MSGS

MKT CAP:$8B

Madison Square Garden Sports Corp.

Market Cap

$8B

Communication Services·Entertainment·🇺🇸 United States·NYSE

Communication·Entertainment·🇺🇸·NYSE

Stock Price

$327.31+$68.45 (+26.44%)

Apr 23, 2026

Company Details

Madison Square Garden Sports Corp. operates as a professional sports company. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Ran...

CEO

James Lawrence Dolan

IPO Date

Sep 17, 2015

Website

www.msgsports.com

Key Metrics TTM

Revenue

$1.1B

+0.3% YoY

Net Income

-$17M

EPS (Diluted)

-$0.69

Free Cash Flow

$3M

Revenue / Share

$44.22

Gross Margin

25.9%

Operating Margin

0.4%

Net Margin

-1.5%

FCF Margin

0.3%

P/S

7.5x

P/E

—

Earnings Reports

Q3 2026

May 1, 2026

PENDING

Q2 2026

Feb 6, 2026

$403M+12.8%EPS $0.34

Q1 2026

Oct 31, 2025

$39M-26.0%EPS -$0.37

FY 2025

Aug 12, 2025

$1.0B+1.2%EPS -$0.93

Q4 2025

Aug 12, 2025

$204M-10.3%EPS -$0.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$338M	$130M	$61M
Q4 22	$175M	$81M	$24M
Q1 23	$24M	$19M	-$36M
Q2 23	$354M	$127M	$52M
Q3 23	$383M	$143M	$82M
Q4 23	$127M	$46M	-$12M
Q1 24	$43M	$39M	-$15M
Q2 24	$327M	$94M	$29M
Q3 24	$430M	$156M	$80M
Q4 24	$227M	$119M	$52M
Q1 25	$53M	$44M	-$8M
Q2 25	$358M	$81M	$13M
Q3 25	$424M	$107M	$32M
Q4 25	$204M	$48M	-$23M
Q1 26	$39M	$30M	-$27M
Q2 26	$403M	$91M	$22M

Valuation

Quarter	P/S	P/E
Q3 22	5.3x	57.7x
Q4 22	4.5x	73.0x
Q1 23	4.1x	68.9x
Q2 23	4.9x	78.0x
Q3 23	5.0x	55.5x
Q4 23	5.1x	93.8x
Q1 24	4.7x	90.1x
Q2 24	4.9x	112.1x
Q3 24	4.8x	183.6x
Q4 24	4.5x	78.7x
Q1 25	4.8x	71.4x
Q2 25	5.1x	96.3x
Q3 25	4.4x	971.0x
Q4 25	4.8x	—
Q1 26	5.4x	—
Q2 26	5.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$40M	$40M
Q4 22	$114M	$114M
Q1 23	$1M	$1M
Q2 23	$30M	$30M
Q3 23	$83M	$83M
Q4 23	$38M	$38M
Q1 24	-$54M	-$55M
Q2 24	$34M	$33M
Q3 24	$4M	$4M
Q4 24	$108M	$108M
Q1 25	-$26M	-$27M
Q2 25	$62M	$61M
Q3 25	$6M	$7M
Q4 25	$50M	$49M
Q1 26	-$85M	-$85M
Q2 26	$32M	$32M

