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Dec 31, 2025
MSG Sports Q2 2026 Earnings Report
MSG Sports reported an increase in revenues, operating income, and adjusted operating income for the fiscal second quarter ended December 31, 2025.
Key Takeaways
Madison Square Garden Sports Corp. (MSG Sports) delivered a strong performance in the fiscal second quarter of 2026, with revenues increasing by 13% to $403.4 million. Operating income rose by 67% to $22.2 million, and adjusted operating income increased by 47% to $29.7 million, driven by positive momentum across all in-game revenue categories and higher national media rights fees.
Revenues for Q2 2026 increased by $45.7 million, or 13%, to $403.4 million compared to the prior year.
Operating income for Q2 2026 grew by $8.9 million, or 67%, reaching $22.2 million.
Adjusted operating income for Q2 2026 increased by $9.4 million, or 47%, to $29.7 million.
The company saw positive momentum in ticketing, suites, sponsorship, and food, beverage, and merchandise revenues, benefiting from additional games and new NBA national media rights deals.
Revenue by Segment
Forward Guidance
The company anticipates continued positive momentum across its in-game revenue categories and expects to drive long-term shareholder value, supported by strong business fundamentals and robust consumer and corporate demand.
Positive Outlook
- Continued positive momentum in all in-game revenue categories (ticketing, suites, sponsorship, food, beverage, and merchandise).
- Benefit from the NBA's new national media rights deals that began this season.
- Strong underlying fundamentals of the business.
- Robust consumer and corporate demand.
- Well-positioned to drive long-term shareholder value.
Challenges Ahead
- Reductions in local media rights fees due to amendments to agreements with MSG Networks.
- Impact of the Knicks' and Rangers' rosters for the 2025-26 seasons.
- Higher team personnel compensation.
- Higher provisions for league revenue sharing expense and NBA luxury tax.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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