Atlanta Braves Holdings Reports Fourth Quarter and Year End 2025 Financial Results
ATLANTA--( BUSINESS WIRE)--Atlanta Braves Holdings, Inc. (“ABH”) (Nasdaq: BATRA, BATRK) today reported results for its fourth quarter and year end 2025 results.
Highlights include:
Discussion of Results
Three months ended
Twelve months ended
December 31,
December 31,
2025
2024
% Change
2025
2024
% Change
amounts in thousands
amounts in thousands
Baseball revenue
$
34,758
$
34,197
2
%
$
635,060
$
595,430
7
%
Mixed-Use Development revenue
26,545
17,921
48
%
97,432
67,318
45
%
Total revenue
61,303
52,118
18
%
732,492
662,748
11
%
Operating costs and expenses:
Baseball operating costs
(26,972
)
(27,896
)
(3
)
%
(496,987
)
(504,146
)
(1
)
%
Mixed-Use Development costs
(4,378
)
(2,600
)
68
%
(14,363
)
(9,762
)
47
%
Selling, general and administrative, excluding stock-based compensation
(26,450
)
(25,380
)
4
%
(113,329
)
(109,157
)
4
%
Adjusted OIBDA (1)
$
3,503
$
(3,758
)
NM
$
107,813
$
39,683
172
%
Operating income (loss)
$
(49,792
)
$
(18,648
)
(167
)
%
$
(13,527
)
$
(39,665
)
66
%
Regular season home games in period
—
—
81
81
Baseball revenue is derived from two primary sources on an annual basis: (i) baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and (ii) broadcasting revenue (national and local broadcast rights). Mixed-Use Development revenue is derived primarily from a real estate portfolio including the mixed-use facility The Battery Atlanta and primarily includes rental income.
The following table disaggregates revenue by segment and by source:
Three months ended
Twelve months ended
December 31,
December 31,
2025
2024
% Change
2025
2024
% Change
amounts in thousands
amounts in thousands
Baseball:
Baseball event
$
282
$
2,607
(89
)
%
$
357,849
$
347,925
3
%
Broadcasting
24,000
22,051
9
%
188,586
166,094
14
%
Retail and licensing
6,263
5,965
5
%
46,489
47,754
(3
)
%
Other
4,213
3,574
18
%
42,136
33,657
25
%
Baseball revenue
34,758
34,197
2
%
635,060
595,430
7
%
Mixed-Use Development
26,545
17,921
48
%
97,432
67,318
45
%
Total revenue
$
61,303
$
52,118
18
%
$
732,492
$
662,748
11
%
There were 81 and zero home games played in the full year and fourth quarter, respectively, for both 2025 and the comparable prior year period.
Baseball revenue increased 7% for the full year compared to the prior year primarily driven by growth in broadcasting revenue due to additional streaming rights granted to our regional broadcast partner, as well as contractual rate increases. Baseball event revenue increased primarily due to contractual rate increases on season tickets and existing sponsorship contracts, as well as new premium seating and sponsorship agreements, partially offset by reduced attendance at regular season home games. Other revenue increased primarily due to an increase in events held at Truist Park, including concerts and other special events such as hosting two games for the Savannah Bananas. Baseball revenue increased 2% in the fourth quarter primarily driven by contractual rate increases within broadcasting revenue.
Mixed-Use Development revenue increased 45% for the full year and 48% for the fourth quarter primarily due to increases in rental income from various lease commencements and the in-place leases associated with an April 2025 acquisition of certain real estate assets adjacent to The Battery Atlanta (the “Acquisition”) as well as higher sponsorship revenue, partially offset by various lease terminations.
Operating loss and Adjusted OIBDA (1) improved for the full year compared to the prior year, as revenue growth and a reduction in Baseball operating costs more than offset increases in Mixed-Use Development costs and selling, general and administrative expenses. Baseball operating costs decreased primarily due to decreases in major league player salaries and variable concession and retail expenses. This decrease was partially offset by increases in MLB’s revenue sharing plan, expenses for events held at Truist Park, minor league related expenses, and broadcasting related expenses. Mixed-Use Development costs increased primarily due to operating costs associated with the assets within the Acquisition. Selling, general and administrative expenses increased due to increased property taxes, insurance and other professional fees.
