What does operating margin mean?

Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.

Madison Square Garden Entertainment MSGE Operating margin

Operating margin at other companies

Live Nation EntertainmentLYV

4.6%—

Madison Square Garden SportsMSGS

8.4%—

Sphere EntertainmentSPHR

-28.1%-4.3pp

TKO Group HoldingsTKO

18.5%+9.5pp

Versant Media Group, Inc. VSNT

26.8%-0.5pp

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$3.47B+77.8%

Enterprise value$4.34B+36.1%

P/E41.3×—

P/S3.4×+1.4×

Profitability

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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

Calculated from Madison Square Garden Entertainment’s reported figures.

operating income/total revenue=15.2%

Based on trailing twelve months.

The official record: Madison Square Garden Entertainment’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Madison Square Garden Entertainment's operating margin?: Madison Square Garden Entertainment (MSGE) reported operating margin of 15.2% in Q1 2025.
What does operating margin mean?: Operating income as a percentage of revenue (trailing twelve months). Captures profitability from core operations after both cost of revenue and operating expenses, but before interest and taxes.