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Visual21 Nov 2025
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MSG Entertainment (MSGE) investor relations material
MSG Entertainment Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary6 Nov, 2025
Executive summary
Fiscal 2026 began with strong momentum, driven by robust demand across all business segments, especially concerts and the Christmas Spectacular.
Fiscal Q1 2026 revenue rose 14% year-over-year to $158.3 million, driven by record concert activity and increased live events at The Garden.
Over 900,000 guests attended 140 events in the first quarter, with a record number of concerts at The Garden and high sell-through rates across venues.
Completed spin-off from Sphere Entertainment in April 2023, creating a pure-play live entertainment company.
Operates five iconic venues in New York and Chicago, hosting over 975 live events and nearly 6 million guests in fiscal 2025.
Financial highlights
First quarter revenue was $158.3 million, up 14% year-over-year, with adjusted operating income reaching $7.1 million, up $5.2 million from the prior year quarter.
Fiscal 2025 revenue reached $942.7 million, with operating income of $122.1 million and adjusted operating income (AOI) of $222.5 million.
Food, beverage, and merchandise revenue increased 20% to $22.8 million in Q1 2026.
Operating loss in Q1 2026 included a non-cash impairment charge of $13.8 million related to the 2 Penn Plaza lease.
As of September 30, unrestricted cash was $30 million and debt was $622 million.
Outlook and guidance
Expecting solid growth in revenue and adjusted operating income for fiscal 2026, with strong bookings and event momentum.
On track to grow the total number of events at venues, with concert bookings pacing ahead of last year.
Anticipate another record year for Christmas Spectacular revenues, with higher per-show revenue and increased show count.
Substantial free cash flow generation expected as the year progresses.
Full cash taxpayer status expected starting in FY2026.
Christmas Spectacular next growth drivers
Update on FY27 major concert residency
Capital allocation priorities beyond buybacks
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Next MSG Entertainment earnings date
Q2 20265 Feb, 2026
Next MSG Entertainment earnings date
Q2 20265 Feb, 2026
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Frequently asked questions
Madison Square Garden Entertainment Corp. (MSG Entertainment) is an American entertainment holding company specializing in live entertainment. It operates a collection of iconic venues, including New York's Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, and Beacon Theatre, among others. The company is renowned for producing, presenting, and hosting a diverse range of entertainment and sports events, delivering unforgettable experiences to millions of fans each year. Its operations encompass live entertainment experiences, sports bookings, and the production of various special events. The company is headquartered in New York City, New York, and its shares are listed on the NYSE.
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