# Atlanta Braves Holdings, Inc. (BATRK)

Informational only - not investment advice.

CIK: 0001958140
SIC: 7900 Services-Amusement & Recreation Services
SIC breadcrumb: [Services](/division/I/) > [Amusement And Recreation Services](/major-group/79/) > [SIC 7900 Services-Amusement & Recreation Services](/industry/7900/)
Latest 10-K filed: 2026-02-26
SEC page: https://www.sec.gov/edgar/browse/?CIK=1958140
Filing source: https://www.sec.gov/Archives/edgar/data/1958140/000110465926020650/batra-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-26 · accession 0001104659-26-020650 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001958140.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 732,492,000 USD | 2025 | verified |
| Net income | -23,368,000 USD | 2025 | verified |
| Assets | 1,614,957,000 USD | 2025 | verified |
| Free cash flow | -68,473,000 USD | 2025 | computed |
| Net margin | -3.19% | 2025 | computed |
| Operating margin | -1.85% | 2025 | computed |
| Revenue YoY | +10.52% | 2025 | computed |
| ROE | -4.44% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | BATRK | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -3.2% | 2.7% | 25 | 9 |
| Operating margin | -1.8% | 5.0% | 38 | 9 |
| Revenue growth | 10.5% | 10.5% | 50 | 9 |
| ROE | -4.4% | 3.7% | 14 | 8 |
| ROA | -1.4% | 0.9% | 25 | 9 |
| Liabilities / equity | 2.05 | 2.57 | 43 | 8 |
| Current ratio | 0.42 | 1.00 | 12 | 9 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7900 Services-Amusement & Recreation Services, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 732492000 | USD | 2025 | 2026-02-26 |
| Net income | -23368000 | USD | 2025 | 2026-02-26 |
| Assets | 1614957000 | USD | 2025 | 2026-02-26 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-26. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001958140.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: |
| Revenue | 588,561,000 | 640,667,000 | 662,748,000 | 732,492,000 |
| Net income | -34,172,000 | -125,294,000 | -31,268,000 | -23,368,000 |
| Operating income | -30,581,000 | -46,440,000 | -39,665,000 | -13,527,000 |
| Diluted EPS | -0.55 | -2.03 | -0.50 | -0.37 |
| Operating cash flow | 53,349,000 | 1,626,000 | 16,631,000 | 25,236,000 |
| Capital expenditures | 17,669,000 | 69,036,000 | 86,013,000 | 93,709,000 |
| Assets | 1,490,661,000 | 1,504,330,000 | 1,523,846,000 | 1,614,957,000 |
| Liabilities | 1,191,151,000 | 963,688,000 | 987,622,000 | 1,076,775,000 |
| Stockholders' equity | 299,510,000 | 528,597,000 | 524,179,000 | 526,050,000 |
| Cash and cash equivalents | 150,664,000 | 125,148,000 | 110,144,000 | 99,884,000 |
| Free cash flow | 35,680,000 | -67,410,000 | -69,382,000 | -68,473,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -5.81% | -19.56% | -4.72% | -3.19% |
| Operating margin | -5.20% | -7.25% | -5.98% | -1.85% |
| Return on equity | -11.41% | -23.70% | -5.97% | -4.44% |
| Return on assets | -2.29% | -8.33% | -2.05% | -1.45% |
| Liabilities / equity | 3.98 | 1.82 | 1.88 | 2.05 |
| Current ratio | 1.11 | 0.93 | 0.62 | 0.42 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001958140.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q3 | 2023-09-30 | 271,824,000 | -6,047,000 | -0.10 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 67,748,000 | -32,358,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 37,080,000 | -51,272,000 | -0.83 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 282,876,000 | 29,109,000 | 0.46 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 290,674,000 | 10,020,000 | 0.16 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 52,118,000 | -19,125,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 47,211,000 | -41,391,000 | -0.66 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 312,440,000 | 29,494,000 | 0.46 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 311,538,000 | 29,978,000 | 0.47 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 61,303,000 | -41,449,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 72,007,000 | -40,482,000 | -0.63 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 305,119,000 | -12,234,000 | -0.19 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from BATRK's latest 10-K: [/company/BATRK/business/](/company/BATRK/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from BATRK's latest 10-K: [/company/BATRK/risk-factors/](/company/BATRK/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1958140/000110465926091124/batra-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Certain statements in this Quarterly Report on Form 10-Q constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our business, product and marketing strategies; new service offerings; the recoverability of our goodwill and other long-lived assets; our projected sources and uses of cash; and the anticipated impact of certain contingent liabilities related to legal and tax proceedings and other matters arising in the ordinary course of business. 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 following include some but not all of the factors that could cause actual results or events to differ materially from those anticipated:

