Madison Square Garden Entertainment’s Christmas Spectacular sold more than 1.2 million tickets during its 92nd holiday season, helping the Radio City production contribute to another year of record-setting revenue as demand remained strong across the company’s broader live entertainment portfolio.
The Christmas Spectacular staged 215 paid performances during fiscal 2026. More than 1.2 million tickets were sold for the production, demonstrating the continued drawing power of the long-running holiday show and the Radio City Rockettes.
The production remains one of MSG Entertainment’s most important recurring live entertainment properties. Unlike touring productions or one-time concerts, the Christmas Spectacular returns to Radio City Music Hall each year and provides the company with a large seasonal block of performances that can generate revenue from ticket sales, premium experiences, food and beverage spending and other event-related activity.
The show was part of a much larger live entertainment calendar across MSG Entertainment’s venues. The company welcomed approximately 6.4 million guests across nearly 960 events during fiscal 2026, reflecting demand for concerts, family productions, comedy and other live events in addition to the Christmas Spectacular.
Companywide fiscal 2026 revenue reached $1.06 billion, increasing 13% from the prior year. Operating income increased 16% to $141.5 million, while adjusted operating income rose 18% to $262.2 million.
The faster increase in adjusted operating income relative to revenue indicates that MSG Entertainment benefited from improved operating leverage as activity across its venues increased. Strong attendance and event volume can help the company spread fixed venue and corporate expenses across a larger revenue base.
Cash generation strengthened even more significantly during the fiscal year. Net cash provided by operating activities reached approximately $351.4 million, up from $115.3 million in the prior year. The substantial increase gave MSG Entertainment greater liquidity while demonstrating the cash-generating potential of its portfolio of venues and live entertainment properties.
Cash, cash equivalents and restricted cash increased to $294.2 million at the end of fiscal 2026 from $43.5 million a year earlier. The stronger balance provides additional financial flexibility as MSG Entertainment invests in its venues, develops entertainment offerings and manages its capital structure.
Management said demand across the company’s live entertainment portfolio remains strong heading into fiscal 2027. The company expects to build on the previous year’s performance and is targeting further growth in adjusted operating income.
The Christmas Spectacular will remain an important component of that strategy. Selling more than 1.2 million tickets across 215 performances illustrates the scale of the production and its role as a recurring anchor within MSG Entertainment’s annual event calendar.
KEY QUOTES:
“Today’s results reflect the strong demand we continue to see for our live entertainment offerings. Looking ahead, we are well positioned to drive solid growth in adjusted operating income in fiscal ’27 and remain confident in our ability to deliver long-term shareholder value.”
James L. Dolan, Executive Chairman and CEO of MSG Entertainment
