MSG Sports revenue falls 26% to $39.5 million; operating loss widens to $27.4 million
Madison Square Garden Sports Corp. reported fiscal first-quarter 2026 results for the period ended September 30, 2025, with revenue down $13.9 million, or 26%, from the prior year period. The operating loss widened to $27.4 million from $8.3 million, and the net loss was $8.8 million, or $0.37 per share, compared with $0.31 per share a year earlier.
Key points
- Revenue of $39.5 million, down $13.9 million (26%), mainly from lower league distributions of $11.4 million and local media rights fees down $2.3 million
- Operating loss of $27.4 million versus $8.3 million a year earlier; adjusted operating loss of $20.8 million versus $2.3 million
- Net loss of $8.8 million, or $0.37 per share, versus a net loss of $7.5 million, or $0.31 per share, a year earlier
- Combined average season ticket renewal rate for the Knicks and Rangers is approximately 94% for the 2025-26 seasons
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 12:57 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 31, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.