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Jun 30, 2025
MSG Spinco Q4 2025 Earnings Report
MSG Entertainment reported a sharp decline in revenue and deeper losses in Q4 2025 due to lower concert activity and fewer Knicks and Rangers games.
Key Takeaways
MSG Entertainment's Q4 2025 performance was marked by a 17% drop in revenue and a widening net loss of $27.2M. Adjusted operating income turned negative, driven by fewer events and reduced per-concert revenue at The Garden.
Revenue by Segment
Forward Guidance
MSG Entertainment expects momentum in live events and strong demand in fiscal 2026, supported by new venue activity and a rebound in event scheduling.
Positive Outlook
- Continued strength in live event demand
- Expected improvement in operating leverage
- Ongoing recovery in concert scheduling
- Higher per-event revenue potential at new venues
- Positive trends in leasing and suite revenue
Challenges Ahead
- Lower concert volume at The Garden in Q4 impacted results
- Fewer Knicks and Rangers games year-over-year
- Higher SG&A due to compensation and benefits
- Event-related expenses still significant despite volume drop
- Adjusted operating income turned negative
Historical Earnings Impact
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Avg. Return Before/After Earnings
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