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Madison Square Garden Sports (MSGS) investor relations material
Madison Square Garden Sports 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 in live events, but the sports segment saw a 26% year-over-year revenue decline to $39.5 million due to lower league distributions and reduced local media rights fees.
Over 900,000 guests attended 140 events in the first quarter, with record concert bookings and most events sold out.
Net loss widened to $8.8 million, and adjusted operating loss increased to $20.8 million, reflecting lower revenues and higher SG&A expenses.
Season ticket renewal rates for Knicks and Rangers reached approximately 94% for the 2025-26 seasons.
New multi-year marketing partnerships and suite renovations contributed to incremental revenue and operational highlights.
Financial highlights
First-quarter revenue was $158.3 million for live events, up 14% year-over-year, while the sports segment reported $39.5 million, down 26% year-over-year.
Adjusted operating income for live events reached $7.1 million, while the sports segment posted an adjusted operating loss of $20.8 million.
Net loss for the quarter was $8.8 million, or $(0.37) per share.
Cash and cash equivalents at quarter-end were $48.6 million for the sports segment; unrestricted cash for live events was $30 million.
Net debt at quarter-end was approximately $592 million, with net debt leverage of 2.6x.
Outlook and guidance
Expectation of solid growth in adjusted operating income for live events in fiscal 2026, with bookings for concerts and events pacing ahead of last year.
Media rights fees for the sports segment are expected to be $139.2 million for fiscal 2026, down from $162.9 million in the prior year.
Management remains confident in the long-term value and demand for the Knicks and Rangers franchises.
Anticipate a record year for the Christmas Spectacular, with over 1 million guests expected.
Modest growth expected in marquee sports and special events.
What caused the drop in league distributions?
Address the significant cash burn this quarter.
What is the expected impact of the Rangers' jersey patch deal?
FY27 major residency progress update
Capital allocation beyond current buyback
NYC tax risk from new administration
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Next Madison Square Garden Sports earnings date
Q2 20263 Feb, 2026
Next Madison Square Garden Sports earnings date
Q2 20263 Feb, 2026
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Frequently asked questions
Madison Square Garden Sports Corp is a sports holding company that owns and operates professional sports teams. Its portfolio includes the New York Knicks (NBA) and the New York Rangers (NHL), as well as related marketing, broadcast, and venue rights. The company generates revenue through ticket sales, media, sponsorships, and merchandising. Madison Square Garden Sports Corp is headquartered in New York, New York, and its shares are listed on the NYSE.
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