Madison Square Garden Entertainment Corp. (NYSE:MSGE) posted fiscal second-quarter revenue above market expectations on Tuesday, fueled by record attendance at its Christmas Spectacular production, although earnings narrowly missed forecasts.
Shares of the live entertainment group rose 1.55% in pre-market trading following the results.
For the quarter ended December 31, 2025, MSG Entertainment reported revenue of $459.9 million, comfortably ahead of the $404.9 million consensus estimate and up 13% from the same period a year earlier. Adjusted earnings per share totaled $1.94, slightly below analysts’ expectations of $2.04.
The Christmas Spectacular starring the Radio City Rockettes delivered its strongest attendance in 25 years, selling more than 1.2 million tickets across 215 paid performances, compared with roughly 1.1 million tickets from 200 shows in the prior season.
“We have seen strong momentum across our business in fiscal ’26, including for the Christmas Spectacular production and bookings,” said Executive Chairman and CEO James L. Dolan. “Looking ahead, we remain on track to drive robust growth in both revenue and adjusted operating income this fiscal year.”
Entertainment-related revenue increased 13% year over year to $360.5 million, with the Christmas Spectacular accounting for an $18.6 million uplift driven mainly by a higher number of performances and improved revenue per show. Food, beverage and merchandise sales also advanced, rising 8% to $64.3 million.
Operating income grew 18% to $163.8 million, while adjusted operating income climbed 16% to $190.4 million compared with the prior-year quarter.
Results were further supported by a busier calendar at Madison Square Garden Arena, including the start of the New York Knicks and New York Rangers 2025–26 regular seasons, which helped drive higher event-related activity during the quarter.