Madison Square Garden Entertainment Earnings Call Transcripts
Fiscal Year 2026
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Q3 2026 delivered 2% revenue growth to $246M, with strong concert demand and a record Christmas Spectacular. Adjusted operating income fell due to higher expenses, but cash flow and bookings remain robust, supporting a positive outlook for fiscal 2026 and 2027.
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Fiscal Q2 saw double-digit revenue and adjusted operating income growth, led by record Christmas Spectacular results and strong bookings, sponsorships, and premium hospitality. Concert bookings at The Garden are pacing ahead for fiscal 2026 and 2027, with robust consumer demand and capital returns ongoing.
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Fiscal 2026 began with strong demand, record concert bookings, and robust Christmas Spectacular sales. Revenue rose 14% year-over-year to $158.3 million, with adjusted operating income up $5.2 million. Share repurchases and new sponsorships reflect confidence in continued growth.
Fiscal Year 2025
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Fiscal 2025 delivered $942.7M in revenue and 5% AOI growth, despite a Q4 revenue dip from fewer Garden concerts. Fiscal 2026 is expected to see growth in events, AOI, and free cash flow, with strong demand for the Christmas Spectacular and ongoing capital returns.
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Q3 saw 6% revenue growth and a 50% AOI increase, driven by strong live event demand and a record Christmas Spectacular. Fiscal 2025 AOI is on track for mid to high single-digit growth, with robust bookings for 2026 and continued capital returns to shareholders.
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Revenue and AOI grew modestly in Q2, driven by record Christmas Spectacular results and strong consumer demand. Concert bookings are pacing behind for the next quarter but show positive signs for fiscal 2026, while capital returns and new sponsorships support long-term growth.
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Q1 revenue declined year-over-year due to lower concert revenues, but AOI increased on reduced expenses. Concert bookings are facing supply headwinds, while non-concert events and the Christmas Spectacular show strong momentum. AOI is expected to grow mid-to-high single digits for FY25.
Fiscal Year 2024
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Fiscal 2024 delivered record revenues and AOI, driven by strong bookings, premium hospitality, and a record-setting Christmas Spectacular. Guidance for fiscal 2025 calls for high single- to low double-digit AOI growth, with robust demand and no signs of consumer weakness.