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BATRA

Atlanta Braves Holdings, Inc.

BATRA

Atlanta Braves Holdings, Inc. • NASDAQ
$43.57 ▲ 0.65% (+0.28)
Market Cap $2.73 B
52w High $50.50
52w Low $38.67
Dividend Yield 0%
P/E -2178.5
Volume 15.84K
Outstanding Shares 62.58M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.085B ▲ $415.07M ▲ $30.102M ▲ 2.774% ▼ $0.48 ▲ $77.558M ▲
Q2-2025 $312.44M ▲ $56.211M ▲ $29.494M ▲ 9.44% ▲ $0.47 ▲ $74.704M ▲
Q1-2025 $47.211M ▼ $40.492M ▲ $-41.391M ▼ -87.672% ▼ $-0.85 ▼ $-30.297M ▼
Q4-2024 $52.118M ▼ $40.27M ▼ $-19.125M ▼ -36.696% ▼ $-0.31 ▼ $-9.516M ▼
Q3-2024 $290.674M $55.8M $10.02M 3.447% $0.16 $38.144M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $82.237M ▼ $1.671B ▼ $1.099B ▼ $560.29M ▲
Q2-2025 $153.621M ▼ $1.684B ▲ $1.149B ▼ $522.828M ▲
Q1-2025 $244.679M ▲ $1.681B ▲ $1.183B ▲ $486.121M ▼
Q4-2024 $110.144M ▼ $1.524B ▼ $987.622M ▼ $524.179M ▼
Q3-2024 $116.02M $1.557B $1.015B $530.422M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $29.978M ▲ $-88.815M ▼ $-7.561M ▲ $57.372M ▲ $-39.004M ▲ $-96.378M ▼
Q2-2025 $29.494M ▲ $-8.13M ▼ $-108.588M ▼ $3.348M ▼ $-113.37M ▼ $-25.014M ▼
Q1-2025 $-41.391M ▼ $95.77M ▲ $-21.517M ▼ $80.139M ▲ $154.392M ▲ $76.254M ▲
Q4-2024 $-19.125M ▼ $28.903M ▲ $-12.092M ▲ $-20.232M ▼ $-3.421M ▲ $16.812M ▲
Q3-2024 $10.02M $-69.024M $-16.11M $39.798M $-45.336M $-11.592M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q1-2025
Formula 1
Formula 1
 $850.00M ▲$850.00M ▲$2.47Bn ▲$400.00M ▼
Other
Other
 $140.00M ▲$60.00M ▼$270.00M ▲$50.00M ▼
Sirius XM Holdings Revenue
Sirius XM Holdings Revenue
 $2.18Bn ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has climbed steadily over the past several years, with a clear rebound after the pandemic-disrupted season. However, profit quality has not kept pace with that growth. Gross profitability has narrowed compared with earlier years, suggesting higher costs to run the team and the broader entertainment district. Operating results hover around break-even, and bottom-line earnings have been negative in most years, including the most recent period. In simple terms, the business is doing a good job growing the top line, but consistent, solid profitability has yet to show up.

Balance Sheet

Balance Sheet The balance sheet reflects a capital-intensive business built around a stadium and large real estate projects. Total assets are sizable and relatively stable, which is what you’d expect for an organization anchored by long-lived properties. Debt sits at a meaningful level relative to the size of the business, and has ticked up recently, while cash holdings are modest. Equity has improved compared with a few years ago but remains limited versus the asset base. Overall, the company looks asset-rich but also fairly leveraged, with a financial profile that depends on steady operating performance and access to financing.

Cash Flow

Cash Flow Cash generation from day-to-day operations is modestly positive in normal years but not robust. After funding ongoing investments in the ballpark area and surrounding developments, free cash flow has often been negative. This pattern fits a business lean­ing into growth projects that require heavy upfront spending. The trade-off is that internal cash alone does not fully cover investment needs, increasing reliance on debt or other financing. The cash profile is therefore more “reinvestment-driven” than “cash-cow” at this stage.

Competitive Edge

Competitive Edge Atlanta Braves Holdings benefits from several powerful structural advantages. The Major League Baseball franchise is a scarce asset with a long history, strong brand, and passionate fan base, which supports ticket sales, media rights, and merchandising. The integration of Truist Park with The Battery Atlanta adds a major edge: it turns game days into full entertainment events and generates activity even when no games are being played. This creates multiple revenue streams from retail, dining, lodging, and offices clustered around the stadium. At the same time, the company operates in a highly competitive entertainment landscape, faces rising player and operating costs, and is exposed to trends in discretionary spending and local real estate markets. The moat is real but not without external pressures.

Innovation and R&D

Innovation and R&D Innovation here is less about traditional research labs and more about creative use of real estate and digital technology. The Battery Atlanta is itself an innovative model, blending sports with a mixed-use destination that keeps fans and visitors engaged beyond the game. On the digital side, the “Digital Truist Park” concept and mixed-reality experiences show a willingness to experiment with the metaverse, virtual events, and new forms of fan interaction. These initiatives could deepen engagement and open up new sponsorship and content opportunities, but many digital and Web3 experiments across the industry are still unproven in terms of long-term revenue impact. The company appears to be on the front foot strategically, while still facing execution risk on these newer ideas.

Summary

Atlanta Braves Holdings combines a storied sports franchise with a substantial real estate platform, creating a distinctive business model in the entertainment sector. Revenue has grown well, but profitability remains thin and uneven, and the company still reports losses overall. The balance sheet is heavy with long-lived assets and meaningful debt, supported by a modest cash cushion. Cash flow shows a business that is actively reinvesting rather than harvesting cash, which can be attractive for long-term development but adds financial pressure. Competitively, the Braves brand, media rights, and The Battery’s mixed-use ecosystem offer notable strengths and some degree of moat, while exposure to sports economics, consumer demand, and real estate cycles introduces risk. Innovation in both physical venues and digital experiences suggests a forward-looking strategy, with upside potential if these projects mature successfully, but also uncertainty around how much they will ultimately contribute to stable profits and cash flow.

NEWS

November 5, 2025 · 8:00 AM UTC

Atlanta Braves Holdings Reports Third Quarter 2025 Financial Results

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October 9, 2025 · 8:00 AM UTC

Atlanta Braves Holdings Announces Third Quarter 2025 Earnings Release and Quarterly Conference Call

Read more