MSG Sports (NYSE: MSGS) Q3 2026 results and possible Knicks, Rangers split
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Madison Square Garden Sports Corp. reported fiscal third quarter 2026 results and is exploring a potential separation of its Knicks and Rangers businesses into distinct public companies. Quarterly revenues were $432.2 million, up 2% from a year earlier, driven by higher per-game revenue across tickets, suites, sponsorship, and food, beverage and merchandise, and higher national media rights fees.
Despite revenue growth, profitability weakened. Operating income fell to $2.0 million from $32.3 million, and adjusted operating income declined to $10.3 million from $36.9 million, reflecting higher direct operating expenses and restructuring charges. The Company posted a net loss of $20.0 million, compared with a $14.2 million loss in the prior-year quarter.
For the nine months ended March 31, 2026, revenues rose to $875.1 million, up 5% year over year, while adjusted operating income decreased to $19.2 million from $54.9 million. Net cash provided by operating activities for the nine-month period was $5.0 million, down from $41.9 million a year earlier, and cash and cash equivalents stood at $107.0 million at March 31, 2026.
Positive
- None.
Negative
- None.
Insights
Revenue grew modestly, but profits, cash flow and equity position weakened while a potential Knicks/Rangers separation is explored.
Madison Square Garden Sports Corp. delivered fiscal Q3 2026 revenue of $432.2 million, up 2% year over year, with per-game growth across key in-arena revenue categories and higher national media rights fees. However, direct operating expenses rose sharply, pressuring margins.
Operating income dropped to $2.0 million from $32.3 million, and adjusted operating income fell to $10.3 million, a 72% decline versus the prior-year quarter. For the nine months ended March 31, 2026, operating cash flow slid to $5.0 million from $41.9 million, and the balance sheet shows negative total equity of $295.5 million against total liabilities of $1.8 billion.
Management disclosed it is exploring a potential separation of the Knicks and Rangers into distinct public companies, which could significantly reshape the corporate structure and valuation framework if pursued. Further details, including structure, timing and financial terms, would need to appear in future company communications before investors can fully assess implications.
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, and exhibit attachments filed with this report.
Key Figures
Q3 2026 Revenue: $432.2 million
Q3 2026 Operating Income: $2.0 million
Q3 2026 Adjusted Operating Income: $10.3 million
+5 more
8 metrics
Q3 2026 Revenue
$432.2 million
Three months ended March 31, 2026; up 2% year over year
Q3 2026 Operating Income
$2.0 million
Three months ended March 31, 2026; down from $32.3 million in 2025
Q3 2026 Adjusted Operating Income
$10.3 million
Three months ended March 31, 2026; down from $36.9 million in 2025
Q3 2026 Net Loss
$19.983 million
Three months ended March 31, 2026; compared with $14.227 million loss in 2025
Nine-month 2026 Revenue
$875.1 million
Nine months ended March 31, 2026; up 5% year over year
Nine-month 2026 Adjusted Operating Income
$19.2 million
Nine months ended March 31, 2026; down from $54.9 million in 2025
Operating Cash Flow
$5.0 million
Net cash provided by operating activities, nine months ended March 31, 2026
Total Equity
($295.5 million)
Total equity as of March 31, 2026; negative shareholders’ equity
Key Terms
adjusted operating income, share-based compensation, restructuring charges, right-of-use lease assets, +2 more
6 terms
adjusted operating income financial
"In addition, the Company reported operating income of $2.0 million... and adjusted operating income of $10.3 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.
restructuring charges financial
"Restructuring charges. This adjustment eliminates costs related to termination benefits provided to certain employees."
Restructuring charges are costs that a company pays when it changes how it operates, like closing factories or laying off employees. These expenses are often one-time and happen to help the company become more efficient in the long run. They matter because they can affect the company's profits and how investors see its future prospects.
right-of-use lease assets financial
"Right-of-use lease assets | | 743,533 | | | 760,456"
deferred revenue financial
"Deferred revenue | | 102,049 | | | 164,178 | | Total current liabilities"
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.
