Company News

NEW YORK, N.Y., August 12, 2025 – Madison Square Garden Sports Corp. (NYSE: MSGS) today reported financial results for the fiscal fourth quarter and full-year ended June 30, 2025.

The fiscal 2025 fourth quarter was highlighted by the New York Knicks’ (the “Knicks”) participation in the NBA playoffs, which included nine home playoff games at the Madison Square Garden Arena (“The Garden”) and culminated with the team’s appearance in the Eastern Conference Finals. This compared to fifteen combined home playoff games for the Knicks and the New York Rangers (the “Rangers”) in the prior year quarter. In addition, fiscal 2025 fourth quarter and full-year results reflect increases in average regular season per-game revenues, including tickets, sponsorship and suites; the impact of reductions in local media rights fees as a result of amendments to the Knicks’ and Rangers’ local media rights agreements with MSG Networks Inc. (“MSG Networks”); the impact of the Knicks’ and Rangers’ rosters for the 2024-25 seasons; and the impact of certain team personnel transactions.

For fiscal 2025, the Company reported revenues of $1,039.2 million, an increase of $12.1 million, or 1%, as compared to the prior year. In addition, the Company reported operating income of $14.8 million, a decrease of $131.2 million, and adjusted operating income of $38.2 million, a decrease of $134.1 million, both as compared to the prior year.⁽¹⁾

For the fiscal 2025 fourth quarter, the Company generated revenues of $204.0 million, a decrease of $23.3 million, or 10%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $22.6 million and an adjusted operating loss of $16.8 million, as compared to operating income of $52.3 million and adjusted operating income of $56.5 million in the prior year quarter.⁽¹⁾

Madison Square Garden Sports Corp. Executive Chairman and CEO James L. Dolan said, “Fiscal 2025 was highlighted by growth in per-game revenues and the Knicks’ postseason run to the Eastern Conference Finals, while it also reflected our investment in our teams and the changing local media landscape. Looking ahead, we expect continued strong demand for the Knicks and Rangers and remain confident in the value of owning two professional sports franchises.”

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