v3.26.1
Pension Plans and Other Postretirement Benefit Plans
 12 Months Ended
Jun. 30, 2026
Retirement Benefits [Abstract]  
Pension Plans and Other Postretirement Benefit Plans Pension Plans and Other Postretirement Benefit Plans
Defined Benefit Pension Plans and Postretirement Benefit Plans
The Company sponsors a non-contributory, qualified cash balance retirement plan covering the Company’s non-union employees (the “Cash Balance Pension Plan”) and an unfunded non-contributory, non-qualified excess cash balance plan covering certain employees who participate in the underlying qualified plan (collectively, the “Cash Balance Plans”). All benefits in the Cash Balance Plans are frozen, participants are not able to earn benefits for future service under these plans, and no employee of the Company who was not already a participant as of the date the respective plans were frozen may become a participant in the Cash Balance Plans. Existing account balances under the plans will continue to be credited with monthly interest in accordance with the terms of the plans.
MSG Entertainment also sponsors an unfunded non-contributory, non-qualified defined benefit pension plan (the “Excess Plan”), where all benefits are frozen, participants are not able to earn benefits for future service, and no employee of the Company who was not already a participant as of the date the Excess Plan was frozen may become a participant in the plan.
The Company also sponsors a non-contributory, qualified defined benefit pension plan covering certain of the Company’s union employees (the “Union Plan”). Benefits payable to retirees under the Union Plan are based upon years of Benefit Service (as defined in the Union Plan document).
The Cash Balance Plans, Union Plan, and Excess Plan are collectively referred to as the “Pension Plans.”
MSG Entertainment also sponsors a welfare plan (the “Postretirement Plan”), which provides certain postretirement healthcare benefits to certain employees of the Company hired prior to January 1, 2001 who are eligible to commence receipt of early or normal benefits under the Cash Balance Pension Plan, and their dependents, as well as certain union employees.
The following table summarizes the projected benefit obligations, assets, funded status and the amounts recorded in the consolidated balance sheets as of June 30, 2026 and 2025, associated with the Pension Plans and Postretirement Plan based upon actuarial valuations as of those measurement dates.
  Pension PlansPostretirement Plan
June 30,June 30,
  2026202520262025
Change in benefit obligation:
Benefit obligation at beginning of period$128,608 $126,605 $1,988 $2,262 
Service cost57 55 17 17 
Interest cost6,032 6,425 80 105 
Actuarial loss (gain) (a)
1,148 2,412 501 (48)
Benefits paid(8,010)(6,879)(979)(348)
Plan settlements paid— (10)— — 
Benefit obligation at end of period127,835 128,608 1,607 1,988 
Change in plan assets:
Fair value of plan assets at beginning of period117,010 110,308 — — 
Actual return on plan assets8,934 8,854 — — 
Employer contributions3,380 5,965 — — 
Benefits paid(7,912)(6,781)— — 
Administrative expenses paid(1,628)(1,336)— — 
Fair value of plan assets at end of period119,784 117,010 — — 
Funded status at end of period$(8,051)$(11,598)$(1,607)$(1,988)
________________
(a)    In Fiscal Year 2026 the actuarial losses on the benefit obligations were primarily due to unfavorable demographic experience and an increase in the interest crediting rate, partially offset by an increase in the discount rate compared to the prior year period. In Fiscal Year 2025 the actuarial losses on the benefit obligations were primarily due to unfavorable demographic experience and a decrease in the discount rate, as well as an increase in the interest crediting rate.
Amounts recorded in the consolidated balance sheets as of June 30, 2026 and 2025 consist of:
  Pension PlansPostretirement Plan
June 30,June 30,
  2026202520262025
Current liabilities (recorded in Accounts payable, accrued and other current liabilities)$(362)$(355)$(200)$(280)
Non-current liabilities (recorded in Other non-current liabilities)(7,689)(11,243)(1,407)(1,708)
$(8,051)$(11,598)$(1,607)$(1,988)
Accumulated other comprehensive loss, before income tax, as of June 30, 2026 and 2025 consists of the following amounts that have not yet been recognized in net periodic benefit cost:
  Pension PlansPostretirement Plan
  June 30,June 30,
2026202520262025
Actuarial loss$(35,651)$(37,465)$(875)$(381)
The following table presents components of net periodic benefit cost for the Pension Plans and Postretirement Plan included in the consolidated statements of operations for Fiscal Years 2026, 2025 and 2024. Service cost is recorded in Direct operating expenses and Selling, general and administrative expenses. All other components of net periodic benefit cost are recorded in Other expense, net in the consolidated statements of operations.
