Madison Square Garden Entertainment Corp. (MSGE): Business Model Canvas [Dec-2025 Updated]

You're digging into Madison Square Garden Entertainment Corp. (MSGE), and frankly, their fiscal 2025 performance is a masterclass in monetizing irreplaceable assets. As an analyst who's seen a few cycles, I can tell you that seeing them generate $942.7 million in revenue and $222.5 million in operating income by hosting over 975 third-party events is impressive; it shows the power of their venue portfolio. To really grasp the engine driving those results-from Rockettes IP to suite sales-we need to map out the whole thing, so check out the nine components of the Madison Square Garden Entertainment Corp. (MSGE) Business Model Canvas below.

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that fuel Madison Square Garden Entertainment Corp.'s (MSGE) revenue engine, especially as the company navigates the post-split landscape. These partnerships are critical because, in fiscal 2025, revenue from sponsorship, signage, and suites accounted for a solid 27% of the total $942.7 million in revenue reported for the full year. That's a significant chunk of the business, showing how vital these corporate alliances are to the bottom line, which saw an Adjusted Operating Income (AOI) of $222.5 million in fiscal 2025.

The structure of these partnerships often involves the entire MSG Family of Companies, which includes Madison Square Garden Sports Corp. (MSG Sports) and Sphere Entertainment Co., but MSGE is the entity reporting these specific financial results.

Here's a breakdown of the key alliances as of late 2025:

• Madison Square Garden Sports Corp. (MSG Sports) for Knicks/Rangers games: This relationship is foundational, as the New York Knicks and New York Rangers played a combined 97 home games at Madison Square Garden Arena during the fiscal 2025 regular season.
• Major corporate sponsors like PepsiCo, Verizon, and new entrants: These deals provide massive brand exposure across iconic venues.
• Promoters and talent agencies for concert bookings: While important, concert-related revenues saw a dip in the first quarter of fiscal 2025, which was partially offset by growth in other areas.
• Liquid Death as an Official Sparkling Water Partner: This multi-year deal gives the brand significant presence across the portfolio, including the Sphere's Exosphere.
• Third-party ticketing platforms for event distribution: Ticketing and venue license fees were the largest revenue driver in fiscal 2025, making up 48% of total revenue.

The marketing partnership category is clearly a high-value segment for Madison Square Garden Entertainment Corp., sitting just behind ticketing in terms of revenue contribution.

The following table highlights specific, known marketing partnerships and their scope as reported in 2025:

Partner Entity	Partnership Role/Scope	Key Assets/Inclusion	Fiscal 2025 Context
PepsiCo (PEP)	Renewed and expanded Official Partner	Exclusive offering of PepsiCo Foods (Lay's, Doritos, etc.) at Sphere; dedicated Pepsi-branded concession stands at MSG and Radio City Music Hall.	Sponsorship, signage, and suites revenue was 27% of total revenue.
Liquid Death	Official Sparkling Water Partner (Multi-year)	Brand presence on Sphere's Exosphere; featured on GardenVision for New York Rangers home games.	Products available at select concession stands across MSG companies' venues.
Verizon	Multi-year Renewal	Reached renewal agreement in fiscal 2025.	Part of the 27% revenue segment from sponsorship, signage, and suites.
Lenovo/Motorola	New Partners	Welcomed as new partners during fiscal 2025.	Contributes to the sponsorship and signage revenue base.
Cisco	Official Partner	Multi-year network overhaul for Madison Square Garden venue infrastructure.	Focus on high-density fan Wi-Fi and back-of-house systems.
Pellera Technologies	Official Partner of New York Rangers	Presenting Partner for the Rangers Centennial Exhibit inside Madison Square Garden.	Exposure at Rangers home games, including dasherboard and virtual signage.

The relationship with MSG Sports is symbiotic; Madison Square Garden Entertainment Corp. manages the venue where the sports teams play. For instance, the Christmas Spectacular Starring the Radio City Rockettes, a key MSGE asset, sold approximately 1.1 million tickets across 200 shows in fiscal 2025, generating over $170 million in record-setting revenue, which is a separate revenue stream but relies on the same venue infrastructure.

