Madison Square Garden Sports Corp

Latest Results (05.04.2026):

Madison Square Garden Sports Corp.'s fiscal 2025 fourth quarter (ended June 30, 2025) results showed a weaker quarter versus the prior year with Q4 revenue down and operating losses, while the full fiscal year produced modest revenue growth but materially lower operating and adjusted operating income year-over-year.

Quarter snapshot

For the fiscal 2025 fourth quarter, the Company reported revenues of $204.0 million, a decline of $23.3 million (10%) versus the prior year quarter, an operating loss of $22.6 million and an adjusted operating loss of $16.8 million (prior year Q4 operating income was $52.3 million and adjusted operating income was $56.5 million).

Full-year results

For fiscal 2025, Madison Square Garden Sports Corp. reported revenues of $1,039.2 million, up $12.1 million (1%) versus the prior year. Full-year operating income was $14.8 million (down $131.2 million) and adjusted operating income was $38.2 million (down $134.1 million) versus the prior year.

Revenue drivers

The company cited increases in average regular-season per-game revenues (tickets, sponsorship and suites) as a positive driver for the year, partially offset by other items described below.

Playoff and event mix impact

Q4 included the New York Knicks’ run to the Eastern Conference Finals with nine home playoff games at Madison Square Garden; by comparison the prior year quarter included fifteen combined home playoff games for the Knicks and Rangers, reducing the year-over-year playoff/event revenue in Q4.

Media rights and roster effects

Results reflect reductions in local media rights fees due to amendments to the Knicks’ and Rangers’ local media rights agreements with MSG Networks, as well as the impact of the Knicks’ and Rangers’ 2024–25 rosters and certain team personnel transactions.

Management commentary and outlook

CEO James L. Dolan noted fiscal 2025 featured higher per-game revenue and the Knicks’ postseason run, but reflected investments in the teams and the changing local media landscape; management expects continued strong demand for the Knicks and Rangers and remains confident in franchise value.