Free cash flow generation is highly erratic, ranging from a negative 49.7% margin in 2025Q1 to a 47.5% peak in 2024Q4, driven primarily by the timing of seasonal working capital inflows.
| Metric | TTM | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 | Jun'16 | Jun'15 | Jun'14 | Jun'13 |
|---|
| Cash from Operations | 56.34M | 91.61M | 92.13M | 152.47M | 178.06M | -35.33M | 3.57M | 161.25M | 217.63M | 223.53M | 125.78M | 69.35M | 137.06M | 58.14M |
| Operating CF Margin % | - | 8.82% | 8.97% | 17.18% | 21.68% | -8.5% | 0.59% | 22.11% | 13.96% | 16.95% | 11.28% | 6.47% | 15% | 8.04% |
| Operating CF Growth % | 517.64% | -0.57% | -39.58% | -14.37% | 604.04% | -1090.08% | -97.79% | -25.9% | -2.64% | 77.71% | 81.37% | -49.4% | 135.75% | - |
| Net Income | -22.32M | -22.44M | 58.77M | 47.79M | 51.13M | -13.95M | -78.33M | 11.43M | 141.59M | -72.72M | -77.29M | -40.68M | -116.93M | -58.27M |
| Depreciation & Amortization | 3.21M | 3.22M | 3.16M | 3.58M | 5.04M | 5.57M | 17.54M | 20.08M | 122.49M | 107.39M | 102.48M | 108.76M | 91.71M | 72.55M |
| Stock-Based Compensation | 8.62M | 17.93M | 21.29M | 25.2M | 24.25M | 30.44M | 57M | 59.47M | 47.56M | 41.13M | 24.48M | 10.31M | 13.7M | 8.51M |
| Deferred Taxes | -37.07M | -51.77M | -7.13M | 15.02M | 24.48M | -73.66M | -8.03M | 150K | -117.31M | -4.4M | 299K | 436K | 1.7M | 1.13M |
| Other Non-Cash Items | 16.46M | 17.07M | 17.86M | -25.4M | -418K | -1.03M | 67.23M | 90.08M | 5.21M | 77.42M | 65.03M | 40.65M | 1.3M | 1.87M |
| Working Capital Changes | 87.43M | 127.59M | -1.81M | 86.27M | 73.58M | 17.32M | -51.83M | -19.95M | 18.08M | 74.72M | 10.79M | -50.11M | 145.59M | 32.35M |
| Change in Receivables | 48.1M | 36.6M | -9.93M | 17.51M | 5.87M | -72.9M | -38.37M | 1.82M | 4.58M | -17.54M | -30.15M | 258K | -9.53M | -12.18M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -709K | -2.49M | 1.85M | -16.01M | 11.45M | -938K | 16.93M | 1.61M | 1.17M | 4.35M | 22.78M | -4.73M | 3.53M | 2.83M |
| Cash from Investing | -5.2M | -6.92M | -8.9M | -17.76M | -2.93M | -466K | -514.86M | -232.9M | -182.36M | -264.3M | -115.69M | -102.66M | -520.67M | -183.65M |
| Capital Expenditures | -1.74M | -3.62M | -1.45M | -1.18M | -932K | -466K | -363.48M | -188.83M | -197.91M | -53.46M | -73.72M | -67.08M | -306.37M | -217.79M |
| CapEx % of Revenue | 0.16% | 0.35% | 0.14% | 0.13% | 0.11% | 0.11% | 60.25% | 25.89% | 12.69% | 4.05% | 6.61% | 6.26% | 33.53% | 30.13% |
| Acquisitions | 0 | 0 | 0 | -3.02M | 0 | 0 | 17.93M | 73.04M | -4.29M | -200.33M | 0 | 4.32M | -226.51M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 100K | 100K | 0 | 0 | -2M | 0 | 42.04M | -77.45M | 19.84M | 3.48M | -5.56M | 0 | 12.2M | -10M |
| Cash from Financing | -49.13M | -26.41M | -28.79M | -185.27M | -156.14M | 17.16M | -520.59M | -71.75M | -51.1M | -158.53M | 1.42B | 41.37M | 387.48M | 124.81M |
| Debt Issued (Net) | -32.5M | -14M | -20M | 75M | -135M | 30.44M | 330M | -55.8M | -688K | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -8.77M | -11.77M | -8.08M | -75.06M | -18.31M | 808K | -26.78M | -19.52M | -11.83M | -147.96M | -105.74M | 0 | 0 | 0 |
| Dividends Paid | -472K | -633K | -701K | -170.92M | 0 | 0 | -827.08M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -8.77M | -11.77M | -8.08M | -75.06M | -18.31M | 0 | -26.78M | -19.52M | -11.83M | -147.97M | -105.74M | 0 | 0 | 0 |
| Other Financing | -7.39M | 0 | 0 | -14.29M | -2.84M | -14.09M | 3.27M | 3.58M | -38.58M | -10.56M | 1.53B | 41.37M | 387.48M | 124.81M |
| Net Change in Cash | 2M | 58.28M | 54.45M | -50.56M | 18.98M | -18.64M | -1.03B | -138.72M | -12.48M | -206.2M | 1.43B | 8.07M | 3.87M | -710K |
| Free Cash Flow | 54.59M | 87.99M | 90.68M | 151.29M | 177.12M | -35.79M | -358.91M | -27.58M | 28.73M | 172.4M | 54.07M | 5.27M | -167.8M | -159.65M |
