Revenue growth is mixed with TTM revenue up 10.5% to $732.5M, but gross margin volatility (41.9% in Q1 2026 vs. 15.9% in Q2 2026) and a TTM net margin of -3.19% indicate structural profitability challenges.
Atlanta Braves Holdings, Inc. (BATRA) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 1.39B | 732.49M | 662.75M | 640.67M | 588.56M | 563.72M | 178M | 476M | 442M | 386M | 262M | 243M | 250M | 260M | 225M |
| Revenue Growth % | 97.73% | 10.52% | 3.45% | 8.85% | 4.41% | 216.69% | -62.6% | 7.69% | 14.51% | 47.33% | 7.82% | -2.8% | -3.85% | 15.56% | - |
| Cost of Goods Sold | 990.97M | 586.98M | 513.91M | 491.23M | 436.51M | 376.35M | 0 | 0 | 0 | 0 | 0 | 0 | 1.63B | 0 | 159M |
| COGS % of Revenue | - | 80.14% | 77.54% | 76.67% | 74.17% | 66.76% | - | - | - | - | - | - | 652.58% | - | 70.67% |
| Gross Profit | 397.99M | 145.51M | 148.84M | 149.44M | 152.06M | 187.37M | 178M | 476M | 442M | 386M | 262M | 243M | -1.38B | 260M | 66M |
| Gross Margin % | 28.65% | 19.86% | 22.46% | 23.33% | 25.84% | 33.24% | 100% | 100% | 100% | 100% | 100% | 100% | -552.58% | 100% | 29.33% |
| Gross Profit Growth % | - | -2.24% | -0.4% | -1.72% | -18.85% | 5.26% | -62.6% | 7.69% | 14.51% | 47.33% | 7.82% | 117.59% | -631.33% | 293.94% | - |
| Operating Expenses | 333.27M | 128.9M | 188.5M | 195.88M | 182.64M | 168.13M | 306M | 515M | 441M | 499M | 323M | 954M | 287M | 248M | 68M |
| OpEx % of Revenue | - | 17.6% | 28.44% | 30.57% | 31.03% | 29.82% | 171.91% | 108.19% | 99.77% | 129.27% | 123.28% | 392.59% | 114.8% | 95.38% | 30.22% |
| Selling, General & Admin | 232.29M | 128.9M | 0 | 0 | 0 | 0 | 0 | 0 | 118M | 151M | 67M | 61M | 58M | 58M | 48M |
| SG&A % of Revenue | - | 17.6% | - | - | - | - | - | - | 26.7% | 39.12% | 25.57% | 25.1% | 23.2% | 22.31% | 21.33% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.84M | 0 | 48.84B |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 19.54% | - | 21708% |
| Other Operating Expenses | 2M | 0 | 188.5M | 195.88M | 182.64M | 168.13M | 306M | 515M | 11M | -12M | -27M | 954M | 338.91M | -3.33B | 338.91B |
| Operating Income | 64.73M | 16.6M | -39.66M | -46.44M | -30.58M | 19.24M | -128M | -39M | 1M | -113M | -61M | 954M | -47M | 7M | -6M |
| Operating Margin % | 4.66% | 2.27% | -5.98% | -7.25% | -5.2% | 3.41% | -71.91% | -8.19% | 0.23% | -29.27% | -23.28% | 392.59% | -18.8% | 2.69% | -2.67% |
| Operating Income Growth % | - | 141.86% | 14.59% | -51.86% | -258.92% | 115.03% | -228.21% | -4000% | 100.89% | -85.25% | -106.39% | 2129.79% | -771.43% | 216.67% | - |
| EBITDA | 197.34M | 92.24M | 18.16M | 19.84M | 36.52M | 90.27M | -59M | 32M | 77M | -46M | -29M | 985M | -18M | 32M | 18M |
| EBITDA Margin % | 14.21% | 12.59% | 2.74% | 3.1% | 6.2% | 16.01% | -33.15% | 6.72% | 17.42% | -11.92% | -11.07% | 405.35% | -7.2% | 12.31% | 8% |
| EBITDA Growth % | 334.14% | 407.81% | -8.45% | -45.67% | -59.55% | 252.99% | -284.38% | -58.44% | 267.39% | -58.62% | -102.94% | 5572.22% | -156.25% | 77.78% | - |
| D&A (Non-Cash Add-back) | 132.61M | 75.63M | 57.83M | 66.28M | 67.1M | 71.02M | 69M | 71M | 76M | 67M | 32M | 31M | 29M | 25M | 24M |
| EBIT | 68.72M | 22.33M | -37.69M | -44.23M | -24.51M | 20.69M | -128M | -39M | 22M | -47M | -78M | -38M | -47M | 7M | -265.32B |
| Net Interest Income | -104.03M | -46.44M | -38.79M | -37.67M | -29.58M | -24M | -26M | -27M | -26M | -15M | -1M | -1M | 0 | -1M | 1M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M |