Capital Expenditures

Quarter	CapEx
Q3 22	$509.0K
Q4 22	$46.0K
Q1 23	$271.0K
Q2 23	$391.0K
Q3 23	$371.0K
Q4 23	$148.0K
Q1 24	$391.0K
Q2 24	$599.0K
Q3 24	$94.0K
Q4 24	$367.0K
Q1 25	$359.0K
Q2 25	$533.0K
Q3 25	$892.0K
Q4 25	$373.0K
Q1 26	$371.0K
Q2 26	$857.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+84.6%	+58.0%
Q4 22	+19.3%	-9.6%
Q1 23	+28.2%	+11.6%
Q2 23	+22.1%	+19.1%
Q3 23	+13.3%	+8.9%
Q4 23	-27.6%	-8.2%
Q1 24	+78.7%	-3.5%
Q2 24	-7.6%	-1.4%
Q3 24	+12.3%	+16.4%
Q4 24	+79.1%	+25.8%
Q1 25	+23.8%	+6.4%
Q2 25	+9.4%	+15.6%
Q3 25	-1.3%	+11.9%
Q4 25	-10.3%	+29.5%
Q1 26	-26.0%	+8.6%
Q2 26	+12.8%	+10.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 22	$7M	2.1%
Q4 22	$5M	2.9%
Q1 23	$7M	30.0%
Q2 23	$12M	3.3%
Q3 23	$3M	0.8%
Q4 23	$3M	2.5%
Q1 24	$4M	9.6%
Q2 24	$7M	2.0%
Q3 24	$7M	1.7%
Q4 24	$3M	1.4%
Q1 25	$4M	8.0%
Q2 25	$6M	1.7%
Q3 25	-$10M	-2.4%
Q4 25	$4M	1.9%
Q1 26	$5M	12.3%
Q2 26	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q3 22	$69M
Q4 22	$57M
Q1 23	$55M
Q2 23	$76M
Q3 23	$61M
Q4 23	$58M
Q1 24	$54M
Q2 24	$65M
Q3 24	$76M
Q4 24	$66M
Q1 25	$53M
Q2 25	$68M
Q3 25	$75M
Q4 25	$71M
Q1 26	$58M
Q2 26	$69M

Revenue Segments

Quarter	Event-related	League Distribution	Media Rights	Sponsorship, signage and suite licenses	Event-Related	Sponsorship, Signage And Suite Licenses
Q3 22	$120M	$17M	$125M	$77M	—	—
Q1 23	$5M	$7M	$7M	$5M	—	—
Q2 23	$142M	$12M	$118M	$81M	—	—
Q3 23	$145M	$13M	$135M	$90M	—	—
Q1 24	$6M	$25M	$7M	$5M	—	—
Q2 24	$122M	$13M	$123M	$69M	—	—
Q3 24	$178M	$11M	$140M	$101M	—	—
Q1 25	—	$35M	$7M	—	$6M	$5M
Q2 25	—	$12M	$127M	—	$139M	$79M
Q3 25	—	$10M	$124M	—	$177M	$114M
Q1 26	—	$24M	$5M	—	$6M	$5M
Q2 26	—	$15M	$122M	—	$167M	$98M

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$50M	$0	$50M
Q4 22	$91M	$0	$91M
Q1 23	$81M	$0	$81M
Q2 23	$45M	$0	$45M
Q3 23	$66M	$0	$66M
Q4 23	$40M	$0	$40M
Q1 24	$52M	$0	$52M
Q2 24	$41M	$0	$41M
Q3 24	$45M	$0	$45M
Q4 24	$89M	$0	$89M
Q1 25	$52M	$0	$52M
Q2 25	$108M	$0	$108M
Q3 25	$97M	$0	$97M
Q4 25	$153M	$0	$153M
Q1 26	$57M	$0	$57M
Q2 26	$81M	$0	$81M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	24M	+0.1%	+0.2%
Q4 22	24M	+0.4%	+0.3%
Q1 23	24M	-0.8%	+0.5%
Q2 23	24M	-0.4%	-0.8%
Q3 23	24M	-0.5%	-1.4%
Q4 23	24M	-0.4%	-2.1%
Q1 24	24M	+0.0%	-1.3%
Q2 24	24M	+0.4%	-0.5%
Q3 24	24M	+0.1%	+0.2%
Q4 24	24M	+0.2%	+0.8%
Q1 25	24M	-0.4%	+0.3%
Q2 25	24M	+0.5%	+0.4%
Q3 25	24M	-0.3%	-0.1%
Q4 25	24M	+0.1%	-0.2%
Q1 26	24M	+0.0%	+0.3%
Q2 26	24M	+0.4%	+0.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	$813.9K	415
Q4 22	$375.2K	467
Q1 23	$51.6K	467
Q2 23	$757.4K	467
Q3 23	$819.6K	467
Q4 23	$227.5K	558
Q1 24	$77.1K	558
Q2 24	$585.8K	558
Q3 24	$770.5K	558
Q4 24	$426.4K	533
Q1 25	$100.0K	533
Q2 25	$671.2K	533
Q3 25	$795.9K	533
Q4 25	$396.8K	514
Q1 26	$76.8K	514
Q2 26	$784.9K	514

Revenue / Employee