Atlanta Braves Holdings, Inc. (BATRA)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$750.0M

Revenue growth

6.8%

Net income, last twelve months

-$64.2M

Earnings per share

-$1.01

Operating margin

-9.4%

Net margin

-8.6%

Return on equity

-12.5%

Market value

$3.5B

Cash

$116.3M

Debt

$793.1M

Debt to equity

1.54

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter of 2026 results, filed 5 August 2026.

• Quarterly revenue fell 2%. Total revenue was $305 million, down from $312 million in the prior year period. Six-month total revenue rose 5% to $377 million.
• Operating loss compared with income. Operating loss was $(19) million, against operating income of $42 million a year earlier. The six-month operating loss was $(60) million.
• Adjusted OIBDA was $12 million. Total Adjusted OIBDA was $12 million, against $66 million a year earlier. Baseball Adjusted OIBDA was $(6) million.
• Six-month revenue up 5%. Six-month total revenue was $377 million, up 5%, with baseball revenue up 2% and Mixed-Use Development revenue up 26%.
• Fewer home games cut event revenue. Baseball revenue fell 4% to $276 million. Baseball event revenue fell 11% to $161 million on fewer regular season home games.
• Retail and licensing grew 18%. Retail and licensing revenue rose 18% to $22 million, with City Connect demand and higher league-wide revenue offsetting part of the event decline.
• Other revenue rose on special events. Other revenue rose 183% to $21 million, with more special events held at the stadium.
• Rental income drove 14% growth. Mixed-Use Development revenue rose 14% to $29 million, mainly from higher rental income through tenant recoveries and new leases.
• Segment Adjusted OIBDA up 18%. Mixed-Use Development Adjusted OIBDA rose 18% to $21 million. Corporate and other costs were $(3) million in the quarter.
• Six-month segment revenue up 26%. Six-month Mixed-Use Development revenue was $55 million, up 26% from the prior period.
• Baseball costs rose on player salaries. Baseball operating costs rose 20% to $252 million, mainly from higher major league player salaries.
• Revenue sharing added to baseball costs. Baseball costs also rose with MLB revenue sharing and other shared expenses.
• SG&A rose 14% on marketing. SG&A excluding stock-based compensation rose 14% to $37 million, driven by BravesVision sales and marketing, other marketing and personnel costs.
• Cash fell on working capital. ABH cash fell $19 million to $116 million, reflecting seasonal working capital, capital expenditures and higher restricted cash.

Revenue by segment

As the company reports it in the segment note of its annual report.

By business, FY2025

Company events

The newest 8-K filings of 36 held.

Every filing

The newest filings with the SEC of 90 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

227 funds held it at 30 Jun 2026: 81 added and 43 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Live Nation Entertainment, Inc. (LYV): revenue $26.3B, market value $40.7B
• TKO Group Holdings, Inc. (TKO): revenue $5.3B, market value $13.2B
• Liberty Live Holdings, Inc. (LLYVA): revenue $407.0M, market value $9.0B
• Sphere Entertainment Co. (SPHR): revenue $1.4B, market value $4.0B
• Six Flags Entertainment Corporation (FUN): revenue $3.1B, market value $772.0M
• Warner Music Group Corp. (WMG): revenue $7.3B, market value –

What the company does

Atlanta Braves Holdings, Inc. is made up of its wholly-owned subsidiary Braves Holdings, LLC and corporate cash. Braves Holdings indirectly owns and operates the Atlanta Braves Major League Baseball Club and plays at Truist Park in Cobb County, a suburb of Atlanta. It also runs The Battery Atlanta, a mixed-use development of about 2.25 million square feet around the ballpark. The company became independent when Liberty Media Corporation completed the Split-Off on 18 July 2023. As of 31 December 2025, Braves Holdings and its consolidated subsidiaries had approximately 1,610 full time, seasonal and part-time employees.

How the business is organised

The company reports two segments, Baseball and Mixed-Use Development. Baseball covers the Braves franchise and Truist Park. Mixed-Use Development covers retail, office, hotel and entertainment operations in The Battery Atlanta and the surrounding area, plus land under development next to CoolToday Park.