To be defintely clear, the arena license fees component of the partnership structure is also financially significant; the cash component of these fees is expected to be approximately $45 million in fiscal 2026, with a commitment to grow 3% each year through fiscal 2055. That's long-term, predictable revenue directly tied to the venue usage agreements.

Finance: review the Q4 FY2025 sponsorship revenue against the new Lenovo/Motorola contribution for Q1 FY2026 projections by next Tuesday.

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Key Activities

You're looking at the core engine of Madison Square Garden Entertainment Corp. (MSGE), the activities that actually bring in the cash flow from their physical assets and content production for fiscal year 2025 (FY2025).

The first major activity is the day-to-day grind of keeping their physical assets running. This involves operating and maintaining five iconic venues in New York and Chicago. These aren't just any buildings; they are premier entertainment destinations.

Here's a quick breakdown of those key physical assets:

• Operating and maintaining five iconic venues in New York and Chicago.

The venues include:

Venue Name	Location	Capacity Range (Approximate)
Madison Square Garden (The Garden)	New York	Up to 21,000
The Theater at Madison Square Garden	New York	Up to 2,800
Radio City Music Hall	New York	Varies
Beacon Theatre	New York	Varies
The Chicago Theatre	Chicago	Varies

Next up is producing proprietary content. This is where Madison Square Garden Entertainment Corp. (MSGE) controls the entire production, which is a different margin profile than just renting out the space. Their flagship here is the Christmas Spectacular.

For FY2025, this proprietary content activity was quite strong:

• Producing proprietary content, notably the Christmas Spectacular.

The numbers for that show alone in FY2025 were:

Proprietary Content Metric	FY2025 Amount
Christmas Spectacular Shows	200
Christmas Spectacular Tickets Sold	Approximately 1.1 million

Then you have the core venue utilization, which is booking and hosting third-party events. This is the bread-and-butter volume driver for the arenas and theaters.

In FY2025, Madison Square Garden Entertainment Corp. (MSGE) was busy:

• Booking and hosting over 975 third-party live events in FY2025.
• Hosting nearly 6 million guests across all offerings in FY2025.

The company also focuses heavily on monetizing the premium experience around these events. This means selling the high-margin extras that go beyond a standard ticket.

• Selling premium hospitality, suites, and corporate sponsorships.

We see this reflected in the financials; for instance, in the fiscal 2025 third quarter, revenues from venue-related sponsorship, signage, and suite license fees were a positive driver. Still, Q4 FY2025 showed lower food, beverage, and merchandise revenues, partly due to fewer games at Madison Square Garden for the Knicks and Rangers.

Finally, a critical, non-event-specific activity is managing the complex, long-term contractual relationships that underpin venue operations, specifically with MSG Sports.

• Managing long-term Arena License Agreements with MSG Sports.

These agreements dictate how economics are shared, and you can see their impact on the top line; for example, in the fiscal 2025 fourth quarter, revenues subject to sharing with MSG Sports pursuant to these agreements decreased compared to the prior year quarter. Finance: draft 13-week cash view by Friday.

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Key Resources

You're analyzing the core assets that make Madison Square Garden Entertainment Corp. (MSGE) a powerhouse in live entertainment. These aren't just buildings; they are irreplaceable platforms for generating premium revenue, and the numbers from fiscal year 2025 clearly show their value.

The foundation of your analysis must rest on these tangible and intangible assets:

• Iconic, irreplaceable venues: Madison Square Garden, Radio City Music Hall, Hulu Theater at Madison Square Garden, the Beacon Theatre, and The Chicago Theatre.
• Proprietary intellectual property: The enduring, record-setting Christmas Spectacular Starring the Radio City Rockettes production.
• Long-term Arena License Agreements with MSG Sports: Securing the home dates for marquee tenants like the New York Knicks and New York Rangers at The Garden.
• Cash flow generation: The company posted a strong $222.5 million in Adjusted Operating Income (AOI) for fiscal year 2025.
• Highly-skilled production and venue management teams: The operational expertise required to execute over 975 events annually.

Let's look at the scale of the physical assets and the recent performance that proves their irreplaceable nature. The volume of traffic these venues command is the engine of the business.

