Madison Square Garden Sports Corp

Latest Results (16.05.2026):

Madison Square Garden Sports Corp.'s fiscal 2025 fourth quarter (ended June 30, 2025) results show a Q4 revenue decline and an operating loss versus prior-year profitability, while full-year 2025 revenues were modestly higher but operating results fell sharply year‑over‑year. For Q4 FY2025 the company reported revenues of $204.0 million (down 10% vs. Q4 FY2024), an operating loss of $22.6 million (vs. $52.3 million operating income prior year) and an adjusted operating loss of $16.8 million (vs. $56.5 million prior). For the full fiscal year 2025, MSG Sports reported revenues of $1,039.2 million (up 1% YoY), operating income of $14.8 million (down $131.2 million YoY) and adjusted operating income of $38.2 million (down $134.1 million YoY).

Revenue & profitability (Q4 FY2025)

Q4 revenue: $204.0M, down 10% YoY. Q4 operating loss: $(22.6)M vs. $52.3M operating income in Q4 FY2024. Q4 adjusted operating loss: $(16.8)M vs. $56.5M prior. Net loss for the quarter was $(1.8)M (basic and diluted loss per share $(0.07)).

Full-year FY2025 snapshot

FY2025 revenue: $1,039.2M, up $12.1M (1%) vs. FY2024. FY operating income: $14.8M (decline of $131.2M). FY adjusted operating income: $38.2M (decline of $134.1M). Full-year net loss: $(22.4)M (diluted loss per share $(0.93)).

Primary drivers of the Q4 decline

Lower playoff-related revenues (down $12.9M) driven largely by the Rangers not qualifying for the playoffs in the period (Knicks had nine home playoff games). League distributions decreased ~$6.8M (absence of a ~$7M non‑recurring NHL territorial fee in prior year). Local media rights fees were also lower (about $1.1M) due to amended media agreements.

Expense and one-time items

Direct operating expenses rose 44% YoY to $154.8M in Q4, driven primarily by $42.8M higher net provisions for team personnel transactions, $9.8M higher net provisions for league revenue sharing and NBA luxury tax, and modest increases in team personnel compensation. SG&A increased $4.5M to $70.9M (higher professional fees and playoff-related costs).

Balance sheet & cash

Cash and cash equivalents at June 30, 2025 were $144.6M (cash + restricted cash $153.2M). Total assets $1,473.0M; total liabilities $1,754.4M, resulting in total equity of $(281.4)M. Debt: current $24.0M; long-term $267.0M. Significant operating lease liabilities remain on the balance sheet.

Media-rights amendments and other strategic items

On June 27, 2025 the Knicks and Rangers amended their MSG Networks media agreements: annual rights fees reduced (28% for Knicks, 18% for Rangers) effective Jan 1, 2025, escalators eliminated, and expiration extended through 2028–29 (subject to ROFR). Concurrently, MSG Networks issued penny warrants to MSG Sports exercisable for 19.9% of MSG Networks' equity.

Management commentary

CEO James L. Dolan noted fiscal 2025 featured growth in per‑game revenues and the Knicks' playoff run, but results reflected team investments and a changing local media landscape; management expects continued strong demand for the Knicks and Rangers and reiterated confidence in franchise value.