# Madison Square Garden Sports Corp. (MSGS)

Informational only - not investment advice.

CIK: 0001636519
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: 2026-08-13
SEC page: https://www.sec.gov/edgar/browse/?CIK=1636519
Filing source: https://www.sec.gov/Archives/edgar/data/1636519/000162828026056812/msgs-20260630.htm

## At a glance

FY2026 · period end 2026-06-30 · filed 2026-08-13 · accession 0001628280-26-056812 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001636519.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,153,822,000 USD | 2026 | verified |
| Net income | 7,759,000 USD | 2026 | verified |
| Assets | 1,537,652,000 USD | 2026 | verified |
| Free cash flow | 61,256,000 USD | 2026 | computed |
| Net margin | 0.67% | 2026 | computed |
| Operating margin | 2.50% | 2026 | computed |
| Revenue YoY | +11.03% | 2026 | computed |

Stockholders' equity was not positive at FY2026 year-end (-263,296,000 USD, as filed); ROE and liabilities / equity are omitted rather than computed.

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only).

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | MSGS | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 0.7% | 5.0% | 25 | 13 |
| Operating margin | 2.5% | 13.3% | 30 | 11 |
| Revenue growth | 11.0% | 3.4% | 60 | 11 |
| FCF margin | 5.3% | 9.8% | 40 | 11 |
| ROA | 0.5% | 3.4% | 25 | 13 |
| Current ratio | 0.50 | 0.72 | 9 | 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 | 1153822000 | USD | 2026 | 2026-08-13 |
| Net income | 7759000 | USD | 2026 | 2026-08-13 |
| Assets | 1537652000 | USD | 2026 | 2026-08-13 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001636519.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 712,415,000 | 729,404,000 | 603,319,000 | 415,721,000 | 821,354,000 | 887,447,000 | 1,027,149,000 | 1,039,220,000 | 1,153,822,000 |
| Net income | -72,723,000 | 141,594,000 | 11,427,000 | -182,388,000 | -13,954,000 | 51,131,000 | 47,793,000 | 58,771,000 | -22,438,000 | 7,759,000 |
| Operating income | -56,310,000 | -18,179,000 | -58,195,000 | -93,866,000 | -78,443,000 | 86,080,000 | 85,174,000 | 146,038,000 | 14,808,000 | 28,868,000 |
| Diluted EPS | -3.05 | 5.94 | 0.48 | -7.62 | -0.58 | 2.10 | 1.89 | 2.44 | -0.93 | 0.32 |
| Operating cash flow | 223,532,000 | 217,629,000 | 161,253,000 | 3,568,000 | -35,326,000 | 178,056,000 | 152,473,000 | 92,131,000 | 91,607,000 | 62,663,000 |
| Capital expenditures | 44,224,000 | 191,914,000 | 188,834,000 | 362,475,000 | 466,000 | 932,000 | 1,181,000 | 1,451,000 | 3,621,000 | 1,407,000 |
| Dividends paid |  |  |  |  | 0.00 | 0.00 | 170,923,000 | 701,000 | 633,000 | 472,000 |
| Assets | 3,712,753,000 | 3,736,173,000 | 3,763,790,000 | 1,233,798,000 | 1,309,939,000 | 1,301,966,000 | 1,315,017,000 | 1,346,292,000 | 1,472,974,000 | 1,537,652,000 |
| Liabilities | 1,212,262,000 | 1,105,454,000 | 1,057,403,000 | 1,437,233,000 | 1,511,805,000 | 1,447,343,000 | 1,652,251,000 | 1,612,602,000 | 1,754,413,000 | 1,800,948,000 |
| Stockholders' equity | 2,408,163,000 | 2,536,483,000 | 2,620,500,000 | -206,986,000 | -204,308,000 | -147,089,000 | -337,234,000 | -266,310,000 | -281,439,000 | -263,296,000 |
| Cash and cash equivalents | 931,000 | 1,095,000 | 4,317,000 | 77,852,000 | 64,902,000 | 91,018,000 | 40,398,000 | 89,136,000 | 144,617,000 | 164,511,000 |
| Free cash flow | 179,308,000 | 25,715,000 | -27,581,000 | -358,907,000 | -35,792,000 | 177,124,000 | 151,292,000 | 90,680,000 | 87,986,000 | 61,256,000 |

