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Madison Square Garden Entertainment MSGE Food, beverage, and merchandise revenues — Direct operating expenses

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Other financials

Income statement

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Revenue$246.3M+1.6%
Operating income$16.1M-41.1%
Net income$5.1M-36.4%
EPS (diluted)$0.11-35.3%

Balance sheet

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Cash & equivalents$323.7M+262%
Total debt$1.2B-1.4%
Total equity$48.0M+404%
Total assets$2.0B+12.5%

Cash flow

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Operating cash flow$183.9M+224%
CapEx$10.0M+236%
Free cash flow$173.9M+223%

Valuation

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Market cap$3.63B+100%
Enterprise value$4.49B+51.3%
P/E43.1×
P/S3.6×+1.6×

Profitability

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Operating margin15.2%
Net margin13.5%
FCF margin17.3%

Returns & leverage

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Return on equity16.3%
Debt / equity24.7×-102×
Current ratio0.7×+0.1×

Where this comes from

Reported directly by Madison Square Garden Entertainment in its filing.

Tagged under the XBRL concept us-gaap:DirectOperatingCosts.

The source filing: Madison Square Garden Entertainment’s 10-Q, filed May 7, 2026.

Filed
May 7, 2026, 4:30 PM EDT
Fiscal quarter
Q3 FY2026
Calendar quarter
Q1 2026
Accession
0001628280-26-032215
Line itemThree Months Ended / March 31, 2026Three Months Ended / March 31, 2025Nine Months Ended / March 31, 2026Nine Months Ended / March 31, 2025
Total revenues (a)246,260242,465864,462788,596
Direct operating expenses:
Entertainment offerings, arena license fees, and other leasing direct operating expenses(118,340)(107,995)(382,960)(358,755)
Food, beverage, and merchandise direct operating expenses(28,453)(30,875)(78,859)(74,898)
Total direct operating expenses (a)(146,793)(138,870)(461,819)(433,653)
Selling, general, and administrative expenses (a)(60,955)(52,112)(185,899)(155,047)
Depreciation and amortization(13,788)(14,372)(41,846)(42,336)
Impairment of long-lived assets(9,700)(13,782)(9,700)

Item 1. Financial Statements (Unaudited)

FAQ

What is Madison Square Garden Entertainment's food, beverage, and merchandise revenues — direct operating expenses?
Madison Square Garden Entertainment (MSGE) reported food, beverage, and merchandise revenues — direct operating expenses of $28.45M in Q1 2026.
How has Madison Square Garden Entertainment's food, beverage, and merchandise revenues — direct operating expenses changed year-over-year?
Madison Square Garden Entertainment's food, beverage, and merchandise revenues — direct operating expenses decreased by 7.8% year-over-year, from $30.88M to $28.45M.
What is the long-term trend for Madison Square Garden Entertainment's food, beverage, and merchandise revenues — direct operating expenses?
Over 2 years (2022 to 2025), Madison Square Garden Entertainment's food, beverage, and merchandise revenues — direct operating expenses has grown at a 25.8% compound annual growth rate (CAGR), from $57.75M to $91.39M.
What does food, beverage, and merchandise revenues — direct operating expenses mean?
This metric captures the direct costs associated with providing food, beverage, and merchandise services, including the cost of goods sold, labor, and other variable expenses directly attributable to these sales. Monitoring these expenses relative to revenue is essential for evaluating the profitability and operational efficiency of the company's ancillary service offerings. It provides insight into the company's ability to manage supply chain costs and labor productivity within its venue operations.

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