Key Venue/Event Metric	Data Point	Fiscal Year Reference
Total Live Events Hosted	Over 975	FY2025
Total Guests Welcomed	Nearly 6 million	FY2025
Christmas Spectacular Tickets Sold	Approximately 1.1 million	FY2025
Christmas Spectacular Shows	200	FY2025
Christmas Spectacular Revenue	Over $170 million	FY2025

The long-term agreements with MSG Sports are a critical, stable resource. They lock in anchor tenancy, which supports ancillary revenue streams like food, beverage, and merchandise, and provides a baseline for venue utilization. For instance, in the fiscal 2025 second quarter, revenues subject to sharing with MSG Sports grew by 16% year-over-year, driven by higher suite license fees and more home games for the Knicks and Rangers.

To be fair, the profitability metric you noted, the FY2025 AOI of $222.5 million, is the clearest indicator of how effectively these resources are being monetized. This figure represents a 5% increase compared to the prior year, showing that even with a slight dip in total revenue to $942.7 million, the core operational profitability is improving, which is defintely a sign of strong cost control or favorable event mix within the managed assets.

Finance: draft a sensitivity analysis on the impact of a 10% drop in Christmas Spectacular ticket volume on FY2026 AOI by Friday.

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Value Propositions

Access to world-class, unforgettable live entertainment experiences is a core value proposition for Madison Square Garden Entertainment Corp. (MSGE). During fiscal year 2025, the company's portfolio of venues hosted over 975 live events, welcoming nearly 6 million guests across concerts, special events, family shows, and marquee sports. The Sphere in Las Vegas, a key asset, features a 160,000-square-foot screen with 171 million pixels and 167,000 speakers, offering an unmatched visual and audio experience. For the fiscal second quarter of 2025, the Sphere segment alone hosted 215 performances of its shows, including 'Postcard from Earth,' for which over 4 million tickets have been sold since its October 2023 opening. The Las Vegas Sphere has a 17,500-seat capacity. This venue portfolio provides promoters and artists with access to premier, high-demand locations.

Premium, exclusive hospitality and corporate branding opportunities are significant value drivers. For fiscal 2025, revenue from sponsorship, signage, and suites accounted for 27% of Madison Square Garden Entertainment Corp.'s total revenue. The company also generated 8% of its total fiscal 2025 revenue from arena license agreements. New marketing partnerships were announced in fiscal 2025 with companies like Lenovo, Motorola, and Verizon, showing strong corporate interest. The company also repurchased approximately $40 million of its Class A common stock during fiscal 2025, signaling confidence in its asset value.

The enduring New York cultural tradition with the Christmas Spectacular Starring the Radio City Rockettes provides a reliable, high-volume offering. The production achieved paid attendance of 1.1 million in fiscal 2025, returning to pre-pandemic levels. For the 2025 holiday season, the company planned to expand to 211 shows, with advanced ticket sales up 60% in gross revenue compared to the prior period. For the fiscal second quarter of 2025 (which includes the holiday run), approximately 1.1 million tickets were sold across 200 shows, an increase from over 1 million tickets sold across 193 shows the prior season. This production delivered another year of record-setting revenues.

The centralized, high-traffic venue portfolio is a key draw for promoters and artists. Madison Square Garden Entertainment Corp. operates five iconic venues across New York and Chicago. The total number of events hosted across the portfolio in fiscal 2025 was over 975. The company's presence in the New York City metro area gives it access to a large population base. The Sphere in Las Vegas is experiencing high demand, with the CEO stating the venue has more demand from artists than availability of slots, and it is slated to host 100 concerts in 2025, up from 70 in 2024.

High-quality food, beverage, and merchandise at events contributes to the overall experience and financial performance. This category represented 16% of Madison Square Garden Entertainment Corp.'s total revenue in fiscal 2025. For the fiscal second quarter of 2025, food, beverage and merchandise revenues were $59.3 million, an increase of 1% year-over-year, driven by the Christmas Spectacular and more Knicks/Rangers games.

