
FY23
Return on capital —
Return on equity —
Return on assets 3.7%
FY24
Return on capital —
Return on equity —
Return on assets 4.4%
FY25
Return on capital —
Return on equity —
Return on assets −1.6%
FY26
Return on capital —
Return on equity —
Return on assets 0.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was $61.3M in fiscal 2026, 5.3% of revenue. Cash from operations minus capital spending.
FY17
Free cash flow $179M
FY18
Free cash flow $25.7M
FY19
Free cash flow −$27.6M
FY20
Free cash flow −$359M
FY21
Free cash flow −$35.8M
FY22
Free cash flow $177M
FY23
Free cash flow $151M
FY24
Free cash flow $90.7M
FY25
Free cash flow $88.0M
FY26
Free cash flow $61.3M
Q1 '24
Free cash flow −$54.5M
Q2 '24
Free cash flow $33.3M
Q3 '24
Free cash flow $3.9M
Q4 '24
Free cash flow $108M
Q1 '25
Free cash flow −$26.5M
Q2 '25
Free cash flow $61.3M
Q3 '25
Free cash flow $3.9M
Q4 '25
Free cash flow $49.4M
Q1 '26
Free cash flow −$85.3M
Q2 '26
Free cash flow $31.6M
Q3 '26
Free cash flow $57.4M
Q4 '26
Free cash flow $57.6M
FY17
Cash from operations $224M
Capital spending $44.2M
FY18
Cash from operations $218M
Capital spending $192M
FY19
Cash from operations $161M
Capital spending $189M
FY20
Cash from operations $3.6M
Capital spending $363M
FY21
Cash from operations −$35.3M
Capital spending $0.5M
FY22
Cash from operations $178M
Capital spending $0.9M
FY23
Cash from operations $153M
Capital spending $1.2M
FY24
Cash from operations $92.1M
Capital spending $1.5M
FY25
Cash from operations $91.6M
Capital spending $3.6M
FY26
Cash from operations $62.7M
Capital spending $1.4M
Cash from operations
Capital spending
Q1 '24
Cash from operations −$54.1M
Capital spending $0.4M
Q2 '24
Cash from operations $33.9M
Capital spending $0.6M
Q3 '24
Cash from operations $4.0M
Capital spending $0.1M
Q4 '24
Cash from operations $108M
Capital spending $0.4M
Q1 '25
Cash from operations −$26.2M
Capital spending $0.4M
Q2 '25
Cash from operations $61.8M
Capital spending $0.5M
Q3 '25
Cash from operations $6.3M
Capital spending $2.4M
Q4 '25
Cash from operations $49.7M
Capital spending $0.4M
Q1 '26
Cash from operations −$85.0M
Capital spending $0.4M
Q2 '26
Cash from operations $32.4M
Capital spending $0.9M
Q3 '26
Cash from operations $57.5M
Capital spending $0.1M
Q4 '26
Cash from operations $57.7M
Capital spending $0.0M
Cash from operations
Capital spending
Dividends, buybacks and share count
Madison Square Garden Sports returned $0.5M to shareholders in fiscal 2026, 1% of free cash flow. The diluted share count rose 0.7%.
FY17
Dividends $0.0M
Buybacks $148M
FY18
Dividends $0.0M
Buybacks $11.8M
FY19
Dividends $0.0M
Buybacks $0.0M
FY20
Dividends $0.0M
Buybacks $0.0M
FY21
Dividends $0.0M
Buybacks $0.0M
FY22
Dividends $0.0M
Buybacks $0.0M
FY23
Dividends $171M
Buybacks $0.0M
FY24
Dividends $0.7M
Buybacks $0.0M
FY25
Dividends $0.6M
Buybacks $0.0M
FY26
Dividends $0.5M
Buybacks $0.0M
Dividends
Buybacks
Q1 '24
Dividends $0.5M
Buybacks $0.0M
Q2 '24
Dividends $0.1M
Buybacks $0.0M
Q3 '24
Dividends $0.0M
Buybacks $0.0M
Q4 '24
Dividends $0.0M
Buybacks $0.0M
Q1 '25
Dividends $0.4M
Buybacks $0.0M
Q2 '25
Dividends $0.2M
Buybacks $0.0M
Q3 '25
Dividends $0.0M
Buybacks $0.0M
Q4 '25
Dividends $0.0M
Buybacks $0.0M
Q1 '26
Dividends $0.3M
Buybacks $0.0M
Q2 '26
Dividends $0.1M
Buybacks $0.0M
Q3 '26
Dividends $0.0M
Buybacks $0.0M
Q4 '26
Dividends $0.0M
Buybacks $0.0M
Dividends
Buybacks
FY17
Diluted shares 0.02B
FY18
Diluted shares 0.02B
FY19
Diluted shares 0.02B
FY20
Diluted shares 0.02B
FY21
Diluted shares 0.02B
FY22
Diluted shares 0.02B
FY23
Diluted shares 0.02B
FY24
Diluted shares 0.02B
FY25
Diluted shares 0.02B
FY26
Diluted shares 0.02B
Value Madison Square Garden Sports yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$94.0M and divides by 24.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today — · peers — · sector 17.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably Madison Square Garden Sports can carry it.
