# Madison Square Garden Entertainment Corp. (MSGE) Informational only - not investment advice. CIK: 0001952073 SIC: 7990 Services-Miscellaneous Amusement & Recreation SIC breadcrumb: [Services](/division/I/) > [Amusement And Recreation Services](/major-group/79/) > [SIC 7990 Services-Miscellaneous Amusement & Recreation](/industry/7990/) Latest 10-K filed: 2026-08-12 SEC page: https://www.sec.gov/edgar/browse/?CIK=1952073 Filing source: https://www.sec.gov/Archives/edgar/data/1952073/000162828026056286/msge-20260630.htm ## At a glance FY2026 · period end 2026-06-30 · filed 2026-08-12 · accession 0001628280-26-056286 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001952073.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 1,060,784,000 USD | 2026 | verified | | Net income | 66,186,000 USD | 2026 | verified | | Assets | 1,935,250,000 USD | 2026 | verified | | Net margin | 6.24% | 2026 | computed | | Operating margin | 13.34% | 2026 | computed | | Revenue YoY | +12.52% | 2026 | computed | | ROE | 144.57% | 2026 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | MSGE | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 6.2% | 5.0% | 67 | 13 | | Operating margin | 13.3% | 13.3% | 50 | 11 | | Revenue growth | 12.5% | 3.4% | 70 | 11 | | ROE | 144.6% | 14.0% | 100 | 10 | | ROA | 3.4% | 3.4% | 50 | 13 | | Liabilities / equity | 41.27 | 3.75 | 100 | 10 | | Current ratio | 0.70 | 0.72 | 36 | 12 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7990 Services-Miscellaneous Amusement & Recreation, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 1060784000 | USD | 2026 | 2026-08-12 | | Net income | 66186000 | USD | 2026 | 2026-08-12 | | Assets | 1935250000 | USD | 2026 | 2026-08-12 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001952073.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 57,487,000 | 582,080,000 | 779,818,000 | 959,265,000 | 942,734,000 | 1,060,784,000 | | Net income | -218,614,000 | -133,336,000 | 76,597,000 | 144,300,000 | 37,431,000 | 66,186,000 | | Operating income | -237,288,000 | -5,648,000 | 105,008,000 | 111,941,000 | 122,092,000 | 141,536,000 | | Diluted EPS | -4.22 | -2.58 | 1.47 | 2.97 | 0.77 | 1.38 | | Operating cash flow | -148,118,000 | 95,351,000 | 135,694,000 | 111,266,000 | 115,297,000 | 351,435,000 | | Share buybacks | 0.00 | 0.00 | 25,000,000 | 50,874,000 | 39,692,000 | 25,000,000 | | Assets | | 1,526,701,000 | 1,401,157,000 | 1,552,707,000 | 1,669,842,000 | 1,935,250,000 | | Liabilities | | 1,528,290,000 | 1,470,629,000 | 1,575,872,000 | 1,683,142,000 | 1,889,469,000 | | Stockholders' equity | | -1,475,000 | -69,472,000 | -23,165,000 | -13,300,000 | 45,781,000 | | Cash and cash equivalents | | 58,102,000 | 76,089,000 | 33,255,000 | 43,017,000 | 293,599,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | -22.91% | 9.82% | 15.04% | 3.97% | 6.24% | | Operating margin | | -0.97% | 13.47% | 11.67% | 12.95% | 13.34% | | Return on equity | | | | | | 144.57% | | Return on assets | | -8.73% | 5.47% | 9.29% | 2.24% | 3.42% | | Liabilities / equity | | | | | | 41.27 | | Current ratio | | 0.63 | 0.55 | 0.43 | 0.47 | 0.70 | ## As-reported value updates 2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/MSGE/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-12. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001952073.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2023-Q3 | 2023-03-31 | | | 0.42 | reported discrete quarter | | 2024-Q1 | 2023-09-30 | 139,766,000 | -50,671,000 | -1.00 | reported discrete quarter | | 2024-Q2 | 2023-12-31 | 377,037,000 | 125,249,000 | 2.59 | reported discrete quarter | | 2024-Q3 | 2024-03-31 | 191,601,000 | 2,795,000 | 0.06 | reported discrete quarter | | 2024-Q4 | 2024-06-30 | 177,585,000 | 66,927,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2024-09-30 | 134,056,000 | -19,321,000 | -0.40 | reported discrete quarter | | 2025-Q2 | 2024-12-31 | 377,597,000 | 75,893,000 | 1.56 | reported discrete quarter | | 2025-Q3 | 2025-03-31 | 206,022,000 | 8,036,000 | 0.17 | reported discrete quarter | | 2025-Q4 | 2025-06-30 | 145,125,000 | -27,177,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2025-09-30 | 154,147,000 | -21,654,000 | -0.46 | reported discrete quarter | | 2026-Q2 | 2025-12-31 | 424,777,000 | 92,715,000 | 1.94 | reported discrete quarter | | 2026-Q3 | 2026-03-31 | 210,769,000 | 5,110,000 | 0.11 | reported discrete quarter | | 2026-Q4 | 2026-06-30 | 271,091,000 | -9,985,000 | | derived Q4 = FY annual - nine-month YTD | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from MSGE's latest 10-K: [/company/MSGE/business/](/company/MSGE/business/). ## Risk Factors Verbatim Item 1A Risk Factors from MSGE's latest 10-K: [/company/MSGE/risk-factors/](/company/MSGE/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1952073/000162828026032215/msge-20260331.