Madison Square Garden Entertainment Corp. posted a slight drop in revenue for fiscal 2025 and a weaker-than-expected fourth quarter, as slower concert business at Madison Square Garden and fewer Knicks and Rangers games weighed on results.
The company reported $942.7 million in revenue for the year ended June 30, down 2% from 2024, missing Wall Street estimates. Fourth-quarter revenue fell 17% year over year to $154.1 million, also coming in below analyst forecasts. MSG Entertainment reported a quarterly operating loss of $25.8 million, widening from an $8.9 million loss a year earlier. Adjusted operating results swung to a $1.3 million loss from $13.1 million in the same period of 2024.
CEO James L. Dolan acknowledged the company’s strong attendance but said results reflect shifts in event mix.
“During fiscal 2025, we saw strong demand for our portfolio of entertainment assets,” Dolan said. “We see this momentum continuing in fiscal 2026, and believe we are well positioned to drive solid revenue and adjusted operating income growth in the year ahead.”
Nearly 6 million guests attended more than 975 events across the company’s venues in fiscal 2025, including concerts, family shows, and the full seasons of the New York Knicks and New York Rangers. The annual Christmas Spectacular Starring the Radio City Rockettes sold 1.1 million tickets across 200 shows, generating another year of record-setting revenue.
Still, the quarter was hurt by fewer concerts at Madison Square Garden, lower per-concert revenue as more shows shifted from promoted events to rentals, and a drop in food and beverage sales tied to fewer Knicks and Rangers home games.
MSG Entertainment also repurchased about $40 million in Class A common stock during the year.
The company’s portfolio includes Madison Square Garden, Radio City Music Hall, the Beacon Theatre, and the Chicago Theatre.
