Madison Square Garden Sports Corp (MSGS)
Pretax margin
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | -17,272 | 52,579 | 101,844 | 125,043 | 105,668 | 50,713 | 73,593 | 94,976 | 89,921 | 122,907 | 87,044 | 72,966 | 73,932 | 29,181 | -24,583 | -97,859 | -89,318 | -112,579 | -269,697 | -135,209 |
| Revenue (ttm) | US$ in thousands | 1,039,220 | 1,062,514 | 1,068,271 | 1,037,410 | 1,027,149 | 926,818 | 879,608 | 906,404 | 887,447 | 935,732 | 890,762 | 826,649 | 821,354 | 793,051 | 638,287 | 377,477 | 415,721 | 261,859 | 502,811 | 1,102,845 |
| Pretax margin | -1.66% | 4.95% | 9.53% | 12.05% | 10.29% | 5.47% | 8.37% | 10.48% | 10.13% | 13.13% | 9.77% | 8.83% | 9.00% | 3.68% | -3.85% | -25.92% | -21.49% | -42.99% | -53.64% | -12.26% |
June 30, 2025 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $-17,272K ÷ $1,039,220K
= -1.66%
The pretax margin of Madison Square Garden Sports Corp has demonstrated significant fluctuations over the analyzed period. During the fiscal year ending September 30, 2020, the company reported a negative pretax margin of -12.26%, extending to a more substantial deficit of -53.64% by the end of 2020. Throughout early 2021, the margin remained negative, with values of -42.99% in March 2021 and -21.49% in June 2021, indicating ongoing challenges in generating pre-tax profitability. The negative trend persisted into late 2021, although at a somewhat diminished severity, with margins of -25.92% in September 2021 and -3.85% at the end of December 2021.
A notable turnaround occurred starting in March 2022, when the pretax margin shifted to a positive territory at 3.68%. This improvement continued through 2022 and into early 2023, with margins reaching 9.00% in June 2022, 8.83% in September 2022, and 9.77% in December 2022. The positive trajectory persisted with an increase to 13.13% in March 2023. However, in subsequent periods, margins experienced slight declines yet remained positive, at 10.13% in June 2023 and 10.48% in September 2023.
Subsequent quarters indicated some volatility, with margins decreasing to 8.37% in December 2023, then further down to 5.47% in March 2024, before rebounding to 10.29% in June 2024 and 12.05% in September 2024. Toward the end of the observed period, the pretax margin receded again to 9.53% in December 2024, followed by a decline to 4.95% in March 2025. Ultimately, the latest available data shows a marginal negative return of -1.66% in June 2025.
Overall, the company's pretax margin transitioned from consistent losses in the initial periods—with deep negatives indicating significant challenges—to periods of profitability starting around March 2022. The subsequent fluctuations reflect ongoing variability in operating performance and profitability trends, with the recent data indicating a tentative recovery but also susceptibility to declines.
Peer comparison
Jun 30, 2025