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-05-07 Report date: 2026-03-31 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this MD&A, there are statements concerning the future operating and future financial performance of Madison Square Garden Entertainment Corp. and its direct and indirect subsidiaries (collectively, “we,” “us,” “our,” “MSG Entertainment,” or the “Company”). Words such as “expects,” “anticipates,” “believes,” “estimates,” “may,” “will,” “should,” “could,” “potential,” “continue,” “intends,” “plans,” and similar words and terms used in the discussion of future operating and future financial performance identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to: •the level of our expenses, including our corporate expenses; •the level of our revenues, which depends in part on the popularity of the Christmas Spectacular Starring the Radio City Rockettes (the “Christmas Spectacular”), the sports teams whose games are played at Madison Square Garden (“The Garden”) and other events which are presented in our venues, and our ability to attract such events; •the on-ice and on-court performance of the sports teams whose games we host in our venues; •competition, for example, from other venues and sports and entertainment options, including new competing venues; •the level of our capital expenditures and other investments; •general economic conditions, especially in the New York City and Chicago metropolitan areas where we have business activities, including the impact of a recession on our business; •the demand for sponsorship and suite arrangements; •the effect of any postponements or cancellations by third-parties or the Company of scheduled events, whether as a result of a pandemic or other public health emergency due to operational challenges and other health and safety concerns or otherwise; •the extent to which attendance at our venues may be impacted by government actions, renewed health concerns by potential attendees and reduced tourism; •the impact on the payments we receive under the arena license agreements (the “Arena License Agreements”) that require the New York Knicks (the “Knicks”) of the National Basketball Association (the “NBA”) and the New York Rangers (the “Rangers”) of the National Hockey League (the “NHL”) to play their home games at The Garden as a result of government-mandated capacity restrictions, league restrictions and/or social-distancing or vaccination requirements, if any, at Knicks and Rangers games; •changes in laws, guidelines, bulletins, directives, policies and agreements, and regulations under which we operate; •any economic, social or political actions, such as boycotts, protests, work stoppages or campaigns by labor organizations, including the unions representing players and officials of the NBA and NHL, or other work stoppage; •geopolitical risks, including the direct and indirect impact of foreign wars and conflicts, including the conflict with Iran and related unrest in the Middle East, on international, domestic and local economies; •seasonal fluctuations and other variations in our operating results and cash flow from period to period; •enhancements or changes to existing productions and the investments associated with such enhancements or changes; •business, reputational and litigation risk if there is a cyber or other security incident resulting in loss, disclosure or misappropriation of stored personal information, or disclosure of confidential information or other breaches of our information security; •activities or other developments that discourage or may discourage congregation at prominent places of public assembly, including our venues; •the acquisition or disposition of assets or businesses and/or the impact of, and our ability to successfully pursue, acquisitions or other strategic transactions; •our ability to successfully integrate acquisitions, new venues or new businesses into our operations; •our internal control environment and our ability to identify and remedy any future material weaknesses; 21 •the costs associated with, and the outcome of, litigation, including any negative publicity, and other proceedings to the extent uninsured, including litigation or other claims against companies we invest in or acquire; •the impact of governmental regulations or laws, including potential legislation related to ticketing, changes in how those regulations and laws are interpreted, as well as the continued benefit of certain tax exemptions and the ability to maintain necessary permits or licenses; •the impact of any government plans to redesign New York City’s Penn Station; •the impact of sports league rules, regulations and/or agreements and changes thereto; •the substantial amount of debt incurred, the ability of our subsidiaries to make payments on, or repay or refinance, such debt under the National Properties Credit Agreement and our ability to obtain additional financing, to the extent required; •financial community perceptions of our business, operations, financial condition and the industries in which we operate; •changes in international trade policies and practices, including tariffs, and the economic impacts, volatility and uncertainty resulting therefrom; •our ability to effectively manage any impacts of a pandemic or other public health emergency (including COVID-19 variants) as well as renewed actions taken in response by governmental authorities or certain professional sports leagues, including ensuring compliance with rules and regulations imposed upon our venues, to the extent applicable; •the performance by Madison Square Garden Sports Corp. (together with its subsidiaries, as applicable, “MSG Sports”) of its obligations under various agreements with the Company and ongoing commercial arrangements, including the Arena License Agreements; •the tax-free treatment of the distribution by Sphere Entertainment Co. (together with its subsidiaries, as applicable, “Sphere Entertainment”) of approximately 67% of the outstanding stock of the Company on April 20, 2023; •failure of the Company or Sphere Entertainment to satisfy its obligations under various agreements with Sphere Entertainment, including the services agreement; and •the additional factors described under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended June 30, 2025 filed with the Securities and Exchange Commission on August 13, 2025 (the “2025 Form 10-K”). We disclaim any obligation to update or revise the forward-looking statements contained herein, except as otherwise required by applicable federal securities laws. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Quarterly Report on Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. All dollar amounts included in the following MD&A are presented in thousands, except as otherwise noted. Introduction This MD&A is provided as a supplement to, and should be read in conjunction with, the Company’s unaudited condensed consolidated financial statements and accompanying notes thereto included in this Quarterly Report on Form 10-Q, as well as the 2025 Form 10-K, to help provide an understanding of our financial condition, changes in financial condition and results of operations. Unless the context otherwise requires, all references to “we”, “us”, “our”, “MSG Entertainment”, or the “Company” refer collectively to Madison Square Garden Entertainment Corp., a holding company, and its direct and indirect subsidiaries through which substantially all of our operations are conducted. The Company operates and reports financial information in one segment. The Company reports on a fiscal year basis ending on June 30th (“Fiscal Year”). In this MD&A, the years ending and ended on June 30, 2026 and 2025, respectively, are referred to as “Fiscal Year 2026” and “Fiscal Year 2025,” respectively. This MD&A is organized as follows: Business Overview. This section provides a general description of our business, as well as other matters that we believe are important in understanding our results of operations and financial condition and in anticipating future trends. 22 Results of Operations. This section provides an analysis of our unaudited results of operations for the three and nine months ended March 31, 2026 and 2025. Liquidity and Capital Resources. This section provides a discussion of our financial condition and liquidity, an analysis of our cash flows for the nine months ended March 31, 2026 and 2025, as well as certain contractual obligations. Seasonality of Our Business. This section discusses the seasonal performance of our business. Recently Issued Accounting Pronouncements and Critical Accounting Estimates. This section discusses accounting pronouncements that have been adopted by the Company and recently issued accounting pronouncements not yet adopted by the Company. This section should be read together with our critical accounting estimates, which are discussed in the 2025 Form 10-K under “Management’s Discussion and Analysis of Financial Condition and Results of Operations — Recently Issued Accounting Pronouncements and Critical Accounting Estimates — Critical Accounting Estimates” and in the notes to the Audited Consolidated and Combined Annual Financial Statements of the Company included therein. Business Overview We are a live entertainment company comprised of iconic venues and marquee entertainment content. Utilizing the Company’s powerful brands and live entertainment expertise, the Company delivers unique experiences that set the standard for excellence and innovation while forging deep connections with diverse and passionate audiences. We manage our business through one reportable segment. The Company’s portfolio of venues includes: The Garden, the Infosys Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre, and The Chicago Theatre. The Company’s business includes the original production, the Christmas Spectacular. The Company also has an entertainment and sports bookings business, which showcases a broad array of compelling concerts, family shows and special events, as well as a diverse mix of sporting events, for millions of guests annually. The Company conducts a significant portion of its operations at venues that it either owns or operates under long-term leases. The Company owns The Garden, the Infosys Theater at Madison Square Garden, and The Chicago Theatre, and leases Radio City Music Hall and the Beacon Theatre. All of the Company’s revenues and assets are attributed to or located in the United States and are primarily concentrated in the New York City metropolitan area. Factors Affecting Results of Operations Our operating results are largely dependent on our ability to attract concerts and other events to our venues, revenues under various agreements entered into with MSG Sports, a [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1952073/000162828026056286/msge-20260630.htm Complete FY 2026 MD&A: /company/MSGE/mda/fy2026/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Confidence: high Filing date: 2026-08-12 Report date: 2026-06-30 Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this MD&A, there are statements concerning the future operating and future financial performance of MSG Entertainment. Words such as “expects,” “anticipates,” “believes,” “estimates,” “may,” “will,” “should,” “could,” “potential,” “continue,” “intends,” “plans,” and similar words and terms used in the discussion of future operating and future financial performance identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to: •the level of our expenses, including our corporate expenses; •the level of our revenues, which depends in part on the popularity of the Christmas Spectacular Starring the Radio City Rockettes (the “Christmas Spectacular”), the