Filing Flows › Madison Square Garden Entertainment (MSGE) › Q1 FY26
Madison Square Garden Entertainment (MSGE) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Nov 6, 2025
Madison Square Garden Entertainment (MSGE) reported revenue of $158M for the first quarter fiscal 2026 (Q1 FY26), +14% from a year earlier and +3% from the quarter before. Operating margin was -18.8%, net loss $21.7M (13.7% of revenue).
Madison Square Garden Entertainment, Q1 FY26: revenue $158M (+14% year over year), operating margin -18.8%, net loss $21.7M, operating cash flow $19.8M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $158M | +3% | +14% |
| Operating profit | −$29.7M | — | — |
| Net earnings | −$21.7M | — | — |
| Operating cash flow | $19.8M | — | — |
| Free cash flow | $19.3M | — | — |
What changed
Revenue was $158.3M in Q1 FY26, up 14% year over year and up 3% from the previous quarter. Ticketing and venue license fee revenues was the largest line at 54% of revenue. Ticketing and venue license fee revenues added $15.6M year over year (up 22%), 80% of the total change. Other declined 22%.
Operating costs exceeded revenue by $29.7M, an operating margin of -18.8%. Total costs grew 20% against revenue growth of 14%. The fastest-growing cost line was SG&A (+24%). The quarter ended with a net loss of $21.7M, narrower than the previous quarter's $27.2M loss.
Operating cash flow was $19.8M. Non-cash charges added back $14.1M of depreciation and amortization and $7.3M of share-based compensation. Working capital and other items added $20.1M. Capital expenditures of $487K left free cash flow of $19.3M.
Questions
What was Madison Square Garden Entertainment's revenue in the first quarter fiscal 2026?
Madison Square Garden Entertainment (MSGE) reported revenue of $158M for the first quarter fiscal 2026 (Q1 FY26), +14% from a year earlier and +3% from the quarter before.
Was Madison Square Garden Entertainment profitable in the first quarter fiscal 2026?
Operating loss was $29.7M (-18.8% of revenue) and net loss $21.7M.
Source: Madison Square Garden Entertainment 10-Q on SEC EDGAR.