FY17
Cash $0.9M
Debt $105M
FY18
Cash $1.1M
Debt $106M
FY19
Cash $113M
Debt $6.0M
FY20
Cash —
Debt $350M
FY21
Cash $64.9M
Debt $385M
FY22
Cash $91.0M
Debt $250M
FY23
Cash $40.4M
Debt $325M
FY24
Cash $89.1M
Debt $305M
FY25
Cash $145M
Debt $291M
FY26
Cash $165M
Debt $259M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $91.0M | $40.4M | $89.1M | $145M | $165M |
| Debt incl. finance leases | $250M | $325M | $305M | $291M | $259M |
| Net debt / EBITDA | 1.7x | 3.2x | 1.5x | 8.1x | 2.9x |
| Interest coverage | 7.3x | 3.7x | 5.3x | 0.7x | 1.4x |
| Current ratio | 0.5x | 0.3x | 0.4x | 0.5x | 0.5x |
| Quick ratio | 0.5x | 0.3x | 0.4x | 0.5x | 0.5x |
| Total assets | $1.3B | $1.3B | $1.3B | $1.5B | $1.5B |
| Total liabilities | $1.4B | $1.7B | $1.6B | $1.8B | $1.8B |
| Shareholders' equity | −$147M | −$337M | −$266M | −$281M | −$263M |
| Net debt (− = net cash) | $159M | $285M | $216M | $146M | $94.0M |
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
$2.1M
2 insiders
Of sales under plans
0%
$0.0M
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✕ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✓ |
| Current ratio rose | ✓ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✕ | ✓ |
| F-score | 8 / 8 | 5 / 8 | 7 / 8 |
| Accruals ratio | −2.5% | −8.1% | −3.7% |
| Altman Z'' | −1.21 | −1.80 | −1.66 |
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10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.3B | $1.6B | $1.6B | $603M | $416M | $821M | $887M | $1.0B | $1.0B | $1.2B |
| Operating income | −$56.3M | −$18.2M | −$58.2M | −$93.9M | −$78.4M | $86.1M | $85.2M | $146M | $14.8M | $28.9M |
| Interest expense | $4.2M | $3.5M | $5.0M | $4.5M | $10.6M | $11.7M | $22.9M | $27.6M | $21.7M | $21.1M |
| Pretax income | −$81.2M | −$21.3M | −$60.6M | −$98.0M | −$89.3M | $73.9M | $89.9M | $106M | −$17.3M | $18.0M |
| Income tax | −$4.4M | −$59.4M | −$12.6M | $20.6M | −$73.4M | $25.1M | $44.3M | $46.9M | $5.2M | $10.2M |
| Net income | −$72.7M | $142M | $11.4M | −$182M | −$14.0M | $51.1M | $47.8M | $58.8M | −$22.4M | $7.8M |
| Diluted EPS | −$3.05 | $5.94 | $0.48 | −$7.62 | −$0.58 | $2.10 | $1.89 | $2.44 | −$0.93 | $0.32 |
| Diluted shares | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B | 0.02B |
| Cash flow | ||||||||||
| Cash from operations | $224M | $218M | $161M | $3.6M | −$35.3M | $178M | $153M | $92.1M | $91.6M | $62.7M |
| Capital expenditure | $44.2M | $192M | $189M | $363M | $0.5M | $0.9M | $1.2M | $1.5M | $3.6M | $1.4M |
| Free cash flow | $179M | $25.7M | −$27.6M | −$359M | −$35.8M | $177M | $151M | $90.7M | $88.0M | $61.3M |
| Depreciation and amortization | $107M | $123M | $119M | $93.4M | $5.6M | $5.0M | $3.6M | $3.2M | $3.2M | $3.2M |
| Stock-based compensation | $41.1M | $47.6M | $59.5M | $57.0M | $30.4M | $24.2M | $25.2M | $21.3M | $17.9M | $21.5M |
| Acquisitions | $192M | $8.3M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $148M | $11.8M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $171M | $0.7M | $0.6M | $0.5M |
| Dividends and buybacks | $148M | $11.8M | $0.0M | $0.0M | $0.0M | $0.0M | $171M | $0.7M | $0.6M | $0.5M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $0.9M | $1.1M | $113M | — | $64.9M | $91.0M | $40.4M | $89.1M | $145M | $165M |
