MSGE

MKT CAP:$3B

Madison Square Garden Entertainment Corp.

Market Cap

$3B

Communication Services·Entertainment·🇺🇸 United States·NYSE

Communication·Entertainment·🇺🇸·NYSE

Stock Price

$61.51+$7.16 (+13.19%)

Apr 23, 2026

Company Details

Madison Square Garden Entertainment Corp. engages in the entertainment business. It produces, presents, or hosts various live entertainment events, including concerts, family shows, and special events, as well as sporting events, such as pr...

CEO

James Lawrence Dolan

IPO Date

May 2, 2023

Website

www.msgentertainment.com

Key Metrics TTM

Revenue

$1.0B

+5.7% YoY

Net Income

$52M

EPS (Diluted)

$1.08

Free Cash Flow

$207M

Revenue / Share

$21.21

Gross Margin

46.1%

Operating Margin

13.5%

Net Margin

5.1%

FCF Margin

20.4%

P/S

2.9x

P/E

57.6x

Earnings Reports

Q3 2026

May 5, 2026

PENDING

Q2 2026

Feb 6, 2026

$460M+12.9%EPS $1.94

Q1 2026

Nov 4, 2025

$158M+14.1%EPS -$0.46

FY 2025

Aug 13, 2025

$943M-1.7%EPS $0.77

Q4 2025

Aug 13, 2025

$154M-17.2%EPS -$0.57

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$394M	$184M	$70M
Q1 22	$295M	$129M	-$83M
Q4 22	$178M	$76M	-$6M
Q2 23	$356M	$175M	$113M
Q3 23	$201M	$86M	$25M
Q4 23	$148M	$66M	-$22M
Q1 24	$142M	$41M	-$33M
Q2 24	$403M	$200M	$137M
Q3 24	$228M	$86M	$17M
Q4 24	$186M	$85M	-$9M
Q1 25	$139M	$41M	-$18M
Q2 25	$407M	$210M	$139M
Q3 25	$242M	$104M	$27M
Q4 25	$154M	$75M	-$26M
Q1 26	$158M	$56M	-$30M
Q2 26	$460M	$233M	$165M

Valuation

Quarter	P/S	P/E
Q2 20	—	—
Q1 22	—	—
Q4 22	—	—
Q2 23	2.0x	105.4x
Q3 23	2.9x	—
Q4 23	1.9x	73.2x
Q1 24	1.8x	35.7x
Q2 24	1.7x	20.7x
Q3 24	2.0x	35.0x
Q4 24	1.7x	11.3x
Q1 25	2.2x	11.7x
Q2 25	1.8x	13.7x
Q3 25	1.6x	12.0x
Q4 25	2.0x	51.2x
Q1 26	2.2x	61.3x
Q2 26	1.9x	37.4x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$123M	$123M
Q1 22	-$2M	-$140M
Q4 22	$35M	$30M
Q2 23	$127M	$122M
Q3 23	$63M	$60M
Q4 23	$3M	$352.0K
Q1 24	$1M	-$2M
Q2 24	$104M	$96M
Q3 24	$6M	-$3M
Q4 24	$212.0K	-$4M
Q1 25	-$27M	-$33M
Q2 25	$113M	$104M
Q3 25	$57M	$54M
Q4 25	-$27M	-$31M
Q1 26	$20M	$14M
Q2 26	$164M	$170M