Earnings Snapshot
Revenue: $432.2 million
Q3 2026
Revenue
$432.2 million
+2% YoY
Operating income
$2.0 million
-$30.4 million YoY
Adjusted operating income
$10.3 million
-$26.6 million YoY
Net loss
$20.0 million
$5.8 million higher loss YoY
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): May 8, 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) 465-4111
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 May 8, 2026, Madison Square Garden Sports Corp. (the “Company”) announced its financial results for its third quarter ended March 31, 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 (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 or the Exchange Act.
| Item 9.01 | Financial Statements and Exhibits. | ||||
(d) Exhibits
99.1 Press Release dated May 8, 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 Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MADISON SQUARE GARDEN SPORTS CORP. | ||||||||||||||
(Registrant) | ||||||||||||||
| By: | /s/ Victoria M. Mink | |||||||||||||
| Name: | Victoria M. Mink | |||||||||||||
| Title: | Executive Vice President, Chief Financial Officer and Treasurer | |||||||||||||
Dated: May 8, 2026
MADISON SQUARE GARDEN SPORTS CORP. REPORTS
FISCAL 2026 THIRD QUARTER RESULTS
NEW YORK, N.Y., May 8, 2026 - Madison Square Garden Sports Corp. (NYSE: MSGS) today reported financial results for the fiscal third quarter ended March 31, 2026.
The fiscal 2026 third quarter included the continuation of the New York Knicks (“Knicks”) and New York Rangers (“Rangers”) 2025-26 regular seasons, with a combined five fewer games played at Madison Square Garden Arena ("The Garden") as compared to the prior year quarter. During the quarter, average per-game revenues for every key revenue category – tickets, suites, sponsorship and food, beverage and merchandise sales – increased as compared to the fiscal 2025 third quarter. In addition, fiscal 2026 third quarter operating results reflect an increase in national media rights fees due to the NBA’s new national media rights deals that began this season and the impact of the Knicks’ and Rangers’ rosters for the 2025-26 seasons. Subsequent to the end of the fiscal 2026 third quarter, both teams concluded their regular seasons, with the Knicks currently competing in the NBA playoffs.
For the fiscal 2026 third quarter, the Company generated revenues of $432.2 million, an increase of $8.0 million, or 2%, as compared to the prior year period. In addition, the Company reported operating income of $2.0 million, a decrease of $30.4 million and adjusted operating income of $10.3 million, a decrease of $26.6 million, both as compared to the prior year period.(1)
Madison Square Garden Sports Corp. Executive Chairman and CEO James L. Dolan said, “Our results this quarter again reflect growth in per-game revenues across all key categories, which is driven by strong demand for our teams. We are also now exploring a potential separation of our Knicks and Rangers businesses into distinct public companies, which we believe would further create long-term value for shareholders.”
Financial Results for the Three and Nine Months Ended March 31, 2026 and 2025:
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||
| March 31, | Change | March 31, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
| $ millions | 2026 | 2025 | $ | % | 2026 | 2025 | $ | % | ||||||||||||||||||||||||||||||||||||||||||
| Revenues | $ | 432.2 | $ | 424.2 | $ | 8.0 | 2 | % | $ | 875.1 | $ | 835.3 | $ | 39.8 | 5 | % | ||||||||||||||||||||||||||||||||||
| Operating income (loss) | $ | 2.0 | $ | 32.3 | $ | (30.4) | (94) | % | $ | (3.3) | $ | 37.4 | $ | (40.7) | NM | |||||||||||||||||||||||||||||||||||
Adjusted operating income(1) | $ | 10.3 | $ | 36.9 | $ | (26.6) | (72) | % | $ | 19.2 | $ | 54.9 | $ | (35.7) | (65) | % | ||||||||||||||||||||||||||||||||||
Note: Does not foot due to rounding. NM – Percentage is 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
Summary of Financial Results
For the fiscal 2026 third quarter, revenues of $432.2 million increased $8.0 million, or 2%, as compared to the prior year period. The Knicks and Rangers played a combined five fewer regular season games at The Garden during the fiscal 2026 third quarter as compared to the prior year period. As a result, the increase in revenues was primarily due to higher revenues from league distributions, partially offset by lower ticket-related revenues, local media rights fees, food, beverage and merchandise sales, and sponsorship and signage revenues.
Revenues from league distributions increased $27.0 million as compared to the prior year period, primarily due to higher national media rights fees as a result of the NBA's new national media rights agreements, which began with the 2025-26 NBA regular season, as well as an incremental league distribution from the NBA in the current year quarter related to the impact of the NBA Cup on the Knicks' 2025-26 game schedule.
Suite revenues increased $0.1 million as compared to the prior year period, primarily due to higher net sales of suite products, offset by the Knicks and Rangers playing fewer games at The Garden during the fiscal 2026 third quarter.
Ticket-related revenues decreased $12.9 million as compared to the prior year period, primarily due to the Knicks and Rangers playing fewer games at The Garden during the fiscal 2026 third quarter, partially offset by higher average per-game revenue.
Local media rights fees decreased $4.0 million as compared to the prior year period, primarily due to a reduction in rights fees as a result of a decrease in the number of games exclusively available to MSG Networks during the current year as compared to the prior year.
