Madison Square Garden Entertainment Corp. (MSGE)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$1.1B

Revenue growth

12.5%

Net income, last twelve months

$66.2M

Earnings per share

$1.38

Operating margin

13.3%

Net margin

6.2%

Free cash flow

$323.1M

Return on equity

144.6%

Market value

$3.8B

Price to earnings

57.2x

Cash

$293.6M

Debt

$570.8M

Debt to equity

12.47

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

Company events

The newest 8-K filings of 39 held.

Every filing

The newest filings with the SEC of 101 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

295 funds held it at 30 Jun 2026: 142 added and 70 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Walt Disney Co. (DIS): revenue $98.9B, market value $188.3B
• DraftKings Inc. (DKNG): revenue $6.2B, market value $10.1B
• MSG Knickerbockers Corp. (MSGS): revenue $1.2B, market value $9.4B
• Vail Resorts Inc. (MTN): revenue $2.8B, market value $5.4B
• StubHub Holdings, Inc. (STUB): revenue $1.9B, market value $2.1B
• Rush Street Interactive, Inc. (RSI): revenue $1.4B, market value $1.8B
• Pursuit Attractions & Hospitality, Inc. (PRSU): revenue $483.2M, market value $1.5B
• United Parks & Resorts Inc. (PRKS): revenue $1.6B, market value $1.4B

What the company does

Madison Square Garden Entertainment Corp., which the filing calls MSG Entertainment, is a live entertainment company that owns or operates five venues in New York City and Chicago. It produces, presents and hosts concerts, sporting events, family shows, performing arts events and special events. It also owns the Christmas Spectacular Starring the Radio City Rockettes. The company manages its business as one reportable segment. In the year ended 30 June 2026 it hosted approximately 6.4 million guests at nearly 960 events.

The venues

The company owns The Garden, the Infosys Theater at Madison Square Garden and The Chicago Theatre. It leases Radio City Music Hall and the Beacon Theatre. Seating ranges from 2,800 to 21,000.

- The Garden seats up to approximately 21,000 people. Together with the Infosys Theater it holds approximately 1,100,000 square feet of floor space over 11 levels. The Garden sits atop Penn Station, which is owned by Amtrak. - The Infosys Theater has approximately 5,600 seats. - Radio City Music Hall has approximately 6,000 seats. The lease runs through 31 August 2038, with an option to renew for 10 years. - The Beacon Theatre has approximately 2,800 seats. The lease runs through 31 December 2036, with an option to renew for 10 years. - The Chicago Theatre has approximately 3,600 seats and was bought in October 2007.

In June 2026 the company announced a non-binding memorandum of understanding with Penn Transformation Partners about transferring the Infosys Theater to the Master Developer in connection with the redevelopment of Penn Station.

How it earns revenue

The company primarily licenses its venues to third-party promoters for a fee. It also promotes or co-promotes some shows, and in those cases it carries the economic risk of the event. Its revenue sources are:

- ticket sales for events it produces or promotes - venue license fees - facility and ticketing fees - concessions - sponsorships and signage - suite license fees at The Garden - merchandising - tours at certain venues - lease revenue

The Garden has 23 Event Level spaces, made up of 22 suites and an event level club. It also has 58 Lexus Level suites, 18 Infosys Level suites, the Madison Club and the HUB Loft. Suite licenses are generally sold to corporate customers, mostly under multi-year agreements with annual escalators.

The relationship with MSG Sports

Long-term Arena License Agreements with Madison Square Garden Sports Corp. (MSG Sports) require the New York Knicks of the NBA and the New York Rangers of the NHL to play their home games at The Garden. In return the company receives fixed annual license fees, paid monthly.

- MSG Sports receives a 67.5% allocation of suite license revenue. - The company pays MSG Sports 50% of the net proceeds from in-venue food and beverage sales at Knicks and Rangers games. - The company receives 30% of net revenue from MSG Sports team merchandise sold at The Garden.

Under separate sponsorship sales representation agreements, the company sells and services sponsorships for the MSG Sports teams in exchange for a commission.

The Christmas Spectacular

The Christmas Spectacular runs exclusively at Radio City Music Hall and features the Rockettes. It opened in 1933, and the company acquired the rights in 1997. Those rights are separate from the Radio City lease, and the company holds the Rockettes brand rights in the same way. The Rockettes perform in ten numbers in the 90-minute production. The company had 215 performances in its most recent holiday season, with over 1.2 million tickets sold.

Bookings and sports

The company books concerts, comedy, family shows and special events, and has hosted residencies at The Garden and the Beacon Theatre. Its sports calendar includes professional boxing, mixed martial arts, college basketball, college hockey, professional bull riding, tennis, esports, professional wrestling and professional darts. The Garden has hosted the Big East Tournament for 44 consecutive years, and the company and the Big East Conference have extended the partnership through 2032.

Competition and seasonality

The company competes with other live performances, sporting events, movies and home entertainment for the public's entertainment spending. The filing describes New York City, its primary market, as among the most competitive entertainment markets in the world. It competes for bookings with other venues, mainly on the size, quality, expense and nature of the venue. It also competes for sponsorship dollars. Because of the Christmas Spectacular and the Knicks and Rangers license fees, the company earns a disproportionate share of its revenue and operating income in the second and third quarters of its fiscal year.

Its people

At 30 June 2026 the company had approximately 1,060 full-time and approximately 5,200 part-time employees. About 70% were represented by unions. Of those union employees, approximately 27% were under collective bargaining agreements that had expired as of 30 June 2026. Approximately 36% were under agreements that expire by 30 June 2027 if not extended. All of the company's revenues and assets are attributed to or located in the United States, with a majority concentrated in New York City.

*From MSG Entertainment's annual report on Form 10-K for the year ended 30 June 2026. [The filing](https://www.sec.gov/Archives/edgar/data/1952073/000162828026056286/msge-20260630.htm)*

From the company's 10-K.