| Interest Expense | 104.03M | 46.44M | 38.79M | 37.67M | 29.58M | 24M | 26M | 27M | 26M | 15M | 1M | 1M | 0 | 1M | 0 |
| Other Income/Expense | -32.03M | -40.72M | 3.72M | -74.99M | -936K | -22.56M | 12M | -23M | -5M | 51M | -18M | -984M | 10M | 4M | 3M |
| Pretax Income | 32.7M | -24.11M | -35.94M | -121.43M | -31.52M | -3.31M | -116M | -62M | -4M | -62M | -79M | 184M | -37M | 11M | -3M |
| Pretax Margin % | 2.35% | -3.29% | -5.42% | -18.95% | -5.35% | -0.59% | -65.17% | -13.03% | -0.91% | -16.06% | -30.15% | 75.72% | -14.8% | 4.23% | -1.33% |
| Income Tax | 3.15M | -831K | -4.67M | 3.86M | 2.65M | 9.69M | -38M | 15M | -15M | -36M | -17M | 10M | -13M | 5M | -1M |
| Effective Tax Rate % | 9.62% | 3.45% | 13% | -3.18% | -8.42% | -292.46% | 32.76% | -24.19% | 375% | 58.06% | 21.52% | 5.43% | 35.14% | 45.45% | 33.33% |
| Net Income | 29.3M | -23.37M | -31.27M | -125.29M | -34.17M | -13.01M | -78M | -77M | 5M | -25M | -62M | 184M | -24M | 6M | -2M |
| Net Margin % | 2.11% | -3.19% | -4.72% | -19.56% | -5.81% | -2.31% | -43.82% | -16.18% | 1.13% | -6.48% | -23.66% | 75.72% | -9.6% | 2.31% | -0.89% |
| Net Income Growth % | 239.49% | 25.27% | 75.04% | -266.66% | -162.74% | 83.33% | -1.3% | -1640% | 120% | 59.68% | -133.7% | 866.67% | -500% | 400% | - |
| Net Income (Continuing) | 29.55M | -23.28M | -31.27M | -125.29M | -34.17M | -13.01M | -78M | -77M | 11M | -26M | -62M | -20M | -24M | 6M | -2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 12.36M | 12.13M | 12.04M | 12.04M | 0 | 0 | 0 | 0 | -8M | 14M | 15M | 7.2B | 0 | 9.8B | 0 |
| EPS (Diluted) | 0.46 | -0.37 | -0.50 | -2.03 | -0.56 | -0.21 | -1.30 | -1.51 | 0.10 | -0.51 | -1.25 | 5.20 | -0.68 | 0.17 | -0.06 |
| EPS Growth % | 248.57% | 26% | 75.37% | -262.5% | -166.67% | 83.85% | 13.91% | -1640.82% | 119.22% | 59.2% | -124.04% | 864.71% | -500% | 400.88% | - |
| EPS (Basic) | - | -0.37 | -0.50 | -2.03 | -0.56 | -0.21 | -2.00 | -1.51 | 0.10 | -0.51 | -1.25 | 5.20 | -0.68 | 0.17 | -0.06 |
| Diluted Shares Outstanding | 64.39M | 63.78M | 62.54M | 61.73M | 62.13M | 52M | 60M | 51M | 51M | 49M | 49.43M | 35.38M | 35.38M | 35.38M | 35.38M |
| Basic Shares Outstanding | 64.39M | 62.45M | 62.54M | 61.72M | 62.13M | 52M | 39M | 50.99M | 51M | 49M | 49.43M | 35.38M | 35.38M | 35.38M | 35.38M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 19.75% | - |
Quick answers to the most common questions about buying BATRA stock.
For fiscal year 2025, Atlanta Braves Holdings, Inc. (BATRA) reported total revenue of $732.5M. This represents a 225.6% increase compared to $225.0M in 2012.
Atlanta Braves Holdings, Inc. (BATRA) reported a net loss of $23.4M for the fiscal year ending 2025.
Atlanta Braves Holdings, Inc. (BATRA) reported an operating income of $16.6M, resulting in an operating profit margin of 2.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Atlanta Braves Holdings, Inc. (BATRA) generated $145.5M in gross profit for the year, representing a gross profit margin of 19.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
RSN instability and thin margins
Metrics are mathematically derived from official filings.
Top-Line Momentum Amid Seasonal Swings
Revenue grew 10.5% YoY on a TTM basis, reaching $732.5M, but quarterly results swing wildly with the baseball calendar, as Q1 2026 revenue of $305.1M fell 2.3% YoY, per the latest financial statements.
