Filing Flows › Madison Square Garden Entertainment (MSGE) › Q3 FY26
Madison Square Garden Entertainment (MSGE) Q3 FY26 earnings results (third quarter fiscal 2026)
10-Q filed May 7, 2026
Madison Square Garden Entertainment (MSGE) reported revenue of $246M for the third quarter fiscal 2026 (Q3 FY26), +2% from a year earlier and -46% from the quarter before. Operating margin was 6.5%, net earnings $5.1M (2.1% of revenue).
Madison Square Garden Entertainment, Q3 FY26: revenue $246M (+2% year over year), operating margin 6.5%, net earnings $5.1M, operating cash flow $184M. The chart follows the revenue to costs, profit and cash.
| Q3 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $246M | -46% | +2% |
| Operating profit | $16.1M | -90% | -41% |
| Net earnings | $5.1M | -94% | -36% |
| Operating cash flow | $184M | +12% | +224% |
| Free cash flow | $184M | — | +223% |
What changed
Revenue was $246.3M in Q3 FY26, up 2% year over year and down 46% from the previous quarter. Sponsorship and signage, suite license, and advertising commission revenues was the largest line at 36% of revenue. Sponsorship and signage, suite license, and advertising commission revenues added $8.1M year over year (up 10%), 212% of the total change. Ticketing and venue license fee revenues declined 4%.
Operating profit was $16.1M, a 6.5% margin (down 4.7 points year over year). Operating profit fell $11.2M even though revenue rose $3.8M versus Q3 FY25, so costs grew faster than sales. Total costs grew 7% against revenue growth of 2%. The fastest-growing cost line was SG&A (+17%). Net earnings were $5.1M, down 36% year over year. The effective tax rate was 37.9%.
Operating cash flow was $183.9M (up 224% year over year), 3598% of net earnings. Non-cash charges added back $13.8M of depreciation and amortization and $6.7M of share-based compensation. Working capital and other items added $158.3M. Capital expenditures of $114K left free cash flow of $183.7M.
Questions
What was Madison Square Garden Entertainment's revenue in the third quarter fiscal 2026?
Madison Square Garden Entertainment (MSGE) reported revenue of $246M for the third quarter fiscal 2026 (Q3 FY26), +2% from a year earlier and -46% from the quarter before.
Was Madison Square Garden Entertainment profitable in the third quarter fiscal 2026?
Operating profit was $16.1M (6.5% of revenue) and net earnings $5.1M.
Source: Madison Square Garden Entertainment 10-Q on SEC EDGAR.