Short answer
Madison Square Garden Entertainment Corp. (MSGE) filed its fiscal 2026 10-K annual report with the SEC on Aug 12, 2026. It reported revenue of $1.1B (+22.9% year over year) and net income of $66M.
- Top risk flagged: Regulatory/legal risk: New York State legislation in Jan 2025 proposing repeal of $45M Madison Square Garden real estate tax exemption
FY2026 key financial metrics · XBRL
- Revenue
- $1.1B
- +22.9% YoY
- Net income
- $66M
- +76.8% YoY
- Operating margin
- 13.3%
- −0.8 pp YoY
- EPS (diluted)
- $1.38
- +79.2% YoY
- ROE
- 144.6%
- +426.0 pp YoY
- Operating cash flow
- $351M
- +204.8% YoY
Source: XBRL data from the Madison Square Garden Entertainment Corp. (MSGE) FY2026 10-K on SEC EDGAR. USD.
Madison Square Garden Entertainment Corp. FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: Live entertainment with iconic venue portfolio plus original productions and diverse sports and family events
- New emphasis: Sphere Immersive Sound audio system launched in Nov 2025 at Radio City Music Hall and Beacon Theatre
- Strategic move: Non-binding memorandum signed June 2026 to potentially transfer Infosys Theater amid Penn Station redevelopment
- Quantitative: Hosted ~6.4 million guests at nearly 960 events in Fiscal Year 2026
- Noteworthy fact: Christmas Spectacular attendance in FY2026 topped 1.2 million, highest in 25 years, Rockettes celebrated 100th anniversary in 2025
Management Discussion & Analysis
- Revenue $1,060.8M, up $118.1M (13%) YoY, driven by entertainment offerings ($97.8M increase) and food/beverage/merchandise ($13.9M increase)
- Operating income $141.5M, up $19.4M (16%) YoY; operating margin approx. 13.3% vs 13.0% (2025: $122.1M on $942.7M revenue)
- Best segment: Entertainment offerings revenue $810.1M up $97.8M; Worst: impairment of long-lived assets increased $2.6M to $13.8M
- Cash flow: operating cash flow $351.4M up $236.1M; capital expenditures $29.8M; financing cash outflow $71.0M due to debt repayments, lower buybacks and no debt refinancing costs
- Outlook/risk: management highlights dependence on event popularity, COVID-19 impacts, economic conditions, and arena license agreements; liquidity strong with $293.6M cash, $579M debt, $132M credit available
Risk Factors
- Regulatory/legal risk: New York State legislation in Jan 2025 proposing repeal of $45M Madison Square Garden real estate tax exemption
- Macroeconomic threat: COVID-19 pandemic and inflation causing operational cost increases and declining discretionary spending affecting revenue mix
- Operational vulnerability: Redevelopment of Penn Station may disrupt operations of The Garden and Infosys Theater at Madison Square Garden
- Competitive risk: Dependence on Christmas Spectacular generating 18% of FY26 revenue; loss of popular artists or events risks revenue declines
- Financial risk: High leverage with $579M debt, $30M maturing by FY27, and variable interest rates increasing interest expense from $52M (FY23) to $58M (FY24)
Generated from the filing text; verify against the original. How to read a 10-K
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