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Madison Square Garden Sports Corp. operates as a professional sports company in the United States. The company owns and operates a portfolio of assets that consists of the New York Knickerbockers of the National Basketball Association (NBA) and the New York Rangers of the National Hockey League. Its other professional franchises include development league teams, the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League. It also operates the Madison Square Garden Training Center, a professional sports team performance center in Greenburgh. The company was formerly known as The Madison Square Garden Company. Madison Square Garden Sports Corp. was incorporated in 2015 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 | $1.0B | $8M | $-22M | $88M | 8.0% | 1.2% | -138.2% |
| 2024 | $1.0B | $136M | $59M | $91M | -22.1% | 15.7% | 23.0% |
| 2023 | $887M | $116M | $48M | $151M | -14.2% | 8.0% | -6.5% |
| 2022 | $821M | $91M | $51M | $177M | -34.8% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 821.35 | 887.45 | 1,027.15 | 1,039.22 |
| Cost Of Revenue | - | 500.56 | 548.81 | 616.51 | 755.12 |
| Gross Profit | - | 320.79 | 338.64 | 410.64 | 284.10 |
| Operating Expense | - | 234.71 | 253.46 | 264.60 | 269.29 |
| Operating Income | - | 86.08 | 85.17 | 146.04 | 14.81 |
| EBITDA | - | 90.71 | 116.38 | 136.42 | 7.60 |
| EBIT | - | 85.67 | 112.80 | 133.26 | 4.38 |
| Pretax Income | - | 73.93 | 89.92 | 105.67 | -17.27 |
| Tax Provision | - | 25.05 | 44.29 | 46.90 | 5.17 |
| Net Income | - | 51.13 | 47.79 | 58.77 | -22.44 |
| Net Income Common Stockholders | - | 51.13 | 45.75 | 58.77 | -22.46 |
| Total Expenses | - | 735.27 | 802.27 | 881.11 | 1,024.41 |
| Interest Expense | - | 11.74 | 22.88 | 27.59 | 21.65 |
| Interest Income | - | 0.31 | 2.39 | 2.79 | 4.03 |
| Selling General And Administration | - | 229.67 | 249.88 | 261.43 | 266.08 |
| Normalized EBITDA | - | 90.71 | 116.38 | 136.42 | 7.60 |
| Normalized Income | - | 51.13 | 47.79 | 58.77 | -22.44 |
| Market Cap | 8,022.31 | 8,022.31 | 8,022.31 | 8,022.31 | 8,022.31 |
Communication Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Madison Square Garden Sports Corp.this co. | MSGS | - | -357.53 | -28.50 | 8.0% | 1192.73 |
| Versant Media Group, Inc. | VSNT | $5.6B | 5.89 | 0.53 | 9.0% | 2.85 |
| Sphere Entertainment Co. | SPHR | $4.7B | 139.63 | 2.09 | 1.5% | 11.03 |
| Iridium Communications Inc. | IRDM | $4.2B | 36.02 | 8.90 | 24.7% | 13.05 |
| Cinemark Holdings, Inc. | CNK |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $3.3B |
| 24.07 |
| 8.21 |
| 34.1% |
| 11.50 |
| John Wiley & Sons, Inc. | WLY | $2.2B | 25.05 | 2.80 | 11.2% | 8.50 |
| Lumen Technologies, Inc. | LUMN | - | -5.24 | -8.15 | 155.7% | 19.60 |
| Telephone and Data Systems, Inc. | TDS | - | -825.35 | 1.38 | -0.2% | 10.45 |
| IAC Inc. | IAC | - | -32.02 | 0.70 | -2.2% | 22.50 |
| Peer Median | - | 14.98 | 1.73 | 10.1% | 11.26 | |