Here's a quick look at the revenue composition for the full fiscal year 2025 for Madison Square Garden Entertainment Corp.:

Revenue Source	Percentage of Total FY2025 Revenue	FY2025 Total Revenue (Millions USD)
Ticketing and Venue License Fees	48%	$452.496
Sponsorship, Signage, and Suites	27%	$254.259
Food, Beverage, and Merchandise	16%	$150.832
Arena License Agreements	8%	$75.416
Other Sources	1%	$9.427

The total reported revenue for fiscal 2025 was $942.7 million, with an adjusted operating income (AOI) of $222.5 million. What this estimate hides is the segment performance difference; for instance, the Sphere segment reported an adjusted operating income of $24.9 million in its second quarter of fiscal 2025, while the overall company's operating income for the full year was $122.1 million.

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Customer Relationships

You're looking at how Madison Square Garden Entertainment Corp. (MSGE) manages its connections with the millions of guests and corporate partners that fuel its venues. It's a mix of high-touch, long-term deals and high-volume, one-off transactions. The relationship strategy is clearly tiered based on the value of the customer, which makes sense given the scale of their operations.

For fiscal year 2025, Madison Square Garden Entertainment Corp. (MSGE) hosted nearly 6 million guests across more than 975 live events, showing the sheer volume of transactional relationships they manage. The foundation of the revenue mix shows where the focus lies:

Revenue Segment	FY2025 Percentage of Total Revenue	FY2025 Revenue Amount (Approx.)
Ticketing and Venue License Fees	48%	$452.496 million
Sponsorship, Signage, and Suites	27%	$254.519 million
Food, Beverage, and Merchandise	16%	$150.832 million
Arena License Agreements	8%	$75.416 million
Other Sources	1%	$9.427 million

The total reported revenue for fiscal year 2025 was $942.7 million. Here's how the relationship structure breaks down based on the outline you provided.

Dedicated sales teams for premium seating and corporate suites are essential for capturing the 27% of revenue derived from sponsorship, signage, and suites. This high-value segment is clearly relationship-driven. We saw direct evidence of this momentum in the third quarter of fiscal 2025, where suite revenues increased by $3.4 million year-over-year, and overall sponsorship and signage revenues grew by $8.9 million compared to the prior year period. This suggests dedicated teams are successfully driving incremental revenue through personalized account management and upselling suite products.

For the general audience, the relationship is largely standardized and transactional for general ticket sales, which aligns with the 48% of revenue coming from ticketing and venue license fees. This is the volume business, where efficiency in the point-of-sale experience is key. However, even this segment benefits from targeted digital efforts.

Direct-to-consumer digital engagement for event promotion is critical for filling those transactional seats and driving the success of tentpole events. The Christmas Spectacular Starring The Radio City Rockettes is a prime example; this production achieved a record-setting season in FY2025, selling approximately 1.1 million tickets across 200 performances and generating over $170 million in revenue. This level of sell-through for a single production points to effective digital promotion directly to consumers, likely through proprietary channels like the MSGE app or website.

The commitment to long-term, multi-year contracts with major corporate sponsors solidifies relationships beyond single-event transactions. During the first quarter of fiscal 2025, Madison Square Garden Entertainment Corp. (MSGE) announced new multi-year sponsorship deals with Lenovo and its subsidiary Motorola Mobility and the Department of Culture and Tourism - Abu Dhabi, alongside a multi-year extension of its sponsorship deal with Verizon. These agreements lock in significant revenue streams and partnership value for the future.

Finally, the concept of loyalty programs for repeat patrons and season ticket holders is evident in the sports side of the business, which shares the venue. The company noted strong demand during the March renewal initiative for the New York Knicks and New York Rangers season tickets for the 2025-26 season. This indicates a successful cultivation of long-term commitment from the most dedicated sports fans, ensuring a baseline for high-value, recurring revenue streams.

• The Christmas Spectacular production alone accounted for approximately $172 million in revenue in FY2025.
• The company repurchased approximately $40 million of its Class A common stock during fiscal 2025, demonstrating a commitment to shareholder value which is a key relationship for investors.
• In Q3 FY2025, AOI (Adjusted Operating Income) grew by 50% year-over-year to $57.9 million, reflecting successful monetization of customer demand across premium and general segments.

Finance: draft the Q1 FY2026 customer retention projection by Friday.

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Channels

You're looking at how Madison Square Garden Entertainment Corp. (MSGE) gets its offerings-from the Christmas Spectacular to major concerts-into the hands of nearly 6 million guests across more than 975 events in fiscal 2025. The channels are deeply tied to where the money comes from, which we can map directly to the revenue segments.