| Total debt | $105M | $106M | $6.0M | $350M | $385M | $250M | $325M | $305M | $291M | $259M |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $1.4B | $1.4B | $1.4B | $128M | $185M | $205M | $149M | $217M | $251M | $323M |
| Current liabilities | $762M | $766M | $760M | $290M | $368M | $438M | $521M | $522M | $564M | $642M |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $1.2B | $1.3B | $31.3M | $39.6M | $35.7M | $32.9M | $30.5M | $28.5M | $29.0M | $27.2M |
| Total assets | $3.7B | $3.7B | $3.8B | $1.2B | $1.3B | $1.3B | $1.3B | $1.3B | $1.5B | $1.5B |
| Total liabilities | $1.2B | $1.1B | $1.1B | $1.4B | $1.5B | $1.4B | $1.7B | $1.6B | $1.8B | $1.8B |
| Shareholders' equity | $2.4B | $2.5B | $2.6B | −$207M | −$204M | −$147M | −$337M | −$266M | −$281M | −$263M |
| Margins | ||||||||||
| Operating margin | −4.3% | −1.2% | −3.6% | −15.6% | −18.9% | 10.5% | 9.6% | 14.2% | 1.4% | 2.5% |
| EBITDA margin | 3.9% | 6.7% | 3.7% | −0.1% | −17.5% | 11.1% | 10.0% | 14.5% | 1.7% | 2.8% |
| Net margin | −5.5% | 9.1% | 0.7% | −30.2% | −3.4% | 6.2% | 5.4% | 5.7% | −2.2% | 0.7% |
| FCF margin | 13.6% | 1.7% | −1.7% | −59.5% | −8.6% | 21.6% | 17.1% | 8.8% | 8.5% | 5.3% |
| Returns | ||||||||||
| Return on capital | — | −0.6% | −1.8% | — | — | — | — | — | — | — |
| Return on capital employed | −1.9% | −0.6% | −2.0% | −4.8% | −8.3% | 9.5% | 10.3% | 18.0% | 1.7% | 3.2% |
| Return on equity | −2.9% | 5.7% | 0.4% | −15.1% | — | — | — | — | — | — |
| Return on assets | −2.0% | 3.8% | 0.3% | −7.3% | −1.1% | 3.9% | 3.7% | 4.4% | −1.6% | 0.5% |
| Growth | ||||||||||
| Revenue growth | 18.2% | 18.3% | 4.6% | −63.0% | −31.1% | 97.6% | 8.1% | 15.7% | 1.2% | 11.0% |
| Net income growth | — | — | −91.9% | −1,696.1% | — | — | −6.5% | 23.0% | −138.2% | — |
| EPS growth | — | — | −91.9% | −1,687.5% | — | — | −10.0% | 29.1% | −138.1% | — |
| FCF growth | 231.6% | −85.7% | −207.3% | — | — | — | −14.6% | −40.1% | −3.0% | −30.4% |
| Share count change | −3.6% | −0.0% | 0.2% | 0.2% | 0.8% | 1.1% | −0.9% | −0.4% | −0.0% | 0.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | 2.1x | 1.0x | −1.8x | — | — | 1.7x | 3.2x | 1.5x | 8.1x | 2.9x |
| Debt / equity | 0.0x | 0.0x | 0.0x | — | — | — | — | — | — | — |
| Interest coverage | −13.4x | −5.2x | −11.7x | −21.0x | −7.4x | 7.3x | 3.7x | 5.3x | 0.7x | 1.4x |
| Current ratio | 1.9x | 1.9x | 1.9x | 0.4x | 0.5x | 0.5x | 0.3x | 0.4x | 0.5x | 0.5x |
| Quick ratio | 1.9x | 1.9x | 1.9x | 0.4x | 0.5x | 0.5x | 0.3x | 0.4x | 0.5x | 0.5x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.4% | 12.3% | 11.6% | 60.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.4% | 0.1% |
| Stock comp / revenue | 3.1% | 3.1% | 3.7% | 9.5% | 7.3% | 3.0% | 2.8% | 2.1% | 1.7% | 1.9% |
| Payouts / FCF | 82.5% | 46.0% | — | — | — | 0.0% | 113.0% | 0.8% | 0.7% | 0.8% |
| Quality scores | ||||||||||
| Piotroski F-score | — | 7.0 | 6.0 | 2.0 | 3.0 | 6.0 | 5.0 | 8.0 | 5.0 | 7.0 |
| Altman Z'' | 3.1 | 3.5 | 3.7 | −1.6 | −1.7 | −0.9 | −2.1 | −1.2 | −1.8 | −1.7 |
| Accruals ratio | −8.2% | −2.0% | −4.0% | −7.4% | 1.7% | −9.7% | −8.0% | −2.5% | −8.1% | −3.7% |
Source: SEC EDGAR XBRL filings (CIK 0001636519). Data updated October 19, 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.