Operating loss increased in the fourth quarter compared to the prior year due to the contract asset impairment associated with the termination of a long-term local broadcasting agreement. Adjusted OIBDA increased in the fourth quarter compared to the prior year as revenue growth and a reduction in Baseball operating costs more than offset increases in Mixed-Use Development costs and selling, general, and administrative expenses.
FOOTNOTES
For a definition of Adjusted OIBDA (as defined by ABH) and the applicable reconciliation to the most comparable Generally accepted accounting principles (“GAAP”) measure, see “Non-GAAP Financial Measures and Supplemental Disclosures,” below.
Conference Call Information: Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) will discuss ABH’s financial results on a conference call which will begin at 10:00 a.m. (E.T.) on February 25, 2026. The call can be accessed by dialing (800) 715-9871 or +1 (646) 307-1963, passcode 7251864 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast, go to https://www.bravesholdings.com/investors/news-events/ir-calendar. Links to this press release will also be available on the ABH website.
About Atlanta Braves Holdings, Inc.: Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) consists primarily of the Major League Baseball franchise the Atlanta Braves and a real estate portfolio including the mixed-use development The Battery Atlanta, which is located adjacent to the Braves stadium, Truist Park. For more information, please visit our website at https://www.bravesholdings.com/investors.
During the conference call, ABH may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. ABH’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the business, product and marketing strategies, new service offerings, future financial performance and prospects, trends and any other matters that are not historical facts. The words “will,” "believe," "estimate," "expect," "anticipate," "intend," "plan," "strategy," "continue," "seek," "may," "could" and similar expressions or statements regarding future periods are intended to identify forward-looking statements, although not all forward-looking statements may contain such words. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but such statements necessarily involve risks and uncertainties and there can be no assurance that the expectation or belief will result or be achieved or accomplished. Given these uncertainties, we caution you not to place undue reliance on these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, include, without limitation: ABH’s historical financial information is not necessarily representative of its future financial position, future results of operations or future cash flows; ABH’s ability to recognize anticipated benefits from the split-off from Liberty Media Corporation (“Liberty”); the incurrence of costs as a standalone public company following the split-off from Liberty; the ability of ABH to successfully transition responsibilities for various matters from Liberty to ABH or third-party personnel; ABH’s ownership, management and board of directors structure; ABH’s ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations; ABH’s indebtedness could adversely affect operations and could limit its ability to react to changes in the economy or its industry; ABH’s ability to realize the benefits of acquisitions or other strategic investments; the impact of inflation and weak economic conditions on consumer demand for products, services and events offered by ABH; the outcome of pending or future litigation or investigations; the operational risks of ABH and its business affiliates with operations outside of the United States; ABH’s ability to use net operating loss and disallowed business interest carry forwards to reduce future tax payments; the ability of ABH and its affiliates to comply with government regulations, including, without limitation, consumer protection laws and competition laws, and adverse outcomes from regulatory proceedings; the regulatory and competitive environment of the industries in which the Company operates; changes in the nature of key strategic relationships with business partners, vendors and joint venturers; the achievement of on-field success; ABH’s ability to develop, obtain and retain talented players; the impact of organized labor on ABH; the impact of the structure or an expansion of MLB; the level of broadcasting revenue that ABH receives; the impact of data loss or breaches or disruptions of ABH’s information systems and information system security; ABH’s processing, storage, sharing, use, disclosure and protection of personal data could give rise to liabilities; ABH’s ability to attract and retain qualified key personnel; the inherent risks in the real estate business, including, but not limited to, tenant defaults, potential liability relating to environmental matters and liquidity of real estate investments; ABH’s stock price has and may continue to fluctuate; ABH’s common stock and organizational structure; and geopolitical incidents, accidents, terrorist acts, pandemics or epidemics, natural disasters, including the effects of climate change, or other events that cause one or more events to be cancelled or postponed, are not covered by insurance, or cause reputational damage to ABH and its affiliates. These forward-looking statements and such risks, uncertainties, and other factors speak only as of the date of this press release, and ABH expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in ABH’s expectations with regard thereto, or any change in events, conditions or circumstances on which any such statement is based except to the extent required by law. Please refer to the publicly filed documents of ABH, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as may be updated by subsequent filings under the Securities Exchange Act of 1934, as amended, including Forms 10-Q and 8-K, for additional information about ABH and about the risks and uncertainties related to ABH’s business which may affect the statements made in this press release.
NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES
SCHEDULE 1: Reconciliation of Adjusted OIBDA to Operating Income (Loss)
To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for ABH together with reconciliations to operating income, as determined under GAAP. ABH defines Adjusted OIBDA as operating income (loss) plus stock-based compensation, depreciation and amortization, separately reported litigation settlements, restructuring, acquisition and impairment charges. However, ABH’s definition of Adjusted OIBDA may differ from similarly titled measures disclosed by other companies.
ABH believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, ABH views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that ABH management considers in assessing the results of operations and performance of its assets.
The following table provides a reconciliation of Adjusted OIBDA for ABH to operating income (loss) calculated in accordance with GAAP for the three and twelve months ended December 31, 2025 and December 31, 2024.
Three months ended
Twelve months ended
December 31,
December 31,
(amounts in thousands)
2025
2024
2025
2024
Operating income (loss)
$
(49,792
)
$
(18,648
)
$
(13,527
)
$
(39,665
)
Impairment expense
30,131
—
30,131
—
Stock-based compensation
5,526
2,730
15,575
16,519
Depreciation and amortization
17,638
12,160
75,634
62,829
Adjusted OIBDA
$
3,503
$
(3,758
)
$
107,813
$
39,683
Baseball
$
(11,381
)
$
(13,447
)
$
51,104
$
6,625
Mixed-Use Development
18,294
11,833
68,527
45,448
Corporate and Other
(3,410
)
(2,144
)
(11,818
)
(12,390
)
SCHEDULE 2: Cash and Debt
The following presentation is provided to separately identify cash and debt information. ABH cash increased $18 million during the fourth quarter as cash from operations increased primarily due to seasonal working capital changes and distributions from equity method affiliates, partially offset by capital expenditures and repayments on borrowings. ABH debt decreased $22 million in the fourth quarter primarily due to repayments on the TeamCo revolver partially offset by borrowings on the Mixed-Use Development’s credit facilities to support capital projects.
(amounts in thousands)
December 31, 2025
September 30, 2025
ABH Cash (GAAP) (a)
$
99,884
$
82,237
Debt:
Baseball
League wide credit facility
$
—
$
—
MLB facility fund - term
30,000
30,000
MLB facility fund - revolver
36,800
37,375
TeamCo revolver
35,000
60,000
Term debt
151,992
151,992
Mixed-Use Development
487,299
483,249
Total ABH Debt
$
741,091
$
762,616
Deferred financing costs
(2,460
)
(2,695
)
Total ABH Debt (GAAP)
$
738,631
$
759,921
a)
Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $12 million and $32 million as of December 31, 2025 and September 30, 2025, respectively.
ATLANTA BRAVES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)
December 31,
December 31,
2025
2024
amounts in thousands
Assets
Current assets:
Cash and cash equivalents
$
99,884
110,144
Restricted cash
11,694
2,455
Accounts receivable and contract assets, net of allowance for credit losses of $343 and $238, respectively
33,566
49,991
Other current assets
13,563
16,556
Total current assets
158,707
179,146
Property and equipment, at cost
1,266,030
1,161,803
Accumulated depreciation
(397,142
)
(354,318
)
868,888
807,485
Investments in affiliates, accounted for using the equity method
116,819
108,786
Intangible assets not subject to amortization:
Goodwill
175,764
175,764
Franchise rights
123,703
123,703
299,467
299,467
Other assets, net
171,076
128,962
Total assets
$
1,614,957
1,523,846
ATLANTA BRAVES HOLDINGS, INC.