Pension PlansPostretirement Plan
Years Ended June 30,Years Ended June 30,
202620252024202620252024
Service cost$57 $55 $71 $17 $17 $21 
Interest cost6,032 6,425 6,673 80 105 120 
Expected return on plan assets(6,066)(5,711)(5,167)— — — 
Recognized actuarial loss1,699 1,720 1,786 7 18 23 
Settlement loss recognized (a)
— 1 7 — — — 
 Net periodic benefit cost reported in the consolidated statements of operations$1,722 $2,490 $3,370 $104 $140 $164 
________________
(a)    No lump sum payments were distributed in Fiscal Year 2026. For Fiscal Years 2025 and 2024, lump-sum payments totaling $10 and $103, respectively, were distributed to vested participants of the non-qualified excess cash balance plan, triggering the recognition of settlement losses in accordance with ASC Topic 715. The discount rates used for the projected benefit obligation and interest cost were 5.12% and 3.43%, as of June 30, 2026, respectively, 5.07% and 3.43% as of June 30, 2025, respectively, and 5.47% and 4.13% as of June 30, 2024, respectively. Additionally, settlement charges of $0, $1 and $7 were recorded in Other expense, net for Fiscal Years 2026, 2025 and 2024, respectively, in the consolidated statements of operations.
Other pre-tax changes in plan assets and benefit obligations recognized in Other comprehensive income (loss) for Fiscal Years 2026, 2025 and 2024 were as follows:
  Pension PlansPostretirement Plan
Years Ended June 30,Years Ended June 30,
  202620252024202620252024
Net unamortized gain (loss) arising during the period$92 $(628)$263 $(500)$48 $52 
Amounts reclassified from accumulated other comprehensive loss1,699 1,720 1,786 7 18 23 
Settlement loss recognized— 1 7 — — — 
Total recognized in other comprehensive income (loss)$1,791 $1,093 $2,056 $(493)$66 $75 
Pension Plans and Postretirement Plan Assumptions
Weighted-average assumptions used to determine benefit obligations (made at the end of the period) as of June 30, 2026 and 2025 were as follows:
  Pension PlansPostretirement Plan
June 30,June 30,
  2026202520262025
Discount rate5.57 %5.52 %5.07 %4.96 %
Interest crediting rate4.93 %4.74 %n/an/a
Healthcare cost trend rate assumed for next yearn/an/a8.00 %7.50 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)n/an/a5.00 %5.00 %
Year that the rate reaches the ultimate trend raten/an/a20392035
Weighted-average assumptions used to determine net periodic benefit cost (made at the beginning of the period) for Fiscal Years 2026, 2025 and 2024 were as follows:
  Pension PlansPostretirement Plan
Years Ended June 30,Years Ended June 30,
  202620252024202620252024
Discount rate - projected benefit obligation5.51 %5.55 %5.34 %4.99 %5.40 %5.40 %
Discount rate - service cost5.85 %5.67 %5.44 %5.23 %5.49 %5.39 %
Discount rate - interest cost5.05 %5.41 %5.37 %4.71 %5.38 %5.49 %
Expected long-term return on plan assets6.59 %6.73 %6.41 %n/an/an/a
Interest crediting rate4.74 %4.55 %3.77 %n/an/an/a
Healthcare cost trend rate assumed for next yearn/an/an/a7.50 %6.75 %7.00 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)n/an/an/a5.00 %5.00 %5.00 %
Year that the rate reaches the ultimate trend raten/an/an/a203620322032
The discount rates were determined (based on the expected duration of the benefit payments for the plans) from the Willis Towers Watson U.S. Rate Link: 40-90 Discount Rate Model as of June 30, 2026 and 2025 to select a rate at which the Company believed the plans’ benefits could be effectively settled. This model was developed by examining the yields on selected highly rated corporate bonds. The expected long-term return on plan assets is based on a periodic review and modeling of the plans’ asset allocation structures over a long-term horizon. Expectations of returns for each asset class are the most important of the assumptions used in the review and modeling and are based on comprehensive reviews of historical data, forward-looking economic outlook, and economic/financial market theory. The expected long-term rate of return was selected from within the reasonable range of rates determined by (i) historical returns for the asset classes covered by the investment policy and (ii) projections of returns over the long-term period during which benefits are payable to plan participants.
Plan Assets and Investment Policy
The weighted-average asset allocation of the Pension Plans’ assets at June 30, 2026 and 2025 was as follows:
As of June 30,
Asset Classes (a):
20262025
Fixed income securities82 %82 %
Equity securities15 %15 %
Cash equivalents3 %3 %
100 %100 %
________________
(a)    The Company’s target allocation as of June 30, 2026 is 85% fixed income securities and 15% equity for the Cash Balance Plan assets, and 100% fixed income securities for the Union Plan assets.