### 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 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 19.88% | 1.57% | -30.23% | -3.36% | 6.23% | 5.39% | 5.72% | -2.16% | 0.67% |
| Operating margin |  | -2.55% | -7.98% | -15.56% | -18.87% | 10.48% | 9.60% | 14.22% | 1.42% | 2.50% |
| Return on assets | -1.96% | 3.79% | 0.30% | -14.78% | -1.07% | 3.93% | 3.63% | 4.37% | -1.52% | 0.50% |
| Current ratio | 1.90 | 1.85 | 1.86 | 0.44 | 0.50 | 0.47 | 0.29 | 0.42 | 0.45 | 0.50 |

## As-reported value updates

8 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/MSGS/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-13. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001636519.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-Q1 | 2022-09-30 |  |  | -0.73 | reported discrete quarter |
| 2023-Q2 | 2022-12-31 |  |  | 0.84 | reported discrete quarter |
| 2023-Q3 | 2023-03-31 |  |  | 2.18 | reported discrete quarter |
| 2024-Q1 | 2023-09-30 | 43,046,000 | -18,821,000 | -0.79 | reported discrete quarter |
| 2024-Q2 | 2023-12-31 | 326,898,000 | 14,224,000 | 0.59 | reported discrete quarter |
| 2024-Q3 | 2024-03-31 | 429,954,000 | 37,877,000 | 1.57 | reported discrete quarter |
| 2024-Q4 | 2024-06-30 | 227,251,000 | 25,491,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-09-30 | 53,307,000 | -7,542,000 | -0.31 | reported discrete quarter |
| 2025-Q2 | 2024-12-31 | 357,759,000 | 1,111,000 | 0.05 | reported discrete quarter |
| 2025-Q3 | 2025-03-31 | 424,197,000 | -14,227,000 | -0.59 | reported discrete quarter |
| 2025-Q4 | 2025-06-30 | 203,957,000 | -1,780,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-09-30 | 39,454,000 | -8,798,000 | -0.37 | reported discrete quarter |
| 2026-Q2 | 2025-12-31 | 403,424,000 | 8,243,000 | 0.34 | reported discrete quarter |
| 2026-Q3 | 2026-03-31 | 432,199,000 | -19,983,000 | -0.83 | reported discrete quarter |
| 2026-Q4 | 2026-06-30 | 278,745,000 | 28,297,000 |  | derived Q4 = FY annual - nine-month YTD |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from MSGS's latest 10-K: [/company/MSGS/business/](/company/MSGS/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from MSGS's latest 10-K: [/company/MSGS/risk-factors/](/company/MSGS/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1636519/000162828026032888/msgs-20260331.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-05-08
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 Sports Corp. and its direct and indirect subsidiaries (collectively, “we,” “us,” “our,” “MSG Sports,” or the “Company”), including stated annual local media rights fees for the fiscal year ending June 30, 2026 and the potential spin-off the Company’s New York Rangers (“Rangers”) business (the “Rangers Distribution”). See Note 1 to the consolidated financial statements included in “Part I — Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for further discussion of the Rangers Distribution. 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 revenues, which depends in part on the popularity and competitiveness of our sports teams;

•costs associated with player injuries, waivers or contract terminations of players, coaches and other team personnel;

•changes in professional sports teams’ compensation, including the impact of signing free agents and executing trades, subject to league salary caps and the impact of luxury tax;

•general economic conditions, especially in the New York City metropolitan area, including any economic downturn, recession, financial instability, impact from government shutdowns or inflation;

•the demand for sponsorship arrangements and for advertising;

