MSG Knickerbockers (MSGS) FY2025 results: revenue $1.0 billion, up 1.2% on the year

MSG Knickerbockers Corp. (MSGS) reported revenue of $1.0 billion for fiscal 2025, the year ended 30 June 2025, up 1.2% on the year before. Net income was -$22 million, and diluted earnings per share $-0.93. The figures are the company's own, from the 10-K it filed with the SEC on 12 August 2025.

Revenue

$1.0 billion

+1.2% on the year

FY2018FY2025

Operating margin

1.4%

14.2% a year earlier

FY2018FY2025

Net income

-$22 million

FY2018FY2025

Diluted EPS

-$0.93

FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ million	FY2025	FY2024	FY2023	On the year
Revenue	1,039	1,027	887	+1.2%
Selling, general and administrative	266	261	250	+1.8%
Operating income	14.8	146	85.2	-89.9%
Operating margin	1.4%	14.2%	9.6%
Interest expense	21.7	27.6	22.9	-21.5%
Pre-tax income	-17.3	106	89.9
Income tax	5.2	46.9	44.3	-89.0%
Effective tax rate	n/a	44.4%	49.3%
Net income	-22.4	58.8	47.8
Net margin	-2.2%	5.7%	5.4%
Diluted EPS	-$0.93	$2.44	$1.89

$ million except per share.

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. 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

$ million	FY2025	FY2024	FY2023	On the year
Operating cash flow	91.6	92.1	152	-0.6%
Capital expenditure	3.6	1.5	1.2	+149.6%
Free cash flow	88.0	90.7	151	-3.0%
Free cash flow margin	8.5%	8.8%	17.0%
Cash from investing	-6.9	-8.9	-17.8
Cash from financing	-26.4	-28.8	-185
Depreciation and amortisation	3.2	3.2	3.6	+1.7%
Share-based compensation	17.9	21.3	25.2	-15.8%
Dividends paid	0.6	0.7	171	-9.7%
Dividend per share	$7.00	$7.00	$7.00	0.0%
Diluted shares, weighted	24m	24m	24m	-0.0%

Balance sheet

$ million	FY2025	FY2024	FY2023	On the year
Shareholders' equity	-281	-266	-337
Non-controlling interest	n/a	n/a	0.0
Debt	291	305	325	-4.6%
Operating lease liabilities	841	750	746	+12.1%
Other liabilities	622	558	581	+11.6%
Total liabilities and equity	1,473	1,346	1,315	+9.4%
Fixed assets	29.0	28.5	30.5	+1.5%
Goodwill	227	227	227	0.0%
Intangible assets	0.0	0.0	0.0
Cash and equivalents	145	89.1	40.4	+62.2%
Other assets	1,073	1,002	1,018	+7.1%
Total assets	1,473	1,346	1,315	+9.4%

10-K for the year ended 30 June 2025, filed 12 August 2025: the filing.