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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
MSG Entertainment
MSG Entertainment (MSGE) investor relations material
MSG Entertainment Q1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2027 earnings summary4 Nov, 2026
Executive summary
Q1 FY27 revenue was $217.1M, up 37% YoY; operating income was $9.7M versus a $29.7M loss, and net income was $8.9M versus a $21.7M loss.
Adjusted Operating Income (AOI) increased $27.2M YoY to $34.3M, driven by higher revenue and partly offset by higher direct operating and SG&A expenses.
Record Garden concert activity, including 16 Q1 performances during Harry Styles’ 30-night residency, helped drive growth.
Financial highlights
Entertainment offerings revenue rose 33% to $174.9M; food, beverage and merchandise revenue rose 56% to $35.7M; arena license and other leasing revenue rose 60% to $6.6M.
Concert revenue increased $30.1M on more Garden concerts and higher revenue per concert, partly offset by fewer theater concerts; other live entertainment and sports events added $11.2M.
Direct operating expenses rose 24% to $126.8M and SG&A rose 18% to $66.9M; depreciation and amortization was $13.8M versus $14.1M.
Diluted EPS was $0.19 versus a loss of $0.46; the income tax benefit was $6.6M versus $18.8M.
Outlook and guidance
FY27 outlook calls for robust revenue and AOI growth, significant underlying free cash flow and growth in total venue events.
The Christmas Spectacular plans 231 performances versus 215 last year, with over 1.2M guests and record revenue expected.
Garden concert bookings slightly exceeded the FY27 goal, portfolio bookings exceeded 80% of goal, and sell-through for the next two quarters was pacing ahead of last year.
Special-event count and per-event economics are expected to rise; fewer family and performing-arts shows are offset by more marquee sports events.
Free cash flow is expected to benefit from AOI growth, offset by interest, cash taxes, capital spending and working-capital timing.
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Latest events from MSG Entertainment
- Three director elections, auditor ratification, and advisory pay approval go to a Dec. 10 vote.MSGE
Proxy filing - Strong FY2026 results accompany a proxy shaped by concentrated Class B voting control.MSGEProxy filing
- Fiscal 2026 revenue hit $1.1B with strong AOI and growth expected to continue.MSGEQ4 2026
- Q3 2026 revenue up 2% YoY, with strong event demand and robust cash flow despite higher costs.MSGEQ3 2026
- Annual meeting covers director elections, auditor ratification, and performance-based executive pay.MSGEProxy filing
- FY25 revenue and Q2 profit surged on record events, strong demand, and capital returns.MSGEQ2 2026
- Operating loss narrowed 45% as event demand, sponsorships, and cost controls drove AOI growth.MSGEQ1 2025
- Q3 revenue and operating income surged, with $40M in share repurchases and strong liquidity.MSGEQ3 2025
- Record holiday show sales and strong arena activity drove modest revenue and profit growth.MSGEQ2 2025
Next MSG Entertainment earnings date
Q2 20272 Feb, 2027
MSG Entertainment
Next MSG Entertainment earnings date
Q2 20272 Feb, 2027
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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.