The total revenue for Madison Square Garden Entertainment Corp. in fiscal 2025 was $942.7 million. This top line is the result of several distinct distribution and sales paths.

Owned venue box offices and direct website sales

Direct sales channels are critical, especially for proprietary, high-demand shows. The Christmas Spectacular production in fiscal 2025 sold approximately 1.1 million tickets across 200 shows, delivering record-setting revenues for that offering alone. For the first quarter of fiscal 2025, the Christmas Spectacular performances increased to 199 shows from 193 the prior year, with ticket sales up 15% year-over-year, showing strong direct consumer pull. Also, The Wizard of Oz at Sphere had sold more than 1.5 million total tickets as of December 1, 2025, with tickets available through thesphere.com.

• Christmas Spectacular tickets sold (FY2025): Approximately 1.1 million.
• Christmas Spectacular shows (FY2025): 200.
• The Wizard of Oz at Sphere tickets sold (as of Dec 1, 2025): Over 1.5 million.

Third-party ticketing platforms (e.g., Ticketmaster)

While direct sales are strong for owned IP, a significant portion of event access flows through external platforms. The combined category of ticketing and venue license fees accounted for 48% of Madison Square Garden Entertainment Corp.'s total fiscal 2025 revenue. This large segment captures sales from all ticketing avenues, including those facilitated by third parties for concerts and other events not directly managed through the primary direct-to-consumer portals.

Corporate sales teams for premium seating and suites

The corporate channel focuses on high-value, long-term contracts. The segment covering sponsorship, signage, and suites represented 27% of the total fiscal 2025 revenue. Furthermore, the cash component of Arena License Fees, which relates to long-term venue access, was $44 million for the fiscal year, with a scheduled 3% annual growth through fiscal 2055. The company noted strong sales and renewal activity for premium hospitality offerings, including suites, during Q1 2025.

In-venue food, beverage, and merchandise concession stands

This channel captures on-site spending across all events. Food, beverage, and merchandise contributed 16% to the total fiscal 2025 revenue base. For the fourth quarter of fiscal 2025, food, beverage, and merchandise revenues specifically totaled $26.4 million, which was a decrease of $8.3 million, or 24%, compared to the prior year quarter, partly due to fewer Knicks and Rangers games at The Garden.

Direct marketing via email and social media to event attendees

Direct marketing efforts support the primary sales channels by driving traffic to both direct and third-party sites. While specific subscriber counts aren't public, the success of the Christmas Spectacular, which added shows due to high demand, points to effective outreach. The company also announced new marketing partnerships in Q1 2025 with entities like Lenovo, Motorola, and Verizon, which bolster promotional reach.

Here is the breakdown of Madison Square Garden Entertainment Corp.'s fiscal 2025 revenue, which illustrates the financial weight of these distribution channels:

Revenue Component	Percentage of Total Revenue (FY2025)	Approximate Dollar Amount (FY2025)
Ticketing and Venue License Fees	48%	$452.496 million
Sponsorship, Signage, and Suites	27%	$254.529 million
Food, Beverage, and Merchandise	16%	$150.832 million
Arena License Agreements	8%	$75.416 million
Other Sources	1%	$9.427 million

The total revenue was $942.7 million.

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Customer Segments

You're looking at the core audience Madison Square Garden Entertainment Corp. (MSGE) serves across its portfolio of iconic venues. Honestly, it's a diverse group, which is part of what makes the business model resilient, even if some parts, like the concert market, can be tricky.

The sheer volume of people moving through the venues is the first thing that stands out. For the full fiscal year 2025, Madison Square Garden Entertainment Corp. hosted nearly 6 million guests across more than 975 events at its venues. This massive foot traffic is segmented across several key groups.

The most visible segment is the general public attending live entertainment. This includes the mass market consumers for concerts and family shows, who make up a huge chunk of that 6 million guest count. Then you have the dedicated audience for the holiday staple.

• Tourists and families attending the Christmas Spectacular Starring the Radio City Rockettes, which sold approximately 1.1 million tickets across 200 shows in fiscal 2025.

Sports fans are another critical base, as the venues host the New York Knicks and New York Rangers regular seasons and playoff runs, all counted within the total guest attendance figures.