[[GREPCENT_TABLE]]
[["","\u25cf","the impact of BravesVision (defined below) and Atlanta Braves Holdings, Inc.\u2019s (\u201cAtlanta Braves Holdings,\u201d \u201cthe Company,\u201d \u201cus,\u201d \u201cwe,\u201d or \u201cour\u201d) ability to operate it as a successful media production and distribution company;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the achievement of on-field success;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the Company\u2019s ability to develop, obtain and retain talented players;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the regulatory and competitive environment of the industries in which the Company operates;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the impact of organized labor on the Company, including any potential Major League Baseball (\u201cMLB\u201d) work stoppages such as strikes, protests or management lockouts;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the impact of the structure or an expansion of MLB;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","changes in the nature of key strategic relationships with business partners, vendors and joint venturers;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the Company\u2019s ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the Company\u2019s indebtedness could adversely affect operations and could limit its ability to react to changes in the economy or its industry;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the Company\u2019s ownership, management and board of directors structure;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the Company\u2019s ability to realize the benefits of acquisitions or other strategic investments;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","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;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the outcome of pending or future litigation or investigations;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the Company\u2019s ability to attract and retain qualified key personnel;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","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 the Company and its affiliates;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the impact of data loss or breaches or disruptions of the Company\u2019s information systems and information system security;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the Company\u2019s processing, storage, sharing, use, disclosure and protection of personal data could give rise to liabilities;"]]
[[/GREPCENT_TABLE]]

I-29

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","the Company\u2019s ability to use net operating loss and disallowed business interest carryforwards to reduce future tax payments;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the operational risks of the Company and its business affiliates with operations outside of the United States;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the Company\u2019s common stock and organizational structure;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the Company\u2019s stock price has and may continue to fluctuate;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the impact of inflation and weak economic conditions on consumer demand for products, services and events offered by the Company; and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","the ability of the Company and its affiliates to comply with government regulations, including, without limitation, consumer protection laws and competition laws, and adverse outcomes from regulatory proceedings."]]
[[/GREPCENT_TABLE]]

The above list of risks and uncertainties is only a summary of some of the most important factors and is not intended to be exhaustive. For additional risk factors, please see Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2025 as supplemented by Part II, Item 1A of this Quarterly Report. These forward-looking statements and such risks, uncertainties and other factors speak only as of the date of this Quarterly Report, and we expressly disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein, to reflect any change in our expectations with regard thereto, or any other change in events, conditions or circumstances on which any such statement is based, except to the extent required by law.

The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying condensed consolidated financial statements and the notes thereto and our Annual Report on Form 10-K for the year ended December 31, 2025.

Overview

The Company manages its business based on the following reportable segments: Baseball and Mixed-Use Development.

The Baseball segment includes operations relating to the Atlanta Braves Major League Baseball Club (the “Atlanta Braves,” the “Braves,” the “club,” or the “team”) and the Braves’ ballpark (“Truist Park” or the “Stadium”) and includes revenue generated from ticket sales, concessions, local broadcasting, advertising sponsorships, suites and premium seat fees, retail and licensing revenue, shared MLB revenue streams, including national broadcasting rights and licensing, and other sources. Following the termination of the previous long-term local broadcasting agreement, the Braves announced in February 2026 the creation of BravesVision, a multimedia platform owned and operated by the Company that is the official local television home of the Braves. Ticket sales, concessions, media related revenue (including BravesVision and national broadcasting rights) and advertising sponsorship sales are the Baseball segment’s primary revenue drivers.

The Mixed-Use Development segment includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta and the surrounding area (the “Mixed-Use Development”). In April 2025, the Company, through a wholly-owned subsidiary, completed the acquisition of certain real estate assets adjacent to The Battery Atlanta (the “Acquisition”). The Mixed-Use Development segment derives revenue primarily from office and retail rental income (including overage rent and tenant reimbursements) and, to a lesser extent, parking and advertising sponsorships throughout the year.

I-30

Table of Contents

Results of Operations –June 30, 2026 and 2025

General. Provided in the tables below is information regarding the historical Condensed Consolidated Operating Results and Other Income and Expense of Atlanta Braves Holdings, as well as information regarding the contribution to those items from our reportable segments. The “corporate and other” category consists of those assets that do not qualify as a separate reportable segment.

