Madison Square Garden Sports' Q4 revenue beats expectations

MSG Knickerbockers

12/08/2025 12:40

Overview

Madison Square Garden Q4 revenue falls 10% yr/yr but beats analyst expectations

Adjusted operating loss for Q4 misses analyst estimates, per LSEG data

Knicks' playoff run boosts per-game revenue despite fewer games overall

Outlook

MSG Sports anticipates strong demand for Knicks and Rangers

Company expects continued value from owning two sports franchises

MSG Sports sees changing local media landscape impacting future results

Result Drivers

PLAYOFF REVENUE DROP - Lower playoff-related revenues due to the Rangers not qualifying for playoffs, partially offset by higher per-game Knicks playoff revenue and more Knicks home playoff games

MEDIA RIGHTS FEES - Reductions in local media rights fees impacted revenues following amendments to Knicks and Rangers agreements with MSG Networks

OPERATING EXPENSES INCREASE - Direct operating expenses rose 44% due to higher team personnel costs and provisions, partially offset by lower playoff-related expenses

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q4 Revenue
Beat
$204 mln
$154.50 mln (5 Analysts)
Q4 Net Income
-$1.78 mln
Q4 Adjusted Operating Income
Miss
-$16.80 mln
-$1.74 mln (4 Analysts)
Q4 Operating Expenses
$154.82 mln
Q4 Operating Income
-$22.60 mln


Analyst Coverage

The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 4 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

The average consensus recommendation for the entertainment production peer group is "buy"

Wall Street's median 12-month price target for Madison Square Garden Sports Corp is $270.00, about 25% above its August 11 closing price of $202.48

The stock recently traded at 247 times the next 12-month earnings vs. a P/E of 205 three months ago

Press Release: ID:nBw7Sjzr1a

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)