MSGS Financials Madison Square Garden Sports Corp.

13 years of revenue, profit, cash flow and balance-sheet history through FY2026, from SEC filings — with a computed, factual read of the trend. Updated 34 d ago Overview →

Growth & profitability

Revenue has grown 22.6% per year over the past 5 years.
Operating margin has expanded, at 2.5% in the latest year.

Financial health

Total debt ($259M) exceeds cash ($165M); net debt is $94M.
Total debt has grown slower than revenue (-7.7% vs 22.6% per year).
Operating income covered interest expense 1.4× in the latest year.
Total debt is 8.1× EBITDA.

Shareholder returns

Dividends have been paid for 4 consecutive years, consuming 6.1% of earnings and 0.8% of free cash flow.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2026	$1.2B	$8M	0.0%	2.5%	-2.9%	0.5%	$61M	$259M	$165M
2025	$1.0B	-$22M	0.0%	1.4%	8.0%	-1.5%	$88M	$291M	$145M
2024	$1.0B	$59M	0.0%	14.2%	-22.1%	4.4%	$91M	$305M	$89M
2023	$887M	$48M	0.0%	9.6%	-14.2%	3.6%	$151M	$325M	$40M
2022	$821M	$51M	0.0%	10.5%	-34.8%	3.9%	$177M	$250M	$91M
2021	$416M	-$14M	0.0%	-18.9%	6.8%	-1.1%	-$36M	$385M	$65M
2020	$603M	-$182M	0.0%	-15.6%	88.1%	-14.8%	-$359M	$350M	$78M
2019	$729M	$11M	0.0%	-8.0%	0.4%	0.3%	-$28M	$6M	$4M
2018	$712M	$142M	0.0%	-2.6%	5.6%	3.8%	$26M	$106M	$1M
2017	—	-$73M	—	—	-3.0%	-2.0%	$179M	$105M	$931000
2016	—	-$77M	—	—	-3.0%	-2.2%	$54M	—	$1.4B
2015	—	-$41M	—	—	-3.3%	-1.9%	$5M	—	$14M
2014	—	-$117M	—	—	-9.8%	—	—	—	$6M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$279M	$28M	0.0%	11.5%	-10.7%	1.8%	$58M	$259M	$165M
Mar '26	$432M	-$20M	0.0%	0.5%	6.8%	-1.3%	$57M	$259M	$107M
Dec '25	$403M	$8M	0.0%	5.5%	-2.9%	0.5%	$32M	$291M	$81M
Sep '25	$39M	-$9M	0.0%	-69.5%	3.0%	-0.6%	-$85M	$291M	$49M
Jun '25	$204M	-$2M	0.0%	-11.1%	0.6%	-0.1%	$49M	$291M	$145M
Mar '25	$424M	-$14M	0.0%	7.6%	5.0%	-0.9%	$4M	$291M	$97M
Dec '24	$358M	$1M	0.0%	3.7%	-0.4%	0.1%	$61M	$305M	$108M
Sep '24	$53M	-$8M	0.0%	-15.5%	2.7%	-0.5%	-$27M	$305M	$52M
Jun '24	$227M	$25M	0.0%	23.0%	-9.6%	1.9%	$108M	$305M	$89M
Mar '24	$430M	$38M	0.0%	18.5%	—	2.7%	$4M	$360M	$40M
Dec '23	$327M	$14M	0.0%	8.8%	—	1.0%	$33M	$360M	$38M
Sep '23	$43M	-$19M	0.0%	-34.4%	—	-1.4%	-$55M	$400M	$51M
Jun '23	$127M	-$9M	0.0%	-9.6%	2.7%	-0.7%	$38M	$325M	$40M
Mar '23	$383M	$52M	0.0%	21.4%	-15.7%	3.8%	$83M	$380M	$65M
Dec '22	$354M	$22M	0.0%	14.6%	-5.8%	1.7%	$30M	$435M	$44M
Sep '22	$24M	-$18M	0.0%	-149.0%	10.3%	-1.3%	$1M	$250M	$81M
Jun '22	$175M	$27M	0.0%	13.5%	-18.5%	2.1%	$114M	$250M	$91M
Mar '22	$338M	$25M	0.0%	18.2%	-13.6%	1.8%	$40M	$315M	$49M
Dec '21	$290M	$16M	0.0%	12.4%	-7.5%	1.2%	$43M	$360M	$55M
Sep '21	$19M	-$16M	0.0%	-185.9%	7.0%	-1.2%	-$19M	$385M	$34M

Valuation over time

How the market has priced MSGS against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 92.0× (Mar '23) to 1205.6× (Sep '26).
The price-to-sales ratio has risen from 5.7× (Mar '23) to 8.1× (Sep '26).
The dividend yield has fallen from 3.8% (Jun '23) to 0.0% (Sep '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is MSGS growing its revenue and profit?

Over the past 5 years, Madison Square Garden Sports Corp.'s revenue has grown 22.6% per year. These are computed facts, not advice.

How much debt does MSGS have?

As of FY2026, Madison Square Garden Sports Corp. reported $259M of total debt against $165M of cash; operating income covered interest expense 1.4×.

What is MSGS's profit margin?

In FY2026, gross margin was —, operating margin 2.5%, and net margin 0.7%.

What is MSGS's P/E ratio?

As of Sep '26, Madison Square Garden Sports Corp. traded at a price-to-earnings ratio of about 1205.6× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.