•competition, for example, from other teams and other sports and entertainment options;

•changes in laws, National Basketball Association (“NBA”) or National Hockey League (“NHL”) rules, regulations, guidelines, bulletins, directives, policies and agreements, including the leagues’ respective collective bargaining agreements (each, a “CBA”) with their players’ associations, salary caps, escrow requirements, revenue sharing, NBA luxury tax thresholds and media rights, or other regulations under which we operate;

•developments affecting the regional sports network industry, including the effects of such developments on MSG Networks Inc.’s (“MSG Networks”) solvency and its ability to perform its obligations under its local media rights agreements with us;

•a default by our subsidiaries under their respective credit facilities;

•any NBA, NHL or other work stoppage;

•any economic, political or other actions, such as boycotts, protests, work stoppages or campaigns by labor organizations;

•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;

•the performance by our affiliates of their obligations under various agreements with the Company;

•seasonal fluctuations and other variation in our operating results and cash flow from period to period;

•the level of our expenses, including our corporate expenses;

•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 or new businesses into our operations and the operating and financial performance of strategic acquisitions and investments, including those we may not control;

•a pandemic or another public health emergency and our ability to effectively manage the impacts, including labor market disruptions;

•activities or other developments that discourage or may discourage congregation at prominent places of public assembly, including Madison Square Garden Arena (“The Garden”) where the home games of the New York Knickerbockers (the “Knicks”) and the Rangers are played;

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•the impact of governmental regulations or laws, changes in how those regulations and laws are interpreted and the continued benefit of certain tax exemptions (including for The Garden) or tax deductions and the ability for us and Madison Square Garden Entertainment Corp. (“MSG Entertainment”) to maintain necessary permits or licenses;

•operational, business, reputational, litigation and other risk if there is a security incident resulting in loss, disclosure or misappropriation of stored personal information or other breaches of our information security or if third party facilities, systems and/or software upon which we rely are interrupted or unavailable;

•the impact of any government plans to redesign New York City’s Pennsylvania Station;

•changes in international trade policies and practices, including tariffs, and the economic impacts, volatility and uncertainty resulting therefrom;

•business, economic, reputational and other risks associated with, and the outcome of, litigation and other proceedings;

•financial community and rating agency perceptions of our business, operations, financial condition and the industry in which we operate;

•certain restrictions on transfer and ownership of our common stock related to our ownership of professional sports franchises in the NBA and NHL;

•whether or not we pursue and complete the Rangers Distribution and, if so, its impact on our business, financial condition and results of operations; and

•the factors described under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2025 (our “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.

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 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 Sports,” or the “Company” refer collectively to Madison Square Garden Sports 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.

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.

Results of Operations. This section provides an analysis of our unaudited results of operations for the three and nine months ended March 31, 2026 compared to the three and nine months ended March 31, 2025.

Liquidity and Capital Resources. This section focuses primarily on (i) the liquidity and capital resources of the Company, (ii) an analysis of the Company’s cash flows for the nine months ended March 31, 2026 compared to the nine months ended March 31, 2025, and (iii) certain contractual obligations.

Seasonality of Our Business. This section discusses the seasonal performance of our business.

Recent Accounting Pronouncements and Critical Accounting Policies. This section discusses accounting pronouncements that have been adopted by the Company, if any, as well as the results of the Company’s annual impairment testing of goodwill and identifiable indefinite-lived intangible assets performed during the first quarter of fiscal year 2026. This section should be read together with our critical accounting policies, which are discussed in our 2025 Form 10-K under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Recently Issued Accounting Pronouncements and Critical Accounting Policies — Critical Accounting Policies” and in the notes to the consolidated financial statements of the Company included therein.

Business Overview

The Company owns and operates a portfolio of assets featuring some of the most recognized teams in all of sports, including the Knicks of the NBA and the Rangers of the NHL. Both the Knicks and the Rangers play their home games at The Garden.

