Madison Square Garden Sports (MSGS) Q1 2027 earnings summary

Executive summary

• Revenue increased 15% YoY to $45.5M, supported by higher league distributions and Knicks merchandise demand following the 2026 NBA Championship.

• Net loss widened to $31.1M from $8.8M, primarily reflecting a swing in investment-related miscellaneous results from $15.1M income to $3.7M expense.

• Operating loss improved 7% YoY to $25.5M, and adjusted operating loss improved 4% to $20.0M.

• Q1 results include Rangers financial results; the spin-off was completed after quarter-end on October 26, 2026.

Financial highlights

• Revenue rose $6.0M to $45.5M; league distributions contributed $3.1M of the increase, while food, beverage and merchandise added $2.6M.

• Net loss was $31.1M versus $8.8M; basic and diluted loss per share were both $1.29 versus $0.37.

• SG&A rose $3.0M to $60.8M, including $3.6M of Rangers distribution expenses; restructuring charges were $0.6M versus none a year earlier.

• Operating loss improved $2.0M to $25.5M as higher revenue more than offset increased expenses.

• Miscellaneous results swung to $3.7M net expense from $15.1M net income, driven by investment fair-value changes.

Outlook and guidance

• Liquidity was considered sufficient for foreseeable needs; cash was $40.0M at September 30, with $113.0M of additional Knicks facility borrowing capacity as of filing.

• October 2026 included $30.0M of additional revolver borrowing and ~ $20.0M of one-time distribution-related employee-award and financial-advisory costs.

• Revenue is seasonally concentrated in fiscal Q2 and Q3, when most team games are played; results also depend on Knicks popularity, competitiveness and playoff participation.

• Leadership cited the Rangers spin-off and new Knicks season as supporting operating momentum and long-term shareholder value creation.