MSG Entertainment Q1 revenue rises 37% to $217M
Operating income was $9.7 million versus a $29.7 million loss a year earlier, while operating cash flow was a $26.200 million use.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Madison Square Garden Entertainment Corp. reported fiscal 2027 first-quarter revenue of $217.1 million, up $58.9 million, or 37%, from the prior-year quarter. Operating income was $9.7 million, compared with a $29.7 million loss, and adjusted operating income was $34.3 million, versus $7.1 million; reported increases were $39.5 million and $27.2 million, respectively.
Net cash used in operating activities was $26.200 million, compared with $19.808 million provided a year earlier. Cash, cash equivalents and restricted cash were $194.212 million at September 30, 2026, versus $294.158 million at June 30, 2026. The company repurchased approximately $25 million of Class A common stock during the quarter; repurchases since its 2023 spin-off totaled approximately $230 million.
The quarter set a record for concerts at Madison Square Garden Arena. The Christmas Spectacular was set to begin its 2026 holiday season on November 4, 2026, with 231 planned performances, compared with 215 in fiscal 2026. Management expects live entertainment offerings to continue benefiting from healthy demand and said it remains well positioned to drive robust revenue and adjusted operating income growth this fiscal year.
3 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointRevenue reached $217.1 million, up 37% from the prior-year quarter.
- Moderate pointOperating income increased $39.5 million, from a loss to $9.7 million.
- Moderate pointAdjusted operating income increased $27.2 million to $34.3 million.
Negative
- Moderate pointOperating cash flow shifted from $19.808 million provided to $26.200 million used.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revenue: $217.1 million
Revenue increase: $58.9 million, or 37%
Operating income: $9.7 million
+4 more
7 metrics
Revenue
$217.1 million
Three months ended September 30, 2026
Revenue increase
$58.9 million, or 37%
Compared with the prior-year quarter
Operating income
$9.7 million
Three months ended September 30, 2026; prior-year quarter was a $29.7 million loss
Adjusted Operating Income
$34.3 million
Three months ended September 30, 2026; up $27.2 million from the prior-year quarter
Net cash used in operating activities
-$26.200 million
Three months ended September 30, 2026
Cash, cash equivalents, and restricted cash
$194.212 million
As of September 30, 2026
Class A common stock repurchases
Approximately $25 million
Fiscal 2027 first quarter
Key Terms
Adjusted Operating Income, Deferred revenue, Operating lease liabilities, Treasury stock at cost
4 terms
Adjusted Operating Income financial
"Adjusted Operating Income of $34.3 million"
Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.
Deferred revenue financial
"Deferred revenue"
Cash a company has already received for goods or services it has promised but not yet delivered; it's recorded as a liability because the company still owes that product, service, or future revenue recognition. For investors, deferred revenue signals upcoming work or deliveries that will convert into reported sales over time and affects short-term obligations, cash flow quality, and how quickly a firm can grow recognized revenue—think of it like prepaid subscriptions or gift cards a business must honor later.
Operating lease liabilities financial
"Operating lease liabilities, non-current"
Long-term lease payments a company is legally committed to because it rents assets such as offices, factories, or equipment; under modern accounting rules these future rent obligations are recorded on the balance sheet as liabilities. Investors care because operating lease liabilities act like debt that drains future cash, affects measures of leverage and borrowing capacity, and can change profitability and valuation — think of them as a company’s large, ongoing rent payments that limit its financial flexibility.
Treasury stock at cost financial
"Treasury stock at cost"
Earnings Snapshot
Revenue: $217.1 million · Guidance included
Fiscal 2027 first quarter ended September 30, 2026
Revenue
$217.1 million
Up $58.9 million, or 37%, from $158.3 million in the prior-year quarter
Operating income
$9.7 million
Up $39.5 million from a $29.7 million loss in the prior-year quarter
Adjusted Operating Income
$34.3 million
Up $27.2 million from $7.1 million in the prior-year quarter
Guidance
Management expects live entertainment offerings to continue benefiting from healthy demand and said it remains well positioned to drive robust growth in revenue and adjusted operating income this fiscal year.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What was MSGE’s revenue in fiscal 2027’s first quarter?
