Revenue growth remains erratic, oscillating between a 25.8% expansion in 2024Q4 and a 17.2% contraction in 2025Q4, while gross margins exhibit significant sensitivity to event mix, ranging from 29.6% to 51.6%.
| Sales/Revenue | 1.02B | 942.73M | 959.26M | 851.5M | 653.49M | 81.81M | 584.6M | 1.05B | 988.99M |
| Revenue Growth % | 4.51% | -1.72% | 12.66% | 30.3% | 698.77% | -86.01% | -44.27% | 6.06% | - |
| Cost of Goods Sold | 554.66M | 535.64M | 547.05M | 499.93M | 394.79M | 75.85M | 380.53M | 670.64M | 635.22M |
| COGS % of Revenue | - | 56.82% | 57.03% | 58.71% | 60.41% | 92.71% | 65.09% | 63.94% | 64.23% |
| Gross Profit | 463.94M | 407.09M | 412.22M | 351.57M | 258.7M | 5.96M | 204.07M | 378.27M | 353.77M |
| Gross Margin % | 45.55% | 43.18% | 42.97% | 41.29% | 39.59% | 7.29% | 34.91% | 36.06% | 35.77% |
| Gross Profit Growth % | - | -1.24% | 17.25% | 35.9% | 4239.81% | -97.08% | -46.05% | 6.92% | - |
| Operating Expenses | 314.79M | 272.74M | 300.27M | 246.56M | 264.34M | 243.25M | -21.26M | 423.87M | 385.05M |
| OpEx % of Revenue | - | 28.93% | 31.3% | 28.96% | 40.45% | 297.33% | -3.64% | 40.41% | 38.93% |
| Selling, General & Admin | 200.58M | 214.97M | 232.19M | 180.22M | 188.79M | 157.24M | 137.94M | 314.52M | 273M |
| SG&A % of Revenue | - | 22.8% | 24.21% | 21.16% | 28.89% | 192.2% | 23.59% | 29.99% | 27.6% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 57.77M | 68.08M | 66.34M | 75.55M | 86.01M | -159.19M | -6.06M | -3.1M |
| Operating Income | 149.14M | 134.35M | 111.94M | 105.01M | -5.65M | -237.29M | 225.33M | -45.6M | -31.28M |
| Operating Margin % | 14.64% | 14.25% | 11.67% | 12.33% | -0.86% | -290.04% | 38.54% | -4.35% | -3.16% |
| Operating Income Growth % | - | 20.02% | 6.6% | 1959.21% | 97.62% | -205.31% | 594.18% | -45.76% | - |
| EBITDA | 206.42M | 192.12M | 165.82M | 178.28M | 63.89M | -165.71M | 313.46M | 63.75M | 80.78M |
| EBITDA Margin % | 20.27% | 20.38% | 17.29% | 20.94% | 9.78% | -202.55% | 53.62% | 6.08% | 8.17% |
| EBITDA Growth % | 0.7% | 15.86% | -6.99% | 179.06% | 138.55% | -152.86% | 391.74% | -21.08% | - |
| D&A (Non-Cash Add-back) | 57.28M | 57.77M | 53.88M | 73.27M | 69.53M | 71.58M | 88.13M | 109.34M | 112.06M |
| EBIT | 129.02M | 116.07M | 126.15M | 129.64M | 369K | -222.86M | 271.27M | -9.83M | -25.99M |
| Net Interest Income | -38.12M | -48.18M | -54.98M | -44.63M | -45.96M | -27.29M | 8.38M | 14.9M | 9.2M |
| Interest Income | 4.46M | 2.33M | 2.98M | 7.24M | 7.15M | 6.44M | 8.8M | 30.16M | 21.35M |
| Interest Expense | 42.58M | 50.51M | 57.95M | 51.87M | 53.11M | 33.73M | 425K | 15.26M | 12.15M |
| Other Income/Expense | -69.98M | -68.79M | -59.65M | -27.24M | -130.62M | 23.33M | 45.51M | 22.71M | 2.34M |
| Pretax Income | 79.17M | 65.56M | 52.29M | 77.77M | -136.27M | -213.96M | 270.84M | -29.7M | -28.94M |
| Pretax Margin % | 7.77% | 6.95% | 5.45% | 9.13% | -20.85% | -261.53% | 46.33% | -2.83% | -2.93% |
| Income Tax | 30.17M | 28.13M | -92.01M | 1.73M | -70K | 5.35M | 100.18M | 443K | -30.83M |
| Effective Tax Rate % | 38.11% | 42.91% | -175.96% | 2.22% | 0.05% | -2.5% | 36.99% | -1.49% | 106.52% |
| Net Income | 48.99M | 37.43M | 144.3M | 76.6M | -133.34M | -218.61M | 171.73M | -17.89M | 6.9M |
| Net Margin % | 4.81% | 3.97% | 15.04% | 9% | -20.4% | -267.22% | 29.38% | -1.71% | 0.7% |
| Net Income Growth % | -62.75% | -74.06% | 88.39% | 157.45% | 39.01% | -227.3% | 1059.71% | -359.41% | - |
| Net Income (Continuing) | 48.99M | 37.43M | 144.3M | 76.04M | -136.2M | -219.31M | 170.66M | -17.89M | 6.9M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | -114K | 2.75M | 32.8M | 81.42M | 88.19M |
| EPS (Diluted) | 1.37 | 0.77 | 2.97 | 1.47 | -2.61 | -9.07 | 7.14 | -0.75 | 0.29 |
| EPS Growth % | -60.58% | -74.07% | 102.04% | 156.32% | 71.22% | -227.03% | 1052% | -358.62% | - |
| EPS (Basic) | - | 0.78 | 2.99 | 1.48 | -2.61 | -9.07 | 7.15 | -0.75 | 0.29 |
