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Madison Square Garden Sports (MSGS) investor relations material
Madison Square Garden Sports Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Aug, 2025
Executive summary
Fiscal 2025 revenues exceeded $1.04 billion, up 1% year-over-year, driven by strong Knicks playoff performance and higher per-game revenues, but offset by lower playoff-related revenues and reduced local media rights fees.
Adjusted operating income was $38.2 million, while operating income dropped by $131.2 million to $14.8 million due to higher team investment and media rights changes.
High fan engagement led to increased ticket yield, attendance, and nearly 20 million combined social media followers by year-end.
Fourth quarter revenues declined 10% year-over-year to $204 million, with an adjusted operating loss of $16.8 million, mainly due to fewer playoff games and increased expenses.
Knicks reached the Eastern Conference finals, generating record per game gate revenues; Rangers named a new head coach and are preparing for their centennial season.
Financial highlights
Fiscal 2025 total revenues were $1.04 billion and adjusted operating income was $38.2 million.
Full-year net loss was $22.4 million, compared to net income of $58.8 million in the prior year; Q4 net loss was $1.8 million.
Direct operating expenses rose 22% year-over-year to $755.1 million, with a 44% increase in Q4 to $154.8 million, driven by team personnel transactions and higher league-related costs.
Event-related, suites, sponsorship, and signage revenues each fell 8% year-over-year.
Playoff-related revenues for Q4 were $115.2 million, with average per game revenues of $12.8 million.
Outlook and guidance
Expecting revenue growth across all in-arena categories in fiscal 2026, supported by new NBA national media rights deals and continued investment in teams.
Full-year impact of amended local media rights agreements and higher team operating expenses, including increased personnel compensation and luxury tax, anticipated.
Marketing partnerships and premium hospitality expected to drive incremental revenue, with more suite renovations underway.
Management expects continued strong demand for Knicks and Rangers, expressing confidence in franchise value despite media landscape changes.
Assess impact of NBA national media deals.
Elaborate on OpEx outlook for fiscal '26.
What's the status of minority stake sales?
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Next Madison Square Garden Sports earnings date
Q1 202631 Oct, 2025
Next Madison Square Garden Sports earnings date
Q1 202631 Oct, 2025
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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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