MSGE reported revenue of $217.1 million for the three months ended September 30, 2026, up $58.9 million, or 37%, from $158.3 million in the prior-year quarter.
How did MSGE’s operating income change in fiscal 2027’s first quarter?
Operating income was $9.7 million, compared with a $29.7 million loss in the prior-year quarter, a reported increase of $39.5 million. Adjusted operating income was $34.3 million, up $27.2 million from $7.1 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 4, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||||||||
| , | , | |||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||
Registrant’s telephone number, including area code: (212) 465-6000
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 4, 2026, Madison Square Garden Entertainment Corp. (the “Company”) announced its financial results for its first quarter ended September 30, 2026. A copy of the press release containing the announcement is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 (the “Securities Act”) or the Exchange Act, regardless of any general incorporation language in such filings.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits | ||||
| 99.1 | Press Release dated November 4, 2026. | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
MADISON SQUARE GARDEN ENTERTAINMENT CORP. (Company) | ||||||||
| By: | /s/ DAVID J. COLLINS | |||||||
| Name: | David J. Collins | |||||||
| Title: | Executive Vice President and Chief Financial Officer | |||||||
Dated: November 4, 2026
MADISON SQUARE GARDEN ENTERTAINMENT CORP. REPORTS
FISCAL 2027 FIRST QUARTER RESULTS
NEW YORK, N.Y., November 4, 2026 - Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or the “Company”) today reported financial results for the fiscal first quarter ended September 30, 2026.
The fiscal 2027 first quarter was marked by a diverse slate of live entertainment offerings across the Company’s portfolio of venues. This included a new record for the number of concerts in any quarter at the Madison Square Garden Arena (“The Garden”). Subsequent to the end of the quarter, the New York Knicks (“Knicks”) and New York Rangers (“Rangers”) began their 2026-27 regular seasons at The Garden. And later today, the Christmas Spectacular production begins its 2026 holiday season at Radio City Music Hall with 231 planned performances as compared to 215 in fiscal 2026. In addition, during the fiscal 2027 first quarter, the Company repurchased approximately $25 million of its Class A common stock, bringing total share repurchases since the Company was spun off from Sphere Entertainment Co. in 2023 to approximately $230 million.
For the fiscal 2027 first quarter, the Company reported revenues of $217.1 million, an increase of $58.9 million, or 37%, as compared to the prior year quarter. In addition, the Company reported operating income of $9.7 million, an increase of $39.5 million, and adjusted operating income of $34.3 million, an increase of $27.2 million, both as compared to the prior year quarter.(1)
Executive Chairman and CEO James L. Dolan said, “Our business is off to a strong start in fiscal 2027. We expect our live entertainment offerings to continue benefiting from healthy demand and we remain well positioned to drive robust growth in both revenue and adjusted operating income this fiscal year.”
Results for the Three Months Ended September 30, 2026 and 2025:
| Three Months Ended | ||||||||||||||||||||||||||
| September 30, | Change | |||||||||||||||||||||||||
| $ millions | 2026 | 2025 | $ | % | ||||||||||||||||||||||
| Revenues | $ | 217.1 | $ | 158.3 | $ | 58.9 | 37 | % | ||||||||||||||||||
| Operating Income (loss) | $ | 9.7 | $ | (29.7) | $ | 39.5 | NM | |||||||||||||||||||
Adjusted Operating Income (1) | $ | 34.3 | $ | 7.1 | $ | 27.2 | NM | |||||||||||||||||||
Note: Amounts may not foot due to rounding. NM — Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are considered not meaningful.
(1) See page 3 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures.
1
Entertainment Offerings, Arena License Fees and Other Leasing
Fiscal 2027 first quarter revenues from entertainment offerings of $174.9 million increased $43.5 million, or 33%, as compared to the prior year quarter.
•Revenues from concerts increased $30.1 million, reflecting an increase in the number of concerts at The Garden and higher per-concert revenue, partially offset by a decrease in the number of concerts at the Company's theaters.
•Revenues from other live entertainment and sporting events increased $11.2 million due to an increase in the number of events at the Company's venues and higher per-event revenue.
