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Madison Square Garden Entertainment Corp. (MSGE)

Madison Square Garden Entertainment Corp., which the filing calls MSG Entertainment, is a live entertainment company that owns or operates five venues in New York City and Chicago. It produces, presents and hosts concerts, sporting events, family shows, performing arts events and special events. It also owns the Christmas Spectacular Starring the Radio City Rockettes. The company manages its business as one reportable segment. In the year ended 30 June 2026 it hosted approximately 6.4 million guests at nearly 960 events.

Madison Square Garden Entertainment Corp.

Madison Square Garden Entertainment Corp., which the filing calls MSG Entertainment, is a live entertainment company that owns or operates five venues in New York City and Chicago. It produces, presents and hosts concerts, sporting events, family shows, performing arts events and special events. It also owns the Christmas Spectacular Starring the Radio City Rockettes. The company manages its business as one reportable segment. In the year ended 30 June 2026 it hosted approximately 6.4 million guests at nearly 960 events.

The venues

The company owns The Garden, the Infosys Theater at Madison Square Garden and The Chicago Theatre. It leases Radio City Music Hall and the Beacon Theatre. Seating ranges from 2,800 to 21,000.

  • The Garden seats up to approximately 21,000 people. Together with the Infosys Theater it holds approximately 1,100,000 square feet of floor space over 11 levels. The Garden sits atop Penn Station, which is owned by Amtrak.
  • The Infosys Theater has approximately 5,600 seats.
  • Radio City Music Hall has approximately 6,000 seats. The lease runs through 31 August 2038, with an option to renew for 10 years.
  • The Beacon Theatre has approximately 2,800 seats. The lease runs through 31 December 2036, with an option to renew for 10 years.
  • The Chicago Theatre has approximately 3,600 seats and was bought in October 2007.

In June 2026 the company announced a non-binding memorandum of understanding with Penn Transformation Partners about transferring the Infosys Theater to the Master Developer in connection with the redevelopment of Penn Station.

How it earns revenue

The company primarily licenses its venues to third-party promoters for a fee. It also promotes or co-promotes some shows, and in those cases it carries the economic risk of the event. Its revenue sources are:

  • ticket sales for events it produces or promotes
  • venue license fees
  • facility and ticketing fees
  • concessions
  • sponsorships and signage
  • suite license fees at The Garden
  • merchandising
  • tours at certain venues
  • lease revenue

The Garden has 23 Event Level spaces, made up of 22 suites and an event level club. It also has 58 Lexus Level suites, 18 Infosys Level suites, the Madison Club and the HUB Loft. Suite licenses are generally sold to corporate customers, mostly under multi-year agreements with annual escalators.

The relationship with MSG Sports

Long-term Arena License Agreements with Madison Square Garden Sports Corp. (MSG Sports) require the New York Knicks of the NBA and the New York Rangers of the NHL to play their home games at The Garden. In return the company receives fixed annual license fees, paid monthly.

  • MSG Sports receives a 67.5% allocation of suite license revenue.
  • The company pays MSG Sports 50% of the net proceeds from in-venue food and beverage sales at Knicks and Rangers games.
  • The company receives 30% of net revenue from MSG Sports team merchandise sold at The Garden.

Under separate sponsorship sales representation agreements, the company sells and services sponsorships for the MSG Sports teams in exchange for a commission.

The Christmas Spectacular

The Christmas Spectacular runs exclusively at Radio City Music Hall and features the Rockettes. It opened in 1933, and the company acquired the rights in 1997. Those rights are separate from the Radio City lease, and the company holds the Rockettes brand rights in the same way. The Rockettes perform in ten numbers in the 90-minute production. The company had 215 performances in its most recent holiday season, with over 1.2 million tickets sold.

Bookings and sports

The company books concerts, comedy, family shows and special events, and has hosted residencies at The Garden and the Beacon Theatre. Its sports calendar includes professional boxing, mixed martial arts, college basketball, college hockey, professional bull riding, tennis, esports, professional wrestling and professional darts. The Garden has hosted the Big East Tournament for 44 consecutive years, and the company and the Big East Conference have extended the partnership through 2032.

Competition and seasonality

The company competes with other live performances, sporting events, movies and home entertainment for the public's entertainment spending. The filing describes New York City, its primary market, as among the most competitive entertainment markets in the world. It competes for bookings with other venues, mainly on the size, quality, expense and nature of the venue. It also competes for sponsorship dollars. Because of the Christmas Spectacular and the Knicks and Rangers license fees, the company earns a disproportionate share of its revenue and operating income in the second and third quarters of its fiscal year.