​

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","Three months ended","\u200b","Six months ended","\u200b"],["\u200b","June 30,","\u200b","June 30,","\u200b"],["\u200b","2026","\u200b \u200b \u200b","2025","\u200b \u200b \u200b","2026","\u200b \u200b \u200b","2025"],["\u200b","dollar amounts in thousands"],["Baseball revenue","$","276,437","","287,319","\u200b","322,183","","315,940","\u200b"],["Mixed-Use Development revenue","","28,682","","25,121","\u200b","54,943","","43,711","\u200b"],["Total revenue","","305,119","","312,440","\u200b","377,126","","359,651","\u200b"],["Operating costs and expenses:","","\u200b","","\u200b","\u200b","\u200b","","\u200b","\u200b"],["Baseball operating costs","","(252,042)","","(210,809)","\u200b","(308,658)","","(259,572)","\u200b"],["Mixed-Use Development costs","","(4,553)","","(3,633)","\u200b","(8,811)","","(6,041)","\u200b"],["Selling, general and administrative, excluding stock-based compensation","\u200b","(36,735)","\u200b","(32,294)","\u200b","(65,425)","\u200b","(56,883)","\u200b"],["Stock-based compensation","\u200b","(6,824)","\u200b","(2,646)","\u200b","(13,392)","\u200b","(5,292)","\u200b"],["Depreciation and amortization","","(23,508)","","(21,271)","\u200b","(40,634)","","(34,528)","\u200b"],["Operating income (loss)","","(18,543)","","41,787","\u200b","(59,794)","","(2,665)","\u200b"],["Other income (expense):","","\u200b","","\u200b","\u200b","\u200b","","\u200b","\u200b"],["Interest expense","","(11,583)","","(11,652)","\u200b","(22,753)","","(21,996)","\u200b"],["Share of earnings (losses) of affiliates, net","","14,755","","10,613","\u200b","14,435","","10,935","\u200b"],["Realized and unrealized gains (losses) on financial instruments, net","","657","","(640)","\u200b","1,584","","(1,277)","\u200b"],["Other, net","","1,407","","1,673","\u200b","2,601","","2,886","\u200b"],["Earnings (loss) before income taxes","","(13,307)","","41,781","\u200b","(63,927)","","(12,117)","\u200b"],["Income tax benefit (expense)","","1,244","","(12,287)","\u200b","11,438","","220","\u200b"],["Net earnings (loss)","$","(12,063)","","29,494","\u200b","(52,489)","","(11,897)","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Adjusted OIBDA(1)","\u200b","11,789","\u200b","65,704","\u200b","(5,768)","\u200b","37,155","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Regular season home games","\u200b","34","\u200b","40","\u200b","39","\u200b","40","\u200b"],["Average number of attendees per regular season home game","\u200b","29,715","\u200b","29,551","\u200b","29,768","\u200b","29,551","\u200b"]]
[[/GREPCENT_TABLE]]

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1958140/000110465926020650/batra-20251231x10k.htm
Complete FY 2025 MD&A: /company/BATRK/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-26
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis provides information concerning our results of operations and financial condition. This discussion should be read in conjunction with our accompanying consolidated financial statements and the notes thereto.

Explanatory Note

On July 18, 2023, Liberty Media Corporation (“Liberty” or “Liberty Media”), the then current parent organization of Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings,” “the Company,” “us,” “we,” or “our”) completed the previously announced redemption of each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of the Company (the “Split-Off”). The Split-Off was intended to be tax-free to holders of Liberty Braves common stock and in September 2024, the Internal Revenue Service completed its review of the Split-Off and notified Liberty that it agreed with the non-taxable characterization of the transaction. In September 2024, the then-current officers of the Company (with limited exceptions) stepped down from their officer positions and members of its wholly-owned subsidiary Braves Holdings, LLC (“Braves Holdings”) assumed these roles (the “Corporate Governance Transition”). The Company is comprised of the businesses, assets and liabilities of its wholly-owned subsidiary Braves Holdings and corporate cash.

The intergroup interests in the Liberty Braves Group held by subsidiaries of Liberty prior to the Split-Off were settled through attribution of Atlanta Braves Holdings Series C common stock and subsequently sold in the secondary market. Atlanta Braves Holdings did not receive any of the proceeds from the sale of our common stock by these subsidiaries of Liberty. Following this transaction, neither Liberty nor Atlanta Braves Holdings has any continuing stock ownership, beneficial or otherwise, in the other.

