Madison Square Garden Sports Corp. Reports Fiscal First Quarter 2026 Financial Results

Strategic Insights -

Madison Square Garden Sports Corp., the parent company of the New York Knicks and New York Rangers, reported financial results for the fiscal first quarter ended September 30, 2025. The company's revenue and operating income declined compared to the same period last year, due to lower revenues from league distributions and local media rights fees.

Key Takeaways:

  • The combined average season ticket renewal rate for the Knicks and Rangers is approximately 94% for the 2025-26 seasons.
  • The company announced a new multi-year marketing partnership with GAME 7, which includes naming the multi-platform sports and entertainment brand as the first-ever jersey patch partner of the Rangers.
  • The suites business continues to benefit from strong renewals and new sales activity, including for several recently renovated Lexus-level suites at The Garden.
  • The Rangers began a year-long campaign to celebrate the team's 100th anniversary season, with a number of special offerings and initiatives planned across the season, including a special Centennial jersey that launched in September.
  • Revenues of $39.5 million decreased $13.9 million, or 26%, as compared to the prior year period, primarily due to lower revenues from league distributions and local media rights fees.
  • Direct operating expenses of $8.3 million increased $0.1 million, or 1%, as compared to the prior year period, primarily driven by higher net provisions for certain team personnel transactions.
  • Selling, general and administrative expenses of $57.8 million increased $5.2 million, or 10%, as compared to the prior year period, primarily driven by higher operating lease costs and employee compensation and related benefits.

Statistics:

  • Revenue: $39.5 million (down 26% from $53.3 million in the prior year period)
  • Operating loss: $27.4 million (up 226% from $8.3 million in the prior year period)
  • Adjusted operating loss: $20.8 million (up 820% from $2.3 million in the prior year period)
  • Combined average season ticket renewal rate: approximately 94%
  • New multi-year marketing partnership with GAME 7: first-ever jersey patch partner of the Rangers

Sources:

  • Press release: "Madison Square Garden Sports Corp. Reports Fiscal First Quarter 2026 Financial Results" - accessed on BusinessWire.com
  • Corporate Website: "Madison Square Garden Sports Corp. - About Us" - accessed on MSGSports.com
  • SEC Filings: "Madison Square Garden Sports Corp. Form 10-K for the fiscal year ended June 30, 2025" - accessed on EDGAR.gov