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Madison Square Garden Entertainment Corp., through its subsidiaries, engages in live entertainment business. The company produces, presents, and hosts live entertainment events, such as concerts, sporting events, family shows, family shows, performing arts events, and special events. It holds a portfolio of venues that include Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre, and The Chicago Theatre. The company also owns and produces the original production, the Christmas Spectacular Starring the Radio City Rockettes. In addition, it engages in the entertainment and sports bookings business that showcase a range of concerts, family shows, and special events, as well as various sporting events. The company was formerly known as MSGE Spinco, Inc. Madison Square Garden Entertainment Corp. was incorporated in 2022 and is based in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $943M | $174M | $37M | $93M | -281.4% | -1.7% | -74.1% |
| 2024 | $959M | $164M | $144M | $87M | -622.9% | 12.7% | 88.4% |
| 2023 | $851M | $190M | $77M | $121M | -110.3% | 30.3% | -157.4% |
| 2022 | $653M | $-14M | $-133M | $80M | 9039.7% | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 653.49 | 851.50 | 959.26 | 942.73 |
| Operating Revenue | - | 653.49 | 847.06 | 952.72 | 936.35 |
| Cost Of Revenue | - | 417.30 | 499.93 | 568.84 | 535.64 |
| Gross Profit | - | 236.19 | 351.57 | 390.43 | 407.09 |
| Operating Expense | - | 236.67 | 236.32 | 260.84 | 272.74 |
| Selling General And Administration | - | 167.13 | 180.22 | 206.96 | 214.97 |
| Total Expenses | - | 653.97 | 736.25 | 829.68 | 808.38 |
| Operating Income | - | -0.48 | 115.25 | 129.59 | 134.35 |
| Total Operating Income As Reported | - | -5.65 | 105.01 | 111.94 | 122.09 |
| EBITDA | - | -13.63 | 190.10 | 164.12 | 173.84 |
| Normalized EBITDA | - | 77.02 | 180.49 | 183.01 | 192.10 |
| EBIT | - | -83.16 | 129.64 | 110.24 | 116.07 |
| Interest Income | - | 7.15 | 7.24 | 2.98 | 2.33 |
| Interest Expense | - | 53.11 | 51.87 | 57.95 | 50.51 |
| Net Interest Income | - | -45.96 | -44.62 | -54.98 | -48.18 |
| Other Non Operating Income Expenses | - | 0.81 | -2.47 | -3.43 | -2.35 |
| Other Income Expense | - | -89.83 | 7.15 | -22.32 | -20.61 |
| Interest Income Non Operating | - | 7.15 | 7.24 | 2.98 | 2.33 |
| Interest Expense Non Operating | - | 53.11 | 51.87 | 57.95 | 50.51 |
| Net Non Operating Interest Income Expense | - | -45.96 | -44.62 | -54.98 | -48.18 |
| Pretax Income | - | -136.27 | 77.77 | 52.29 | 65.56 |
| Tax Provision | - | -0.07 | 1.73 | -92.01 | 28.13 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.05 | 0.21 | -3.97 | -3.84 |
| Net Income Continuous Operations | - | -136.20 | 76.04 | 144.30 | 37.43 |
| Net Income From Continuing And Discontinued Operation | - | -133.34 | 76.60 | 144.30 | 37.43 |
| Net Income From Continuing Operation Net Minority Interest | - | -133.34 | 76.60 | 144.30 | 37.43 |
| Net Income | - | -133.34 | 76.60 | 144.30 | 37.43 |
| Net Income Common Stockholders | - | -133.34 | 76.60 | 144.30 | 37.43 |
| Net Income Including Noncontrolling Interests | - | -136.20 | 76.04 | 144.30 | 37.43 |
| Normalized Income | - | -42.74 | 67.19 | 159.22 | 51.86 |
| Diluted NI Availto Com Stockholders | - | -133.34 | 76.60 | 144.30 | 37.43 |
| Basic Average Shares | - | 51.13 | 51.82 | 48.28 | 48.03 |
| Diluted Average Shares | - | 51.13 | 52.28 | 48.59 | 48.33 |
| Reconciled Depreciation | - | 69.53 | 60.46 | 53.88 | 57.77 |
| Reconciled Cost Of Revenue | - | 417.30 | 499.93 | 568.84 | 535.64 |
| Total Unusual Items | - | -90.64 | 9.62 | -18.89 | -18.26 |
| Total Unusual Items Excluding Goodwill | - | -90.64 | 9.62 | -18.89 | -18.26 |
| Minority Interests | - | 2.86 | 0.55 | 0 | 0 |
| Special Income Charges | - | -40.80 | -10.24 | -17.65 | -18.39 |
| Other Special Charges | - | 35.63 | - | - | 6.13 |
| Impairment Of Capital Assets | - | - | 0 | 0 | 11.20 |
| Restructuring And Mergern Acquisition | - | 5.17 | 10.24 | 17.65 | 1.06 |
| Gain On Sale Of Security | - | -49.84 | 19.86 | -1.24 | 0.13 |
| Depreciation Amortization Depletion Income Statement | - | 69.53 | 60.46 | 53.88 | 57.77 |
| Depreciation And Amortization In Income Statement | - | 69.53 | 60.46 | 53.88 | 57.77 |
| Gain On Sale Of Ppe | 0 | 0 | 4.36 | 0 | - |
| Other Operating Expenses | - | - | -4.36 | - | - |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Madison Square Garden Entertainment Corp.this co. | MSGE | $3.4B | 90.07↑ premium | -253.49 | -281.4% | 26.05 |
| Ermenegildo Zegna N.V. | ZGN | $4.0B | 40.60 | 3.88 | 9.6% | 10.82 |
| Polaris Inc. | PII | $3.9B | -8.41 | 4.73 | -56.2% | -47.42 |
| Hilton Grand Vacations Inc. | HGV | $3.8B | 47.51 | 2.99 | 6.3% | 14.44 |
| Greif, Inc. |
| - |
| 2021 | - | - | - | - | - | - | - |
| GEF |
| $3.6B |
| 13.40 |
| 1.73 |
| 12.9% |
| 10.88 |
| Abercrombie & Fitch Co. | ANF | $3.5B | 6.88 | 2.49 | 36.1% | 4.44 |
| KB Home | KBH | $3.3B | 7.60 | 0.84 | 11.0% | 8.43 |
| Visteon Corporation | VC | $3.3B | 16.18 | 2.07 | 12.8% | 6.33 |
| Peloton Interactive, Inc. | PTON | $2.7B | -22.47 | -6.46 | 28.7% | 33.23 |
| Peer Median | - | 10.50 | 2.28 | 11.9% | 9.62 | |