Its people

At 30 June 2026 the company had approximately 1,060 full-time and approximately 5,200 part-time employees. About 70% were represented by unions. Of those union employees, approximately 27% were under collective bargaining agreements that had expired as of 30 June 2026. Approximately 36% were under agreements that expire by 30 June 2027 if not extended. All of the company's revenues and assets are attributed to or located in the United States, with a majority concentrated in New York City.

From MSG Entertainment's annual report on Form 10-K for the year ended 30 June 2026. The filing

Compare with another name

Madison Square Garden Entertainment Corp. (MSGE) reported revenue of $196 million for Q4 FY2026, the quarter ended 30 June 2026, up 27.4% on the same quarter a year earlier. Net income was -$10 million, and diluted earnings per share $-0.21. The figures are the company's own, from the 10-K it filed with the SEC on 12 August 2026.

Revenue$196 millionup 27.4%
Net income-$10 million
Diluted EPS$-0.21
QuarterQ4 FY2026ended 30 June 2026

Madison Square Garden Entertainment (MSGE) in brief

Madison Square Garden Entertainment (MSGE) reported revenue of $1.1 billion for fiscal 2026, the year ended 30 June 2026, up 12.5% on the year before.
Read moreNet income was $66 million and diluted earnings per share $1.38. Revenue was $943 million in fiscal 2025, $959 million in fiscal 2024, $851 million in fiscal 2023 and $653 million in fiscal 2022. Net income in the same years was $37 million, $144 million, $77 million and a loss of $133 million. Revenue grew 66.9% a year, compounded, over the five years to fiscal 2026. At 30 June 2026 it carried $571 million of debt and $294 million of cash. At the close of 28 October 2026 the market cap of Madison Square Garden Entertainment was $3.8 billion, 57.2 times its earnings over the last twelve months.

Ratios

From the filings

ROE144.6%
ROCE23.0%
Operating margin13.3%
Net margin6.2%
FCF margin30.5%
Interest cover3.54
Debt to equity12.47
Cash conversion5.31
Share count, last 12 monthsn/a
Sales CAGR, 3 years7.6%
Profit CAGR, 3 years-4.8%
EPS, TTM$1.38

At the close of 28 October 2026

Price$79.00
Market cap$3.8 billion
Stock P/E57.25
Price to book81.94
EV / EBITDA20.39
Dividend yieldn/a
Market cap / sales3.54
52-week high$88.42
52-week low$43.84
Price, 1 year75.7%
Price CAGR, 3 years38.5%
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowing lines of Madison Square Garden Entertainment Corp.'s balance sheet, added together, finance leases inside them only where the company puts them there; operating leases are a separate line. Nothing here is a valuation or a view.
MSGEgreeksoup.ai
Daily prices to 28 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on MSGE

Dividendsno dividend in its filings for fiscal 2021 onward
Filings16 in twelve months: 10 current reports (8-K), about 4 results of operations; 3 officer or director change; 1 other events; 1 regulation FD disclosure; 1 shareholder vote
Planned insider sales4 Form 144 notices in twelve months, $3.2 million; latest 12 June 2026
Options tapeput/call 0.49 by open interest at the 29 October 2026 close; the straddle prices a 8.3% move to 20 November 2026
13F holders277 funds reported a position for the quarter to 30 June 2026; largest Ariel Investments, LLC
Insider trading2 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest2.5 million shares short, 4.32 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 17 quarters

Q3 FY2022Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026Q4 FY2026 *
Revenue194146356201148142403228186139407242154158460246196
SG&A47.040.143.344.152.748.848.453.955.845.757.252.159.956.668.461.067.2
Operating income15.8-11.311324.7-21.8-33.413716.8-8.9-18.513927.3-25.8-29.716416.1-8.6
Operating margin8%-8%32%12%-15%-24%34%7%-5%-13%34%11%-17%-19%36%7%-4%
Interest expense13.011.413.213.413.814.315.014.414.214.013.011.811.711.010.49.49.1
Pre-tax incomen/an/an/an/an/a-51.3n/an/an/a-32.9n/an/an/an/an/an/an/a
Net income-3.9-17.997.321.7-24.5-50.71252.866.9-19.375.98.0-27.2-21.792.75.1-10.0
Net margin-2%-12%27%11%-17%-36%31%1%36%-14%19%3%-18%-14%20%2%-5%
Diluted EPS-$0.08-$0.35$1.88$0.42-$0.47-$1.00$2.59$0.06$1.41-$0.40$1.56$0.17-$0.57-$0.46$1.94$0.11-$0.21
Operating cash flown/a-57.312763.03.41.41045.80.2-27.411356.8-27.019.8164184-16.6
Capital expendituren/a4.94.43.03.03.37.98.44.55.99.33.04.16.08.310.04.1
Free cash flown/a-62.212260.00.4-2.096.0-2.6-4.3-33.310453.8-31.113.9156174-20.7
Buybacksn/a0.00.00.025.051.4-0.50.00.00.025.014.70.025.00.00.00.0
Filing10-Q10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 6 fiscal years and the trailing twelve months

