Madison Square Garden Entertainment Corp.

Listed Company

MSGECIK 0001952073NYSELarge AcceleratedServices-Miscellaneous Amusement & RecreationNevadaFY ends Jun 30

Period

FY 2025

Revenue

$942.73M

Net Income

$37.43M

Total Assets

$1.67B

Equity

$-13.30M

Shares Out

—

Op. Cash Flow

$115.30M

Business

Madison Square Garden Entertainment Corp. operates as a live entertainment company delivering large-scale events and venue management services. It offers concerts, sporting events, family shows, special events, original productions such as the Christmas Spectacular starring the Radio City Rockettes, bookings and premium hospitality and sponsorship solutions. The company manages a portfolio of iconic venues and related operations, including Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, the Beacon Theatre and The Chicago Theatre, and a centralized bookings/productions business. Its activities are concentrated in the United States, with a significant presence in the New York City market and distribution through venue ticketing, sponsorships and digital channels.

Summary from filing dated 2025-08-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Revenues	863	886	780	582	—
Arena license fees and other leasing revenue	80	73	72	71	—
Total revenues	943	959	851	653	82
Total direct operating expenses	−536	−569	−500	−417	−96
Selling, general and administrative expenses	−215	−207	−180	−167	−137
Depreciation and amortization	−58	−54	−60	−70	−72
Impairment of long-lived assets	−11	0	0	—	—
Gains, net on dispositions	0	0	4	0	0
Restructuring charges	−1	−18	−10	−5	−15
Operating income	122	112	105	−6	−237
Interest income	2	3	7	7	6
Interest expense	−51	−58	−52	−53	—
Loss on extinguishment of debt	−6	0	0	−36	0
Other (expense) income, net	−2	−5	17	−49	51
Income from operations before income taxes	66	52	78	−136	−214
Income tax (expense) benefit	−28	92	−2	70,000	−5
Net income	37	144	76	−136	−219
Less: Net loss attributable to nonredeemable noncontrolling interest	0	0	−553,000	−3	−694,000
Net income attributable to MSG Entertainments stockholders	37	144	77	−133	−219
Basic (in dollars per share)	0.78	2.99	1.48	−2.58	−4.22
Diluted (in dollars per share)	0.77	2.97	1.47	−2.58	−4.22
Basic (in shares)	48	48	52	52	52
Diluted (in shares)	48	49	52	52	52

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Cash, cash equivalents and restricted cash	44	34	84	63	318
Accounts receivable, net	67	77	64	103	—
Related party receivables, current	22	17	69	97	—
Prepaid expenses and other current assets	104	91	78	79	—
Total current assets	237	219	295	341	—
Property and equipment, net	621	634	629	696	—
Right-of-use lease assets	485	389	236	271	—
Goodwill	69	69	69	69	—
Indefinite-lived intangible assets	64	64	64	—	—
Deferred tax assets, net	54	68	0	—	—
Other non-current assets	140	110	108	84	—
Total assets	1,670	1,553	1,401	1,527	—
Accounts payable, accrued and other current liabilities	184	204	215	222	—
Related party payables, current	24	43	47	73	—
Long-term debt, current	30	16	16	9	—
Operating lease liabilities, current	35	28	37	39	—
Deferred revenue	229	216	226	203	—
Total current liabilities	502	506	541	545	—
Long-term debt, net of deferred financing costs	569	599	630	655	—
Operating lease liabilities, non-current	566	427	220	254	—
Other non-current liabilities	45	44	56	51	—
Total liabilities	1,683	1,576	1,471	1,528	—
Commitments and contingencies (see Note 11)	—	—	—	—	—
Additional paid-in capital	45	33	18	0	—
Treasury stock at cost (5,483 and 4,365 shares as of June 30, 2025 and June 30, 2024, respectively)	−180	−141	−25	0	—
Retained earnings	153	116	−29	0	—
Accumulated other comprehensive loss	−32	−32	−34	−35	—
Total deficit	−13	−23	−69	−2	499
Total liabilities and deficit	1,670	1,553	1,401	1,527	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-06-30	FY 2024 2024-06-30	FY 2023 2023-06-30	FY 2022 2022-06-30	FY 2021 2021-06-30
Share-based compensation expense	28	31	32	39	41
Amortization of deferred financing costs	3	3	3	7	4
Deferred income tax expense (benefit)	15	−92	720,000	—	—
Related party paid in kind interest	0	−512,000	−3	−4	−5
Net unrealized and realized (gain) loss on equity investments with readily determinable fair values	−127,000	1	−16	50	—
Other non-cash adjustments	889,000	2	−4	166,000	—
Accounts receivable, net	10	−14	39	−35	—
Related party receivables and payables, net	−24	47	−43	20	—
Prepaid expenses and other current and non-current assets	−43	−44	−31	−42	−11
Accounts payable	−14	10	5	—	—
Accrued and other current and non-current liabilities	−33	−66	−5	—	—
Deferred revenue	20	−10	24	4	20
Operating lease right-of-use assets and lease liabilities	40	45	−1	−396,000	110,000
Net cash provided by operating activities	115	111	136	95	−148
Capital expenditures	−22	−24	−15	−16	−10
Proceeds from sale of investments	55,000	28	24	—	22
Proceeds from dispositions, net	0	0	28	0	0
Loan to related parties	0	−65	−7	−7	−22
Other investing activities	−2	−2	0	0	—
Net cash (used in) provided by investing activities	−24	−62	30	45	−10
Proceeds from issuance of loans	609	0	304,000	650	631
Proceeds from revolving credit facilities	55	73	0	29	0
Principal repayments on long-term debt	−681	−106	−20	−647	−3
Repurchases of Class A common stock	−40	−51	−25	0	0
Taxes paid in lieu of shares issued for equity-based compensation	−16	−15	0	0	—
Payments for debt financing costs	−9	−633,000	0	−16	−14
Repayments on related party loan	0	−304,000	0	0	—
Net transfers to Sphere Entertainment and its subsidiaries	0	0	−99	−400	−139
Other financing activities	−53,000	0	0	—	—
Net cash used in financing activities	−82	−100	−144	−396	473
Net increase (decrease) in cash, cash equivalents and restricted cash	10	−51	22	−255	315
Capital expenditures incurred but not yet paid or paid by landlord	24	35	761,000	2	1
Non-cash financing activities	−148,000	0	0	—	—
Non-cash stock repurchases in lieu of payment of loan due from related party	0	66	5	4	0
Related party loan payable assigned to the Company	0	0	54	0	0

Filings

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