sports teams whose games are played at The Garden and other events which are presented in our venues, and our ability to attract such events; •the on-ice and on-court performance of the sports teams whose games we host in our venues; •competition, for example, from other venues and sports and entertainment options, including of new competing venues; •the level of our capital expenditures and other investments; •general economic conditions, especially in the New York City and Chicago metropolitan areas where we have business activities, including the impact of a recession on our business; •the demand for sponsorship and suite arrangements; •the effect of any postponements or cancellations by third-parties or the Company of scheduled events, whether as a result of a pandemic or other public health emergency due to operational challenges and other health and safety concerns or otherwise; •the extent to which attendance at our venues may be impacted by government actions, renewed health concerns by potential attendees and reduced tourism; •the impact on the payments we receive under the Arena License Agreements that require the Knicks of the NBA and the Rangers of the NHL to play their home games at The Garden as a result of government-mandated capacity restrictions, league restrictions and/or social-distancing or vaccination requirements, if any, at Knicks and Rangers games; •changes in laws, guidelines, bulletins, directives, policies and agreements, and regulations under which we operate; •any economic, social or political actions, such as boycotts, protests, work stoppages or campaigns by labor organizations, including the unions representing players and officials of the NBA and NHL, or other work stoppage; •geopolitical risks, including the direct and indirect impact of foreign wars and conflicts, including the conflict with Iran and related unrest in the Middle East, on international, domestic and local economies; •seasonal fluctuations and other variations in our operating results and cash flow from period to period; •enhancements or changes to existing productions and the investments associated with such enhancements or changes; •business, reputational and litigation risk if there is a cyber or other security incident resulting in loss, disclosure or misappropriation of stored personal information, or disclosure of confidential information or other breaches of our information security; •activities or other developments that discourage or may discourage congregation at prominent places of public assembly, including our venues; •the acquisition or disposition of assets or businesses and/or the impact of, and our ability to successfully pursue, acquisitions or other strategic transactions; •our ability to successfully integrate acquisitions, new venues or new businesses into our operations; •our internal control environment and our ability to identify and remedy any future material weaknesses; •the costs associated with, and the outcome of, litigation, including any negative publicity, and other proceedings to the extent uninsured, including litigation or other claims against companies we invest in or acquire; 29 •the impact of governmental regulations or laws, including potential legislation related to ticketing, changes in how those regulations and laws are interpreted, as well as the continued benefit of certain tax exemptions and the ability to maintain necessary permits or licenses; •the impact of the redevelopment of New York City’s Penn Station, including the impacts on The Garden and the potential disposition of the Infosys Theater at Madison Square Garden in connection with the redevelopment; •the impact of sports league rules, regulations and/or agreements and changes thereto; •the substantial amount of debt incurred, the ability of our subsidiaries to make payments on, or repay or refinance, such debt under the National Properties Credit Agreement and our ability to obtain additional financing, to the extent required; •financial community perceptions of our business, operations, financial condition and the industries in which we operate; •changes in international trade policies and practices, including tariffs, and the economic impacts, volatility and uncertainty resulting therefrom; •our ability to effectively manage any impacts of a pandemic or other public health emergency (including COVID-19 variants) as well as renewed actions taken in response by governmental authorities or certain professional sports leagues, including ensuring compliance with rules and regulations imposed upon our venues, to the extent applicable; •the performance by MSG Sports of its obligations under various agreements with the Company and ongoing commercial arrangements, including the Arena License Agreements; •the tax-free treatment of the MSGE Distribution; •failure of the Company or Sphere Entertainment to satisfy its respective obligations under various agreements between the Company and Sphere Entertainment, including the services agreement; and •the additional factors described under “Risk Factors” in this Annual Report on Form 10-K. We disclaim any obligation to update or revise the forward-looking statements contained herein, except as otherwise required by applicable federal securities laws. