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Madison Square Garden Entertainment (MSGE) earnings and revenue breakdown
Latest: Q1 FY27 · 10-Q filed Nov 4, 2026 · Madison Square Garden Entertainment (MSGE) Q1 FY27 earnings results →
Q1 FY27 Revenue up 37% year over year to $217M · 4¢ of every $1 of revenue kept as net profit · operating margin 4.5%
Madison Square Garden Entertainment made $217M in Q1 FY27 (+37% Y/Y): Entertainment and Food, Beverage And Merchandise Revenues $211M, Arena license fees and other leasing revenue $6.6M. Operating margin 4.5%, net earnings $8.9M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 4, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $217.1M in Q1 FY27, up 37% year over year and down 20% from the previous quarter. Ticketing and venue license fee revenues was the largest line at 58% of revenue. Ticketing and venue license fee revenues added $41.1M year over year (up 48%), 70% of the total change.
Operating profit was $9.7M, a 4.5% margin (up 23.3 points year over year). Total costs grew 10% against revenue growth of 37%. The fastest-growing cost line was SG&A (+18%). Net earnings were $8.9M. The tax line was a benefit of $6.6M on pre-tax earnings of $2.3M.
Operating cash flow was −$26.2M. Non-cash charges added back $13.8M of depreciation and amortization and $9.6M of share-based compensation. Working capital and other items used $58.5M. Capital expenditures of $1.0M exceeded it, leaving free cash flow of −$27.2M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q1 FY27 | 10-Q | Nov 4, 2026 | $217M | +37% | 4.5% | $8.9M | −$26.2M |
| Q4 FY26 | 10-K | Aug 12, 2026 | $271M | +76% | -3.2% | −$10.0M | −$16.6M |
| Q3 FY26 | 10-Q | May 7, 2026 | $246M | +2% | 6.5% | $5.1M | $184M |
| Q2 FY26 | 10-Q | Feb 6, 2026 | $460M | +13% | 35.6% | $92.7M | $164M |
| Q1 FY26 | 10-Q | Nov 6, 2025 | $158M | +14% | -18.8% | −$21.7M | $19.8M |
| Q4 FY25 | 10-K | Aug 13, 2025 | $154M | -17% | -16.7% | −$27.2M | −$27.0M |
| Q3 FY25 | 10-Q | May 6, 2025 | $242M | +6% | 11.3% | $8.0M | $56.8M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Madison Square Garden Entertainment
Madison Square Garden Entertainment Corp. is a Nevada corporation with its principal executive offices at Two Pennsylvania Plaza, New York, NY, 10121. Unless the context otherwise requires, all references to “we,” “us,” “our,” “MSG Entertainment” or the “Company” refer collectively to Madison Square Garden Entertainment Corp., a holding company, and its direct and indirect subsidiaries. We conduct substantially all of our business activities discussed in this Annual Report on Form 10-K through MSG Entertainment Holdings, LLC and its direct and indirect subsidiaries.
In its own words, from its 10-K, filed Aug 12, 2026.
Madison Square Garden Entertainment against its Services-Miscellaneous Amusement & Recreation peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +37% against the peers' median +7%. Operating margin: 4.5% against the peers' median 4.5%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| MSGE Madison Square Garden Entertainment | Q1 FY27 | $217M | +37% | 4.5% |
| DIS Walt Disney | Q3 FY26 | $25.2B | +7% | 22.0% |
| DKNG DraftKings | Q3 2026 | $1.3B | +16% | -37.1% |
| STUB StubHub Holdings | Q2 2026 | $573M | +33% | 3.4% |
| PRKS United Parks & Resorts | Q3 2026 | $506M | -1% | 27.8% |
| RSI Rush Street Interactive | Q3 2026 | $386M | +39% | 11.1% |
| MTN Vail Resorts | Q4 FY26 | $278M | +2% | -75.1% |
| PRSU Pursuit Attractions & Hospitality | Q3 2026 | $252M | +4% | 45.0% |
| SEAT Vivid Seats | Q2 2026 | $104M | -9% | -13.8% |
Source: Madison Square Garden Entertainment 10-Q on SEC EDGAR · CIK 1952073 · Services-Miscellaneous Amusement & Recreation
Guidance and outlook
13F: who owns MSGE and who is buying
More on MSGE
- How Madison Square Garden Entertainment makes money: revenue by segment
- Madison Square Garden Entertainment next earnings date and what analysts expect
- Madison Square Garden Entertainment stock forecast, price target and fair value
- Who owns Madison Square Garden Entertainment stock: holders, funds and Congress trades
- Madison Square Garden Entertainment guidance and outlook
- Is Madison Square Garden Entertainment a takeover target? LBO and rumors
History
Every quarter: Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results