CONSOLIDATED BALANCE SHEETS (continued)
(unaudited)
December 31,
December 31,
2025
2024
amounts in thousands
except share amounts
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities
$
43,473
63,711
Deferred revenue and refundable tickets
109,829
111,851
Current portion of debt
215,347
104,193
Other current liabilities
8,394
6,905
Total current liabilities
377,043
286,660
Long-term debt
523,284
512,927
Finance lease liabilities
98,566
103,845
Deferred income tax liabilities
41,282
43,516
Pension liability
1,758
6,558
Other noncurrent liabilities
34,842
34,116
Total liabilities
1,076,775
987,622
Equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at December 31, 2025 and December 31, 2024
—
—
Series A common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,318,187 and 10,318,162 at December 31, 2025 and December 31, 2024, respectively
103
103
Series B common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 977,751 and 977,776 at December 31, 2025 and December 31, 2024, respectively
10
10
Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 51,828,348 and 51,269,890 at December 31, 2025 and December 31, 2024, respectively
514
511
Additional paid-in capital
1,137,178
1,112,551
Accumulated other comprehensive earnings (loss), net of taxes
(2,743
)
(3,352
)
Retained earnings (deficit)
(609,012
)
(585,644
)
Total shareholders' equity
526,050
524,179
Noncontrolling interests in equity of subsidiaries
12,132
12,045
Total equity
538,182
536,224
Commitments and contingencies
Total liabilities and equity
$
1,614,957
1,523,846
ATLANTA BRAVES HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three months ended
Twelve months ended
December 31,
December 31,
2025
2024
2025
2024
amounts in thousands,
except per share amounts
Revenue:
Baseball revenue
$
34,758
34,197
635,060
595,430
Mixed-Use Development revenue
26,545
17,921
97,432
67,318
Total revenue
61,303
52,118
732,492
662,748
Operating costs and expenses:
Baseball operating costs
26,972
27,896
496,987
504,146
Mixed-Use Development costs
4,378
2,600
14,363
9,762
Selling, general and administrative, including stock-based compensation
31,976
28,110
128,904
125,676
Impairment expense
30,131
—
30,131
—
Depreciation and amortization
17,638
12,160
75,634
62,829
111,095
70,766
746,019
702,413
Operating income (loss)
(49,792
)
(18,648
)
(13,527
)
(39,665
)
Other income (expense):
Interest expense
(12,159
)
(10,072
)
(46,440
)
(38,789
)
Share of earnings (losses) of affiliates, net
5,220
3,509
29,433
30,460
Realized and unrealized gains (losses) on financial instruments, net
82
1,995
(1,001
)
3,424
Other, net
2,849
2,805
7,423
8,629
Earnings (loss) before income taxes
(53,800
)
(20,411
)
(24,112
)
(35,941
)
Income tax benefit (expense)
12,314
1,286
831
4,673
Net earnings (loss)
(41,486
)
(19,125
)
(23,281
)
(31,268
)
Less net earnings (loss) attributable to noncontrolling interests
(37
)
—
87
—
Net earnings (loss) attributable to Atlanta Braves Holdings' shareholders
$
(41,449
)
(19,125
)
(23,368
)
(31,268
)
Basic net earnings (loss) attributable to Atlanta Braves Holdings, Inc. shareholders per common share
$
(0.66
)
(0.31
)
(0.37
)
(0.50
)
Diluted net earnings (loss) attributable to Atlanta Braves Holdings, Inc. shareholders per common share
$
(0.66
)
(0.31
)
(0.37
)
(0.50
)
ATLANTA BRAVES HOLDINGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
2025
2024
amounts in thousands
Cash flows from operating activities:
Net earnings (loss)
$
(23,281
)
(31,268
)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
75,634
62,829
Stock-based compensation
15,575
16,519
Impairment expense
30,131
—
Share of (earnings) losses of affiliates, net
(29,433
)
(30,460
)
Realized and unrealized (gains) losses on financial instruments, net
1,001
(3,424
)
Deferred income tax expense (benefit)
(2,440
)
(9,288
)
Cash receipts from returns on equity method investments
21,150
21,602
Net cash received (paid) for interest rate swaps
2,265
5,794
Other charges (credits), net
6,547
1,855
Net change in operating assets and liabilities:
Current and other assets
(57,040
)
(15,827
)
Payables and other liabilities
(14,873
)
(1,701
)
Net cash provided by (used in) operating activities
25,236
16,631
Cash flows from investing activities:
Capital expended for property and equipment
(51,333
)
(86,013
)
Acquisition of real estate assets
(93,709
)
—
Investments in equity method affiliates and equity securities
—
(334
)
Other investing activities, net
6
40
Net cash provided by (used in) investing activities
(145,036
)
(86,307
)
Cash flows from financing activities:
Borrowings of debt
158,162
144,890
Repayments of debt
(41,493
)
(102,415
)
Contribution from noncontrolling interest
—
—
Proceeds (disbursements) from exercise of stock options and other stock issuances
9,055
6,412
Other financing activities, net
(6,945
)
(4,329
)
Net cash provided by (used in) financing activities
118,779
44,558
Net increase (decrease) in cash, cash equivalents and restricted cash
(1,021
)
(25,118
)
Cash, cash equivalents and restricted cash at beginning of period
112,599
137,717
Cash, cash equivalents and restricted cash at end of period
$
111,578
112,599