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The Company’s other professional sports franchises include two development league teams — the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League. The Company also operates a professional sports team performance center — the Madison Square Garden Training Center in Greenburgh, NY.

Factors Affecting Operating Results

General

Our operating results are largely dependent on the continued popularity and/or on-court or on-ice competitiveness of our Knicks and Rangers teams, which have a direct effect on ticket sales for the teams’ home games and are each team’s largest single source of revenue. As with other sports teams, the competitive positions of our sports teams depend primarily on our ability to develop, obtain and retain talented players, for which we compete with other professional sports teams. A significant factor in our ability to attract and retain talented players is player compensation. The Company’s operating results reflect the impact of high costs for player salaries (including NBA luxury tax, if any) and salaries of non-player team personnel. In addition, we have incurred significant charges for costs associated with transactions relating to players on our sports teams for season-ending and career-ending injuries and for trades, waivers and contract terminations of players and other team personnel, including team executives. Waiver and termination costs reflect our efforts to improve the competitiveness of our sports teams. These transactions can result in significant charges as the Company recognizes the estimated ultimate costs of these events in the period in which they occur, although amounts due to these individuals are generally paid over their remaining contract terms. We expect to continue to pursue opportunities to improve the overall quality of our sports teams and our efforts may result in continued significant expenses and charges. Such expenses and charges may result in future operating losses although it is not possible to predict their timing or amount. Our performance has been, and may in the future be, impacted by work stoppages. See “Part I — Item 1A. Risk Factors — Economic and Business Relationship Risks —Labor Matters May Have a Material Negative Effect on Our Business and Results of Operations.” in our 2025 Form 10-K.

In addition, our future performance is also dependent on general economic conditions, in particular those in the New York City metropolitan area, and the effect of these conditions on our customers. An economic downturn could adversely affect our business and results of operations as it may lead to lower demand for suite licenses and tickets to the games of our sports teams, which would also negatively affect merchandise and concession sales, as well as decrease levels of sponsorship and venue signage revenues.

Amendments to Local Telecast

[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/1636519/000162828026056812/msgs-20260630.htm
Complete FY 2026 MD&A: /company/MSGS/mda/fy2026/

Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub.
Confidence: high
Filing date: 2026-08-13
Report date: 2026-06-30

Introduction

This MD&A is provided as a supplement to, and should be read in conjunction with, the audited consolidated 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. In this MD&A, the years ended on June 30, 2026, 2025 and 2024 are referred to as “fiscal year 2026” and “fiscal year 2025”, and “fiscal year 2024”, respectively.

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 years 2026 and 2025. For the comparison of our results of operations for fiscal years 2025 and 2024, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our 2025 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on August 12, 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 years 2026 and 2025. The discussion of our financial condition and liquidity includes summaries of our primary sources of liquidity and our contractual obligations and off-balance sheet arrangements that existed

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as of June 30, 2026.

Seasonality of Our Business. This section discusses the seasonal performance of the Company.

Recently Issued Accounting Pronouncements and Critical Accounting Estimates. This section includes a discussion of accounting policies considered to be important to our financial condition and results of operations and which require significant judgment and estimates on the part of management in their application. In addition, all of our significant accounting policies, including our critical accounting policies and estimates and recently issued accounting pronouncements, are discussed in the notes to our consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.

Business Overview

The Company owns and operates a portfolio of assets featuring some of the most recognized teams in all of sports, including the Knicks of the NBA and the Rangers of the NHL. Both the Knicks and the Rangers play their home games at The Garden. The Company also includes two development league teams — the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League. Our professional sports franchises are collectively referred to herein as “our sports teams” or the “teams.” The Company also operates a professional sports team performance center — the Madison Square Garden Training Center in Greenburgh, NY.

