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MADISON SQUARE GARDEN ENTERTAINMENT CORP. REPORTS
FISCAL 2026 FOURTH QUARTER AND FULL YEAR RESULTS

Fiscal 2026 Revenues of $1.1 Billion, Up 13% Year-Over-Year
Fiscal 2026 Operating Income of $141.5 Million, Up 16% Versus Prior Year
Fiscal 2026 Adjusted Operating Income of $262.2 Million(1), Up 18% Year-Over-Year

NEW YORK, N.Y., August 12, 2026 - Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or the “Company”) today reported financial results for the fiscal fourth quarter and full-year ended June 30, 2026.
Fiscal 2026 reflected another year of robust demand across the Company's portfolio of live entertainment offerings, with the Company welcoming approximately 6.4 million guests at nearly 960 events. That included concerts, special events, family shows and marquee sports, as well as the New York Knicks' ("Knicks") and New York Rangers' ("Rangers") regular seasons and the Knicks' championship run. It also reflected over 1.2 million tickets sold across 215 paid performances of the Christmas Spectacular production, which achieved another year of record-setting revenues in its 92nd holiday season.
For fiscal 2026, the Company reported revenues of $1,060.8 million, an increase of $118.1 million, or 13%, as compared to the prior fiscal year. In addition, the Company reported operating income of $141.5 million, an increase of $19.4 million, or 16%, and adjusted operating income of $262.2 million, an increase of $39.7 million, or 18%, both as compared to the prior fiscal year.(1)
For the fiscal 2026 fourth quarter, the Company reported revenues of $196.3 million, an increase of $42.2 million, or 27%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $8.6 million, an improvement of $17.1 million as compared to the prior year quarter, and adjusted operating income of $18.6 million as compared to an adjusted operating loss of $1.3 million in the prior year quarter.(1)
Executive Chairman and CEO James L. Dolan said, “Today’s results reflect the strong demand we continue to see for our live entertainment offerings. Looking ahead, we are well positioned to drive solid growth in adjusted operating income in fiscal ’27 and remain confident in our ability to deliver long-term shareholder value.”
Results for the Three and Twelve Months Ended June 30, 2026 and 2025:
Three Months EndedTwelve Months Ended
June 30,ChangeJune 30,Change
$ millions20262025$%20262025$%
Revenues$196.3 $154.1 $42.2 27 %$1,060.8 $942.7 $118.1 13 %
Operating (Loss) Income$(8.6)$(25.8)$17.1 66 %$141.5 $122.1 $19.4 16 %
Adjusted Operating Income (Loss)$18.6 $(1.3)$19.9 NM$262.2 $222.5 $39.7 18 %
Note: Amounts may not foot due to rounding. NM — Comparisons from positive to negative values or to zero values are considered not meaningful.
(1) See page 3 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures.











