Filing Flows › Madison Square Garden Entertainment (MSGE) › Q2 FY26
Madison Square Garden Entertainment (MSGE) Q2 FY26 earnings results (second quarter fiscal 2026)
10-Q filed Feb 6, 2026
Madison Square Garden Entertainment (MSGE) reported revenue of $460M for the second quarter fiscal 2026 (Q2 FY26), +13% from a year earlier and +191% from the quarter before. Operating margin was 35.6%, net earnings $92.7M (20.2% of revenue).
Madison Square Garden Entertainment, Q2 FY26: revenue $460M (+13% year over year), operating margin 35.6%, net earnings $92.7M, operating cash flow $164M. The chart follows the revenue to costs, profit and cash.
| Q2 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $460M | +191% | +13% |
| Operating profit | $164M | — | +18% |
| Net earnings | $92.7M | — | +22% |
| Operating cash flow | $164M | +730% | +46% |
What changed
Revenue was $459.9M in Q2 FY26, up 13% year over year and up 191% from the previous quarter. Ticketing and venue license fee revenues was the largest line at 57% of revenue. Ticketing and venue license fee revenues added $32.5M year over year (up 14%), 62% of the total change.
Operating profit was $163.8M, a 35.6% margin (up 1.5 points year over year). Of the extra revenue versus a year earlier, 47% reached operating profit, above the 34% margin then. Total costs grew 10% against revenue growth of 13%. The fastest-growing cost line was SG&A (+20%). Net earnings were $92.7M, up 22% year over year. The effective tax rate was 39.6%.
Operating cash flow was $164.4M (up 46% year over year), 177% of net earnings. Non-cash charges added back $14.0M of depreciation and amortization and $10.0M of share-based compensation. Working capital and other items added $47.6M. Capital expenditures of −$222K left free cash flow of $164.6M.
Questions
What was Madison Square Garden Entertainment's revenue in the second quarter fiscal 2026?
Madison Square Garden Entertainment (MSGE) reported revenue of $460M for the second quarter fiscal 2026 (Q2 FY26), +13% from a year earlier and +191% from the quarter before.
Was Madison Square Garden Entertainment profitable in the second quarter fiscal 2026?
Operating profit was $164M (35.6% of revenue) and net earnings $92.7M.
Source: Madison Square Garden Entertainment 10-Q on SEC EDGAR.