Revenue Sources

We earn revenue from several primary sources: ticket sales and a portion of suite rental fees at The Garden, our share of distributions from NHL and NBA league-wide national and international media contracts and other league-wide revenue sources, sponsorships and signage, food and beverage sales at The Garden and merchandising. We also earn substantial fees from MSG Networks for the local media rights to telecast the games of our sports teams. The amount of revenue we earn is influenced by many factors, including the popularity and on-court or on-ice performance of our sports teams and general economic and health and safety conditions. In particular, when our sports teams have strong on-court and on-ice performance, we benefit from increased demand for tickets and premium hospitality, potentially greater food, beverage and merchandise sales from increased attendance and increased sponsorship opportunities. When our sports teams qualify for the playoffs, we also benefit from the attendance and in-game spending at the playoff games. The year-to-year impact of team performance is somewhat moderated by the fact that a significant portion of our revenue derives from media rights fees, suite rental fees and sponsorship and signage revenue, all of which are generally contracted on a multi-year basis. Nevertheless, the long-term performance of our business is tied to the success and popularity of our sports teams. In addition, due to the NBA and NHL playing seasons, revenues from our business are typically concentrated in the second and third quarters of each fiscal year.

Ticket Sales and Facility and Ticketing Fees

Ticket sales have historically constituted our largest single source of revenue. Tickets to our sports teams’ home games are sold through season tickets (full and partial plans), which are typically held by long-term season ticket members, through group sales, and through single-game tickets, which are purchased by fans either individually or in multi-game packages. We generally review and set the price of our tickets before the start of each team’s season. However, we dynamically price our individual tickets based on opponent, seat location, day of the week and other factors. We do not earn revenue from ticket sales for games played by our teams at their opponents’ arenas.

We also earn revenues in the form of certain fees added to ticket prices, which currently include a facility fee the Company charges on tickets it sells to our sports teams’ games, except for season tickets.

Media Rights

We earn revenue from the licensing of media rights for our sports teams’ home and away games and also through the receipt of our share of fees paid for league-wide media rights, which are awarded under contracts negotiated and administered by each league.

The Company and MSG Networks are parties to local telecast rights agreements covering the local telecast rights for the Knicks and the Rangers. On June 27, 2025, our sports teams and MSG Networks entered into amendments with respect to the local telecast rights agreements. See “— Factors Affecting Operating Results — Amendments to Local Telecast Rights Agreements” for more information.

National and international telecast arrangements differ by league. Fees paid by telecasters under these arrangements are pooled by each league and then generally shared equally among all teams.

Suites and Clubs

We earn revenue through the sale of suite and premium club licenses at The Garden, which are generally sold by MSG Entertainment to corporate customers via multi-year licenses. Under standard licenses, the licensee pays an annual license fee, which varies depending on the location and type of the suite or club. The license fee includes, for each seat in the suite or club,

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tickets for our home games and other events at The Garden that are presented by MSG Entertainment for which tickets are sold to the general public, subject to certain exceptions. In addition, suite holders separately pay for food and beverage service in their suites at The Garden. Food and non-alcoholic beverage service is included in the annual license fee paid by club members.

Because suite and club licenses cover both our games and events that MSG Entertainment presents at The Garden, suite and club rental revenue is shared between us and MSG Entertainment under the Arena License Agreements (as defined below). Pursuant to the Arena License Agreements, the Knicks and the Rangers are entitled to 35% and 32.5%, respectively, of the revenues received by MSG Entertainment in connection with suite and club licenses.

Sponsorships and Signage

We earn revenue through the sale of sponsorships and signage specific to the teams. Sales of team specific signage generally involve the sale of advertising space within The Garden during our sports teams’ home games and include the sale of signage on the ice and on the boards of the hockey rink during Rangers games, courtside during Knicks games, and/or on the various scoreboards and display panels at The Garden, as well as virtual signage during Knicks and Rangers broadcasts. We offer both television camera-visible and non-camera-visible signage space. We also earn a portion of revenues through MSG Entertainment’s sale of venue indoor signage space and sponsorship rights at The Garden that are not specific to our teams pursuant to the Arena License Agreements. Under the Arena License Agreements, the Knicks and the Rangers are entitled to 25% and 22.5% of revenue from certain shared arena sponsorship assets, respectively, and 20% and 17.5% of revenue from any arena naming rights, respectively.