Food, beverage and merchandise sales decreased $1.2 million as compared to the prior year period, primarily due to the Knicks and Rangers playing fewer games at The Garden during the fiscal 2026 third quarter, partially offset by higher average per-game revenue. Merchandise sales in the fiscal 2026 third quarter included the positive impact of new Rangers’ jersey launches.
Sponsorship and signage revenues decreased $0.7 million as compared to the prior year period, primarily due to the Knicks and Rangers playing fewer games at The Garden during the fiscal 2026 third quarter, partially offset by higher net sales of existing sponsorship and signage inventory.
Direct operating expenses of $354.5 million increased $38.2 million, or 12%, as compared to the prior year period. This was primarily driven by higher team personnel compensation of $18.8 million, higher provisions for league revenue sharing expense (net of escrow and excluding playoffs) and NBA luxury tax of $15.4 million, and higher net provisions for certain team personnel transactions of $5.4 million, partially offset by other net cost decreases, all as compared to the prior year period.
Selling, general and administrative expenses of $73.7 million decreased $1.0 million, or 1%, as compared to the prior year period. This decrease was primarily driven by lower professional fees of $7.2 million and lower other general and administrative expenses, partially offset by higher employee compensation and related benefits of $7.5 million, mainly due to executive management transition costs of $6.9 million recognized in the current year quarter.
Operating income of $2.0 million decreased $30.4 million and adjusted operating income of $10.3 million decreased $26.6 million, both as compared to the prior year period, primarily due to the increase in direct operating expenses, partially offset by the increase in revenues and lower selling, general and administrative expenses.
Other Matters
On February 18, 2026, the Company announced that its board of directors approved the exploration of a possible spin-off that would separate its New York Knicks business from its New York Rangers business.
About Madison Square Garden Sports Corp.
Madison Square Garden Sports Corp. (MSG Sports) is a leading professional sports company, with a collection of assets that includes the New York Knicks (NBA) and the New York Rangers (NHL), as well as two development league teams – the Westchester Knicks (NBAGL) and the Hartford Wolf Pack (AHL). MSG Sports also operates a professional sports team performance center – the MSG Training Center in Greenburgh, NY. More information is available at www.msgsports.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 intangible assets, (ii) share-based compensation expense or benefit, (iii) restructuring charges or credits, (iv) gains or losses on sales or dispositions of businesses, (v) the impact of purchase accounting adjustments related to business acquisitions, and (vi) gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan. Because it is based upon operating income (loss), adjusted operating income (loss) also excludes interest expense (including cash interest expense) and other non-operating income and expense items. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of our business without regard to the settlement of an obligation that is not expected to be made in cash. In addition, we believe that the exclusion of gains and losses related to the remeasurement of liabilities under the Company’s 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 (“GAAP”), gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan are recognized in operating income (loss) whereas gains and losses related to the remeasurement of the assets under the Company’s 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 miscellaneous income (expense), net, which is not reflected in operating income (loss).
We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of our Company. 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, including statements regarding the potential separation of our Knicks and Rangers businesses into distinct public companies, the long-term performance, future opportunities and success of the potential separation of our Knicks and Rangers businesses and the creation of shareholder value through the separation of our Knicks and Rangers businesses. 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 and events may differ materially from those in the forward-looking statements as a result of various factors, including operational, financial and legal challenges inherent in implementing a separation of our Knicks and Rangers businesses and our ability to realize any anticipated benefits of any such separation, the impact of business and market conditions, financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industry 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:
| Ari Danes, CFA Investor Relations (212) 465-6072 | |||||
| Grace Kaminer Investor Relations (212) 631-5076 | |||||
3
MADISON SQUARE GARDEN SPORTS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| March 31, | March 31, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Revenues | $ | 432,199 | $ | 424,197 | $ | 875,077 | $ | 835,263 | ||||||||||||||||||
| Direct operating expenses | 354,503 | 316,335 | 674,171 | 600,299 | ||||||||||||||||||||||
| Selling, general and administrative expenses | 73,699 | 74,697 | 200,553 | 195,184 | ||||||||||||||||||||||
| Depreciation and amortization | 790 | 823 | 2,391 | 2,396 | ||||||||||||||||||||||
| Restructuring charges | 1,244 | — | 1,244 | — | ||||||||||||||||||||||
| Operating income (loss) | 1,963 | 32,342 | (3,282) | 37,384 | ||||||||||||||||||||||
| Other income (expense): | ||||||||||||||||||||||||||
| Interest income | 733 | 1,051 | 1,807 | 2,605 | ||||||||||||||||||||||
| Interest expense | (4,835) | (5,020) | (16,636) | (16,662) | ||||||||||||||||||||||
| Miscellaneous (expense) income, net | (11,155) | (5,743) | 2,424 | (13,478) | ||||||||||||||||||||||
| (Loss) income before income taxes | (13,294) | 22,630 | (15,687) | 9,849 | ||||||||||||||||||||||
| Income tax expense | (6,689) | (36,857) | (4,851) | (30,507) | ||||||||||||||||||||||
| Net loss | $ | (19,983) | $ | (14,227) | $ | (20,538) | $ | (20,658) | ||||||||||||||||||
| Basic loss per common share attributable to Madison Square Garden Sports Corp.’s stockholders | $ | (0.83) | $ | (0.59) | $ | (0.85) | $ | (0.86) | ||||||||||||||||||
| Diluted loss per common share attributable to Madison Square Garden Sports Corp.’s stockholders | $ | (0.83) | $ | (0.59) | $ | (0.85) | $ | (0.86) | ||||||||||||||||||
Basic weighted-average number of common shares outstanding | 24,167 | 24,103 | 24,149 | 24,084 | ||||||||||||||||||||||
Diluted weighted-average number of common shares outstanding | 24,167 | 24,103 | 24,149 | 24,084 | ||||||||||||||||||||||
4
MADISON SQUARE GARDEN SPORTS 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, amortization and impairments of property and equipment, goodwill and other intangible assets in all periods.
•Share-based compensation. This adjustment eliminates the compensation expense related to restricted stock units and stock options granted under the Company's employee stock plan and non-employee director plan in all periods.
•Restructuring charges. This adjustment eliminates costs related to termination benefits provided to certain employees.
•Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the Company's executive deferred compensation plan.
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
| March 31, | March 31, | |||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||||||
| Operating income (loss) | $ | 1,963 | $ | 32,342 | $ | (3,282) | $ | 37,384 | ||||||||||||||||||
| Depreciation and amortization | 790 | 823 | 2,391 | 2,396 | ||||||||||||||||||||||
| Share-based compensation | 6,613 | 3,900 | 17,645 | 14,159 | ||||||||||||||||||||||
| Restructuring charges | 1,244 | — | 1,244 | — | ||||||||||||||||||||||
| Remeasurement of deferred compensation plan liabilities | (302) | (134) | 1,177 | 973 | ||||||||||||||||||||||
| Adjusted operating income | $ | 10,308 | $ | 36,931 | $ | 19,175 | $ | 54,912 | ||||||||||||||||||
5
MADISON SQUARE GARDEN SPORTS CORP.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)
| March 31, 2026 | June 30, 2025 | |||||||||||||
| ASSETS | ||||||||||||||
| Current Assets: | ||||||||||||||
| Cash and cash equivalents | $ | 107,039 | $ | 144,617 | ||||||||||
| Restricted cash | — | 8,571 | ||||||||||||
| Accounts receivable, net of allowance for doubtful accounts of $0 as of March 31, 2026 and June 30, 2025 | 76,563 | 25,855 | ||||||||||||
| Net related party receivables | 14,527 | 3,582 | ||||||||||||
| Prepaid expenses | 43,219 | 43,417 | ||||||||||||
| Other current assets | 54,208 | 25,053 | ||||||||||||
| Total current assets | 295,556 | 251,095 | ||||||||||||
Property and equipment, net of accumulated depreciation and amortization of $55,085 and $53,635 as of March 31, 2026 and June 30, 2025, respectively | 27,917 | 28,962 | ||||||||||||
| Right-of-use lease assets | 743,533 | 760,456 | ||||||||||||
| Indefinite-lived intangible assets | 103,644 | 103,644 | ||||||||||||
| Goodwill | 226,523 | 226,523 | ||||||||||||
| Investments | 59,964 | 54,720 | ||||||||||||
| Deferred tax assets, net | 30,756 | 34,821 | ||||||||||||
| Other assets | 21,454 | 12,753 | ||||||||||||
| Total assets | $ | 1,509,347 | $ | 1,472,974 | ||||||||||
6
MADISON SQUARE GARDEN SPORTS CORP.