Braves Holdings also holds equity method investments in MLB Advanced Media, L.P. and Baseball Endowment, L.P. Each of the 30 MLB clubs ceded substantially all of its internet and interactive media rights to MLB Advanced Media in exchange for an indirect 3.3% interest. Braves Holdings has 50% interests in joint ventures that own and operate hotels within the Mixed-Use Development.

Terence F. McGuirk is the Control Person for the Braves under the Major League Constitution. A services agreement under which Liberty supplied administrative support ended on 31 October 2025, and the company has taken over those functions.

How the baseball side earns money

The Baseball segment's revenue comes from ticket sales, concessions, local broadcasting rights, advertising sponsorships, suites and premium seat fees, retail and licensing, and shared MLB revenue, including national broadcasting rights. Tickets, concessions, broadcasting and sponsorships are the primary drivers.

The Braves sell single game tickets, group tickets and season ticket packages. Revenue is seasonal, with most of it recognized in the second and third quarters. The regular season has 162 games, 81 of them at home.

For local television, the Braves had a long-term agreement with SportSouth Network II, LLC, a subsidiary of Main Street Sports Group, LLC. They terminated it in January 2026 after SportSouth failed to make a scheduled payment for the 2026 season. In February 2026 the Braves announced BravesVision, a multimedia platform they own and operate, as the official local television home of the Braves beginning with the 2026 season.

The partners named in the filing are ESPN, TBS, Fox, NBC Universal, Sirius XM Holdings, Apple and Roku. The Braves have the largest radio affiliate network in MLB, with 170 local radio station affiliates across the southeast United States.

The Battery Atlanta

The initial construction of The Battery Atlanta was completed and became operational in 2017. It has retail, restaurants, the Omni and Aloft Hotels, The Coca-Cola Roxy Music Venue and office buildings. The office tenants named in the filing are Comcast, SPACES, Papa John's International, Inc., TK Elevator, Southwire, DCO Commercial Floors and Truist Securities. A 0.25 million square-foot office building behind Truist Park became operational in July 2025. In April 2025 the company acquired Pennant Park, a six-building office park next to The Battery Atlanta.

Revenue here comes mainly from office and retail rent, including overage rent and tenant reimbursements, and to a lesser extent from parking and advertising sponsorships. Retail leases generally set fixed rental fees and contain customary clauses that let the tenant or the Braves Holdings subsidiary extend or terminate them.

Its ballparks

Truist Park has 40,700 seats, including 63 suites and 5,600 premium seats. Braves Holdings operates it under a 30-year Stadium Operating Agreement with Cobb County and the Cobb-Marietta Coliseum and Exhibit Hall Authority. The agreement runs to December 2046, and Braves Holdings can extend it to December 2051.

The spring training home is CoolToday Park in North Port, Florida, which has 8,200 seats and six practice fields. It is operated under an agreement with Sarasota County that runs to December 2049. The park is also home to the Braves' Florida Complex League affiliate.

Players and league rules

Each club may have 40 players under reserve. The active roster is 26 players from Opening Day through 31 August and in the postseason, and 28 players after that. The Braves set an Annual Player Salary Budget for all player salaries. Their four affiliated Professional Development League clubs are the Gwinnett Stripers, Columbus Clingstones, Rome Emperors and Augusta GreenJackets. They also run a baseball academy in the Dominican Republic.

The Braves must follow the MLB Rules and Regulations. The collective bargaining agreement with the Major League Baseball Players Association covers the 2022 to 2026 seasons. The Commissioner of Baseball acts as sole arbitrator of certain disputes, and the decisions are binding and not appealable.

Competition

The Braves compete with other sports and live events for game day attendance. Their broadcasts compete with other media options for viewers. They also compete with the other MLB clubs for a limited pool of player, coaching and managerial talent.

*From Atlanta Braves Holdings's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1958140/000110465926020650/batra-20251231x10k.htm)*

From the company's 10-K.