Capital Expenditures

Quarter	CapEx
Q2 20	$0
Q1 22	$137M
Q4 22	$5M
Q2 23	$4M
Q3 23	$3M
Q4 23	$3M
Q1 24	$3M
Q2 24	$8M
Q3 24	$8M
Q4 24	$5M
Q1 25	$6M
Q2 25	$9M
Q3 25	$3M
Q4 25	$4M
Q1 26	$6M
Q2 26	$6M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 23	-48.9%	-45.6%
Q4 23	-49.8%	-55.1%
Q1 24	-20.3%	-4.5%
Q2 24	+13.1%	+9.4%
Q3 24	+13.5%	+19.8%
Q4 24	+25.8%	+14.9%
Q1 25	-2.5%	-10.5%
Q2 25	+1.2%	+1.2%
Q3 25	+6.2%	+1.7%
Q4 25	-17.2%	-7.7%
Q1 26	+14.1%	+19.6%
Q2 26	+12.9%	+9.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$10M	2.6%
Q1 22	$20M	6.6%
Q4 22	$0	0.0%
Q2 23	$9M	2.5%
Q3 23	$8M	4.0%
Q4 23	$0	0.0%
Q1 24	$13M	9.1%
Q2 24	$0	0.0%
Q3 24	$5M	2.4%
Q4 24	$5M	2.7%
Q1 25	$6M	4.5%
Q2 25	$9M	2.3%
Q3 25	$6M	2.6%
Q4 25	$6M	3.8%
Q1 26	$7M	4.6%
Q2 26	$10M	2.2%

OpEx Breakdown

Quarter	G&A	S&M	SG&A
Q1 22	—	—	$175M
Q4 22	$53M	$8M	—
Q2 23	—	—	$43M
Q3 23	—	—	$44M
Q4 23	$69M	$9M	—
Q1 24	—	—	$49M
Q4 24	$67M	$11M	—
Q1 25	—	—	$46M
Q2 25	—	—	$57M
Q3 25	—	—	$52M
Q4 25	$73M	$10M	—
Q1 26	—	—	$57M

Revenue Segments

Quarter	Food, Beverage and Merchandise Revenues	Media Networks Revenue	Product and Service, Other	Revenues from Entertainment Dining and Nightlife Offerings	Sponsorship and Signage, Suite and Advertising Commission Revenues	Ticketing and Venue License Fee Revenues	Food, Beverage And Merchandise Revenues	Sponsorship and Signage, Suite And Advertising Commission Revenues	Ticketing And Venue License Fee Revenues
Q1 22	$4M	$141M	$351.0K	$119M	$10M	$17M	—	—	—
Q1 25	—	—	$2M	—	—	—	$19M	$43M	$70M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$999M	$0	$999M
Q4 22	$58M	$0	$58M
Q1 23	$459M	$0	$459M
Q2 23	$153M	$0	$153M
Q3 23	$123M	$0	$123M
Q4 23	$76M	$0	$76M
Q1 24	$37M	$0	$37M
Q2 24	$35M	$0	$35M
Q3 24	$28M	$0	$28M
Q4 24	$33M	$0	$33M
Q1 25	$37M	$0	$37M
Q2 25	$55M	$0	$55M
Q3 25	$89M	$0	$89M
Q4 25	$43M	$0	$43M
Q1 26	$30M	$0	$30M
Q2 26	$158M	$0	$158M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	24M	—	—
Q1 22	34M	+42.1%	—
Q4 22	34M	+0.7%	—
Q2 23	51M	+48.9%	—
Q3 23	52M	+1.3%	+115.8%
Q4 23	51M	-1.4%	+49.7%
Q1 24	50M	-1.2%	+46.9%
Q2 24	48M	-4.9%	-6.1%
Q3 24	48M	+1.0%	-6.4%
Q4 24	48M	-1.8%	-6.8%
Q1 25	49M	+2.1%	-3.7%
Q2 25	49M	+0.0%	+1.3%
Q3 25	48M	-0.7%	-0.4%
Q4 25	48M	-1.4%	+0.0%
Q1 26	47M	-0.3%	-2.3%
Q2 26	48M	+0.8%	-1.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	—	—
Q1 22	—	—
Q4 22	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	$152.5K	970
Q1 24	$146.6K	970
Q2 24	$415.1K	970
Q3 24	$235.4K	970
Q4 24	$155.1K	1K
Q1 25	$115.6K	1K
Q2 25	$339.5K	1K
Q3 25	$202.1K	1K
Q4 25	$128.4K	1K
Q1 26	$131.9K	1K
Q2 26	$383.3K	1K

Revenue / Employee