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands, except per share data)
(Unaudited)
| March 31, 2026 | June 30, 2025 | |||||||||||||
| LIABILITIES AND EQUITY | ||||||||||||||
| Current Liabilities: | ||||||||||||||
| Accounts payable | $ | 7,881 | $ | 9,336 | ||||||||||
| Net related party payables | 4,877 | 4,807 | ||||||||||||
| Debt | 16,500 | 24,000 | ||||||||||||
| Accrued liabilities: | ||||||||||||||
| Employee-related costs | 173,247 | 98,924 | ||||||||||||
| League-related accruals | 263,936 | 196,567 | ||||||||||||
| Other accrued liabilities | 12,336 | 13,093 | ||||||||||||
| Operating lease liabilities, current | 56,985 | 52,618 | ||||||||||||
| Deferred revenue | 102,049 | 164,178 | ||||||||||||
| Total current liabilities | 637,811 | 563,523 | ||||||||||||
| Long-term debt | 242,000 | 267,000 | ||||||||||||
| Operating lease liabilities, noncurrent | 852,308 | 841,050 | ||||||||||||
| Other employee-related costs | 72,100 | 82,178 | ||||||||||||
| Deferred revenue, noncurrent | 578 | 662 | ||||||||||||
| Total liabilities | 1,804,797 | 1,754,413 | ||||||||||||
| Commitments and contingencies | ||||||||||||||
| Madison Square Garden Sports Corp. Stockholders’ Equity: | ||||||||||||||
Class A Common Stock, par value $0.01, 120,000 shares authorized; 19,547 and 19,488 shares outstanding as of March 31, 2026 and June 30, 2025, respectively | 204 | 204 | ||||||||||||
Class B Common Stock, par value $0.01, 30,000 shares authorized; 4,530 shares outstanding as of March 31, 2026 and June 30, 2025 | 45 | 45 | ||||||||||||
Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of March 31, 2026 and June 30, 2025 | — | — | ||||||||||||
| Additional paid-in capital | 13,211 | 15,348 | ||||||||||||
Treasury stock, at cost, 908 and 960 shares as of March 31, 2026 and June 30, 2025, respectively | (149,858) | (158,543) | ||||||||||||
| Accumulated deficit | (158,158) | (137,596) | ||||||||||||
| Accumulated other comprehensive loss | (894) | (897) | ||||||||||||
| Total equity | (295,450) | (281,439) | ||||||||||||
| Total liabilities and equity | $ | 1,509,347 | $ | 1,472,974 | ||||||||||
7
MADISON SQUARE GARDEN SPORTS CORP.
SELECTED CASH FLOW INFORMATION
(In thousands)
(Unaudited)
| Nine Months Ended | ||||||||||||||
| March 31, | ||||||||||||||
| 2026 | 2025 | |||||||||||||
| Net cash provided by operating activities | $ | 5,012 | $ | 41,884 | ||||||||||
| Net cash used in investing activities | (2,027) | (5,349) | ||||||||||||
| Net cash used in financing activities | (49,134) | (26,406) | ||||||||||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (46,149) | 10,129 | ||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 153,188 | 94,907 | ||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 107,039 | $ | 105,036 | ||||||||||
8
FAQ
How did Madison Square Garden Sports Corp. (MSGS) perform in fiscal Q3 2026?
Madison Square Garden Sports Corp. reported fiscal Q3 2026 revenue of $432.2 million, up 2% year over year. However, operating income fell to $2.0 million and the Company posted a $20.0 million net loss, reflecting higher operating costs and other expenses.
What were MSGS’s key profitability metrics for fiscal Q3 2026?
In fiscal Q3 2026, MSGS generated $2.0 million in operating income, down from $32.3 million a year earlier. Adjusted operating income declined to $10.3 million from $36.9 million, while the Company recorded a $20.0 million net loss, versus a $14.2 million loss previously.
How did Madison Square Garden Sports Corp.’s nine-month 2026 results compare to 2025?
For the nine months ended March 31, 2026, MSGS reported $875.1 million in revenue, up 5% from $835.3 million in 2025. Adjusted operating income declined to $19.2 million from $54.9 million, and net loss was $20.5 million, similar to the prior-year period’s $20.7 million.
What is MSGS considering regarding the Knicks and Rangers businesses?
MSGS stated it is exploring a potential separation of its Knicks and Rangers businesses into distinct public companies. Management believes this structure could help create long-term shareholder value, although no specific terms, timing, or definitive transaction details were provided in the disclosure.
What does the MSGS balance sheet show as of March 31, 2026?
As of March 31, 2026, MSGS reported total assets of $1.51 billion and total liabilities of $1.80 billion. This resulted in negative total equity of $295.5 million, reflecting an accumulated deficit and treasury stock against the Company’s asset base.
How strong is Madison Square Garden Sports Corp.’s cash position and cash flow?
MSGS held $107.0 million in cash and cash equivalents at March 31, 2026, compared with higher levels at the period’s start. For the nine months, net cash provided by operating activities was $5.0 million, down substantially from $41.9 million in the prior-year period.