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Xponential Fitness vs MSG Knickerbockers: XPOF and MSGK compared
Xponential Fitness is the larger company: $62.3M of revenue in its latest quarter (Q3 2026) against $45.5M for MSG Knickerbockers (Q1 FY27). MSG Knickerbockers is growing faster (+15% against -21% a year earlier). Xponential Fitness is more profitable, with an operating margin of 31.4% against -56.0%.
Where the money goes: XPOF and MSGK
Xponential Fitness (XPOF) · Q3 2026
Xponential Fitness, Q3 2026: revenue $62.3M (-21% year over year), operating margin 31.4%, net earnings $4.2M, operating cash flow $4.6M. The chart follows the revenue to costs, profit and cash.
MSG Knickerbockers (MSGK) · Q1 FY27
MSG Knickerbockers, Q1 FY27: revenue $45.5M (+15% year over year), operating margin -56.0%, net loss $31.1M, operating cash flow −$146M. The chart follows the revenue to costs, profit and cash.
| Xponential Fitness (XPOF) | MSG Knickerbockers (MSGK) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q1 FY27 |
| Revenue | $62.3M | $45.5M |
| Revenue growth, Y/Y | -21% | +15% |
| Operating margin | 31.4% | -56.0% |
| Net earnings | $4.2M | −$31.1M |
| Net margin | 6.8% | -68.4% |
| Operating cash flow | $4.6M | −$146M |
| Free cash flow | $4.1M | — |
Where the revenue comes from
Xponential Fitness
- Franchise revenue: $43.4M (70%)
- Franchise marketing fund revenue: $8.5M (14%)
- Other service revenue: $5.7M (9%)
- Equipment revenue: $4.3M (7%)
MSG Knickerbockers
- League distributions and other: $28.1M (62%)
- Event-related: $6.8M (15%)
- Media rights: $5.4M (12%)
- Sponsorship, signage and suite licenses: $5.1M (11%)
Questions
Which is bigger, Xponential Fitness or MSG Knickerbockers?
Xponential Fitness is the larger company: $62.3M of revenue in its latest quarter (Q3 2026) against $45.5M for MSG Knickerbockers (Q1 FY27).
Is Xponential Fitness or MSG Knickerbockers growing faster?
MSG Knickerbockers is growing faster (+15% against -21% a year earlier).
Which is more profitable, Xponential Fitness or MSG Knickerbockers?
Xponential Fitness is more profitable, with an operating margin of 31.4% against -56.0%.
More: Xponential Fitness earnings · how Xponential Fitness makes money · MSG Knickerbockers earnings · how MSG Knickerbockers makes money
From the companies' latest 10-Q, 10-K or earnings release (8-K filed Nov 5, 2026; 10-Q filed Nov 6, 2026). Fiscal quarters can end on different dates. Not investment advice.