The high-value segments drive significant revenue per guest. Corporate clients are crucial here, purchasing luxury suites and high-value sponsorships. To give you a sense of the financial weight of these relationships, sponsorship, signage, and suites accounted for 27% of Madison Square Garden Entertainment Corp.'s total revenue in fiscal 2025. We see this in action with recent major agreements:

• A renewed and expanded partnership with PepsiCo, naming them an Official Partner across the MSG Family of Companies.
• A new, multi-year partnership with Cisco, making them an Official Partner of Madison Square Garden.
• New marketing partnerships announced with companies like Lenovo, Motorola, and Verizon.
• Pellera Technologies becoming an Official Partner of the New York Rangers, presenting the Rangers Centennial Exhibit.

Finally, the business relies on the entertainment industry itself as a customer base through venue rentals. Event promoters and touring artists rent the venue space at Madison Square Garden and the other theaters. We saw a clear trend in fiscal 2025 where there was a shift in the mix of events at The Garden from promoted events to rentals, which impacted per-concert revenues.

Here's a quick look at how these segments map to the overall revenue structure for fiscal 2025:

Customer Segment Type	Associated Metric / Data Point	FY2025 Revenue Contribution
Mass Market/Ticket Buyers (Concerts, Family Shows, Sports)	Nearly 6 million guests hosted across 975+ events	Ticketing and venue license fees accounted for 48% of total revenue
Christmas Spectacular Attendees	Approximately 1.1 million tickets sold	Included in the 48% ticketing revenue share
Corporate Clients (Suites, Sponsorships)	Partnerships with PepsiCo, Cisco, Lenovo, Motorola, Verizon	Sponsorship, signage, and suites accounted for 27% of total revenue
Sports Fans (Knicks/Rangers)	Regular seasons and Knicks playoff run included in total guest count	Included in the 48% ticketing revenue share
Event Promoters/Touring Artists (Rentals)	Shift noted from promoted events to rentals at The Garden	Arena license agreements accounted for 8% of total revenue

The reliance on ticket sales and venue license fees being the largest revenue driver at 48% shows you that the volume of people attending any event, whether it's a major tour or a Knicks game, is the primary engine for Madison Square Garden Entertainment Corp.. Finance: draft 13-week cash view by Friday.

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Cost Structure

You're looking at the major drains on Madison Square Garden Entertainment Corp.'s (MSGE) bottom line for the fiscal year ending June 30, 2025. Understanding these costs is key to seeing where the company is spending the money it brings in from those sold-out shows and venue licenses.

The cost structure is heavily weighted toward the physical operation of those landmark venues and the talent required to fill the seats. Here's a breakdown of the key expense categories for FY2025.

Direct Operating Expenses for Event Production and Venue Staffing

These are the day-to-day costs of running the shows and keeping the buildings operational. We see these costs fluctuate based on the event mix-for example, a shift from promoted events to rentals can lower per-concert expenses, as seen in Q1 FY2025. For the fourth quarter of FY2025, direct operating expenses related to entertainment offerings, arena license fees, and other leasing totaled $85.5 million, which was a 14% decrease from the prior year quarter. Still, costs associated with the Christmas Spectacular production increased in some quarters due to higher expenses related to presenting that show.

The food, beverage, and merchandise side also contributes significantly to direct operating costs. For instance, in the third quarter of FY2025, these specific direct operating expenses hit $30.9 million, up 6% year-over-year, driven by higher costs at other live entertainment and sporting events.

Here are some quarterly snapshots of the main direct operating expense category:

Fiscal 2025 Quarter End Date	Direct Operating Expenses (Entertainment, Leasing, etc.)	Year-over-Year Change
September 30, 2024 (Q1)	$86.5 million	Decreased 5%
December 31, 2024 (Q2)	$164.3 million	Decreased 4%
March 31, 2025 (Q3)	$108.0 million	Decreased 4%
June 30, 2025 (Q4)	$85.5 million	Decreased 14%

Depreciation and Amortization Expense

The non-cash hit from wearing out assets is a steady line item. For the full Fiscal Year 2025, Madison Square Garden Entertainment Corp. recorded a depreciation and amortization expense of $57.8 million. This figure increased by $3.892 million compared to Fiscal Year 2024.

