Madison Square Garden Sports Corp. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Madison Square Garden Sports 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

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1,318	1,559	1,631	603	416	821	887	1,027	1,039	1,154
Selling, general and administrative	407	291	327	320	207	230	250	261	266	286
Operating expenses	1,379	1,536	788	697
Operating income	-56.3	-18.2	-58.2	-93.9	-78.4	86.1	85.2	146	14.8	28.9
Interest expense	4.19	3.49	4.97	4.46	10.6	11.7	22.9	27.6	21.7	21.1
Interest income	11.8	0.9	1.19	0.7	0.03	0.31	2.39	2.79	4.03	2.94
Other non-operating income	-24.9	-3.11	-2.45	-4.18	-10.9	-12.1	4.75	-40.4	-32.1	-10.9
Pre-tax income	-81.2	-21.3	-60.6	-98	-89.3	73.9	89.9	106	-17.3	18
Income tax	-4.4	-59.4	-12.6	20.6	-73.4	25.1	44.3	46.9	5.17	10.2
Net income	-72.7	142	11.4	-182	-14	51.1	47.8	58.8	-22.4	7.76
EBITDA	51.1	104	61	-0.5	-72.9	91.1	88.8	149	18	32
EPS, basic	-3.05	5.99	0.48	-7.62	-0.58	2.11	1.90	2.45	-0.93	0.32
EPS, diluted	-3.05	5.94	0.48	-7.62	-0.58	2.10	1.89	2.44	-0.93	0.32
Shares, basic (weighted)	23.9	23.6	23.8	23.9	24.1	24.2	24.1	24	24.1	24.2
Shares, diluted (weighted)	23.9	23.8	23.9	23.9	24.1	24.4	24.2	24.1	24.1	24.3
Dividend per share							7.00	7.00	7.00	7.00

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	0.93	1.1	4.32	77.9	64.9	91	40.4	89.1	145	165
Short-term investments		0	108
Receivables	102	101	15.5	7.4	74.2	47.2
Other current assets	49.5	29	6.37	9.43	15.9	19.9	27.9	25	25.1	27.4
Total current assets	1,450	1,416	1,413	128	185	205	149	217	251	323
Property, plant and equipment	1,159	1,254	31.3	39.6	35.7	32.9	30.5	28.5	29	27.2
Lease right-of-use assets				718	704	687	715	695	760	741
Goodwill	380	393	227	227	227	227	227	227	227	227
Intangible assets	257	244	6.32	2.75	1.7	0.64	0	0	0
Other non-current assets	57.6	44.6	5.89	6.02	28.7	32.6	22.5	13.5	12.8	22.1
Total assets	3,713	3,736	3,764	1,234	1,310	1,302	1,315	1,346	1,473	1,538
Accounts payable	24.1	28.9	1.04	2.3	2.23	11.3
Accrued liabilities	139	124	77.5	71.5	90.3	119	144	134	98.9	160
Deferred revenue	390	325	110	126	131	132	157	149	164	165
Short-term debt	0	4.37	6.04	0	30	30	30	30	24	16.5
Total current liabilities	762	766	760	290	368	438	521	522	564	642
Long-term debt	105	101	0	350	355	220	295	275	267	242
Lease liabilities				679	691	700	746	750	841	844
Other non-current liabilities	47.4	56.9	6.7	1.15	1.75	1	0
Total liabilities	1,212	1,105	1,057	1,437	1,512	1,447	1,652	1,613	1,754	1,801
Total debt	105	106	6.04	350	355	220	295	275	267	242
Paid-in capital	2,833	2,818	2,846	5.94	23.1	17.6	16.8	19.1	15.3	17.1
Retained earnings	-148	-11.1	29	-43.6	-78.9	-35.7	-174	-115	-138	-130
Treasury stock	-242	-224	-208	-167	-147	-128	-179	-170	-159	-150
Other comprehensive income	-34.1	-46.9	-46.9	-2.14	-2.03	-1.19	-1.01	-0.95	-0.9	-0.92
Shareholders' equity	2,408	2,536	2,621	-207	-204	-147	-337	-266	-281	-263
Minority interests	11.7	17.6	18.3	3.55	2.44	1.71	0
Total equity	2,420	2,554	2,639	-203	-202	-145	-337	-266	-281	-263
Total liabilities and equity	3,713	3,736	3,764	1,234	1,310	1,302	1,315	1,346	1,473	1,538