Overview

The Company manages its business based on the following reportable segments: Baseball and Mixed-Use Development.

The Baseball segment includes operations relating to the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”) and the Braves’ ballpark (“Truist Park” or the “Stadium”) and includes revenue generated from ticket sales, concessions, local broadcasting rights, advertising sponsorships, suites and premium seat fees, retail and licensing revenue, shared Major League Baseball (“MLB”) revenue streams, including national broadcasting rights and licensing, and other sources. Ticket sales, concessions, broadcasting rights and advertising sponsorship sales are the Baseball segment’s primary revenue drivers.

The Mixed-Use Development segment includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta and the surrounding area (the “Mixed-Use Development”). In April 2025, the Company, through a wholly-owned subsidiary completed the acquisition of certain real estate assets adjacent to The Battery Atlanta (the “Acquisition”). The Mixed-Use Development segment derives revenue primarily from office and retail rental income (including overage rent and tenant reimbursements) and, to a lesser extent, parking and advertising sponsorships throughout the year.

II-2

Table of Contents

Strategies and Challenges

Executive Summary

The financial results of Atlanta Braves Holdings depend in large part on the ability of the Braves to achieve on-field success. The team’s successes generate significant fan enthusiasm, resulting in sustained ticket, premium seating, concession and merchandise sales, and greater shares of local broadcasting audiences. Management focuses on making operational and business decisions that enhance the on-field performance of the Braves and this may sometimes require implementing strategies and making investments that may negatively impact short-term profitability for the sake of immediate on-field success.

Braves Holdings, affiliated entities and third-party development partners, developed a significant portion of the land around Truist Park, the Braves’ stadium, creating a 2.25 million square-foot mixed-use complex that features retail, residential, office, hotel and entertainment opportunities, known as The Battery Atlanta. We believe that the continued development and operations of The Battery Atlanta, as well as transactions such as the Acquisition, will result in increased game attendance as well as office and retail rental income (including overage rent and tenant reimbursements), and income from parking and corporate sponsorships throughout the year.

Key Drivers of Revenue

Atlanta Braves Holdings manages its business based on the following reportable segments: Baseball and Mixed-Use Development. The Baseball segment includes its operations relating to the Braves baseball franchise and Truist Park and includes revenue generated from game attendance (ticket sales), concessions, local broadcasting rights, advertising sponsorships, suites and premium seat fees, retail and licensing revenue, shared MLB revenue streams, including national broadcasting rights and licensing, and other sources.

The Mixed-Use Development segment includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta and the surrounding area. The Mixed-Use Development segment derives revenue primarily from office and retail rental income (including overage rent and tenant reimbursements) and, to a lesser extent, parking and advertising sponsorships throughout the year.

Current Trends Affecting Our Business

The ability of Atlanta Braves Holdings to increase or maintain revenue and earnings could be adversely affected to the extent that relevant economic environments decline. Future performance is dependent in part on general economic conditions and the effect of those conditions on our customers. Weak economic conditions may lead to lower ticket demand for baseball events, which would also negatively affect concession and merchandise sales, and lower levels of advertising sponsorships. While Atlanta Braves Holdings is currently unable to predict the extent of any of these potential adverse effects as of December 31, 2025, Atlanta Braves Holdings does not believe that its operations have been materially impacted by recent economic pressures.

In late 2025 and early 2026, the parent of our local broadcasting partner, Main Street Sports Group, faced financial difficulties culminating in the failure to make contractual payments to various professional sport clubs, including the Braves. As a result, the Braves terminated the Braves Broadcasting Agreement and recorded a $30.1 million contract asset impairment associated with the long-term local broadcasting agreement within the Company’s December 31, 2025 consolidated financial statements. In Februray 2026, the Braves announced BravesVision, a multimedia platform owned and operated by the Company that will become the official local television home of the Braves beginning with the 2026 season.

II-3

Table of Contents

Results of Operations – Consolidated

General. Provided in the tables below is information regarding the historical Consolidated Operating Results and Other Income and Expense of Atlanta Braves Holdings, as well as information regarding the contribution to those items from our reportable segments. The “corporate and other” category consists of those assets that do not qualify as a separate reportable segment.

