10-K · March 3, 2025
The 10-K emphasizes the Braves’ core strategy of leveraging the baseball franchise and The Battery Atlanta mixed-use development to drive ticketing, local broadcast, sponsorship and rental revenue while investing in…
Earnings analysis · 10-K
BATRK earnings analysis
Filed February 26, 2026 · Our reading of the company's report
The latest report
Atlanta Braves Holdings describes a two-pronged business: a Baseball segment (team, ticketing, concessions, local broadcasting and sponsorships) and a Mixed-Use Development segment (The Battery Atlanta…
Read full summary
Atlanta Braves Holdings describes a two-pronged business: a Baseball segment (team, ticketing, concessions, local broadcasting and sponsorships) and a Mixed-Use Development segment (The Battery Atlanta office/retail/hotel/entertainment). The company is moving to direct control of local distribution after terminating its long-time broadcaster arrangement and launching an owned platform (BravesVision) for 2026, while continuing development of The Battery (2.25 million sq ft total, with a 0.25 million sq ft office building operational July 2025 and acquisition of a 0.8 million sq ft office park). Recent reported results show a mixed operational picture: a revenue beat for the latest quarter ($61,303,000) but a wider-than-expected loss per share ($(0.66)).
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.66
- Segment
- Baseball
- Segment
- Mixed-Use Development
What stood out
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Q4 revenue topped estimates
Company reported Q4 revenue of $61,303,000, beating the consensus estimate of $48,984,274 (a +25.15% surprise) as shown in the Feb 25, 2026 filings/exhibits.
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Launched owned local broadcast distribution (BravesVision)
Following termination of the Braves Broadcast Agreement, the Company announced BravesVision as the official local television home beginning with the 2026 season (filing notes termination of the Braves Broadcast Agreement in January 2026 and BravesVision launch in February 2026).
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Mixed-Use Development scale and recent completions
The Battery Atlanta complex totals 2.25 million square feet; a 0.25 million square-foot office building behind Truist Park became operational in July 2025 and the Company acquired an additional 0.8 million square-foot office park adjacent to The Battery.
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Corporate governance / operational independence
Services agreement with Liberty was mutually terminated on October 31, 2025, and Atlanta Braves Holdings 'has fully assumed responsibility' for previously provided functions per the filing.
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Concentrated voting arrangement disclosed
Dr. John C. Malone granted Terence McGuirk a proxy to vote 887,079 shares of Series B common stock, representing 44% of the Company's then outstanding voting power (August 21, 2024 arrangements disclosed).
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Seasonality and segment reporting
The filing confirms the Company reports two segments — 'Baseball' and 'Mixed-Use Development' — and that baseball revenue is seasonal with the majority historically recognized during the second and third quarters.
What to watch
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Local broadcast counterparty failure / revenue concentration
The Braves terminated the Braves Broadcast Agreement in January 2026 due to SportSouth's failure to make their scheduled contractual payment for the 2026 season, exposing local broadcasting revenue to counterparty and execution risk for the new BravesVision platform.
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Dependence on on-field performance
The filing explicitly lists 'the achievement of on-field success' as a key factor that drives demand for tickets, premium seating, concessions and local broadcasting audiences and thereby affects results.
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Real estate development and tenant risk
The Company discloses material real estate risk tied to The Battery Atlanta (2.25 million sq ft) and warns of inherent real estate risks including tenant defaults, environmental liabilities and liquidity of real estate investments.
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Concentrated voting / ownership risk
Ownership arrangements give McGuirk proxy voting over 887,079 shares representing 44% of voting power, which the filing lists among factors investors should consider regarding the Company's ownership, management and board structure.
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Indebtedness may constrain operations
The filing states 'the Company’s indebtedness could adversely affect operations and could limit its ability to react to changes in the economy or its industry,' though no specific debt balance was provided in the excerpt.
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Information security and data privacy exposure
The Company identifies the 'impact of data loss or breaches or disruptions of the Company’s information systems and information system security' and processing/storage of personal data as risks that 'could give rise to liabilities.'
Management's outlook
The 10‑K contains general forward‑looking statements (see 'Cautionary Note Regarding Forward‑Looking Statements') but does not provide numeric annual guidance. Numeric forward guidance is not included in the filing; the company has historically provided quarter/year outlook in separate earnings releases or calls.
Earlier filings 4
10-Q · November 7, 2024
Q3 results showed revenue of $290,674,000 (up $18,850,000 or ~6.9% YoY) and diluted EPS of $0.16 (vs -$0.10 prior year), driven by Baseball revenue of $273,262,000. Operating income declined to $6,402,000 from…
10-Q · August 8, 2024
Atlanta Braves Holdings, Inc. delivered stronger-than-expected Q2 2024 results with revenue increasing 4.5% year-over-year to $282.876 million and EPS rising significantly to $0.46 compared to a loss of $0.47 in the…
10-Q · May 8, 2024
Q1 2024 results showed top-line expansion with total revenue of $37.08M (up $6.11M or +19.7% vs Q1 2023) driven by both baseball (+$4.41M) and mixed‑use development (+$1.70M). The company generated strong operating cash…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.