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MSG Rangers vs Falcon's Beyond Global: MSGR and FBYD compared
MSG Rangers is the larger company: $14.1M of revenue in its latest quarter (Q1 FY27) against $5.6M for Falcon's Beyond Global (Q2 2026). Falcon's Beyond Global is growing faster (+120% against +3% a year earlier). Falcon's Beyond Global is more profitable, with an operating margin of -4.7% against -167.4%.
Where the money goes: MSGR and FBYD
MSG Rangers (MSGR) · Q1 FY27
MSG Rangers, Q1 FY27: revenue $14.1M (+3% year over year), operating margin -167.4%, net loss $16.9M, operating cash flow −$71.2M. The chart follows the revenue to costs, profit and cash.
Falcon's Beyond Global (FBYD) · Q2 2026
Falcon's Beyond Global, Q2 2026: revenue $5.6M (+120% year over year), operating margin -4.7%, net loss $318K, operating cash flow $2.4M. The chart follows the revenue to costs, profit and cash.
| MSG Rangers (MSGR) | Falcon's Beyond Global (FBYD) | |
|---|---|---|
| Latest quarter | Q1 FY27 | Q2 2026 |
| Revenue | $14.1M | $5.6M |
| Revenue growth, Y/Y | +3% | +120% |
| Operating margin | -167.4% | -4.7% |
| Net earnings | −$16.9M | −$318K |
| Net margin | -119.9% | -5.7% |
| Operating cash flow | −$71.2M | $2.4M |
| Free cash flow | — | $2.4M |
Where the revenue comes from
MSG Rangers
- Event-related: $5.2M (37%)
- Sponsorship, signage and suite licenses: $4.1M (29%)
- League distributions and other: $3.0M (21%)
- Media rights: $1.8M (13%)
Falcon's Beyond Global
- Service: $4.0M (71%)
- Product: $1.6M (29%)
Questions
Which is bigger, MSG Rangers or Falcon's Beyond Global?
MSG Rangers is the larger company: $14.1M of revenue in its latest quarter (Q1 FY27) against $5.6M for Falcon's Beyond Global (Q2 2026).
Is MSG Rangers or Falcon's Beyond Global growing faster?
Falcon's Beyond Global is growing faster (+120% against +3% a year earlier).
Which is more profitable, MSG Rangers or Falcon's Beyond Global?
Falcon's Beyond Global is more profitable, with an operating margin of -4.7% against -167.4%.
More: MSG Rangers earnings · how MSG Rangers makes money · Falcon's Beyond Global earnings · how Falcon's Beyond Global makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 6, 2026; 10-Q filed Aug 13, 2026). Fiscal quarters can end on different dates. Not investment advice.