| Diluted Shares Outstanding | 35.88M | 48.33M | 48.59M | 51.05M | 44.9M | 24.17M | 24.04M | 23.99M | 23.99M |
| Basic Shares Outstanding | 35.88M | 48.03M | 48.27M | 51.05M | 44.9M | 24.17M | 24.01M | 23.99M | 23.99M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Extreme seasonal revenue volatility
As reported in recent financial filings, MSGE's revenue growth remains highly erratic, fluctuating from a 25.8% expansion in 2024Q4 to a 17.2% contraction in 2025Q4, reflecting the company's heavy reliance on seasonal event cycles and the timing of major proprietary productions within its core venue portfolio.
The revenue trajectory appears tethered to the calendar-driven nature of the Christmas Spectacular, which creates significant quarterly variance that masks underlying organic growth trends. Investors should monitor whether the company can sustain non-seasonal event volume to smooth out these pronounced revenue troughs observed in the first and fourth quarters.
Based on the provided income statement data, gross margins exhibit significant variance, ranging from a low of 29.6% in 2025Q1 to a peak of 51.6% in 2025Q2, suggesting that the company's profitability is highly sensitive to the specific mix of events hosted during any given fiscal period.
The wide margin swings imply that the cost of staging proprietary content is not perfectly scalable, leading to operating leverage compression during lower-activity quarters. This structural reality suggests that the company's profitability is less about consistent operational efficiency and more about maximizing high-margin throughput during peak seasonal windows.
According to the historical income statement, operating income frequently swings into negative territory during off-peak quarters, such as the -$25.8M reported in 2025Q4, indicating that the company's high fixed-cost base creates significant operational leverage risk when event volume fails to meet minimum threshold requirements for profitability.
The inability to consistently scale operating income alongside gross profit suggests that the company's overhead, including venue maintenance and unionized labor, remains largely non-discretionary. This cost structure appears to limit the company's ability to protect margins during periods of lower event density, warranting further investigation into long-term expense management.
Analysis of the reported figures reveals that stock-based compensation remains a recurring expense, reaching $10.0M in 2026Q2, which may indicate that reported net income figures are being bolstered by non-cash adjustments that do not necessarily reflect the underlying cash-generating capability of the core venue operations.
The presence of consistent stock-based compensation suggests that shareholders should be wary of the dilutionary impact on EPS, especially given the volatility in net income. Investors should monitor whether these non-cash expenses are being used to manage reported earnings during periods of operational weakness.
Quick answers to the most common questions about buying MSGE stock.
For fiscal year 2025, Madison Square Garden Entertainment Corp. (MSGE) reported total revenue of $942.7M. This represents a 4.7% decline compared to $989.0M in 2018.
Madison Square Garden Entertainment Corp. (MSGE) is profitable, generating $37.4M in net income for the fiscal year ending 2025 with a net profit margin of 4.0%.
Madison Square Garden Entertainment Corp. (MSGE) reported an operating income of $134.3M, resulting in an operating profit margin of 14.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Madison Square Garden Entertainment Corp. (MSGE) generated $407.1M in gross profit for the year, representing a gross profit margin of 43.2%. This demonstrates the company's core pricing power and production efficiency.