Madison Square Garden Entertainment Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data Madison Square Garden Entertainment Corp. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2021	FY2023	FY2023	FY2024	FY2025	FY2026
Revenue	81.8	653	851	959	943	1,061
Selling, general and administrative	137	167	180	207	215	253
Operating income	-237	-5.65	105	112	122	142
Interest expense	33.7	53.1	51.9	58	50.5	40
Interest income	6.44	7.15	7.24	2.98	2.33	6.2
Other non-operating income	50.6	-49	17.4	-4.67	-2.22	-0.79
Pre-tax income				52.3	65.6	107
Income tax	5.35	-0.07	1.73	-92	28.1	40.8
Net income	-219	-133	76.6	144	37.4	66.2
EBITDA	-166	63.9	165	166	180	198
EPS, basic	-4.22	-2.58	1.48	2.99	0.78	1.39
EPS, diluted	-4.22	-2.58	1.47	2.97	0.77	1.38
Shares, basic (weighted)	51.8	51.8	51.8	48.3	48	47.5
Shares, diluted (weighted)	51.8	51.8	52.3	48.6	48.3	48

Balance sheet

	FY2021	FY2023	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	318	58.1	76.1	33.3	43	294
Receivables		103	63.9	77.3	66.8	88
Inventory		2.75	2.56	3.87	3.75	3.75
Other current assets		6.12	5.16	5.13	3.94	4.49
Total current assets		341	295	219	237	522
Property, plant and equipment		696	629	634	621	592
Lease right-of-use assets		271	236	389	485	449
Goodwill		69	69	69	69	69
Intangible assets		65.4	63.8
Other non-current assets		83.5	108	110	140	186
Total assets		1,527	1,401	1,553	1,670	1,935
Accounts payable		11.2	15.6	26.6	12.1	27
Accrued liabilities		43.8	44	38.3	41.4	38.7
Deferred revenue		203	226	216	229	285
Short-term debt		8.76	16.3	16.3	30.5	30.5
Total current liabilities		545	541	506	502	748
Long-term debt		655	630	599	569	540
Lease liabilities		254	220	427	566	560
Other non-current liabilities		50.9	56.3	43.8	45.5	40.8
Total liabilities		1,528	1,471	1,576	1,683	1,889
Total debt		655	630	599	569	540
Paid-in capital		0	17.7	33.5	44.8	61.9
Retained earnings		0	-28.7	116	153	219
Treasury stock		0	-25	-141	-180	-205
Other comprehensive income		-34.7	-34	-32.3	-31.5	-30.7
Shareholders' equity		-1.48	-69.5	-23.2	-13.3	45.8
Minority interests		-0.11	0
Total equity	499	-1.59	-69.5	-23.2	-13.3	45.8
Total liabilities and equity		1,527	1,401	1,553	1,670	1,935

Cash flow statement

	FY2021	FY2023	FY2023	FY2024	FY2025	FY2026
Net income	-219	-136	76	144	37.4	66.2
Depreciation and amortization	71.6	69.5	60.5	53.9	57.8	56.1
Stock-based compensation	40.7	39.4	31.8	31.2	27.7	32.4
Deferred income tax	0.57	0.23	0.72	-92.2	13.8	0.14
Change in receivables		-34.9	38.8	-13.9	9.59	-22.1
Change in payables	-9.52	87.6	4.76	10.1	-14.5	14.7
Cash from operations	-148	95.4	136	111	115	351
Cash from investing	-10.3	45.4	30.3	-62.4	-23.7	-29.8
Debt issued	631	650	0.3	0	609	0
Stock issued						0.38
Share buybacks	0	0	-25	-50.9	-39.7	-25
Cash from financing	473	-396	-144	-99.7	-81.6	-71
Net change in cash	315	-255	21.8	-50.8	9.98	251
Income taxes paid	15.5	-10.3	-2.03	0.06	17.8	35.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $79.09 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	13.3%	Operating income / revenue.
EBITDA margin	18.6%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	10.1%	Pre-tax income / revenue.
Net margin	6.2%	Net income / revenue.
Operating cash flow margin	33.1%	Cash from operations / revenue.
Effective tax rate	38.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	407.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.7%	Net income / average total assets.
Return on invested capital (ROIC)	21.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	23.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.1%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	5.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	12.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	7.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	66.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	15.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	9.9%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income growth, 1y	76.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-4.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS growth, 1y	79.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-2.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	204.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	37.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	15.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.70x	Current assets / current liabilities.
Quick ratio	0.51x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.39x	(Cash + short-term investments) / current liabilities.
Debt / equity	11.8x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	27.9%	Total debt / total assets.
Liabilities / assets	97.6%	Total liabilities / total assets.
Net debt	$246.7M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.25x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.54x	Operating income / interest expense.
Working capital	-$226.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	3.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$23.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.59x	Revenue / average total assets.
Fixed asset turnover	1.75x	Revenue / average property, plant and equipment.
Receivables turnover	13.7x	Revenue / average receivables.
Days sales outstanding	27 days	365 x average receivables / revenue.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.38	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$1.39	Net income per basic share, as reported (split-adjusted).
Revenue per share	$22.10	Revenue / diluted weighted shares.
Operating cash flow per share	$7.32	Cash from operations / diluted weighted shares.
Book value per share	$0.95	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.48	Tangible book value / shares outstanding.
Cash per share	$6.12	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$3.74B	Share price x shares outstanding.
Enterprise value	$3.99B	Market cap + total debt - cash - short-term investments.
P/E	56.5x	Market cap / net income. Only when net income is positive.
P/S	3.53x	Market cap / revenue.
P/B	81.7x	Market cap / shareholders' equity. Only when equity is positive.
P/OCF	10.6x	Market cap / cash from operations, when positive.
EV/Sales	3.76x	Enterprise value / revenue.
EV/EBIT	28.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	20.2x	Enterprise value / EBITDA, when both are positive.
Earnings yield	1.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	0.7%	(Dividends paid + share buybacks) / market cap.

What was Madison Square Garden Entertainment Corp.'s revenue in fiscal 2026?

Madison Square Garden Entertainment Corp. reported revenue of $1.06B for fiscal 2026, 12.5% higher than the year before.

Was Madison Square Garden Entertainment Corp. profitable in fiscal 2026?

Yes. Net income was $66.2M, a net margin of 6.2%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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