FY2021FY2022FY2023FY2024FY2025FY2026TTM
Revenue81.86538519599431,0611,061
Selling, general and administrative137167180207215253253
Operating income-237-5.6105112122142142
Operating margin-290.0%-0.9%12.3%11.7%13.0%13.3%13.3%
Interest expense33.753.151.958.050.540.040.0
Pre-tax incomen/an/an/a52.365.6107n/a
Income tax5.3-0.11.7-92.028.140.840.8
Effective tax raten/an/an/a-176.0%42.9%38.1%n/a
Net income-219-13376.614437.466.266.2
Net margin-267.2%-20.4%9.0%15.0%4.0%6.2%6.2%
Diluted EPS-$4.22-$2.58$1.47$2.97$0.77$1.38$1.38
Filing10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

FY2021FY2022FY2023FY2024FY2025FY2026TTM
Operating cash flow-14895.4136111115351351
Capital expenditure10.315.815.224.222.228.328.3
Free cash flow-15879.612187.193.1323323
Free cash flow margin-193.7%12.2%14.2%9.1%9.9%30.5%30.5%
Cash from investing-10.345.430.3-62.4-23.7-29.8-29.8
Cash from financing473-396-144-99.7-81.6-71.0-71.0
Depreciation and amortisation71.669.560.553.957.856.156.1
Share-based compensation40.739.431.831.227.732.432.4
Buybacks0.00.025.050.939.725.025.0
Diluted shares, weighted52m52m52m49m48m48m47m
Filing10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2021FY2022FY2023FY2024FY2025FY2026TTM
Funded by
Shareholders' equity499-1.5-69.5-23.2-13.345.845.8
Non-controlling interestn/a-0.10.0n/an/an/an/a
Debtn/a664646615599571571
Operating lease liabilitiesn/a254220427566560560
Other liabilitiesn/a611604533517759759
Total liabilities and equityn/a1,5271,4011,5531,6701,9351,935
Owned
Fixed assetsn/a696629634621592592
Goodwilln/a69.069.069.069.069.069.0
Intangible assetsn/a65.463.8n/an/an/an/a
Cash and equivalents31858.176.133.343.0294294
Receivablesn/a10363.977.366.888.088.0
Inventoryn/a2.82.63.93.83.73.7
Other assetsn/a533497736866889889
Total assetsn/a1,5271,4011,5531,6701,9351,935
Filing10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/a66.9%7.6%12.5%
Profit growth, compoundedn/an/a-4.8%76.8%
Return on equity, averagen/an/an/a144.6%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Madison Square Garden Entertainment's revenue in fiscal 2026?

Madison Square Garden Entertainment (MSGE) reported revenue of $1.1 billion for fiscal 2026, the year ended 30 June 2026, up 12.5% on the year before.

How much did Madison Square Garden Entertainment earn in fiscal 2026?

Net income was $66 million for fiscal 2026, and diluted earnings per share $1.38.

What is Madison Square Garden Entertainment's P/E ratio?

At the close of 28 October 2026, Madison Square Garden Entertainment traded at 57.2 times its earnings over the twelve months to 30 June 2026.

What is Madison Square Garden Entertainment's market cap?

The market cap of Madison Square Garden Entertainment was $3.8 billion at the close of 28 October 2026.

How much debt does Madison Square Garden Entertainment have?

At 30 June 2026 Madison Square Garden Entertainment carried $571 million of debt and $294 million of cash.

