Madison Square Garden Sports (MSGS) Company Report

On November 6, 2025, New York Knicks, LLC, a wholly owned subsidiary of Madison Square Garden Sports Corp., entered into the 2025 Knicks Credit Agreement.
This agreement establishes a senior secured revolving credit facility of up to $425,000,000 with a maturity date of November 6, 2030.
The new facility refinanced $267,000,000 in borrowings outstanding under the previous credit agreement, with the same amount remaining outstanding as of November 6, 2025.
Knicks LLC is required to maintain a minimum debt service ratio of at least 1.5:1.00 under the terms of the agreement.

Nov 7, 2025, 9:16 PM

Madison Square Garden Entertainment Reports Strong Q1 2026 Results with Revenue and AOI Growth

MSGS

Earnings

Share Buyback

Guidance Update

Madison Square Garden Entertainment (MSGS) reported Q1 2026 revenues of $158.3 million, an increase of 14% versus the prior year quarter, and Adjusted Operating Income (AOI) of $7.1 million, up $5.2 million from the prior year quarter.
The company achieved a record number of concerts at the Garden in Q1 and expects record revenues for the Christmas Spectacular, with 215 shows planned for the season and advanced ticket revenues pacing up double digits.
MSGS repurchased approximately $25 million of Class A common stock during the quarter, with $45 million remaining under its current buyback authorization, and expects to generate substantial free cash flow in fiscal 2026.
The company is making progress to finalize a major residency for fiscal 2027 at the Garden, which is anticipated to drive future concert growth.

Nov 6, 2025, 3:00 PM

Sphere Entertainment Reports Mixed Q3 Results

MSGS

Earnings

Demand Weakening

Sphere Entertainment reported third-quarter revenues of $262.5 million, a 15% increase year-over-year, primarily driven by strong performances at its Sphere venue, but missed Wall Street expectations of $320 million.
The company posted an operating loss of $129.7 million and an actual loss of $2.80 per share, marking six consecutive quarters of earnings per share losses.
Revenue growth at the Sphere venue, which was up 37%, was partially offset by a 12% revenue decline at MSG Networks due to a 13.5% drop in subscriber count.
Despite a 64.5% year-to-date stock gain, financial indicators reveal ongoing challenges, including a negative net margin and an Altman Z-Score of 1, indicating potential financial distress.

Nov 4, 2025, 2:26 PM

Madison Square Garden Sports Corp. Reports Fiscal Q1 2026 Results

MSGS

Earnings

For the fiscal first quarter ended September 30, 2025, Madison Square Garden Sports Corp. (MSGS) reported revenues of $39.5 million, a 26% decrease from the prior year, alongside an operating loss of $27.4 million and an adjusted operating loss of $20.8 million.
The revenue decline was primarily attributed to lower league distributions of $11.4 million and a $2.3 million decrease in local media rights fees, largely due to amendments in media rights agreements.
Operationally, the company noted a 94% combined season ticket renewal rate for the Knicks and Rangers for the 2025-26 seasons and a new marketing partnership with GAME 7, which includes the Rangers' first-ever jersey patch partner.

Oct 31, 2025, 11:45 AM

Madison Square Garden Sports Reports Fiscal 2026 First Quarter Results

MSGS

Earnings

New Projects/Investments

Madison Square Garden Sports Corp. reported revenues of $39.5 million for the fiscal first quarter ended September 30, 2025, a decrease of $13.9 million, or 26%, compared to the prior year period.
The company recorded an operating loss of $27.4 million and an adjusted operating loss of $20.8 million for the quarter, which are increases of $19.2 million and $18.5 million, respectively, from the prior year period.
The decline in revenues was primarily due to $11.4 million lower league distributions and a $2.3 million decrease in local media rights fees.
Operational highlights for the 2025-26 seasons include a combined average season ticket renewal rate of approximately 94% for the Knicks and Rangers, and a new multi-year marketing partnership with GAME 7 as the first-ever jersey patch partner of the Rangers.

Oct 31, 2025, 11:30 AM

Earnings Transcripts

Quarterly earnings call transcripts for Madison Square Garden Sports.

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