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MSG Entertainment
MSG Entertainment (MSGE) investor relations material
MSG Entertainment Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary3 Feb, 2026
Executive summary
Fiscal 2025 revenue reached $942.7 million, with Q2 revenue at $460 million, both driven by record Christmas Spectacular performance, diversified streams, and strong bookings across concerts, sports, and hospitality.
Adjusted operating income was $222.5 million for the year and $190.4 million for Q2, both up double digits year-over-year, with reported operating income at $122.1 million for the year and $163.8 million for Q2.
Over 975 live events hosted at five venues, with nearly 6 million guests in fiscal 2025 and 2.9 million guests at over 475 events in Q2.
The Christmas Spectacular achieved its highest attendance in 25 years, with 215 performances and over 1.2 million tickets sold.
Long-term arena license agreements and recurring sponsorships provide stable revenue.
Financial highlights
Q2 revenue was $459.9 million, up 13% year-over-year, with entertainment, arena license fees, leasing, and F&B/merchandise revenues all increasing.
Adjusted operating income for Q2 rose 16% to $190.4 million; AOI margin for the quarter was approximately 41%.
Net income for Q2 was $92.7 million, with diluted EPS of $1.94.
Unrestricted cash at quarter end was $157 million, up from $30 million in the prior quarter; cash and equivalents at quarter-end were $157.6 million.
Net debt at year-end was $437 million, with net debt leverage at 2.0x AOI.
Outlook and guidance
Management expects robust growth in revenue and adjusted operating income for fiscal 2026, with strong momentum into fiscal 2027.
Concert bookings at The Garden are pacing ahead for the remainder of fiscal 2026 and into fiscal 2027, with a record-breaking Harry Styles residency and other multi-night acts announced.
Full cash taxpayer status expected starting in FY2026.
Opportunities exist to further increase Christmas Spectacular show count and ticket pricing next year.
Christmas Spectacular per-show revenue drivers
SG&A increase outlook and sustainability
Concert strategy for Garden vs. theaters
Future residency strategy for venues
Christmas Spectacular yield optimization tactics
Voluntary exit program's SG&A impact?
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Next MSG Entertainment earnings date
Q3 20265 May, 2026
MSG Entertainment
Next MSG Entertainment earnings date
Q3 20265 May, 2026
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Frequently asked questions
Madison Square Garden Entertainment Corp. (MSG Entertainment) is an American entertainment holding company specializing in live entertainment. It operates a collection of iconic venues, including New York's Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, and Beacon Theatre, among others. The company is renowned for producing, presenting, and hosting a diverse range of entertainment and sports events, delivering unforgettable experiences to millions of fans each year. Its operations encompass live entertainment experiences, sports bookings, and the production of various special events. The company is headquartered in New York City, New York, and its shares are listed on the NYSE.
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