MSG Entertainment Q2 Earnings: Strong Holiday Ticket Sales, Beats Revenue Estimates Despite Concert Decline

Madison Square Garden Entertainment Corp MSGE reported its fiscal second-quarter 2025 results Thursday.

Revenue grew by 1% year-on-year to $407.42 million, beating the analyst consensus estimate of $401.76 million. 

EPS of $1.56 missed the analyst consensus estimate of $2.16.

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In its 91st holiday season, the company sold approximately 1.1 million tickets across 200 shows, compared to over 1 million tickets sold over 193 last season.

Revenues from entertainment offerings remained firm year-on-year at $318.28 million, primarily due to lower event-related revenues, which were largely offset by an increase in revenues from the Christmas Spectacular production and higher revenues. 

Food, beverage and merchandise revenues increased 1% Y/Y to $59.3 million due to more Knicks and Rangers games played at The Garden and additional Christmas Spectacular performances. Three more Knicks and Rangers and the two additional Christmas performances were partially offset by lower food and beverage sales at concerts.

Event-related revenues decreased by $22.5 million due to lower concert revenues.

In addition, the company reported an adjusted operating income of $164.0 million, versus $160.1 million a year ago, primarily due to lower direct operating expenses and higher revenues, partially offset by higher selling, general and administrative expenses. 

As of December 31, cash and equivalents stood at $55.2 million.

Madison Square Garden Entertainment stock gained 4% in the last 12 months. At least three Wall Street analysts cut their price targets on the stock after the dismal first-quarter print.

Price Action: MSGE stock was up 0.39% to $36.00 premarket at last check Thursday.

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