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Jun 30
MSG Sports Q4 2025 Earnings Report
MSG Sports reported a Q4 net loss amid declining revenues and higher operating costs, despite strong per-game performance from the Knicks’ playoff run.
Key Takeaways
MSG Sports' Q4 2025 saw a 10% revenue decline year-over-year due to fewer playoff games and reduced media rights fees. Higher personnel costs and league-related accruals led to an operating loss, partially offset by strong demand for Knicks postseason games.
Revenue fell to $204.0M, down 10% YoY
Net loss of $1.78M vs $25.5M profit in Q4 2024
Operating loss of $22.6M driven by increased personnel costs and league-related accruals
Adjusted operating loss of $16.8M vs $56.5M gain in prior-year quarter
MSG Sports
MSG Sports
Forward Guidance
MSG Sports expects continued strong demand for the Knicks and Rangers, but remains cautious amid rising costs and a changing media landscape.
Positive Outlook
- Knicks’ playoff run reached Eastern Conference Finals
- Higher per-game playoff revenues for the Knicks
- Strong fan demand and attendance
- Cash position strengthened to $144.6M
- Deferred tax asset of $34.8M recognized
Challenges Ahead
- Fewer total playoff games vs prior year
- Media rights revenue decreased due to amended MSG Networks deal
- Significant increase in team personnel-related costs
- Adjusted operating income turned negative
- Rangers missed playoffs, impacting revenue