Sponsorship rights generally require the use of the name, logos and other trademarks of a sponsor in the advertising and in promotions for The Garden in general or our teams specifically during our sports events. Sponsorship arrangements may be exclusive within a particular sponsorship category or non-exclusive and generally permit a sponsor to use the name, logos and other trademarks of our teams and, in the case of sponsorship arrangements shared with MSG Entertainment, MSG Entertainment’s venues and brands in connection with their own advertising and in promotions in The Garden or in the community.

Food, Beverage and Merchandise Sales

We earn revenue from the sale of food and beverages during our sports teams’ games at The Garden. In addition to concession-style sales of food and beverages, which represent the majority of food and beverage revenues, The Garden also provides higher-end dining at premium clubs as well as catering for suites. Pursuant to the Arena License Agreements, the Knicks and the Rangers receive 50% of net profits from the sales of food and beverages during their games at The Garden.

We also earn revenues from the sale of our sports teams’ merchandise both through the in-venue and online sale of items bearing the logos or other marks of our teams and through our share of sports league distributions of royalties and other revenues from the sports leagues’ licensing of team and sports league trademarks, which are generally shared equally among the teams in the sports leagues. Pursuant to the Arena License Agreements, the Knicks and the Rangers pay MSG Entertainment a commission equal to 30% of revenues from the sales of their merchandise at The Garden.

Other

Amounts collected for ticket sales, media rights, suite licenses and clubs, sponsorships, and venue signage in advance of the Company’s satisfaction of its contractual performance obligations are recorded as deferred revenue and are recognized as revenues when earned.

Expenses

Our most significant expenses are player and other team personnel salaries. We also incur costs for travel, player insurance, league operating assessments (including a 6% NBA assessment on regular season ticket sales), NBA and NHL revenue sharing, NBA luxury tax, when applicable, and charges for transactions relating to players for career-ending and season-ending injuries, trades, and waivers and contract termination costs of players and other team personnel, including coaches and team executives.

In addition, we are party to long term leases with MSG Entertainment that end June 30, 2055 that allow the Knicks and the Rangers to play their home games at The Garden (the “Arena License Agreements”). The Arena License Agreements provide for fixed payments to be made from inception through June 30, 2055 in 12 equal installments during each year of the contractual term. The contracted license fee for the first full contract year ended June 30, 2021 was approximately $22,500 for the Knicks and approximately $16,700 for the Rangers, and then for each subsequent year, the license fees are 103% of the license fees for the immediately preceding contract year. Recognition of operating lease costs is recorded on a straight-line basis over the term of the applicable agreement based upon the value of total future payments under the arrangeme

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/MSGS/mda/fy2026/
All MD&A years: /company/MSGS/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/MSGS/mda/fy2025/): filed 2025-08-12; accession 0001636519-25-000027 (https://www.sec.gov/Archives/edgar/data/1636519/000163651925000027/msgs-20250630.htm)
- [FY 2024 MD&A](/company/MSGS/mda/fy2024/): filed 2024-08-13; accession 0001636519-24-000015 (https://www.sec.gov/Archives/edgar/data/1636519/000163651924000015/msgs-20240630.htm)
- [FY 2023 MD&A](/company/MSGS/mda/fy2023/): filed 2023-08-17; accession 0001636519-23-000009 (https://www.sec.gov/Archives/edgar/data/1636519/000163651923000009/msgs-20230630.htm)
- [FY 2022 MD&A](/company/MSGS/mda/fy2022/): filed 2022-08-18; accession 0001636519-22-000009 (https://www.sec.gov/Archives/edgar/data/1636519/000163651922000009/msgs-20220630.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/MSGS.md · JSON record: /company/MSGS.json · verified financials: /company/MSGS/financials.json / /company/MSGS/financials.csv · machine TOC for the whole site: /llms.txt