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-76.8	134	-3.12	-209	-15.9	48.9	45.6	58.8	-22.4	7.76
Depreciation and amortization	107	122	119	93.4	5.57	5.04	3.58	3.16	3.22	3.18
Stock-based compensation	41.1	47.6	59.5	57	30.4	24.2	25.2	21.3	17.9	21.5
Deferred income tax	-4.4	-59.4	-13	21.3	-73.7	24.5	15	-7.14	-51.8	6.05
Change in receivables	-20.4	2.44	2.73	-36.8	-66.6	27	5.98	6.36	7.93	-26.3
Change in payables	2.05	5.07
Cash from operations	224	218	161	3.57	-35.3	178	152	92.1	91.6	62.7
Capital expenditures	-44.2	-192	-189	-362	-0.47	-0.93	-1.18	-1.45	-3.62	-1.41
Acquisitions	-192	-8.29	0	0
Purchases of investments		0	-113	-406	0	-2	-13.6	-7.45	-3.4	-2.4
Cash from investing	-264	-182	-233	-515	-0.47	-2.93	-17.8	-8.9	-6.92	-2.21
Debt issued	0	0	40	0	0
Debt repaid	0	-0.69	-109	-5	0	0
Stock issued	0.01	0	0
Share buybacks	-148	-11.8	0	0
Dividends paid					0	0	-171	-0.7	-0.63	-0.47
Cash from financing	-159	-51.1	-71.7	-521	17.2	-156	-185	-28.8	-26.4	-49.1
Exchange rate effect	0	0.33	4.67	4.66	0
Net change in cash	-199	-15.5	-139	-1,027	-18.6	19	-50.6	54.4	58.3	11.3
Free cash flow	179	25.7	-27.6	-359	-35.8	177	151	90.7	88	61.3
Income taxes paid							18.6	48	65.7	15.2

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $402.84 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	2.5%	Operating income / revenue.
EBITDA margin	2.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	1.6%	Pre-tax income / revenue.
Net margin	0.7%	Net income / revenue.
FCF margin	5.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.4%	Cash from operations / revenue.
Effective tax rate	56.9%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	0.5%	Net income / average total assets.
SG&A / revenue	24.8%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	1.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.1%	Capital expenditures / revenue.
D&A / revenue	0.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	9.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	22.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	94.9%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-30.3%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA growth, 1y	77.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-28.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 3y	-45.4%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 3y	-44.7%	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	-31.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-25.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow growth, 1y	-30.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-26.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y	4.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 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	0.1%	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	0.1%	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	0.50x	Current assets / current liabilities.
Quick ratio	0.26x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.26x	(Cash + short-term investments) / current liabilities.
Debt / assets	15.7%	Total debt / total assets.
Liabilities / assets	117.1%	Total liabilities / total assets.
Net debt	$77.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.42x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	1.37x	Operating income / interest expense.
Working capital	-$319.1M	Current assets - current liabilities.
Goodwill and intangibles / assets	14.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$489.8M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.77x	Revenue / average total assets.
Fixed asset turnover	41.1x	Revenue / average property, plant and equipment.
FCF conversion	789.5%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	2.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.32	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	$0.32	Net income per basic share, as reported (split-adjusted).
Revenue per share	$47.58	Revenue / diluted weighted shares.
FCF per share	$2.53	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.58	Cash from operations / diluted weighted shares.
Book value per share	-$10.86	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$20.20	Tangible book value / shares outstanding.
Cash per share	$6.78	(Cash + short-term investments) / shares outstanding.
Dividend per share	$7.00	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	6.1%	Dividends paid / net income, when net income is positive.
Dividends / FCF	0.8%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$9.70B	Share price x shares outstanding.
Enterprise value	$9.78B	Market cap + total debt - cash - short-term investments.
P/E	1,250x	Market cap / net income. Only when net income is positive.
P/S	8.41x	Market cap / revenue.
P/FCF	158x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	155x	Market cap / cash from operations, when positive.
EV/Sales	8.47x	Enterprise value / revenue.
EV/EBIT	339x	Enterprise value / operating income, when both are positive.
EV/EBITDA	305x	Enterprise value / EBITDA, when both are positive.
EV/FCF	160x	Enterprise value / free cash flow, when both are positive.
FCF yield	0.6%	Free cash flow / market cap.
Earnings yield	0.1%	Net income / market cap (the inverse of P/E).
Dividend yield	0.0%	Dividends paid over the period / market cap.
Shareholder yield	0.0%	(Dividends paid + share buybacks) / market cap.

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

Madison Square Garden Sports Corp. reported revenue of $1.15B for fiscal 2026, 11% higher than the year before.

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

Yes. Net income was $7.8M, a net margin of 0.7%.

How much free cash flow did Madison Square Garden Sports Corp. generate in fiscal 2026?

Cash from operations of $62.7M minus capital expenditures of $1.4M left free cash flow of $61.3M.

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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