The 10.5% TTM growth is flattered by a strong 2025 season, yet the most recent quarter shows a slight contraction, suggesting the growth rate may be decelerating. The business remains highly seasonal, with Q1 (pre-season) and Q4 (post-season) generating minimal revenue compared to the peak summer quarters. This pattern underscores the reliance on the MLB schedule and the limited contribution from The Battery during off-peak months, though the mixed-use development likely provides a more stable base than the baseball operations alone.
Gross Margin Volatility Masks Structural Pressures
Gross margin swung from 41.9% in Q1 2026 to 15.9% in Q2 2026, reflecting the seasonal cost structure; the TTM gross margin of 19.86% is well below peers like MSGE's 43.2%, as reported in the latest quarterly data.
The extreme quarterly swings in gross margin—from -74.5% in Q4 2025 to 41.9% in Q1 2026—highlight the fixed-cost nature of player salaries and stadium operations, which do not scale down with off-season revenue. The TTM gross margin of 19.86% is significantly lower than MSGE's 43.2%, suggesting that BATRA's cost structure is heavily burdened by baseball-specific expenses. This may indicate limited pricing power in ticket and media rights, as the team cannot easily pass on cost increases without risking fan attendance or broadcaster willingness to pay.
Operating Leverage Fails to Materialize
Operating income swung from a $64.0M profit in Q1 2026 to an $18.5M loss in Q2 2026, with TTM operating margin at just 2.27%, indicating that SG&A and overhead are not scaling efficiently with revenue, per the income statement data.
Despite revenue growth, operating income has not shown consistent expansion; the TTM operating margin of 2.27% is razor-thin, and the company has posted operating losses in four of the last ten quarters. SG&A expenses have remained relatively stable around $35-43M per quarter, even as revenue fluctuates, suggesting a high fixed-cost base that prevents operating leverage from kicking in during peak seasons. This implies that any revenue shortfall—such as a missed playoff run or a decline in RSN fees—could quickly push the company into deeper operating losses.
Non-Cash Charges Cloud Earnings Picture
Net income has been negative on a TTM basis at -3.19% margin, with Q2 2026 EPS of -$0.19, while stock-based compensation of $13.4M in that quarter adds to the drag, as disclosed in the financial statements.
The persistent negative net margin, despite positive operating income in some quarters, suggests that non-operating items—likely depreciation, amortization, and interest—are weighing heavily on the bottom line. The $13.4M SBC in Q2 2026 is notably higher than prior quarters, which may indicate increased equity-based compensation that dilutes shareholders without a corresponding cash expense. Investors should adjust for these non-cash charges to assess the true cash-generating ability of the business, as the reported net losses may overstate the economic deterioration.
Player Payroll and Overhead Dominate Cost Base
COGS as a percentage of revenue averaged roughly 80% over the last ten quarters, with Q2 2026 COGS at $256.6M against revenue of $305.1M, reflecting the heavy fixed costs of player salaries and stadium operations, per the income statement data.
The cost structure is dominated by COGS, which includes player salaries and game-day expenses, and these costs are largely fixed and guaranteed, limiting management's ability to adjust in response to revenue shortfalls. SG&A, while smaller, has remained sticky at around $35-43M per quarter, indicating that administrative overhead is not being aggressively managed. The lack of R&D spending is typical for a sports franchise, but the overall cost discipline appears weak, as evidenced by the thin operating margins and the inability to achieve consistent profitability even in peak quarters.
2025 Season Marks a Turning Point
The 2025 fiscal year saw a dramatic improvement in profitability, with Q3 2025 operating income of $38.9M and net income of $30.0M, a sharp contrast to the losses in 2024, as reported in the quarterly data.
The inflection appears to have occurred in 2025, when the company transitioned from consistent losses in 2024 to profitable quarters in Q2 and Q3 2025, likely driven by a strong on-field performance and increased attendance. However, the subsequent Q4 2025 loss of -$41.4M and the mixed results in 2026 suggest that this improvement may not be sustainable, as the company still faces structural cost pressures. The lasting impact of this inflection is uncertain, but it demonstrates the potential for profitability when revenue peaks, while also highlighting the fragility of the earnings model.
What Could Undermine the Regional Monopoly Thesis
Despite the Braves' territorial exclusivity, the TTM net margin of -3.19% and operating margin of 2.27% suggest that the moat is not translating into pricing power, with RSN instability posing a direct threat to the largest revenue stream, per the latest financials.
Short-sellers would argue that the company's regional monopoly is not enough to offset the secular decline in cable television, as Diamond Sports Group's financial troubles could lead to reduced local media rights payments. The thin operating margin leaves little room for error, and any disruption in RSN revenue could push the company into deeper losses. Additionally, the high fixed-cost structure means that even a modest decline in attendance or sponsorship could have outsized effects on profitability. The market's 'trophy asset' premium may be unjustified if the underlying cash flows remain weak and the balance sheet leverage (D/E of 1.56) limits financial flexibility.