Madison Square Garden Entertainment Corp. MSGE
Madison Square Garden Entertainment Corp. is a Nevada corporation with its principal executive offices at Two Pennsylvania Plaza, New York, NY, 10121. Unless the context otherwise requires, all references to "we," "us," "our," "MSG Entertainment" or the "Company" refer collectively to Madison Square Garden Entertainment Corp., a holding company, and its direct and indirect subsidiaries. We conduct substantially all of our business activities discussed in this Annual Report on Form 10-K through MSG Entertainment Holdings, LLC and its direct and indirect subsidiaries.
The Company was originally incorporated in the state of Delaware on September 15, 2022 as a direct, wholly-owned subsidiary of Sphere Entertainment Co. ("Sphere Entertainment"), formerly known as Madison Square Garden Entertainment Corp. On March 29, 2023, Sphere Entertainment's board of directors approved the distribution of approximately 67% of the outstanding common stock of the Company to its stockholders (the "MSGE Distribution"), with Sphere Entertainment retaining approximately 33% of the outstanding common stock of the Company (in the form of our Class A common stock, $0.01 par value per share ("Class A common stock")) immediately following the MSGE Distribution, which occurred on April 20, 2023 (the "MSGE Distribution Date"). Following the completion of secondary offerings by Sphere Entertainment in 2023, Sphere Entertainment no longer owns any of the Company's Class A common stock. On June 9, 2025, the Company completed its conversion from a corporation organized under the laws of the State of Delaware to a corporation organized under the laws of the State of Nevada.
Valuation FY2026 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|---|
| Revenue | $1.06B | $942.7M | $959.3M | $779.8M | $582.1M | $57.5M | — |
| SG&A | $253.1M | $215.0M | $207.0M | $180.2M | $167.1M | $136.6M | — |
| Operating income | $141.5M | $122.1M | $111.9M | $105.0M | -$5.6M | -$237.3M | — |
| Interest expense | $40.0M | $50.5M | $58.0M | $51.9M | $53.1M | $33.7M | — |
| Pre-tax income | $107.0M | $65.6M | $52.3M | $78.3M | -$133.3M | -$213.3M | — |
| Income tax | $40.8M | $28.1M | $92.0M | $1.7M | $70.0K | $5.3M | — |
| Net income | $66.2M | $37.4M | $144.3M | $76.6M | -$133.3M | -$218.6M | — |
| EPS, basic | 1.39 | 0.78 | 2.99 | 1.48 | -2.58 | -4.22 | — |
| EPS, diluted | 1.38 | 0.77 | 2.97 | 1.47 | -2.58 | -4.22 | — |
| Shares, diluted (wtd. avg.) | 48.0M | 48.3M | 48.6M | 52.3M | 51.8M | 51.8M | — |
Balance sheet
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $293.6M | $43.0M | $33.6M | $84.4M | $62.6M | $318.1M | $3.0M |
| Receivables | $88.0M | $66.8M | $77.3M | $63.9M | $102.5M | — | — |
| Inventory | $3.7M | $3.8M | $3.9M | $2.6M | $2.8M | — | — |
| Total current assets | $522.1M | $237.1M | $219.1M | $295.3M | $341.5M | — | — |
| Property, plant and equipment | $591.7M | $621.1M | $633.5M | $628.9M | $696.1M | — | — |
| Goodwill | $69.0M | $69.0M | $69.0M | $69.0M | $69.0M | — | — |
| Other intangibles | — | — | — | $63.8M | $65.4M | — | — |
| Total assets | $1.94B | $1.67B | $1.55B | $1.40B | $1.53B | — | — |
| Accounts payable | $27.0M | $12.1M | $26.6M | $15.6M | $11.2M | — | — |
| Short-term debt | $30.5M | $30.5M | $16.2M | $16.2M | $8.8M | — | — |
| Total current liabilities | $748.3M | $502.4M | $505.8M | $540.6M | $545.1M | — | — |
| Long-term debt | $540.3M | $568.8M | $599.2M | $630.2M | $654.9M | — | — |
| Total liabilities | $1.89B | $1.68B | $1.58B | $1.47B | $1.53B | — | — |
| Retained earnings | $219.2M | $153.0M | $115.6M | -$28.7M | $0 | — | — |
| Total equity | $45.8M | -$13.3M | -$23.2M | -$69.5M | -$1.6M | $498.7M | $818.6M |
Cash flow
| Fiscal year | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | $351.4M | $115.3M | $111.3M | $135.7M | $95.4M | -$148.1M | — |
| Depreciation and amortisation | $56.1M | $57.8M | $53.9M | $60.5M | $69.5M | $71.6M | — |
| Stock-based compensation | $32.4M | $27.7M | $31.2M | $31.8M | $39.4M | $40.7M | — |
| Investing cash flow | -$29.8M | -$23.7M | -$62.4M | $30.3M | $45.4M | -$10.3M | — |
| Financing cash flow | -$71.0M | -$81.6M | -$99.7M | -$144.2M | -$396.3M | $473.5M | — |
| Buybacks | $25.0M | $39.7M | $50.9M | $25.0M | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-056286.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $57.5M | $582.1M | $779.8M | $959.3M | $942.7M | $1.06B |
| Gross profit | — | — | — | — | — | — | — |
| Net income | — | -$218.6M | -$133.3M | $76.6M | $144.3M | $37.4M | $66.2M |
Recent filings and events
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Results announced Item 2.02
- Officer or director change Item 5.02
- Annual report filed Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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