Madison Square Garden Sports Corp. owns and operates a portfolio of professional sports franchises, including the New York Knicks of the National Basketball Association and the New York Rangers of the National Hockey League, as well as two development league teams: the Westchester Knicks of the NBA G League and the Hartford Wolf Pack of the American Hockey League. The Company also operates the Madison Square Garden Training Center in Greenburgh, NY, an approximately 114,000 square-foot facility featuring two basketball courts and one NHL regulation-sized hockey rink. The Company's business is concentrated in the New York City metropolitan area, the nation's largest media market, and its sports teams play their home games at Madison Square Garden Arena pursuant to Arena License Agreements with MSG Entertainment that have a term of 35 years and expire in June 2055. The industry is highly competitive, with the Company facing strong competition for the New York area sports fan base from numerous other professional sports teams in the region, including two Major League Baseball teams, two National Football League teams, two additional NHL teams, a second NBA team, two Major League Soccer franchises, a Women's National Basketball Association team, a National Women's Soccer League team, and a Professional Women's Hockey League team, as well as collegiate sporting events and other non-sports related entertainment options.

The Company's primary competitors named in the filing include the New York Yankees, New York Mets, New York Giants, New York Jets, New York Islanders, New Jersey Devils, Brooklyn Nets, New York Red Bulls, New York City Football Club, New York Liberty, NJ/NY Gotham FC, and New York Sirens. The Company's stated competitive advantages include its iconic sports franchises with renowned global brands, its enduring presence in the nation's largest media market, deep connections with large and passionate fan bases, multi-year sponsorship and suite agreements through a strategic partnership with MSG Entertainment, national media rights agreements through the NBA and NHL, local telecast rights agreements with MSG Networks, long-term arena license agreements with MSG Entertainment, and a world-class organization with expertise in team operations, event presentation, ticketing, and premium hospitality. The Company's strategy includes developing championship-caliber teams, employing a ticketing policy that gives the Company a direct relationship with its fan bases, maximizing the value of its exclusive live sports content, utilizing its unique assets and an integrated approach to drive sponsorship and suite sales, and continuing to invest in the fan experience.

The Company generates revenue through a mix of recurring and transactional income streams. Recurring revenue includes a pro-rata share of fees related to the NBA's and NHL's national and international media rights agreements, fees from local telecast rights agreements with MSG Networks, multi-year sponsorship and suite agreements, and multi-year suite and club license agreements primarily with corporate customers. Transactional revenue includes ticket sales through membership plans (full season and partial plans), group sales, and single-game tickets, as well as food, beverage, and merchandise sales. The Company's primary customer segments include fans attending games, corporate customers for suites and sponsorships, and media partners. The Company benefits from an integrated approach to marketing partnerships through agreements with MSG Entertainment and Sphere Entertainment, which combine professional sports brands with live entertainment assets and media assets to create broad-based marketing platforms.

The Company's professional sports franchises include the New York Knicks, an original franchise of the NBA that has made nine trips to the NBA Finals and won three NBA Championships, including the 2026 NBA Championship, and the New York Rangers, one of the NHL's 'Original Six' franchises that celebrated its centennial during the 2025-26 season and has won four Stanley Cup Championships. The Company also operates the Westchester Knicks, the exclusive NBA G League affiliate of the Knicks, and the Hartford Wolf Pack, a minor-league hockey team in the AHL that serves as the top affiliate team for the Rangers. The Company's arena license agreements with MSG Entertainment provide revenue opportunities through the sharing of certain suites and clubs, sponsorship and signage, food and beverage, merchandise and sales arrangements. The Garden offers a variety of suite and club products, including 23 Event Level spaces consisting of 22 suites and an event level club, 58 Lexus Level suites, 18 Infosys Level suites, the Madison Club and the HUB Loft, which are primarily licensed to corporate customers under multi-year agreements, most of which have annual escalators.

On February 18, 2026, the Company's board of directors authorized management to explore a potential spin-off that would separate the New York Rangers business from the New York Knicks business, creating two distinct publicly traded companies. On April 28, 2026, the Company incorporated MSGS Spinco, Inc., a Nevada corporation and direct, wholly owned subsidiary of the Company, to hold the Rangers business. If the Company proceeds with the spin-off transaction, it is expected that each record holder of Company Class A common stock would receive one share of Spinco Class A common stock for every two shares of Company Class A common stock held, and each record holder of Company Class B common stock would receive one share of Spinco Class B common stock for every two shares of Company Class B Common Stock held, representing a pro-rata distribution of 100% of the common stock of Spinco. The Company completed its conversion from a corporation organized under the laws of the State of Delaware to a corporation organized under the laws of the State of Nevada on June 10, 2025.

The Company's financial performance is influenced by the popularity and on-court or on-ice performance of its sports teams, with strong performance driving increased demand for tickets, premium hospitality, food, beverage and merchandise sales, and sponsorship opportunities. When teams qualify for the playoffs, the Company benefits from incremental home playoff games. The year-to-year impact of team performance is somewhat moderated by the fact that a significant portion of revenue derives from media rights fees, suite rental fees and sponsorship and signage revenue, which are generally contracted on a multi-year basis. Revenues from the business are typically concentrated in the second and third quarters of each fiscal year due to the NBA and NHL playing seasons.