| FCF Margin % | 5.06% | 8.47% | 8.83% | 17.05% | 21.56% | -8.61% | -59.49% | -3.78% | 1.84% | 13.08% | 4.85% | 0.49% | -18.37% | -22.08% |
| FCF Growth % | -63.57% | -2.97% | -40.06% | -14.58% | 594.87% | 90.03% | -1201.28% | -195.99% | -83.33% | 218.85% | 926.17% | 103.14% | -5.11% | - |
| FCF per Share | 2.26 | 3.65 | 3.76 | 6.25 | 7.26 | -1.48 | -14.99 | -1.15 | 1.20 | 7.23 | 2.18 | 0.21 | -6.73 | -6.21 |
| FCF Conversion (FCF/Net Income) | -2.45x | -4.08x | 1.57x | 3.19x | 3.48x | 2.53x | -0.02x | 14.11x | 1.54x | -3.07x | -1.63x | -1.70x | -1.17x | -1.00x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Linear media revenue decay
According to recent financial disclosures, MSGS exhibits a profound divergence between net income and operating cash flow, with the OCF/NI ratio reaching an extreme 55.61 in 2025Q2, suggesting that reported accounting earnings are poor proxies for the actual liquidity generated by the underlying sports franchises.
The persistent gap between net income and operating cash flow indicates that non-cash items and accounting accruals significantly distort the company's true economic performance. Investors should monitor this volatility, as it suggests that the core business may be generating cash in ways that are not captured by traditional bottom-line profitability metrics.
As reported in quarterly filings, free cash flow margins for MSGS are highly erratic, ranging from a negative 49.7% in 2025Q1 to a peak of 47.5% in 2024Q4, which highlights the extreme sensitivity of cash generation to the timing of the NBA and NHL regular seasons.
The FCF trajectory appears heavily dependent on the seasonal influx of ticket and sponsorship revenue, which creates lumpy cash flow profiles that complicate year-over-year comparisons. This suggests that the company's ability to fund operations is inherently tied to the league calendar rather than a steady, linear growth trend.
Based on the provided cash flow data, working capital changes are the primary engine of liquidity, with a significant $86.1M inflow in 2025Q4 contrasting with a $59.5M outflow in 2026Q1, indicating that the company relies heavily on the timing of upfront payments for season tickets and sponsorships.
The reliance on working capital swings suggests that MSGS effectively uses its fan base and corporate partners as a source of short-term financing. This dynamic warrants further investigation, as any shift in renewal patterns or payment timing could lead to sudden liquidity constraints during the off-season.
As indicated by the reported figures, MSGS maintains a remarkably low capital intensity, with CapEx/Revenue ratios consistently remaining below 1% across the last ten quarters, suggesting that the company does not require significant reinvestment to maintain its core competitive position in the New York sports market.
The minimal capital expenditure requirements appear to reflect the fact that the primary assets—the team franchises—are largely intangible and protected by league-level structures. This low-capex model may imply that the company is well-positioned to convert a high percentage of operating cash flow into free cash flow, provided that operating margins can be stabilized.
Quick answers to the most common questions about buying MSGS stock.
Madison Square Garden Sports Corp. (MSGS) generated $91.6M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Madison Square Garden Sports Corp. (MSGS) generated $88.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Madison Square Garden Sports Corp. (MSGS) spent $3.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Madison Square Garden Sports Corp. (MSGS) returned $0.6M to shareholders via cash dividends and spent $11.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.