Selling, General, and Administrative (SG&A) Costs

SG&A is where you see the corporate overhead, and in FY2025, it included some notable one-time items. Full-year SG&A expenses for Fiscal Year 2025 were $214.974 million, which was an increase of $8.011 million over the prior year. This rise was mainly due to two things:

• An increase in employee compensation and benefits.
• Executive management transition costs, which totaled $4.562 million recognized in Fiscal Year 2025.

It's worth noting that these costs can vary quarterly; for example, Q2 FY2025 SG&A was $57.2 million, an 18% jump year-over-year, while Q3 FY2025 SG&A was slightly lower at $52.1 million.

Maintenance and Capital Expenditures for Aging, Landmark Venues

Keeping venues like The Garden and Radio City Music Hall in top shape requires ongoing investment, plus planned upgrades. While the company expects ongoing net interest payments related to debt, capital expenditures are focused on improvements. For the fourth quarter of FY2025, capital expenditures were reported at $1.6 million. Management has signaled continued focus on capital expenditures for things like suite renovations and technology enhancements going forward.

Talent Fees and Production Costs for Proprietary Shows

The Christmas Spectacular is a massive revenue generator, bringing in $172 million in revenue for FY2025 across 200 shows. That revenue success comes with substantial associated costs, which fall under direct operating expenses. Talent fees, costume maintenance, set construction, and the sheer cost of staging 200 performances of a show that sold approximately 1.1 million tickets are major drivers of the direct operating expense line. The production's success is a double-edged sword; it drives revenue, but the associated production costs are a significant, fixed-like expense base for the holiday season.

The key components of the cost structure are:

• Fixed and variable costs tied to running over 975 events in FY2025.
• Significant, recurring talent and production expenses for the Christmas Spectacular.
• Corporate overhead, including executive compensation and transition charges.
• Non-cash charges for asset usage, totaling $57.8 million for the year.

Finance: draft 13-week cash view by Friday.

Madison Square Garden Entertainment Corp. (MSGE) - Canvas Business Model: Revenue Streams

You're looking at the core money-makers for Madison Square Garden Entertainment Corp. (MSGE) as of late 2025, based on the full-year results ending June 30, 2025. The business relies heavily on getting people through the doors and selling them experiences.

The total Fiscal Year 2025 revenue for Madison Square Garden Entertainment Corp. was a solid foundation at \$942.7 million. This revenue is carved up across several key areas, showing where the real cash flow comes from.

Here is the quick math on the revenue segmentation for FY2025:

Revenue Stream	Percentage of FY2025 Revenue	Calculated FY2025 Amount (Millions USD)
Ticketing and venue license fees	48%	$452.50
Sponsorship, signage, and suites	27%	$254.53
Food, beverage, and merchandise sales	16%	$150.83
Arena license agreements with MSG Sports	8%	$75.42

The largest single bucket is Ticketing and venue license fees, which accounted for 48% of the total revenue, translating to approximately $452.50 million. This stream is the lifeblood of an arena operator.

Next up, Sponsorship, signage, and suites brought in 27% of the revenue, or about $254.53 million. This shows the value of long-term corporate partnerships and premium seating inventory.

The direct-to-consumer sales are significant too. Food, beverage, and merchandise sales represented 16% of revenue. For context, the actual reported Food, beverage and merchandise revenues for the full year were $150.5 million, a decrease of 7% from the prior year.

The final major component listed is Arena license agreements with MSG Sports, which contributed 8% of the total. The reported figure for Arena license fees and other leasing revenue was $79.9 million, up 9% year-over-year. This stream is tied to the use of the venues by the New York Knicks and New York Rangers.

You should also note the performance of specific, high-margin assets within these streams:

• The Christmas Spectacular production delivered another year of record-setting revenues in FY2025.
• Approximately 1.1 million tickets were sold across 200 shows of the Christmas Spectacular production.
• The company hosted nearly 6 million guests across more than 975 total events during fiscal 2025.
• Revenues from entertainment offerings, which would heavily include ticketing, were $712.3 million, down 2% in FY2025.

The structure suggests a strong reliance on event volume and premium inventory sales, so if you're tracking near-term risk, watch the event booking pace for the next two quarters. Finance: draft 13-week cash view by Friday.