Madison Square Garden Entertainment Earnings Call Transcripts
Fiscal Year 2026
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Fiscal 2026 saw record revenue and AOI growth, driven by strong event demand, premium hospitality, and the Knicks' championship run. Fiscal 2027 is expected to continue this momentum with increased bookings, higher ticket yields, and ongoing capital returns.
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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. Stock buybacks totaled $40 million YTD, with robust early bookings for 2026 and Christmas 2025 pacing up over 60% in advanced ticket revenue.
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Fiscal Q2 saw 1% revenue growth to $407M and 2% AOI growth, driven by record Christmas Spectacular results and strong consumer demand. Concert bookings face tough comps but 2026 is pacing ahead, while robust per-cap spending and new sponsorships support a positive outlook.
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Q1 saw strong demand for live events, with most concerts sold out and Christmas Spectacular ticket sales up 15% year-over-year. Revenue declined slightly due to lower per-concert revenues, but AOI rose on lower expenses. 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.