MSGS Q3 revenue falls 1%, operating income plunges 59% on fewer games and lower media fees

Madison Square Garden Sports Corp.

2025-Q3 EPS reported -$0.86 vs consensus -$0.86 ▲ beat (+0.2%)

Revenue $424.2M, down 1% YoY; operating income $32.3M, down 59% from $79.7M.
Adjusted operating income $36.9M, down 58% from $88.7M; two fewer Knicks/Rangers home games.
Results reflect expected reductions in local media rights fees from proposed amendments to MSG Networks agreements.
Knicks finished regular season and are in NBA playoffs; season ticket renewal for 2025-26 saw strong demand to date.

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