Atlanta Braves Holdings

BATRK · Nasdaq · Communication Services · Financials, fiscal 2022 to 2025

BATRK · Last close · November 6, 2026

$50.56

Atlanta Braves Holdings' revenue rose 10.5% to $732 million in fiscal 2025. Its operating margin was −1.9%, up from −6.0% a year earlier. Free cash flow was −$68 million. The diluted share count rose 1.1%.

ATLANTA BRAVES HOLDINGS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001104659-26-020650 Updated November 8, 2026

Revenue

$732M

10.5%

Operating margin

−1.9%

4.1 pts

Net income

−$23M

Free cash flow

−$68M

Return on capital

−0.9%

1.9 pts

Market cap

$3.3B

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Atlanta Braves Holdings does

Atlanta Braves Holdings owns the Atlanta Braves Major League Baseball team and operates Truist Park, the team's ballpark in Cobb County, a suburb of Atlanta. The company also owns a mixed-use development of retail, office, hotel and entertainment space around the ballpark. It was split off from Liberty Media in July 2023 and now runs its own management and administration.

It reports a Baseball segment and a Mixed-Use Development segment. The Baseball segment earns money from ticket sales, concessions, local broadcasting rights, advertising sponsorships, suites and premium seats, retail and licensing, and shared MLB revenue such as national broadcasting rights. Ticket sales, concessions, broadcasting rights and sponsorships are its main revenue drivers, and most of that revenue comes during the baseball season. The development earns office and retail rent and, to a smaller extent, parking and advertising fees.

The Braves play under MLB's rules, which limit how much debt a club can take on and require revenue sharing with the other clubs. The team leases its ballpark from Cobb County and the Cobb-Marietta Coliseum and Exhibit Hall Authority.

Its biggest risks, as it describes them

Broadcasting revenue, an important source of income, could fall.
Its finances depend largely on the Braves winning on the field and keeping talented players.
MLB rules and a possible labor stoppage could limit its operations or hurt results.
Limits on borrowing and its debt covenants could constrain how it funds operations.
Problems with its real estate development, such as tenants not renewing leases.

From Atlanta Braves Holdings's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Atlanta Braves Holdings lost money in fiscal 2025: a net loss of $23 million.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY22	FY23	FY24	FY25
Cash and short-term investments	151	125	110	100
Debt incl. finance leases	654	677	726	843
Net debt (negative means net cash)	503	552	616	743
Net debt to EBITDA	12.2x	22.5x	26.6x	12.0x
Debt to equity	2.2x	1.3x	1.4x	1.6x
Interest coverage	−1.0x	−1.2x	−1.0x	−0.3x
Current ratio	1.1x	0.9x	0.6x	0.4x
Quick ratio	1.1x	0.9x	0.6x	0.4x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Atlanta Braves Holdings' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Atlanta Braves Holdings' projections

Insider trades

No officer, director or 10% owner of Atlanta Braves Holdings reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	—	4 of 8	4 of 8
Rule of 40	−1.7%	−7.0%	1.2%
Altman Z''	−0.89	−1.32	−1.65
Accruals ratio	−8.5%	−3.2%	−3.1%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	—	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	Fail	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	—	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	—	Pass	Pass
F-score	—	4 of 8	4 of 8

Companies that report no gross profit are scored on the other eight.

Compare

Put Atlanta Braves Holdings side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Atlanta Braves Holdings	FY25	10.5%	−1.9%	−9.3%	−0.9%	12.0x	4
Marcus	FY25	3.1%	2.2%	0.1%	2.8%	1.7x	6	Compare
Madison Square Garden Entertainment	FY26	12.5%	13.3%	—	21.8%	1.2x	8	Compare
Madison Square Garden Sports	FY26	11.0%	2.5%	5.3%	—	2.9x	7	Compare
Sphere Entertainment	FY25	18.8%	−18.8%	—	−4.8%	1.6x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

4 years of figures

Fiscal year	FY22	FY23	FY24	FY25
Income statement
Revenue	589	641	663	732
Revenue growth	—	8.8%	3.5%	10.5%
Gross profit	—	—	—	—
Research and development	—	—	—	—
Operating income	−31	−46	−40	−14
Net income	−34	−125	−31	−23
Diluted EPS (US$)	−0.55	−2.03	−0.50	−0.37
Diluted shares (millions)	—	62	63	64
Cash flow
Cash from operations	53	2	17	25
Capital expenditure	18	69	86	94
Free cash flow	36	−67	−69	−68
Dividends paid	0	0	0	0
Share buybacks	0	0	0	0
Acquisitions	0	0	0	0
Stock-based compensation	12	13	16	16
Balance sheet at fiscal year end
Cash and short-term investments	151	125	110	100
Debt incl. finance leases	654	677	726	843
Total assets	1,491	1,504	1,524	1,615
Total liabilities	1,191	964	988	1,077
Shareholders' equity	300	529	524	526
Margins and ratios
Gross margin	—	—	—	—
Operating margin	−5.2%	−7.2%	−6.0%	−1.9%
Net margin	−5.8%	−19.6%	−4.7%	−3.2%
Free cash flow margin	6.1%	−10.5%	−10.5%	−9.3%
Rule of 40 (growth + FCF margin)	—	−1.7%	−7.0%	1.2%
Return on capital	—	−3.9%	−2.8%	−0.9%
Return on equity	—	−30.3%	−5.9%	−4.5%
Return on assets	—	−8.4%	−2.1%	−1.5%
Net debt to EBITDA	12.2x	22.5x	26.6x	12.0x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Atlanta Braves Holdings' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Atlanta Braves Holdings.