Atlanta Braves Holdings Reports Third Quarter 2025 Financial Results

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8:00 AM on Wednesday, November 5

The Associated Press

ATLANTA--(BUSINESS WIRE)--Nov 5, 2025--

Atlanta Braves Holdings, Inc. (“ABH”) (Nasdaq: BATRA, BATRK) today reported results for its third quarter ended September 30, 2025.

Highlights include:

Total revenue grew to $312 million in the third quarter of 2025, up 7% from the prior year period.
- Baseball revenue increased 4% from the prior year period to $284 million.
- Mixed-Use Development revenue grew 56% from the prior year period to $27 million.
Total Adjusted OIBDA (1) grew to $67 million in the third quarter, up 114% from the prior year period.
- Baseball Adjusted OIBDA grew 105% from the prior year period to $50 million.
- Mixed-Use Development Adjusted OIBDA grew 62% from the prior year period to $20 million.

Discussion of Results


	Three months ended					Nine months ended
	September 30,					September 30,
	2025		2024		% Change		2025	2024		% Change
	amounts in thousands					amounts in thousands

Baseball revenue	$	284,362		$	273,262	4	%		$	600,302	$	561,233	7	%
Mixed-Use Development revenue		27,176			17,412	56	%			70,887		49,397	44	%
Total revenue		311,538			290,674	7	%			671,189		610,630	10	%
Operating costs and expenses:
Baseball operating costs		(210,443)			(225,973)	(7)	%			(470,015)		(476,250)	(1)	%
Mixed-Use Development costs		(3,944)			(2,499)	58	%			(9,985)		(7,162)	39	%
Selling, general and administrative, excluding stock-based compensation		(29,996)			(30,757)	(2)	%			(86,879)		(83,777)	4	%
Adjusted OIBDA (1)	$	67,155		$	31,445	114	%		$	104,310	$	43,441	140	%

Operating income (loss)	$	38,930		$	6,402	508	%		$	36,265	$	(21,017)	NM

Regular season home games in period		41			41					81		81

Unless otherwise noted, the following discussion compares financial information for three months ended September 30, 2025 to the same period in 2024.

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					Nine months ended
	September 30,					September 30,
	2025		2024		% Change		2025	2024		% Change
	amounts in thousands					amounts in thousands
Baseball:
Baseball event	$	176,335		$	172,800	2	%		$	357,567	$	345,318	4	%
Broadcasting		79,227			70,992	12	%			164,586		144,043	14	%
Retail and licensing		15,580			16,512	(6)	%			40,226		41,789	(4)	%
Other		13,220			12,958	2	%			37,923		30,083	26	%
Baseball revenue		284,362			273,262	4	%			600,302		561,233	7	%
Mixed-Use Development		27,176			17,412	56	%			70,887		49,397	44	%
Total revenue	$	311,538		$	290,674	7	%		$	671,189	$	610,630	10	%

There were 41 regular season home games played in both the third quarter of 2025 and the comparable prior year period.

Baseball revenue increased 4% in the third quarter of 2025 compared to the prior year period 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.

Mixed-Use Development revenue increased 56% in the third quarter of 2025 compared to the prior year period 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 (the “Acquisition”) as well as higher sponsorship revenue, partially offset by various lease terminations.

Operating income and Adjusted OIBDA (1) increased in the third quarter of 2025 compared to the prior year period due to revenue growth and a reduction in Baseball operating costs and selling, general and administrative expenses, partially offset by an increase in Mixed-Use Development costs. 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, and minor league related expenses. Selling, general and administrative expenses decreased due to reduced professional fees. Mixed-Use Development costs increased during the third quarter of 2025 compared to the prior period as a result of operating costs associated with the assets within the Acquisition.

FOOTNOTES

For a definition of Adjusted OIBDA (as defined by ABH) and the applicable reconciliation to the most comparable 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 November 5, 2025. 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 "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 Braves Holdings 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, if applicable. 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 nine months ended September 30, 2025 and 2024.


	Three months ended		Nine months ended
	September 30,		September 30,
(amounts in thousands)	2025		2024		2025	2024
Operating income (loss)	$	38,930		$	6,402	$	36,265	$	(21,017)
Stock-based compensation		4,757			6,365		10,049		13,789
Depreciation and amortization		23,468			18,678		57,996		50,669
Adjusted OIBDA	$	67,155		$	31,445	$	104,310	$	43,441
Baseball	$	50,038		$	24,397	$	62,485	$	20,072
Mixed-Use Development		19,780			12,173		50,233		33,615
Corporate and Other		(2,663)			(5,125)		(8,408)		(10,246)

SCHEDULE 2: Cash and Debt

The following presentation is provided to separately identify cash and debt information. ABH cash decreased $14 million during the third quarter primarily as a result of seasonal working capital changes and debt service, partially offset by the release of restricted cash pursuant to the terms of various financial debt arrangements and net borrowings. ABH debt increased $57 million in the third quarter primarily due to borrowings on the TeamCo revolver to support working capital.


(amounts in thousands)	September 30, 2025		June 30, 2025
ABH Cash (GAAP) (a)	$	82,237		$	96,196

Debt:
Baseball
League wide credit facility	$	—		$	—
MLB facility fund - term		30,000			30,000
MLB facility fund - revolver		37,375			37,950
TeamCo revolver		60,000			—
Term debt		151,992			155,431
Mixed-Use Development		483,249			482,651
Total ABH Debt	$	762,616		$	706,032
Deferred financing costs		(2,695)			(2,931)
Total ABH Debt (GAAP)	$	759,921		$	703,101

Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $32 million and $57 million as of September 30, 2025 and June 30, 2025, respectively.

