• Madison Square Garden average gross margin for 2023 was 38.69%, a 0.69% increase from 2022.
• Madison Square Garden average gross margin for 2022 was 38.96%, a 14.59% decline from 2021.
• Madison Square Garden average gross margin for 2021 was 34%, a 35.96% increase from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.