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Madison Square Garden Sports
Madison Square Garden Sports (MSGS) investor relations material
Madison Square Garden Sports Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary5 Feb, 2026
Executive summary
Fiscal Q2 2026 revenues rose 13% year-over-year, reaching $459.9 million for entertainment and $403.4 million for sports, driven by record Christmas Spectacular attendance, increased event bookings, and higher ticket, suite, sponsorship, and merchandise revenues, partially offset by reduced local media rights fees.
Adjusted operating income increased to $190.4 million for entertainment and $29.7 million for sports, with net income for sports at $8.2 million and for entertainment at $92.7 million.
Season ticket renewal rates for the Knicks and Rangers were approximately 94%, and per-game ticketing revenue increased year-over-year, aided by higher Knicks season ticket prices.
Merchandise sales set single-game records for both teams, and the Christmas Spectacular sold over 1.2 million tickets, the highest in 25 years.
Multi-year marketing partnerships, suite renovations, and new sublease agreements contributed to growth in premium hospitality and sponsorship revenue.
Financial highlights
Total Q2 revenues were $459.9 million for entertainment and $403.4 million for sports, with sports up from $357.8 million year-over-year.
Event-related revenues for sports rose 20% to $167.2 million, and suites/sponsorship revenues increased 24% to $98.5 million.
Net income for Q2 was $92.7 million for entertainment and $8.2 million for sports, with diluted EPS of $1.94 and $0.34, respectively.
Cash and equivalents at quarter-end were $157.6 million for entertainment and $81.3 million for sports, with $408 million in available borrowing capacity for sports.
Direct operating expenses for sports rose 13% to $311.4 million, mainly from higher team personnel costs, league revenue sharing, and NBA luxury tax.
Outlook and guidance
Management expects robust growth in both revenue and adjusted operating income for the full fiscal year, with ongoing momentum in business fundamentals and strong event demand.
Growth is expected in marketing partnerships and premium hospitality for fiscal 2026.
The timing benefit from more home games in Q2 will reverse in the second half of the fiscal year.
Media rights revenues are expected to remain at reduced rates due to contract amendments.
Sufficient liquidity is anticipated to fund operations and obligations for the foreseeable future.
Why did Garden concert volume decrease?
What drove the 20% SG&A expense increase?
What drives higher per-event revenue across segments?
Local media rights strategy post-2029 agreements?
What triggers a future capital return program?
What drives a minority interest sale decision?
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Next Madison Square Garden Sports earnings date
Q3 20261 May, 2026
Madison Square Garden Sports
Next Madison Square Garden Sports earnings date
Q3 20261 May, 2026
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Frequently asked questions
Madison Square Garden Sports Corp is a sports holding company that owns and operates professional sports teams. Its portfolio includes the New York Knicks (NBA) and the New York Rangers (NHL), as well as related marketing, broadcast, and venue rights. The company generates revenue through ticket sales, media, sponsorships, and merchandising. Madison Square Garden Sports Corp is headquartered in New York, New York, and its shares are listed on the NYSE.
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