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Annual Report on Form 10-K may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. All dollar amounts included in the following MD&A are presented in thousands, except as otherwise noted. Introduction This MD&A is provided as a supplement to, and should be read in conjunction with, the Company’s audited consolidated annual financial statements and footnotes thereto included in Item 8 of this Annual Report on Form 10-K to help provide an understanding of our financial condition, changes in financial condition and results of operations. Our MD&A is organized as follows: Business Overview. This section provides a general description of our business, as well as other matters that we believe are important in understanding our results of operations and financial condition and in anticipating future trends. Results of Operations. This section provides an analysis of our results of operations for Fiscal Year 2026 and 2025, on a consolidated basis. Analysis of our results of operations for Fiscal Year 2025, including a comparison of Fiscal Year 2025 to Fiscal Year 2024, is included in the Company’s Annual Report on Form 10-K for Fiscal Year 2025 filed on August 13, 2025. Liquidity and Capital Resources. This section provides a discussion of our financial condition and liquidity, as well as an analysis of our cash flows for Fiscal Year 2026 and Fiscal Year 2025. The discussion of our financial condition and liquidity includes summaries of our primary sources of liquidity, our contractual obligations and off-balance sheet arrangements that existed at June 30, 2026. Seasonality of Our Business. This section discusses the seasonal performance of our business. Recently Issued Accounting Pronouncements and Critical Accounting Estimates. This section cross-references a discussion of critical accounting estimates considered to be important to our financial condition and results of operations and which require significant 30 judgment and estimates on the part of management in their application. Our critical accounting estimates and recently issued accounting pronouncements are discussed in Item 7 and Item 8, respectively, of this Annual Report on Form 10-K. Business Overview We are a live entertainment company comprised of iconic venues and marquee entertainment content. Utilizing the Company’s powerful brands and live entertainment expertise, the Company delivers unique experiences that set the standard for excellence and innovation while forging deep connections with diverse and passionate audiences. We manage our business through one reportable segment. The Company’s portfolio of venues includes: The Garden, the Infosys Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre, and The Chicago Theatre. The Company’s business includes the original production, the Christmas Spectacular. The Company also has an entertainment and sports bookings business, which showcases a broad array of compelling concerts, family shows and special events, as well as a diverse mix of sporting events, for millions of guests annually. The Company conducts a significant portion of its operations at venues that it either owns or operates under long-term leases. The Company owns The Garden, the Infosys Theater at Madison Square Garden and The Chicago Theatre, and leases Radio City Music Hall and the Beacon Theatre. All of the Company’s revenues and assets are attributed to or located in the United States and are primarily concentrated in New York City. Description of Our Business The Company produces, presents and hosts live entertainment events, including (i) concerts, (ii) sports events, and (iii) other live events such as family shows, performing arts events and special events, in our diverse collection of venues. The scope of our collection of venues enables us to showcase acts that cover a wide spectrum of genres and popular appeal. Although we primarily license our venues to third-party promoters for a fee, we also promote or co-promote shows. If we serve as promoter or co-promoter of a show, we have economic risk relating to the event. The Company also creates, produces and/or presents live productions that are performed in the Company’s venues. This includes the Christmas Spectacular production, which features the world-famous Rockettes and which has been performed at Radio City Music Hall for 92 years. Revenue Sources The Company earns revenue from several primary sources: ticket sales to our audiences for live events that we produce or promote/co-promote, license fees for our venues paid by third-party promoters or licensees in connection with events that we do not produce or promote/co-promote, facility and ticketing fees, concessions, sponsorships and si [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2026 MD&A: /company/MSGE/mda/fy2026/ All MD&A years: /company/MSGE/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2025 MD&A](/company/MSGE/mda/fy2025/): filed 2025-08-13; accession 0001952073-25-000037 (https://www.sec.gov/Archives/edgar/data/1952073/000195207325000037/msge-20250630.htm) - [FY 2024 MD&A](/company/MSGE/mda/fy2024/): filed 2024-08-16; accession 0001952073-24-000022 (https://www.sec.gov/Archives/edgar/data/1952073/000195207324000022/msge-20240630.htm) - [FY 2023 MD&A](/company/MSGE/mda/fy2023/): filed 2023-08-18; accession 0001952073-23-000012 (https://www.sec.gov/Archives/edgar/data/1952073/000195207323000012/msge-20230630.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 7990 Services-Miscellaneous Amusement & Recreation) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/MSGE.md · JSON record: /company/MSGE.json · verified financials: /company/MSGE/financials.json / /company/MSGE/financials.csv · machine TOC for the whole site: /llms.txt