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MSG Entertainment (MSGE) investor relations material

MSG Entertainment Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary13 Aug, 2025

Executive summary

  • Fiscal 2025 saw strong demand with nearly 6 million guests at over 975 events, including record-setting Christmas Spectacular revenues and a Knicks playoff run.

  • Completed spin-off in April 2023, creating a pure-play live entertainment company with iconic venues in New York and Chicago.

  • Christmas Spectacular set a new record with 1.1 million tickets sold and $170 million in revenue across 200 performances.

  • Strategic focus remains on increasing event count, per-event profitability, and expanding sponsorship and premium hospitality businesses.

  • Maintains long-term arena license agreements with MSG Sports for Knicks and Rangers home games.

Financial highlights

  • Fiscal 2025 revenue reached $942.7 million, with adjusted operating income (AOI) of $222.5 million, a 5% year-over-year increase.

  • Operating income for fiscal 2025 was $122.1 million, up 9% year-over-year.

  • Fiscal Q4 revenue was $154.1 million, down 17% year-over-year, mainly due to fewer concerts and sports events at The Garden.

  • Q4 AOI decreased by $14.4 million to a loss of $1.3 million, reflecting lower revenues and higher SG&A expenses.

  • Sponsorship, signage, and suites contributed 27% of total revenue.

Outlook and guidance

  • Management expects continued momentum and projects solid revenue and AOI growth for fiscal 2026.

  • Expecting growth in total events, especially concerts, in fiscal 2026, including a return to concert growth at The Garden.

  • Christmas Spectacular show count to increase to 211, with advanced ticket revenue pacing ahead of last year.

  • Anticipate solid AOI growth and substantial free cash flow in fiscal 2026, with potential for modest AOI margin expansion despite higher SG&A.

  • Focus on debt paydown and opportunistic return of capital to shareholders.

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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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