•Revenues subject to the sharing of economics with MSG Knickerbockers Corp. ("MSG Knicks") and MSG Rangers Corp. ("MSG Rangers") pursuant to the Arena License Agreements increased $2.2 million, primarily due to higher suite license fee revenues (excluding those retained by the Company).
Fiscal 2027 first quarter arena license fees and other leasing revenues of $6.6 million increased $2.5 million, or 60%, as compared to the prior year quarter, due to higher other leasing revenues.
Fiscal 2027 first quarter direct operating expenses associated with entertainment offerings, arena license fees and other leasing of $107.6 million increased $19.1 million, or 22%, as compared to the prior year quarter.
•Expenses for concerts increased $11.7 million due to an increase in the number of concerts at The Garden and higher per-concert expenses, partially offset by a decrease in the number of concerts at the Company’s theaters.
•Expenses for other live entertainment and sporting events increased $2.3 million due to an increase in the number of events at the Company's venues, partially offset by lower per-event expenses.
•Expenses subject to the sharing of economics with MSG Knicks and MSG Rangers pursuant to the Arena License Agreements increased $1.9 million, primarily due to expenses incurred as a result of the increase in suite license fee revenues.
Food, Beverage and Merchandise
Fiscal 2027 first quarter food, beverage and merchandise revenues of $35.7 million increased $12.9 million, or 56%, as compared to the prior year quarter. The increase primarily reflected higher food and beverage sales at concerts of $12.5 million due to higher per-concert revenue and an increase in the number of concerts at The Garden, partially offset by a decrease in the number of concerts at the Company's theaters.
Fiscal 2027 first quarter food, beverage and merchandise direct operating expenses of $19.1 million increased $5.3 million, or 39%, as compared to the prior year quarter. The increase was primarily due to the related increase in food and beverage sales at concerts held at the Company's venues.
Selling, General and Administrative Expenses
Fiscal 2027 first quarter selling, general and administrative expenses of $66.9 million increased $10.3 million, or 18%, as compared to the prior year quarter. This increase was primarily due to an increase in employee compensation and related benefits and other cost increases.
Operating Income and Adjusted Operating Income
Fiscal 2027 first quarter operating income of $9.7 million increased $39.5 million as compared to the prior year quarter, primarily due to the increase in revenues and the absence of impairment of long-lived assets recognized in the prior year quarter, partially offset by higher direct operating expenses and higher selling, general and administrative expenses. Fiscal 2027 first quarter adjusted operating income of $34.3 million increased $27.2 million as compared to the prior year quarter, primarily due to the increase in revenues, partially offset by higher direct operating expenses and higher selling, general and administrative expenses.
About Madison Square Garden Entertainment Corp.
Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment, delivering unforgettable experiences while forging deep connections with diverse and passionate audiences. The Company’s portfolio includes a collection of world-renowned venues – New York’s Madison Square Garden, Infosys Theater at Madison Square Garden, Radio City Music Hall, and Beacon Theatre; and The Chicago Theatre – that showcase a broad array of sporting events, concerts, family shows, and special events for millions of guests annually. In addition, the Company features the original production, the Christmas Spectacular Starring the Radio City Rockettes, which has been a holiday tradition for more than 90 years. More information is available at www.msgentertainment.com.
2
Non-GAAP Financial Measures
We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) excluding (i) depreciation, amortization and impairments of property and equipment, goodwill and other long-lived assets, including right of use assets and related lease costs, (ii) share-based compensation expense or benefit, (iii) restructuring charges or credits, (iv) merger, spin-off, and acquisition-related costs, including merger-related litigation expenses, (v) gains or losses on sales or dispositions of businesses and associated settlements, (vi) the impact of purchase accounting adjustments related to business acquisitions, (vii) amortization for capitalized cloud computing arrangement costs and (viii) gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger, spin-off, and acquisition-related transaction costs, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan, provides investors with a clearer picture of the Company’s operating performance given that, in accordance with U.S. generally accepted accounting principles, gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan are recognized in operating income (loss) whereas gains and losses related to the remeasurement of the assets under the executive deferred compensation plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in other income (expense), net, which is not reflected in operating income (loss).
We exclude impairments of long-lived assets, including right-of-use assets and related lease costs, as these expenses do not represent core business operating results of the Company. We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of the Company on a consolidated and combined basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 5 of this earnings release.