Investment allocation decisions are made by the Company’s Investment & Benefits Committee, which utilizes the services of an investment manager to actively manage the assets of the Pension Plans. The Company has established asset allocation targets and investment policies and guidelines with the investment manager. The investment manager takes into account expected long-term risks, returns, correlation, and other prudent investment assumptions when recommending asset classes and investment managers to the Company’s Investment & Benefits Committee. The investment manager also considers each applicable Pension Plans’ liabilities when making investment allocation recommendations.
Investments at Estimated Fair Value
The cumulative fair values of the individual plan assets at June 30, 2026 and 2025 by asset class were as follows:
Fair Value HierarchyAs of June 30,
20262025
Money market fund (a)
I$3,095 $3,363 
U.S. Treasury securities (b)
II3,699 3,279 
Mutual fund - equity (c)
II17,729 17,320 
Common collective trust (c)
II95,262 93,047 
Total investments measured at fair value$119,785 $117,009 
________________
(a)    The money market fund is classified within Level I of the fair value hierarchy as they are valued using observable inputs that reflect quoted prices for identical assets in active markets.
(b)    U.S. Treasury securities are classified within Level II of the fair value hierarchy as they are valued daily using institutional bond quotes based on evaluations based on various market and industry inputs.
(c)    The common collective trust (“CCT”) and the mutual fund, which are non-exchange traded funds, are classified within Level II of the fair value hierarchy at their net asset value (“NAV”) as reported by the Trustee and investment manager, respectively. The NAV is based on the fair value of the underlying investments held by the funds which are based on quoted market prices less their liabilities. Both the CCT and the mutual fund publish their daily NAV and use such value as the basis for current transactions.
Contributions for Qualified Defined Benefit Pension Plans
During Fiscal Year 2026, the Company contributed $3,130 and $250 to the Cash Balance Plan and Union Plan, respectively. The Company expects to contribute $1,700 and $190 to the Cash Balance Plan and Union Plan, respectively, in Fiscal Year 2027.
Estimated Future Benefit Payments
The following table presents estimated future fiscal year benefit payments for the Pension Plans and Postretirement Plan:
Pension
Plans		Postretirement
Plan
Fiscal year ending June 30, 2027$14,062 $204 
Fiscal year ending June 30, 2028$8,679 $212 
Fiscal year ending June 30, 2029$8,654 $234 
Fiscal year ending June 30, 2030$8,947 $202 
Fiscal year ending June 30, 2031$9,275 $158 
Fiscal years ending June 30, 2032 – 2036$47,763 $829 
Defined Contribution Plans
MSG Entertainment sponsors the Madison Square Garden 401(k) Savings Plan (the “401(k) Plan”) and the MSG Entertainment Holdings, LLC Excess Savings Plan (collectively referred to as the “Savings Plans”). The 401(k) Plan is a multiple employer plan. For Fiscal Years 2026, 2025 and 2024, expenses related to the Savings Plans for MSGE employees were $8,446, $8,557 and $7,981, respectively, recorded in Direct operating expenses and Selling, general and administrative expenses in the consolidated statements of operations.
In addition, MSG Entertainment sponsors the Madison Square Garden 401(k) Union Plan (the “Union Savings Plan”). The Union Savings Plan is a multiple employer plan. For Fiscal Years 2026, 2025 and 2024, expenses related to the Union Savings Plan were $1,091, $1,181 and $701, respectively, recorded in Direct operating expenses in the consolidated statements of operations.
Multiemployer Plans
The Company contributes to a number of multiemployer defined benefit pension plans, multiemployer defined contribution pension plans, and multiemployer health and welfare plans that provide benefits to retired union-represented employees under the terms of collective bargaining agreements (“CBAs”).
Multiemployer Defined Benefit Pension Plans
The multiemployer defined benefit pension plans to which the Company contributes generally provide for retirement and death benefits for eligible union-represented employees based on specific eligibility/participant requirements, vesting periods and benefit formulas. The risks to the Company of participating in these multiemployer defined benefit pension plans are different from single-employer defined benefit pension plans in the following aspects:
•Assets contributed to a multiemployer defined benefit pension plan by one employer may be used to provide benefits to employees of other participating employers.
•If a participating employer stops contributing to a multiemployer defined benefit pension plan, the unfunded obligations of the plan may be borne by the remaining participating employers.
•If the Company chooses to stop participating in some of these multiemployer defined benefit pension plans, the Company may be required to pay those plans an amount based on the Company’s proportion of the underfunded status of the plan, referred to as a withdrawal liability. However, cessation of participation in a multiemployer defined benefit pension plan and subsequent payment of any withdrawal liability is subject to the collective bargaining process.