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Entertainment Offerings, Arena License Fees and Other Leasing
Fiscal 2026 fourth quarter revenues from entertainment offerings of $152.7 million increased $34.0 million, or 29%, as compared to the prior year quarter.
•Revenues from concerts increased $22.7 million, reflecting an increase in the number of concerts at the Madison Square Garden Arena ("The Garden") and higher per-concert revenue, partially offset by a decrease in the number of concerts at the Company's theaters.
•Revenues subject to the sharing of economics with Madison Square Garden Sports Corp. ("MSG Sports") pursuant to the Arena License Agreements increased $5.8 million, primarily due to higher commissions on merchandise sales and higher suite license fee revenues (excluding those retained by the Company) as compared to the prior year quarter.
•Revenues from other live entertainment and sporting events increased $2.3 million due to higher per-event revenue, partially offset by a decrease in the number of events at the Company's venues.
•Revenues from venue-related sponsorship, signage, and suite license fees increased $2.2 million due to higher sponsorship and signage revenues and higher suite license fee revenues (excluding those shared with MSG Sports pursuant to the Arena License Agreements).
Fiscal 2026 fourth quarter arena license fees and other leasing revenues of $11.5 million increased $2.5 million, or 27%, as compared to the prior year quarter due to an increase in other leasing revenues.
Fiscal 2026 fourth quarter direct operating expenses associated with entertainment offerings, arena license fees and other leasing of $100.2 million increased $14.7 million, or 17%, as compared to the prior year quarter.
•Expenses for concerts increased $14.9 million due to higher per-concert expenses and an increase in the number of concerts at The Garden, partially offset by a decrease in the number of concerts at the Company's theaters;
•Expenses subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements increased $2.0 million, primarily due to expenses incurred as a result of the increase in suite license fee revenues;
•Expenses for other live entertainment and sporting events increased $1.1 million due to higher per-event expenses, partially offset by a decrease in the number of events at the Company's venues; and
•Venue operating costs decreased $1.7 million, while other costs decreased $1.5 million.
Food, Beverage and Merchandise
Fiscal 2026 fourth quarter food, beverage and merchandise revenues of $32.2 million increased $5.8 million, or 22%, as compared to the prior year quarter. This increase was primarily due to (i) higher food and beverage sales at concerts held at the Company's venues of $3.7 million due to an increase in the number of concerts at The Garden, partially offset by a decrease in the number of concerts at the Company's theaters and lower per-concert revenue, and (ii) higher food and beverage sales at Knicks and Rangers games of $1.6 million due to higher per-game revenue.
Fiscal 2026 fourth quarter food, beverage and merchandise direct operating expenses of $20.2 million increased $3.8 million, or 23%, as compared to the prior year quarter, primarily due to higher food and beverage costs at concerts held at the Company's venues and, to a lesser extent, higher food and beverage costs at Knicks and Rangers games at The Garden.
Selling, General and Administrative Expenses
Fiscal 2026 fourth quarter selling, general and administrative expenses of $67.2 million increased $7.3 million, or 12%, as compared with the prior year quarter. This increase was primarily due to higher employee compensation and related benefits.
Operating Loss and Adjusted Operating Income/(Loss)
Fiscal 2026 fourth quarter operating loss of $8.6 million improved $17.1 million and adjusted operating income of $18.6 million increased $19.9 million, both as compared to the prior year quarter, primarily due to the increase in revenues, partially offset by higher direct operating expenses and selling, general and administrative expenses.
Other Matters
The National Railroad Passenger Corporation (“Amtrak”) previously selected Penn Transformation Partners, a consortium led by Halmar Infrastructure Development, Inc. and Skanska Infrastructure Development, Inc. (collectively, the “Master Developer”) to redevelop New York Penn Station subject to the execution of various binding agreements (the “Developer Agreements”). On June 8, 2026, in connection with the proposed redevelopment of Penn Station, the Company announced that, through a wholly-owned subsidiary, it had entered into a non-binding memorandum of understanding with the Master Developer (i) acknowledging that the Madison Square Garden Arena must remain fully operational at all times during the redevelopment as required by the Company and (ii) contemplating the transfer of the Infosys Theater at Madison Square Garden to the Master Developer, subject to further negotiation and execution of definitive documentation between the Company and the Master Developer and the execution of the Developer Agreements.
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About Madison Square Garden Entertainment Corp.
Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment, delivering unforgettable experiences while forging deep connections with diverse and passionate audiences. The Company’s portfolio includes a collection of world-renowned venues – New York’s Madison Square Garden, Infosys Theater at Madison Square Garden, Radio City Music Hall, and Beacon Theatre; and The Chicago Theatre – that showcase a broad array of sporting events, concerts, family shows, and special events for millions of guests annually. In addition, the Company features the original production, the Christmas Spectacular Starring the Radio City Rockettes, which has been a holiday tradition for more than 90 years. More information is available at www.msgentertainment.com.

