Madison Square Garden Entertainment
Operator of Madison Square Garden venues and producer of the Rockettes’ Christmas Spectacular.
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Profile
Operates Madison Square Garden and a theater portfolio, hosts concerts and sports, and produces the Radio City Rockettes’ Christmas Spectacular. Revenue comes from bookings and promotions, sponsorships, suites, concessions, merchandise, and long-term arena licenses for Knicks and Rangers home games, with operations concentrated in New York.
Operates a U.S. live-entertainment portfolio centered on Madison Square Garden, Infosys Theater, Radio City Music Hall, Beacon Theatre, and The Chicago Theatre. The venues host concerts, family shows, special events, and sports; bookings, hospitality, sponsorships, concessions, merchandise, and licensing turn attendance into revenue.
Owns and produces the Rockettes’ Christmas Spectacular exclusively at Radio City and licenses the Garden to the Knicks and Rangers for home games. Artist and promoter relationships, varied venue sizes, and premium inventory support repeat bookings and multi-night runs.
Operations and assets are U.S.-based and concentrated in New York. Results depend on event calendars, attendance, the seasonal Christmas Spectacular, and agreements with MSG Sports. The Garden operates under a New York City zoning special permit; a non-binding Penn Station redevelopment agreement contemplates transferring Infosys Theater while keeping the arena operational.
Company facts
Categories
Key statistics
Year to date +44.1% · Average volume (30d) 340.5K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 20, 2026 | Piper Sandler | Initiate | Neutral | $86 | ||
| Aug 14, 2026 | BTIG | Reiterate | Buy | $100 | ||
| Aug 13, 2026 | Susquehanna | Reiterate | Positive | $80 | $103 | |
| Aug 12, 2026 | Guggenheim | Reiterate | Buy | $76 | $103 | |
| Jul 9, 2026 | Goldman Sachs | Downgrade | Buy | Neutral |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 13, 2026Q4 FY26 | −$0.44 | −$0.13 | +70.4% | $166.6M | $196.3M | +17.8% | −4.67% |
| Aug 12, 2026Q4 FY26 | −$0.44 | −$0.21 | +52.3% | $166.6M | $196.3M | +17.8% | +11.40% |
| May 7, 2026Q3 FY26 | $0.14 | $0.25 | +78.6% | $243.0M | $246.3M | +1.3% | −2.20% |
| Feb 3, 2026Q2 FY26 | $2.35 | $1.94 | −17.4% | $452.1M | $459.9M | +1.7% | −0.88% |
Financial highlights
| 12 quarters | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $242.5M | $154.1M | $158.3M | $459.9M | $246.3M | $196.3M | |
| Gross profit | $103.6M | $75.3M | $55.9M | $247.3M | $99.5M | $75.8M | |
| Operating income | $37.1M | −$25.8M | −$14.8M | $164.9M | $24.7M | −$33.4M | |
| Net income | $8.0M | −$27.2M | −$21.7M | $92.7M | $5.1M | −$10.0M | |
| Diluted EPS | $0.17 | −$0.57 | −$0.46 | $1.94 | $0.11 | −$0.21 | |
| Gross margin | 42.7% | 48.8% | 35.3% | 53.8% | 40.4% | 38.6% | |
| Operating margin | 15.3% | -16.7% | -9.3% | 35.9% | 10.0% | -17.0% |
Fiscal years (4-quarter sums)FY22 $653.5M · FY23 $851.5M · FY24 $959.3M · FY25 $942.7M · FY26 $1.06B
Revenue by product · Q4 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $552.0M · Total debt $913.3M · Total assets $4.04B · Shareholders' equity $2.23B
Dividends
No dividends on record.
Ownership
Institutions and insiders are filed separately and overlap, so together they can pass the whole company. No split is drawn from them.
Shares outstanding 47.31M · Float 35.55M · 75.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Ariel Investments, LLC | 5.30M | 11.21% | 13F | Aug 14, 2026 |
| Mary S. Dolan, as Trustee of certain trusts described herein | 4.34M | 9.70% | 13D | Mar 9, 2026 |
| Mary S. Dolan, as a Trustee of the Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney and eac | 4.05M | 9.00% | 13D | Feb 4, 2025 |
| Jericho Capital Asset Management L.P. | 3.66M | 7.74% | 13F | Aug 14, 2026 |
| BlackRock, Inc. | 3.12M | 6.60% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 11, 2026 | Philip Gerard D'Ambrosio | officer: EVP and Treasurer | −9,907 | $74.48 |
| Feb 20, 2026 | Charles P. Dolan | director | −19,311 | $63.76 |
Peers
- Live Nation Entertainment
Global concert promotion, venues, and Ticketmaster scale.
- StubHub
Large secondary marketplace for live-event tickets.
- Sphere Entertainment
Immersive venue peer with Sphere experiences and residencies.
- TKO Group
Sports-entertainment content owner with major live events.
- Ryman Hospitality Properties
Iconic music venues and proprietary country-music programming.
- Vivid Seats
Online marketplace for concert, sports, and theater tickets.
- Seaport Entertainment Group
New York event-real-estate peer with Pier 17 venues.
- Venu
Premium amphitheater and music-hall operator in growth mode.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Madison Square Garden Entertainment | $78.30 | −0.04% | $3.70B | 56.7 | 32.2 | 3.5 | +27.4% |
| Live Nation Entertainment | $181.50 | −0.07% | $42.27B | — | 151.4 | 1.6 | +9.4% |
| StubHub | $6.55 | −0.08% | $2.30B | — | 13.7 | 1.2 | +33.2% |
| Sphere Entertainment | $141.68 | +0.03% | $5.10B | — | — | 3.8 | +5.4% |
| TKO Group | $185.76 | +0.63% | $13.84B | 63.7 | 33.1 | 2.6 | +18.2% |
| Ryman Hospitality Properties | $129.33 | −0.01% | $8.16B | 31.5 | 27.0 | 3.0 | +13.6% |
| Vivid Seats | $6.05 | +1.83% | $67.7M | — | — | 0.1 | −9.6% |
| Seaport Entertainment Group | $26.79 | +0.22% | $343.0M | — | — | 2.8 | −13.9% |
| Venu | $2.02 | −0.74% | $121.3M | — | — | 7.8 | +7.0% |
| Median | 47.6 | 30.0 | 2.7 | +8.2% |