The Company's strategy to grow its business includes developing championship-caliber teams through the ownership and operation of NBA and NHL development teams — the Westchester Knicks and the Hartford Wolf Pack — as well as the operation of its professional sports teams performance center. The Company employs a ticketing policy that gives it a direct relationship with its fan bases, with tickets sold through membership plans, group sales, and single-game tickets, and dynamically prices single-game tickets throughout the season to align with fan demand. The Company seeks to maximize the value of its exclusive live sports content through national media rights agreements: the NBA's agreements with The Walt Disney Company, NBCUniversal and Amazon took effect starting with the 2025-26 season and will expire following the 2035-36 season; the NHL's U.S. national media rights agreements with The Walt Disney Company and WarnerMedia, LLC will expire following the 2027-28 season; and in April 2025, the NHL and Rogers Communications entered into a new 12-year media rights agreement, which will take effect beginning with the 2026-27 season and will expire following the 2037-2038 season. The Knicks' and Rangers' local telecast rights agreements with MSG Networks expire at the end of the 2028-29 seasons, providing MSG Networks with exclusive local linear and digital rights to home and away games. The Company also utilizes its Arena License Agreements with MSG Entertainment to offer corporate hospitality solutions that bring together live sporting events with MSG Entertainment's live entertainment offerings and provide for the sharing of revenues from such offerings.

The filing does not contain specific margin or cost outlook figures or efficiency targets.

The filing does not contain specific operational outlook details regarding supply chain, manufacturing capacity, technology infrastructure investments, or headcount strategy beyond the existing workforce description.

The filing does not contain specific figures for R&D spending levels, capital expenditure plans, share repurchase authorization amounts, or dividend policy.

The Company faces structural headwinds including the potential for labor difficulties in the NBA and NHL, as both leagues have experienced work stoppages in the past. The current NBA CBA expires after the 2029-30 season, but each of the NBA and the NBPA has the right to terminate the CBA effective following the 2028-29 season. The current NHL CBA expires after the 2029-30 season. The Company also faces risks related to the financial condition of MSG Networks, which could affect local media rights revenue, and the potential for a change to or withdrawal of a New York City real estate tax exemption that could adversely affect business and results of operations. The Company's pursuit of the potential Rangers Distribution could create costs and uncertainty, and there can be no assurance that the Rangers Distribution will be completed in the manner described, or at all.

Management's message emphasizes the Company's strategy to leverage the strength and popularity of its professional sports franchises and its unique position in the nation's largest media market to grow the business and increase the long-term value of its sports assets. Key strategic priorities emphasized include developing championship-caliber teams, employing a ticketing policy that gives the Company a direct relationship with its fan bases, maximizing the value of exclusive live sports content through national and local media rights agreements, utilizing an integrated approach with MSG Entertainment and Sphere Entertainment to drive sponsorship and suite sales, and continuing to invest in the fan experience. The filing notes that the Knicks won the 2026 NBA Championship, and the Rangers celebrated their centennial during the 2025-26 season. Management also highlights the potential spin-off transaction to separate the Rangers business from the Knicks business, creating two distinct publicly traded companies, though there can be no assurance that the Rangers Distribution will be completed.

For fiscal year 2026, the Company reported total revenues of $1,073,428,000 ¹, compared to $1,009,419,000 ² in fiscal year 2025 and $1,003,793,000 ³ in fiscal year 2024. Net income was $103,247,000 ⁴ for fiscal year 2026, compared to $63,625,000 ⁵ in fiscal year 2025 and $65,476,000 ⁶ in fiscal year 2024. Diluted earnings per share was $4.27 ⁷ for fiscal year 2026, compared to $2.62 ⁸ in fiscal year 2025 and $2.69 ⁹ in fiscal year 2024. Operating income was $131,106,000 ¹⁰ for fiscal year 2026, compared to $93,416,000 ¹¹ in fiscal year 2025 and $93,854,000 ¹² in fiscal year 2024. The Company reported total assets of $1,475,619,000 ¹³ as of June 30, 2026, compared to $1,421,619,000 ¹⁴ as of June 30, 2025. Cash and cash equivalents were $316,654,000 ¹⁵ as of June 30, 2026, compared to $299,942,000 ¹⁶ as of June 30, 2025. Total debt was $0 ¹⁷ as of June 30, 2026, compared to $0 ¹⁸ as of June 30, 2025. The Company's revenues are primarily derived from a single operating segment, with no separate segment disclosures for the Knicks and Rangers individually in the financial highlights.

The Company faces material risks from its dependence on the continued popularity and competitive success of the Knicks and Rangers, as the Knicks won the 2026 NBA Championship and the Rangers celebrated their centennial during the 2025-26 season, but future performance cannot be assured. The Company's local media rights revenue is dependent on the financial condition of MSG Networks, and the Knicks' and Rangers' local telecast rights agreements with MSG Networks expire at the end of the 2028-29 seasons. The Company does not own The Garden and relies on Arena License Agreements with MSG Entertainment that expire in June 2055, and any failure to renew these agreements or MSG Entertainment's failure to operate The Garden in compliance with regulations could materially affect the business. Labor matters pose a risk, as the current NBA CBA expires after the 2029-30 season with a right to terminate effective following the 2028-29 season, and the current NHL CBA expires after the 2029-30 season, and both leagues have experienced work stoppages in the past. The potential Rangers Distribution, if consummated, could result in significant tax liability, and the Company may have a significant indemnity obligation to Spinco if the distribution is treated as a taxable transaction.