Non-GAAP Financial Measures
We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) excluding (i) depreciation, amortization and impairments of property and equipment, goodwill and other long-lived assets, including right of use assets and related lease costs, (ii) share-based compensation expense or benefit, (iii) restructuring charges or credits, (iv) merger, spin-off, and acquisition-related costs, including merger-related litigation expenses, (v) gains or losses on sales or dispositions of businesses and associated settlements, (vi) the impact of purchase accounting adjustments related to business acquisitions, (vii) amortization for capitalized cloud computing arrangement costs and (viii) gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan. We exclude impairments of long-lived assets, including right-of-use assets and related lease costs, as these expenses do not represent core business operating results of the Company. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger, spin-off, and acquisition-related transaction costs, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan, provides investors with a clearer picture of the Company’s operating performance given that, in accordance with U.S. generally accepted accounting principles, gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan are recognized in operating income (loss) whereas gains and losses related to the remeasurement of the assets under the executive deferred compensation plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in other income (expense), net, which is not reflected in operating income (loss).
We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of the Company on a consolidated basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 5 of this release.
Forward-Looking Statements
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the redevelopment of Penn Station and the proposed transfer of the Infosys Theater at Madison Square Garden to the Master Developer. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

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Contacts:
Ari Danes, CFA
Senior Vice President, Investor Relations, Financial Communications & Treasury
Madison Square Garden Entertainment Corp.
(212) 465-6072
Grace Kaminer
Vice President, Investor Relations & Treasury
Madison Square Garden Entertainment Corp.
(212) 631-5076
Conference Call Information:
The conference call will be webcast live today at 10:00 a.m. ET at investor.msgentertainment.com
Conference call dial-in number is 833-461-5787 / Conference ID Number 549926872
Webcast replay available at investor.msgentertainment.com until August 19, 2026
Investor presentation available at investor.msgentertainment.com/events-and-presentations
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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
June 30,		Twelve Months Ended
June 30,
2026202520262025
Revenues:
Revenues from entertainment offerings$152,677 $118,723 $810,128 $712,294 
Food, beverage, and merchandise revenues32,168 26,402 164,410 150,506 
Arena license fees and other leasing revenue11,477 9,013 86,246 79,934 
Total revenues196,322 154,138 1,060,784 942,734 
Direct operating expenses:
Entertainment offerings, arena license fees, and other leasing direct operating expenses(100,236)(85,501)(483,196)(444,256)
Food, beverage, and merchandise direct operating expenses(20,244)(16,489)(99,103)(91,387)
Total direct operating expenses(120,480)(101,990)(582,299)(535,643)
Selling, general and administrative expenses(67,213)(59,927)(253,112)(214,974)
Depreciation and amortization(14,223)(15,432)(56,069)(57,768)
Impairment of long-lived assets— (1,502)(13,782)(11,202)
Restructuring charges(3,047)(1,041)(13,986)(1,055)
Operating (loss) income(8,641)(25,754)141,536 122,092 
Interest income2,617 881 6,195 2,328 
Interest expense(9,090)(11,708)(39,962)(50,506)
Loss on extinguishment of debt— (6,132)— (6,132)
Other income (expense), net752 542 (793)(2,221)
(Loss) income from operations before income taxes(14,362)(42,171)106,976 65,561 
Income tax benefit (expense) 4,377 14,994 (40,790)(28,130)
Net (loss) income$(9,985)$(27,177)$66,186 $37,431 
(Loss) earnings per share attributable to MSG Entertainment’s stockholders:
Basic$(0.21)$(0.57)$1.39 $0.78 
Diluted$(0.21)$(0.57)$1.38 $0.77 
Weighted-average number of common shares outstanding:
Basic 47,483 47,611 47,460 48,031 
Diluted47,483 47,611 48,002 48,330 

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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO
ADJUSTED OPERATING INCOME (LOSS)
(in thousands)
(Unaudited)

The following is a description of the adjustments to operating (loss) income in arriving at adjusted operating income (loss) as described in this earnings release:

