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Sep 30, 2025
MSG Sports Q1 2026 Earnings Report
MSG Sports reported a decline in revenue and a wider operating loss for the first quarter of fiscal 2026, reflecting lower league distributions and local media rights fees.
Key Takeaways
For Q1 FY2026, Madison Square Garden Sports Corp. posted revenues of $39.5 million, down 26% year-over-year, driven primarily by lower league distributions and local media rights fees. The company recorded an operating loss of $27.4 million and an adjusted operating loss of $20.8 million, both reflecting the decline in revenues and higher selling, general, and administrative expenses. Net loss for the quarter was $8.8 million, or $0.37 per share.
Revenue declined 26% year-over-year to $39.5 million, mainly due to reduced league distributions and local media fees.
Operating loss widened to $27.4 million compared to $8.3 million in the prior-year quarter.
Adjusted operating loss increased to $20.8 million from $2.3 million a year ago.
Cash and cash equivalents decreased to $48.6 million as of September 30, 2025.
Forward Guidance
MSG Sports expressed confidence in long-term shareholder value supported by strong demand for the Knicks and Rangers, but did not provide explicit quantitative guidance for future quarters.
Positive Outlook
- Strong demand for Knicks and Rangers ticket renewals, with a combined 94% renewal rate.
- New multi-year marketing partnership with GAME 7 as the Rangers’ first jersey patch sponsor.
- Healthy suite renewals and new sales at The Garden.
- Rangers launched their centennial season campaign with special initiatives.
- Continued strength of the company’s sports franchise assets.
Challenges Ahead
- Revenue fell 26% year-over-year due to lower league distributions.
- Higher selling, general, and administrative expenses impacted margins.
- Operating loss widened by $19.2 million compared to last year.
- Cash flow from operations decreased significantly year-over-year.
Historical Earnings Impact
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