NYSE$MSGS
Madison Square Garden Sports Corp · Q4 2025 earnings
Q4 2025 earnings · · Before market open · Investor relations
Briefing
Madison Square Garden Sports Corp reported Q4 2025 revenues of $204.0 million with an operating loss of $22.6 million.
The company posted a 10% revenue decline in the quarter driven by fewer playoff games and lower league distributions. Operating results turned to a loss due to higher direct operating expenses from team personnel transactions. Full-year revenues rose modestly to $1.04 billion while adjusted operating income fell sharply.
- Q4 revenues decreased 10% to $204.0 million due to fewer playoff games and reduced league distributions.
- Operating loss of $22.6 million versus prior-year income of $52.3 million, primarily from higher personnel costs.
- Full-year revenues increased 1% to $1.039 billion while adjusted operating income dropped 78% to $38.2 million.
- Knicks reached Eastern Conference Finals; local media rights fees reduced following MSG Networks amendments.
Headline financials
Revenue & EPS history
MSG Sports · Revenue · Quarterly
$204M
Revenue by segment
MSG Sports · -$71M total across 2 segments · Q2 2021
- Sponsorship and signage revenues-$23.8M—33.5%
- Local media rights fees-$47.2M—66.5%
Forward guidance
Company expects continued strong demand for Knicks and Rangers.
Tailwinds
- Strong per-game revenue growth expected
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q4 2025
-0.5%
Avg return
Earnings day
-0.0%
Avg return
5 days after
+1.1%
Avg return
30 days after
49%
21 / 43 earnings
Positive
+13.7%
Q1 2021
Best reaction
-13.4%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | -0.9% | +4.9% | +16.3% | |
| Q2 2026 | -4.7% | -2.6% | +9.1% | |
| Q1 2026 | -4.6% | -4.3% | +1.5% | |
| Q4 2025 | -3.5% | -2.4% | +4.6% | |
| Q3 2025 | -2.8% | -1.3% | -1.5% | |
| Q2 2025 | -3.6% | -5.9% | -9.1% | |
| Q1 2025 | -3.1% | +1.2% | +3.3% | |
| Q4 2024 | +0.5% | +2.7% | +3.7% | |
| Q3 2024 | -0.6% | +1.4% | -0.6% | |
| Q2 2024 | +7.1% | +5.0% | +2.0% | |
| Q1 2024 | +4.0% | +1.8% | +2.2% | |
| Q4 2023 | -13.4% | -13.8% | -13.4% | |
| Q3 2023 | +2.2% | -1.1% | -11.7% | |
| Q2 2023 | +4.6% | +4.0% | +5.6% | |
| Q1 2023 | +1.2% | +1.7% | +5.2% | |
| Q4 2022 | +7.9% | +3.6% | -6.8% | |
| Q3 2022 | +2.4% | -2.0% | +3.4% | |
| Q2 2022 | +1.6% | +3.4% | -1.4% | |
| Q1 2022 | -0.9% | -2.7% | -14.5% | |
| Q4 2021 | +3.8% | +5.9% | +19.3% | |
| Q3 2021 | -0.7% | -0.5% | -3.2% | |
| Q2 2021 | +2.9% | +6.0% | +17.4% | |
| Q1 2021 | +13.7% | +14.2% | +17.1% | |
| Q4 2020 | -5.5% | -4.3% | -5.2% | |
| Q3 2020 | -7.3% | -9.7% | -1.3% | |
| Q2 2020 | +1.2% | +3.1% | -16.9% | |
| Q1 2020 | -3.5% | -1.3% | +2.2% | |
| Q4 2019 | -11.0% | -13.3% | -8.4% | |
| Q3 2019 | -2.9% | -0.8% | -2.6% | |
| Q2 2019 | +0.7% | +2.2% | +5.5% | |
| Q1 2019 | -5.3% | -0.7% | -2.4% | |
| Q4 2018 | -3.8% | -2.2% | -0.2% | |
| Q3 2018 | +3.3% | +4.9% | +10.4% | |
| Q2 2018 | +1.5% | -0.3% | +9.9% | |
| Q1 2018 | +2.9% | +3.6% | -1.8% | |
| Q4 2017 | -3.6% | -1.7% | +1.0% | |
| Q3 2017 | +1.4% | +1.4% | +0.2% | |
| Q2 2017 | +1.2% | -0.8% | +8.3% | |
| Q1 2017 | +2.3% | +4.0% | +6.0% | |
| Q4 2016 | -3.2% | -4.4% | -8.9% | |
| Q3 2016 | +0.0% | — | — | |
| Q2 2016 | -1.2% | — | — | |
| Q1 2016 | -1.4% | — | — | |
| Q4 2015 | — | — | — | |
| Q3 2015 | — | — | — | |
| Q2 2015 | — | — | — | |
| Q1 2015 | — | — | — | |
| Q4 2014 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2013 | — | — | — |
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