A discussion regarding our financial condition and results of operations for fiscal year 2025 compared to fiscal year 2024 is presented below. A discussion regarding our financial condition and results of operations for fiscal year 2024 compared to 2023 can be found in Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 3, 2025.

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b","Years ended December 31,","\u200b"],["\u200b","\u200b","2025","\u200b \u200b \u200b","2024"],["\u200b","dollar amounts in thousands"],["Baseball revenue","$","635,060","","595,430","\u200b"],["Mixed-Use Development revenue","","97,432","","67,318","\u200b"],["Total revenue","","732,492","","662,748","\u200b"],["Operating costs and expenses:","","\u200b","","\u200b","\u200b"],["Baseball operating costs","","(496,987)","","(504,146)","\u200b"],["Mixed-Use Development costs","","(14,363)","","(9,762)","\u200b"],["Selling, general and administrative, excluding stock-based compensation","\u200b","(113,329)","\u200b","(109,157)","\u200b"],["Impairment expense","\u200b","(30,131)","\u200b","\u2014","\u200b"],["Stock-based compensation","\u200b","(15,575)","\u200b","(16,519)","\u200b"],["Depreciation and amortization","","(75,634)","","(62,829)","\u200b"],["Operating income (loss)","","(13,527)","","(39,665)","\u200b"],["Other income (expense):","","\u200b","","\u200b","\u200b"],["Interest expense","","(46,440)","","(38,789)","\u200b"],["Share of earnings (losses) of affiliates, net","","29,433","","30,460","\u200b"],["Realized and unrealized gains (losses) on financial instruments, net","","(1,001)","","3,424","\u200b"],["Other, net","","7,423","","8,629","\u200b"],["Earnings (loss) before income taxes","","(24,112)","","(35,941)","\u200b"],["Income tax benefit (expense)","","831","","4,673","\u200b"],["Net earnings (loss)","$","(23,281)","","(31,268)","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Adjusted OIBDA(1)","\u200b","107,813","\u200b","39,683","\u200b"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["Regular season home games","\u200b","81","\u200b","81","\u200b"],["Average number of attendees per regular season home game","\u200b","26,633","\u200b","28,469","\u200b"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","(1)","Adjusted OIBDA is a non-GAAP financial measure. See \u201cNon-GAAP Adjusted OIBDA\u201d in this Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations for a reconciliation to the most comparable GAAP measure."]]
[[/GREPCENT_TABLE]]

​

II-4

Table of Contents

Baseball revenue. Baseball revenue is derived from two primary sources: baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and broadcasting revenue. The following table disaggregates baseball revenue by source:

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b \u200b \u200b","\u200b","Years ended December 31,","\u200b"],["\u200b","\u200b \u200b \u200b","\u200b","2025","\u200b \u200b \u200b","2024","\u200b"],["\u200b","\u200b","amounts in thousands","\u200b"],["Baseball event","","$","357,849","\u200b","347,925","\u200b"],["Broadcasting","","","188,586","\u200b","166,094","\u200b"],["Retail and licensing","","","46,489","\u200b","47,754","\u200b"],["Other","","","42,136","\u200b","33,657","\u200b"],["Total Baseball","","$","635,060","\u200b","595,430","\u200b"]]
[[/GREPCENT_TABLE]]

Baseball event revenue increased $9.9 million during the year ended December 31, 2025, as compared to the prior year, 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. Broadcasting revenue increased $22.5 million during the year ended December 31, 2025, as compared to the prior year, primarily due to additional streaming rights granted to our regional broadcast partner and contractual rate increases to comparable broadcast obligations. Retail and licensing revenue decreased $1.3 million during the year ended December 31, 2025, as compared to the prior year, due to the decrease i

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/BATRK/mda/fy2025/
All MD&A years: /company/BATRK/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/BATRK/mda/fy2024/): filed 2025-03-03; accession 0001558370-25-002009 (https://www.sec.gov/Archives/edgar/data/1958140/000155837025002009/batra-20241231x10k.htm)
- [FY 2023 MD&A](/company/BATRK/mda/fy2023/): filed 2024-02-29; accession 0001558370-24-002078 (https://www.sec.gov/Archives/edgar/data/1958140/000155837024002078/batra-20231231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7900 Services-Amusement & Recreation Services) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/BATRK.md · JSON record: /company/BATRK.json · verified financials: /company/BATRK/financials.json / /company/BATRK/financials.csv · machine TOC for the whole site: /llms.txt