• Madison Square Garden average operating margin for 2023 was 11.02%, a 18.37% increase from 2022.
• Madison Square Garden average operating margin for 2022 was 9.31%, a 145.24% increase from 2021.
• Madison Square Garden average operating margin for 2021 was -20.58%, a 114.12% decline from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.