Madison Square Garden Sports (NYSE:MSGS) exceeded revenue expectations for its fiscal second quarter on Thursday, as fans flocked to "The World’s Most Famous Arena" for a packed schedule of New York Knicks and New York Rangers home games.
The New York-based sports giant reported revenue of $403.4 million for the quarter ended December 31, 2025, a 12.8% increase that surpassed the $393.1 million analyst consensus.
Net income for the period was $8.2 million, or $0.34 per share.
While the earnings figure missed the Zacks consensus estimate of $0.66 per share, the company showed significant operational momentum; adjusted operating income surged 47% to $29.7 million, driven by higher media rights fees and a double-digit jump in "per-cap" spending on food, beverage, and merchandise.
The second quarter is seasonally the busiest for MSG Sports, coinciding with the heart of the NBA and NHL regular seasons.
This year, the company benefited from a combined four additional home games at the Garden compared to the prior year.
Revenue was also bolstered by the start of the NBA’s new national media rights agreement, which provided a significant uplift in national broadcast distributions.