Forward-Looking Statements
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.
# # #
Contacts:
Conference Call Information:
| Ari Danes, CFA Senior Vice President, Investor Relations & Treasury Madison Square Garden Entertainment Corp. (212) 465-6072 | Grace Kaminer Vice President, Investor Relations & Treasury Madison Square Garden Entertainment Corp. (212) 631-5076 | ||||
The conference call will be webcast live today at 10:30 a.m. ET at investor.msgentertainment.com
Conference call dial-in number is 833-461-5787 / Conference ID Number 910557469
Webcast replay available at investor.msgentertainment.com until November 11, 2026
Investor presentation available at investor.msgentertainment.com/events-and-presentations
3
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)
| Three Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Revenues: | ||||||||||||||
Revenues from entertainment offerings | $ | 174,851 | $ | 131,310 | ||||||||||
| Food, beverage, and merchandise revenues | 35,693 | 22,837 | ||||||||||||
Arena license fees and other leasing revenue | 6,590 | 4,115 | ||||||||||||
| Total revenues | 217,134 | 158,262 | ||||||||||||
| Direct operating expenses: | ||||||||||||||
Entertainment offerings, arena license fees, and other leasing direct operating expenses | (107,608) | (88,558) | ||||||||||||
Food, beverage, and merchandise direct operating expenses | (19,147) | (13,812) | ||||||||||||
| Total direct operating expenses | (126,755) | (102,370) | ||||||||||||
| Selling, general, and administrative expenses | (66,862) | (56,585) | ||||||||||||
| Depreciation and amortization | (13,793) | (14,074) | ||||||||||||
| Impairment of long-lived assets | — | (13,782) | ||||||||||||
| Restructuring charges | — | (1,190) | ||||||||||||
| Operating income (loss) | 9,724 | (29,739) | ||||||||||||
| Interest income | 2,431 | 520 | ||||||||||||
| Interest expense | (9,136) | (11,028) | ||||||||||||
| Other expense, net | (688) | (172) | ||||||||||||
| Income (loss) from operations before income taxes | 2,331 | (40,419) | ||||||||||||
| Income tax benefit | 6,578 | 18,765 | ||||||||||||
| Net income (loss) | $ | 8,909 | $ | (21,654) | ||||||||||
| Earnings (loss) per share: | ||||||||||||||
| Basic | $ | 0.19 | $ | (0.46) | ||||||||||
| Diluted | $ | 0.19 | $ | (0.46) | ||||||||||
| Weighted-average number of common shares outstanding: | ||||||||||||||
| Basic | 47,509 | 47,482 | ||||||||||||
| Diluted | 47,999 | 47,482 | ||||||||||||
4
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO
ADJUSTED OPERATING INCOME (LOSS)
(in thousands)
(Unaudited)
The following is a description of the adjustments to operating income (loss) in arriving at adjusted operating income as described in this earnings release:
•Depreciation and amortization. This adjustment eliminates depreciation and amortization of property and equipment and intangible assets.
•Impairment of long-lived assets and related lease costs. This adjustment eliminates the impairment of long-lived assets, including right of use assets and related lease costs.
•Share-based compensation. This adjustment eliminates the compensation expense relating to restricted stock units and stock options granted under the Company’s Employee Stock Plan and the Company’s Non-Employee Director Plan.
•Restructuring charges. This adjustment eliminates costs related to termination benefits provided to certain executives and employees.
•Amortization for capitalized cloud computing arrangement costs. This adjustment eliminates amortization of capitalized cloud computing arrangement costs.
•Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan.
