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Madison Square Garden Entertainment vs Vivid Seats: MSGE and SEAT compared
Madison Square Garden Entertainment is the larger company: $217M of revenue in its latest quarter (Q1 FY27) against $104M for Vivid Seats (Q2 2026). Madison Square Garden Entertainment is growing faster (+37% against -9% a year earlier). Madison Square Garden Entertainment is more profitable, with an operating margin of 4.5% against -13.8%.
Where the money goes: MSGE and SEAT
Madison Square Garden Entertainment (MSGE) · Q1 FY27
Madison Square Garden Entertainment, Q1 FY27: revenue $217M (+37% year over year), operating margin 4.5%, net earnings $8.9M, operating cash flow −$26.2M. The chart follows the revenue to costs, profit and cash.
Vivid Seats (SEAT) · Q2 2026
Vivid Seats, Q2 2026: revenue $104M (-9% year over year), operating margin -13.8%, net loss $14.3M, operating cash flow −$799K. The chart follows the revenue to costs, profit and cash.
| Madison Square Garden Entertainment (MSGE) | Vivid Seats (SEAT) | |
|---|---|---|
| Latest quarter | Q1 FY27 | Q2 2026 |
| Revenue | $217M | $104M |
| Revenue growth, Y/Y | +37% | -9% |
| Operating margin | 4.5% | -13.8% |
| Net earnings | $8.9M | −$14.3M |
| Net margin | 4.1% | -13.8% |
| Operating cash flow | −$26.2M | −$799K |
| Market value | $3.7B | — |
| P/E | 38.3× | — |
| Analysts’ mean target | $91.75 | — |
Where the revenue comes from
Madison Square Garden Entertainment
- Entertainment and Food, Beverage And Merchandise Revenues: $211M (97%)
- Arena license fees and other leasing revenue: $6.6M (3%)
Vivid Seats
- Concerts: $42.4M (41%)
- Sports: $41.7M (40%)
- Theater: $15.9M (15%)
- Other: $3.9M (4%)
Questions
Which is bigger, Madison Square Garden Entertainment or Vivid Seats?
Madison Square Garden Entertainment is the larger company: $217M of revenue in its latest quarter (Q1 FY27) against $104M for Vivid Seats (Q2 2026).
Is Madison Square Garden Entertainment or Vivid Seats growing faster?
Madison Square Garden Entertainment is growing faster (+37% against -9% a year earlier).
Which is more profitable, Madison Square Garden Entertainment or Vivid Seats?
Madison Square Garden Entertainment is more profitable, with an operating margin of 4.5% against -13.8%.
More: Madison Square Garden Entertainment earnings · how Madison Square Garden Entertainment makes money · Vivid Seats earnings · how Vivid Seats makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 4, 2026; 10-Q filed Aug 4, 2026). Fiscal quarters can end on different dates. Not investment advice.