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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 |
| Operating 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 |
| Selling General And Administration | - | 229.67 | 249.88 | 261.43 | 266.08 |
| Total Expenses | - | 735.27 | 802.27 | 881.11 | 1,024.41 |
| Operating Income | - | 86.08 | 85.17 | 146.04 | 14.81 |
| Total Operating Income As Reported | - | 86.08 | 85.17 | 146.04 | 14.81 |
| EBITDA | - | 90.71 | 116.38 | 136.42 | 7.60 |
| Normalized EBITDA | - | 90.71 | 116.38 | 136.42 | 7.60 |
| EBIT | - | 85.67 | 112.80 | 133.26 | 4.38 |
| Interest Income | - | 0.31 | 2.39 | 2.79 | 4.03 |
| Interest Expense | - | 11.74 | 22.88 | 27.59 | 21.65 |
| Net Interest Income | - | -11.42 | -20.49 | -24.80 | -17.62 |
| Other Non Operating Income Expenses | - | -0.73 | 25.24 | -15.57 | -14.46 |
| Other Income Expense | - | -0.73 | 25.24 | -15.57 | -14.46 |
| Interest Income Non Operating | - | 0.31 | 2.39 | 2.79 | 4.03 |
| Interest Expense Non Operating | - | 11.74 | 22.88 | 27.59 | 21.65 |
| Net Non Operating Interest Income Expense | - | -11.42 | -20.49 | -24.80 | -17.62 |
| Pretax Income | - | 73.93 | 89.92 | 105.67 | -17.27 |
| Tax Provision | - | 25.05 | 44.29 | 46.90 | 5.17 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | 48.88 | 45.63 | 58.77 | -22.44 |
| Net Income From Continuing And Discontinued Operation | - | 51.13 | 47.79 | 58.77 | -22.44 |
| Net Income From Continuing Operation Net Minority Interest | - | 51.13 | 47.79 | 58.77 | -22.44 |
| Net Income | - | 51.13 | 47.79 | 58.77 | -22.44 |
| Net Income Common Stockholders | - | 51.13 | 45.75 | 58.77 | -22.46 |
| Net Income Including Noncontrolling Interests | - | 48.88 | 45.63 | 58.77 | -22.44 |
| Normalized Income | - | 51.13 | 47.79 | 58.77 | -22.44 |
| Diluted NI Availto Com Stockholders | - | 51.13 | 45.75 | 58.77 | -22.46 |
| Basic Average Shares | - | 24.25 | 24.09 | 24.01 | 24.09 |
| Diluted Average Shares | - | 24.40 | 24.19 | 24.10 | 24.09 |
| Reconciled Depreciation | - | 5.04 | 3.58 | 3.16 | 3.22 |
| Reconciled Cost Of Revenue | - | 500.56 | 548.81 | 616.51 | 755.12 |
| Minority Interests | - | 2.25 | 2.16 | 0 | 0 |
| Net Income Discontinuous Operations | 0 | 0 | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 5.04 | 3.58 | 3.16 | 3.22 |
| Depreciation And Amortization In Income Statement | - | 5.04 | 3.58 | 3.16 | 3.22 |
| Otherunder Preferred Stock Dividend | - | 0 | 2.04 | 0 | 0.02 |
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 | $9.3B | -413.16 | -32.94 | 8.0% | 1357.01 |
| Lumen Technologies, Inc. | LUMN | $10.2B | -5.87 | -9.13 | 155.7% | 20.43 |
| Versant Media Group, Inc. | VSNT | $5.7B | 6.12 | 0.55 | 9.0% | 2.94 |
| Iridium Communications Inc. | IRDM | $5.5B | 48.13 | 11.90 | 24.7% | 16.17 |
| Sphere Entertainment Co. |
| 2021 |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| SPHR |
| $5.1B |
| 152.34 |
| 2.28 |
| 1.5% |
| 11.94 |
| Telephone and Data Systems, Inc. | TDS | $4.5B | -724.07 | 1.21 | -0.2% | 9.31 |
| Cinemark Holdings, Inc. | CNK | $3.6B | 26.04 | 8.88 | 34.1% | 12.02 |
| IAC Inc. | IAC | $3.1B | -30.21 | 0.66 | -2.2% | 21.38 |
| John Wiley & Sons, Inc. | WLY | $2.3B | 26.88 | 3.01 | 11.2% | 8.95 |
| Peer Median | - | 16.08 | 1.75 | 10.1% | 11.98 | |