•Depreciation and amortization. This adjustment eliminates depreciation and amortization of property and equipment and intangible assets.
•Impairment of long-lived assets. This adjustment eliminates the impairment of long-lived assets, including right of use assets and related lease costs.
•Share-based compensation. This adjustment eliminates the compensation expense relating to restricted stock units, performance stock units and stock options granted to employees and non-employee directors.
•Restructuring charges. This adjustment eliminates costs related to termination benefits provided to certain corporate executives and employees.
•Merger, spin-off, and acquisition-related costs. This adjustment eliminates costs related to mergers, spin-offs and acquisitions, including merger-related litigation expenses.
•Amortization for capitalized cloud computing arrangement costs. This adjustment eliminates amortization of capitalized cloud computing arrangement costs.
•Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan.
Three Months EndedTwelve Months Ended
June 30,June 30,
$ thousands2026202520262025
Operating (loss) income$(8,641)$(25,754)$141,536 $122,092 
Depreciation and amortization14,223 15,432 56,069 57,768 
Impairment of long-lived assets and related lease costs862 1,502 16,878 11,202 
Share-based compensation (excluding share-based compensation included in restructuring charges)8,476 5,860 32,495 27,694 
Restructuring charges3,047 1,041 13,986 1,055 
Merger, spin-off, and acquisition-related costs— 113 — 1,474 
Amortization of capitalized cloud computing arrangement costs27 161 252 713 
Remeasurement of deferred compensation plan liabilities643 359 968 508 
Adjusted operating income (loss)$18,637 $(1,286)$262,184 $222,506 



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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands, except per share data)
June 30,
20262025
ASSETS
Current Assets:
Cash, cash equivalents and restricted cash$294,158 $43,538 
Accounts receivable, net87,998 66,781 
Related party receivables, current28,132 22,487 
Prepaid expenses and other current assets111,859 104,326 
Total current assets522,147 237,132 
Non-Current Assets:
Property and equipment, net591,696 621,075 
Right-of-use lease assets448,892 484,544 
Goodwill69,041 69,041 
Indefinite-lived intangible assets63,801 63,801 
Deferred tax assets, net53,485 54,072 
Other non-current assets186,188 140,177 
Total assets$1,935,250 $1,669,842 
LIABILITIES AND EQUITY (DEFICIT)
Current Liabilities:
Accounts payable, accrued and other current liabilities$324,708 $184,360 
Related party payables, current63,978 23,830 
Long-term debt, current30,469 30,469 
Operating lease liabilities, current44,461 35,100 
Deferred revenue284,636 228,642 
Total current liabilities748,252 502,401 
Non-Current Liabilities:
Long-term debt, net of deferred financing costs540,334 568,780 
Operating lease liabilities, non-current560,101 566,484 
Other non-current liabilities40,782 45,477 
Total liabilities1,889,469 1,683,142 
Commitments and contingencies
Equity (deficit):
Class A Common Stock (a)
465 461 
Class B Common Stock (b)
69 69 
Additional paid-in capital61,885 44,843 
Treasury stock at cost (6,106 and 5,483 shares as of June 30, 2026 and June 30, 2025, respectively)
(205,204)(180,204)
Retained earnings219,220 153,034 
Accumulated other comprehensive loss(30,654)(31,503)
Total equity (deficit)45,781 (13,300)
Total liabilities and equity (deficit)$1,935,250 $1,669,842 
_________________
(a) Class A common stock, $0.01 par value per share, 120,000 shares authorized; 46,545 and 46,076 shares issued as of June 30, 2026 and June 30, 2025, respectively.
(b) Class B common stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued as of June 30, 2026 and June 30, 2025.
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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
SELECTED CASH FLOW INFORMATION
(in thousands)
(Unaudited)
Twelve Months Ended
June 30,
20262025
Net cash provided by operating activities$351,435 $115,297 
Net cash used in investing activities(29,786)(23,693)
Net cash used in financing activities(71,029)(81,621)
Net increase in cash, cash equivalents and restricted cash250,620 9,983 
Cash, cash equivalents and restricted cash, beginning of period
43,538 33,555 
Cash, cash equivalents and restricted cash, end of period
$294,158 $43,538 


































































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