Short answer
Madison Square Garden Entertainment Corp. (MSGE) filed its fiscal 2025 10-K annual report with the SEC on Aug 13, 2025. It reported revenue of $863M (−2.6% year over year) and net income of $37M.
- Top risk flagged: New York City real estate tax exemption $43M for FY 2025 under legislative agreement faces risk of repeal or amendment
FY2025 key financial metrics · XBRL
- Revenue
- $863M
- −2.6% YoY
- Net income
- $37M
- −74.1% YoY
- Operating margin
- 14.2%
- +1.5 pp YoY
- EPS (diluted)
- $0.77
- −74.1% YoY
- ROE
- -281.4%
- +341.5 pp YoY
- Operating cash flow
- $115M
- +3.6% YoY
Source: XBRL data from the Madison Square Garden Entertainment Corp. (MSGE) FY2025 10-K on SEC EDGAR. USD.
Madison Square Garden Entertainment Corp. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Ownership and management of iconic live entertainment venues and marquee content, primarily in New York and Chicago
- New emphasis on digital and data utilization to improve guest experience, ticketing, and targeted marketing leveraging a proprietary customer database
- Strategic shift: Completed full independence from Sphere Entertainment via MSGE Distribution in April 2023 and subsequent secondary stock offering in Sept 2023
- Quantitative highlight: Hosted nearly 6 million guests at 975+ events in Fiscal Year 2025, including 1.1 million tickets sold for the 91st year of Christmas Spectacular
- Noteworthy fact: The Rockettes celebrated their 100th anniversary in 2025, with significant investments in dancer development programs like Rockettes Conservatory and Preparatory
Management Discussion & Analysis
- Revenue $943M, down 2% YoY from $959M; entertainment offerings declined $11.6M (2%), food/beverage/merchandise down $11.6M (7%), arena license fees up $6.7M (9%)
- Operating income $122.1M, up 9% YoY from $111.9M; operating margin 12.9% vs 11.7% (based on operating income/total revenue)
- Best performing segment: Arena license fees and other leasing revenue up $6.7M (9%) to $79.9M; worst performing: Food, beverage, and merchandise revenues down $11.6M (7%) to $150.5M
- Direct operating expenses down 6% to $535.6M; SG&A increased 4% to $215.0M; impairment charges of $11.2M; restructuring charges fell to $1.1M from $17.6M; interest expense down 13% to $50.5M
- No explicit forward-looking guidance provided; risks include economic conditions affecting event demand, fewer concerts, and changes in venue usage impacting revenues and costs
Risk Factors
- New York City real estate tax exemption $43M for FY 2025 under legislative agreement faces risk of repeal or amendment
- Geographic concentration: 100% venues in NYC, exposed to adverse local events including pandemics and terrorism
- Reliance on Christmas Spectacular, which was 18% of FY 2025 revenues, risk of revenue decline if popularity decreases
- Competition from alternative NYC entertainment options, e.g., other venues and online platforms affecting attendance
- Licensing risk: Potential higher PRO royalty rates for musical works could increase event costs if not passed to promoters
Generated from the filing text; verify against the original. How to read a 10-K
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