Peers: Entertainment

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Walt Disney Co. DIS$188.3 billion22.497.8%18.4%4.6%0.42n/a
DraftKings Inc. DKNG$10.1 billionn/a-29.3%-2.9%15.0%3.26n/a
MSG Knickerbockers Corp. MSGS$9.4 billion1,281.83n/a2.5%11.0%n/a1.8%
Vail Resorts Inc. MTN$5.4 billion36.6861.3%14.8%-4.3%13.245.8%
Sphere Entertainment Co. SPHR$4.0 billionn/a-3.2%-11.4%23.4%0.35n/a
Madison Square Garden Entertainment Corp. MSGE$3.8 billion57.25144.6%13.3%12.5%12.47n/a
Lionsgate Studios Corp. LION$3.6 billionn/an/an/an/an/an/a
Atlanta Braves Holdings, Inc. BATRA$3.5 billionn/a-12.5%-9.4%6.8%1.54n/a
StubHub Holdings, Inc. STUB$2.1 billionn/a-108.9%-69.7%n/a0.86n/a
Rush Street Interactive, Inc. RSI$1.8 billion52.1717.2%10.1%34.3%0.00n/a
Pursuit Attractions & Hospitality, Inc. PRSU$1.5 billion40.347.2%15.1%26.4%0.36n/a
United Parks & Resorts Inc. PRKS$1.4 billion12.22n/a19.2%-3.5%n/an/a
All 24 in Entertainment
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Netflix Inc. NFLX$254.6 billion17.9250.4%31.3%14.7%0.52n/a
Walt Disney Co. DIS$188.3 billion22.497.8%18.4%4.6%0.42n/a
Live Nation Entertainment, Inc. LYV$40.7 billionn/a163.6%3.0%10.8%111.76n/a
TKO Group Holdings, Inc. TKO$13.2 billion61.056.8%18.8%5.1%1.36n/a
DraftKings Inc. DKNG$10.1 billionn/a-29.3%-2.9%15.0%3.26n/a
Life Time Group Holdings, Inc. LTH$9.6 billion23.5812.6%17.3%12.7%0.45n/a
MSG Knickerbockers Corp. MSGS$9.4 billion1,281.83n/a2.5%11.0%n/a1.8%
Liberty Live Holdings, Inc. LLYVA$9.0 billionn/an/a-12.1%n/an/an/a
Churchill Downs Inc. CHDN$5.6 billion12.6733.0%25.5%4.2%3.420.5%
Vail Resorts Inc. MTN$5.4 billion36.6861.3%14.8%-4.3%13.245.8%
Cinemark Holdings, Inc. CNK$4.7 billion23.09n/an/a4.5%n/a0.9%
Planet Fitness, Inc. PLNT$4.1 billion17.84n/a30.9%12.7%n/an/a
Sphere Entertainment Co. SPHR$4.0 billionn/a-3.2%-11.4%23.4%0.35n/a
Madison Square Garden Entertainment Corp. MSGE$3.8 billion57.25144.6%13.3%12.5%12.47n/a
Lionsgate Studios Corp. LION$3.6 billionn/an/an/an/an/an/a
Atlanta Braves Holdings, Inc. BATRA$3.5 billionn/a-12.5%-9.4%6.8%1.54n/a
Onespaworld Holdings Ltd. OSW$2.9 billion35.5813.9%8.9%9.8%0.14n/a
AMC Entertainment Holdings, Inc. AMC$2.7 billionn/an/a4.4%6.4%n/an/a
StubHub Holdings, Inc. STUB$2.1 billionn/a-108.9%-69.7%n/a0.86n/a
Rush Street Interactive, Inc. RSI$1.8 billion52.1717.2%10.1%34.3%0.00n/a
Pursuit Attractions & Hospitality, Inc. PRSU$1.5 billion40.347.2%15.1%26.4%0.36n/a
United Parks & Resorts Inc. PRKS$1.4 billion12.22n/a19.2%-3.5%n/an/a
Six Flags Entertainment Corporation FUN$772 millionn/a-1,526.2%-44.2%-3.5%43.34n/a
Warner Music Group Corp. WMGn/an/a78.7%13.7%12.9%5.522.6%
8 companies share its SEC industry code (Services-Miscellaneous Amusement & Recreation); the rest are the names nearest in size in its wider industry, Entertainment, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-K30 June 202612 August 2026EDGAR
10-Q31 March 20267 May 2026EDGAR
10-Q31 December 20256 February 2026EDGAR
10-Q30 September 20256 November 2025EDGAR
10-K30 June 202513 August 2025EDGAR
10-Q31 March 20256 May 2025EDGAR
10-Q31 December 20246 February 2025EDGAR
10-Q30 September 20248 November 2024EDGAR
10-K30 June 202416 August 2024EDGAR
10-Q31 March 20249 May 2024EDGAR