The following table outlines the Company’s participation in multiemployer defined benefit pension plans for Fiscal Years 2026, 2025 and 2024, and summarizes the contributions that the Company has made during each period. The “EIN” and “Pension Plan Number” columns provide the Employer Identification Number and the three-digit plan number for each applicable plan. The most recent Pension Protection Act zone status available as of June 30, 2026 and 2025 relates to the plan’s two most recent years ended which are indicated. Among other factors, plans in the red zone are generally less than 65% funded, plans in the orange zone are both less than 80% funded and have an accumulated funding deficiency or are expected to have a deficiency in any of the next six plan years, plans in the yellow zone are less than 80% funded, and plans in the green zone are at least 80% funded. The “FIP/RP Status Pending/Implemented” column indicates whether a funding improvement plan (“FIP”) for yellow/orange zone plans or a rehabilitation plan (“RP”) for red zone plans is either pending or has been implemented by the trustees of such plan. The zone status and any FIP or RP information is based on information that the Company received from the plan, and the zone status is as certified by the plan’s actuary. The last column lists the expiration date(s) or a range of expiration dates of the CBA to which the plans are subject. There are no other significant changes that affect such comparability.
PPA Zone StatusFIP/RP Status Pending / ImplementedCompany Contributions
As of June 30, Years Ended June 30,
Plan NameEINPension Plan Number20262025202620252024Surcharge ImposedExpiration Date of CBA
Pension Fund of Local No. 1 of I.A.T.S.E.136414973001
Green as of
2025-12-31
Green as of
2024-12-31
No$3,152 $3,046 $2,784 No9/30/2029
All Other Multiemployer Defined Benefit Pension Plans3,792 3,308 3,198 
$6,944 $6,354 $5,982 
The Company was listed in the following plans’ Form 5500’s as providing more than 5% of the total contributions for the following plans and plan years:
Fund Name
Exceeded 5 Percent of Total ContributionsYear Contributions to Plan Exceeded
5 Percent of Total Contributions
(As of Plan’s Year-End)
Pension Fund of Local No. 1 of I.A.T.S.ETrueDecember 31, 2024, 2023, and 2022
32BJ/Broadway League Pension FundTrueDecember 31, 2024, 2023, and 2022
Treasurers and Ticket Sellers Local 751 Pension FundTrueAugust 31, 2024, 2023, and 2022
Pension Fund of Wardrobe Attendants Union Local 764TrueDecember 31, 2024, 2023, and 2022
Multiemployer Defined Contribution Pension Plans
The Company contributed $9,143, $8,643 and $7,919 for Fiscal Years 2026, 2025 and 2024, respectively, to multiemployer defined contribution pension plans.
Executive Deferred Compensation Plan
The Company sponsors the Madison Square Garden Entertainment Corp. Executive Deferred Compensation Plan (the “Deferred Compensation Plan”), which was established to permit a select group of highly-compensated employees to defer the employee’s annual base salary and bonus into the Deferred Compensation Plan with returns on such deferrals tracking the performance of certain investments. Amounts deferred and invested by employees under the Deferred Compensation Plan are placed in an irrevocable trust established by the Company and all assets of the trust are subject to the creditors of the Company in the event of insolvency. In accordance with ASC Topic 710, Compensation – General (“ASC Topic 710”), the assets of the trust are consolidated with the accounts of the Company and are recorded in the consolidated balance sheets.
In accordance with ASC Topic 710, the Company remeasures the deferred compensation liability, with a charge (or credit) to compensation cost in the consolidated statements of operations, to reflect changes in the fair value of the assets owed to the participants of the Deferred Compensation Plan. The Company remeasures the fair value of the assets held in trust in accordance with ASC Topic 321, Investments – Equity Securities, and recognizes unrealized gains and losses in Miscellaneous income (expense), net in the consolidated statements of operations. The Company recorded compensation expense of $968, $508 and $495, for the years ended June 30, 2026, 2025 and 2024, respectively, within Selling, general and administrative expenses to reflect the remeasurement of the Deferred Compensation Plan liability. In addition, the Company recorded gains of $968, $508 and $495, for the years ended June 30, 2026, 2025 and 2024, respectively, within Other expense, net to reflect the remeasurement of the fair value of assets under the Deferred Compensation Plan. The investments made from employee contributions and investments sold for employee distributions of trust assets are classified as operating activities in the consolidated statements of cash flows.
Amounts recorded in the consolidated balance sheets as of June 30, 2026 and 2025, related to the Deferred Compensation Plan consist of:
As of June 30,

20262025
Non-current assets (recorded in Other non-current assets)$6,924 $5,238 
Current liabilities (recorded in Accounts payable, accrued and other current liabilities)$(1,622)$— 
Non-current liabilities (recorded in Other non-current liabilities)$(5,301)$(5,238)