ATLANTA BRAVES HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(unaudited)


	September 30,		December 31,
	2025		2024
	amounts in thousands

Assets
Current assets:
Cash and cash equivalents	$	82,237		110,144
Restricted cash		32,380		2,455
Accounts receivable and contract assets, net of allowance for credit losses of $240 and $238, respectively		86,928		49,991
Other current assets		15,536		16,556
Total current assets		217,081		179,146

Property and equipment, at cost		1,269,553		1,161,803
Accumulated depreciation		(392,000)		(354,318)
		877,553		807,485

Investments in affiliates, accounted for using the equity method		121,173		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		156,192		128,962
Total assets	$	1,671,466		1,523,846

ATLANTA BRAVES HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET (continued)
(unaudited)


	September 30,		December 31,
	2025		2024
	amounts in thousands
	except share amounts

Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	65,505		63,711
Deferred revenue and refundable tickets		73,186		111,851
Current portion of debt		104,833		104,193
Other current liabilities		6,180		6,905
Total current liabilities		249,704		286,660

Long-term debt		655,088		512,927
Finance lease liabilities		101,881		103,845
Deferred income tax liabilities		54,559		43,516
Pension liability		2,076		6,558
Other noncurrent liabilities		35,699		34,116
Total liabilities		1,099,007		987,622
Equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at September 30, 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 September 30, 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 September 30, 2025 and December 31, 2024, respectively		10		10
Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 51,607,382 and 51,269,890 at September 30, 2025 and December 31, 2024, respectively		514		511
Additional paid-in capital		1,130,565		1,112,551
Accumulated other comprehensive earnings (loss), net of taxes		(3,339)		(3,352)
Retained earnings (deficit)		(567,563)		(585,644)
Total shareholders' equity		560,290		524,179
Noncontrolling interests in equity of subsidiaries		12,169		12,045
Total equity		572,459		536,224
Commitments and contingencies
Total liabilities and equity	$	1,671,466		1,523,846

ATLANTA BRAVES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)


	Three months ended		Nine months ended
	September 30,		September 30,
	2025		2024		2025	2024
	amounts in thousands,
	except per share amounts
Revenue:
Baseball revenue	$	284,362		273,262		600,302	561,233
Mixed-Use Development revenue		27,176		17,412		70,887	49,397
Total revenue		311,538		290,674		671,189	610,630
Operating costs and expenses:
Baseball operating costs		210,443		225,973		470,015	476,250
Mixed-Use Development costs		3,944		2,499		9,985	7,162
Selling, general and administrative, including stock-based compensation		34,753		37,122		96,928	97,566
Depreciation and amortization		23,468		18,678		57,996	50,669
		272,608		284,272		634,924	631,647
Operating income (loss)		38,930		6,402		36,265	(21,017)
Other income (expense):
Interest expense		(12,285)		(9,561)		(34,281)	(28,717)
Share of earnings (losses) of affiliates, net		13,278		13,702		24,213	26,951
Realized and unrealized gains (losses) on financial instruments, net		194		(2,476)		(1,083)	1,429
Other, net		1,688		1,838		4,574	5,824
Earnings (loss) before income taxes		41,805		9,905		29,688	(15,530)
Income tax benefit (expense)		(11,703)		115		(11,483)	3,387
Net earnings (loss)		30,102		10,020		18,205	(12,143)
Less net earnings (loss) attributable to noncontrolling interests		124		—		124	—
Net earnings (loss) attributable to Atlanta Braves Holdings' shareholders	$	29,978		10,020		18,081	(12,143)
Basic net earnings (loss) attributable to Atlanta Braves Holdings, Inc. shareholders per common share	$	0.48		0.16		0.29	(0.20)
Diluted net earnings (loss) attributable to Atlanta Braves Holdings, Inc. shareholders per common share	$	0.47		0.16		0.28	(0.20)

ATLANTA BRAVES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(unaudited)


	Nine months ended
	September 30,
	2025		2024
	amounts in thousands
Cash flows from operating activities:
Net earnings (loss)	$	18,205		(12,143)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		57,996		50,669
Stock-based compensation		10,049		13,789
Share of (earnings) losses of affiliates, net		(24,213)		(26,951)
Realized and unrealized (gains) losses on financial instruments, net		1,083		(1,429)
Deferred income tax expense (benefit)		11,054		(10,902)
Cash receipts from returns on equity method investments		11,400		12,552
Net cash received (paid) for interest rate swaps		1,991		4,564
Other charges (credits), net		5,687		398
Net change in operating assets and liabilities:
Current and other assets		(62,326)		(42,539)
Payables and other liabilities		(32,101)		(280)
Net cash provided by (used in) operating activities		(1,175)		(12,272)
Cash flows from investing activities:
Capital expended for property and equipment		(43,963)		(73,922)
Acquisition of real estate assets		(93,709)		—
Other investing activities, net		6		(293)
Net cash provided by (used in) investing activities		(137,666)		(74,215)
Cash flows from financing activities:
Borrowings of debt		153,509		106,343
Repayments of debt		(15,314)		(39,284)
Proceeds (disbursements) from exercise of stock options and other stock issuances		7,968		408
Other financing activities, net		(5,304)		(2,677)
Net cash provided by (used in) financing activities		140,859		64,790
Net increase (decrease) in cash, cash equivalents and restricted cash		2,018		(21,697)
Cash, cash equivalents and restricted cash at beginning of period		112,599		137,717
Cash, cash equivalents and restricted cash at end of period	$	114,617		116,020

Supplemental disclosure to the condensed consolidated statements of cash flows:
Property and equipment expenditures incurred but not yet paid	$	6,192		14,639