| Three Months Ended September 30, | ||||||||||||||
| $ thousands | 2026 | 2025 | ||||||||||||
| Operating income (loss) | $ | 9,724 | $ | (29,739) | ||||||||||
| Depreciation and amortization | 13,793 | 14,074 | ||||||||||||
| Impairment of long-lived assets and related lease costs | 937 | 13,782 | ||||||||||||
| Share-based compensation | 9,594 | 7,293 | ||||||||||||
| Restructuring charges | — | 1,190 | ||||||||||||
| Amortization for capitalized cloud computing arrangement costs | 204 | 175 | ||||||||||||
| Remeasurement of deferred compensation plan liabilities | 24 | 306 | ||||||||||||
| Adjusted operating income | $ | 34,276 | $ | 7,081 | ||||||||||
5
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||||||||
| (in thousands, except per share data) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| As of | ||||||||||||||
| September 30, 2026 | June 30, 2026 | |||||||||||||
| ASSETS | ||||||||||||||
| Current Assets: | ||||||||||||||
| Cash, cash equivalents, and restricted cash | $ | 194,212 | $ | 294,158 | ||||||||||
| Accounts receivable, net | 87,801 | 87,998 | ||||||||||||
| Related party receivables, current | 23,061 | 28,132 | ||||||||||||
| Prepaid expenses and other current assets | 140,635 | 111,859 | ||||||||||||
| Total current assets | 445,709 | 522,147 | ||||||||||||
| Non-Current Assets: | ||||||||||||||
Property and equipment, net (a) | 593,238 | 591,696 | ||||||||||||
| Right-of-use lease assets | 444,198 | 448,892 | ||||||||||||
| Goodwill | 69,041 | 69,041 | ||||||||||||
| Indefinite-lived intangible assets | 63,801 | 63,801 | ||||||||||||
Deferred tax assets, net | 60,000 | 53,485 | ||||||||||||
| Other non-current assets | 180,572 | 186,188 | ||||||||||||
| Total assets | $ | 1,856,559 | $ | 1,935,250 | ||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Current Liabilities: | ||||||||||||||
| Accounts payable, accrued and other current liabilities | $ | 238,457 | $ | 324,708 | ||||||||||
| Related party payables, current | 88,952 | 63,978 | ||||||||||||
| Long-term debt, current | 30,469 | 30,469 | ||||||||||||
| Operating lease liabilities, current | 44,590 | 44,461 | ||||||||||||
| Deferred revenue | 310,994 | 284,636 | ||||||||||||
| Total current liabilities | 713,462 | 748,252 | ||||||||||||
| Non-Current Liabilities: | ||||||||||||||
| Long-term debt, net of deferred financing costs | 533,224 | 540,334 | ||||||||||||
| Operating lease liabilities, non-current | 555,344 | 560,101 | ||||||||||||
| Other non-current liabilities | 42,612 | 40,782 | ||||||||||||
| Total liabilities | 1,844,642 | 1,889,469 | ||||||||||||
Commitments and contingencies | ||||||||||||||
| Equity: | ||||||||||||||
Class A Common Stock (b) | 470 | 465 | ||||||||||||
Class B Common Stock (c) | 69 | 69 | ||||||||||||
| Additional paid-in-capital | 43,895 | 61,885 | ||||||||||||
| Treasury stock at cost (6,421 and 6,106 shares as of September 30, 2026 and June 30, 2026, respectively) | (230,204) | (205,204) | ||||||||||||
| Retained earnings | 228,129 | 219,220 | ||||||||||||
| Accumulated other comprehensive loss | (30,442) | (30,654) | ||||||||||||
| Total equity | 11,917 | 45,781 | ||||||||||||
| Total liabilities and equity | $ | 1,856,559 | $ | 1,935,250 | ||||||||||
_________________
(a) Net of accumulated depreciation of $955,464 and $944,752 as of September 30, 2026 and June 30, 2026, respectively.
(b) Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 46,980 and 46,545 shares issued as of September 30, 2026 and June 30, 2026, respectively.
(c) Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued as of September 30, 2026 and June 30, 2026.
6
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
SELECTED CASH FLOW INFORMATION
(in thousands)
(Unaudited)
| Three Months Ended | ||||||||||||||
| September 30, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net cash (used in) provided by operating activities | $ | (26,200) | $ | 19,808 | ||||||||||
Net cash used in investing activities | (13,152) | (6,798) | ||||||||||||
| Net cash used in financing activities | (60,594) | (26,077) | ||||||||||||
| Net decrease in cash, cash equivalents, and restricted cash | (99,946) | (13,067) | ||||||||||||
| Cash, cash equivalents, and restricted cash, beginning of period | 294,158 | 43,538 | ||||||||||||
| Cash, cash equivalents, and restricted cash, end of period | $ | 194,212 | $ | 30,471 | ||||||||||
7