Cash flow conversion is highly erratic, characterized by a 2026Q1 OCF/NI ratio of -8.82 and free cash flow margins that swung from 161.5% to -121.8% over the past year.
| 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 |
|---|
| Cash from Operations | 286.47M | 25.24M | 16.63M | 1.63M | 53M | 62M | -55M | 75M | 103M | -42M | 89M | 45M | -84M | 41M | 7M |
| Operating CF Margin % | - | 3.45% | 2.51% | 0.25% | 9.01% | 11% | -30.9% | 15.76% | 23.3% | -10.88% | 33.97% | 18.52% | -33.6% | 15.77% | 3.11% |
| Operating CF Growth % | 311.78% | 51.74% | 922.82% | -96.93% | -14.52% | 212.73% | -173.33% | -27.18% | 345.24% | -147.19% | 97.78% | 153.57% | -304.88% | 485.71% | - |
| Net Income | -22.46M | -23.28M | -31.27M | -125.29M | -35M | -11M | -78M | -77M | 11M | -26M | -62M | -20M | -24M | 6M | -2M |
| Depreciation & Amortization | 110.63M | 75.63M | 62.83M | 70.98M | 71M | 72M | 69M | 71M | 76M | 67M | 32M | 31M | 29M | 25M | 24M |
| Stock-Based Compensation | 13.82M | 15.57M | 16.52M | 13.22M | 12.23M | 12M | 6M | 17M | 11M | 48M | 9M | 10M | 12M | 10M | 4M |
| Deferred Taxes | 32.56M | -2.44M | -9.29M | -7.87M | 8M | 8M | -38M | 0 | -15M | -37M | -18M | 0 | -3B | -3B | -3T |
| Other Non-Cash Items | 213.67M | 31.66M | -4.63M | 80.31M | 5.77M | 25M | -26M | 76M | 34M | -22M | 40M | 15M | -48M | 3M | -15M |
| Working Capital Changes | -112.81M | -71.91M | -17.53M | -29.72M | -9M | -44M | 12M | -12M | -14M | -72M | 88M | 9M | -53M | -3M | 18.43B |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -38.98M | -38.98M | -38.98B |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.37M | 11.37M | 11.37B |
| Change in Payables | 0 | 0 | 0 | 0 | 0 | -1M | 41M | 0 | -22M | -15M | 105M | 0 | 46.04M | 46.04M | 46.04B |
| Cash from Investing | -148.52M | -145.04M | -86.31M | -69.05M | 53M | -25M | -77M | -107M | 159M | -221M | -413M | -113M | -62M | -7M | -7M |
| Capital Expenditures | -24.45M | 0 | -86.01M | -69.04M | -18M | -35M | -81M | -103M | -33M | -219M | -360M | -128M | -66M | -3M | -2M |
| CapEx % of Revenue | 3.23% | 19.8% | 12.98% | 10.78% | 3.06% | 6.21% | 45.51% | 21.64% | 7.47% | 56.74% | 137.4% | 52.67% | 26.4% | 1.15% | 0.89% |
| Acquisitions | 131M | 0 | 0 | -125K | 23M | 0 | 0 | 0 | 0 | -2M | -20M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -257.07M | -145.04M | 40K | 110K | 58K | 8M | 4M | -4M | 37M | -224M | -33M | 15M | 4M | -4M | -5M |
| Cash from Financing | -13.36M | 118.78M | 44.56M | 32.33M | -177M | 22M | 105M | 54M | -212M | 288M | 418M | 70M | 100M | 12M | -962.49B |
| Debt Issued (Net) | 6.01M | 116.67M | 42.48M | 26.85M | -154.86M | 24M | 114M | 65M | -194M | 326M | 184M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 35.88M | 9.05M | 0 | 0 | 693K | 0 | -1M | -4M | 0 | 0 | 203M | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.19M | -1.19M | -1.19B |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | -1M | -4M | 0 | -30M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -55.25M | -6.95M | 2.08M | 5.48M | -22.83M | -2M | -8M | -7M | -18M | -30M | 31M | 70M | 101.19M | 13.19M | -961.31B |
| Net Change in Cash | 121.59M | -1.02M | -25.12M | -35.1M | -71M | 59M | -27M | 22M | 50M | 25M | 94M | 2M | -46M | -716.99M | -773.98B |
| Free Cash Flow | 152.31M | -119.81M | -69.38M | -67.41M | 35M | 27M | -136M | -28M | 70M | -261M | -271M | -83M | -150M | 38M | 5M |
| FCF Margin % | 20.11% | -16.36% | -10.47% | -10.52% | 5.95% | 4.79% | -76.4% | -5.88% | 15.84% | -67.62% | -103.44% | -34.16% | -60% | 14.62% | 2.22% |
| FCF Growth % | 776.76% | -72.68% | -2.93% | -292.6% | 29.63% | 119.85% | -385.71% | -140% | 126.82% | 3.69% | -226.51% | 44.67% | -494.74% | 660% | - |
| FCF per Share | 2.39 | -1.88 | -1.13 | -1.09 | 0.57 | 0.44 | -2.27 | -0.46 | 1.15 | -4.42 | -4.93 | -0.02 | -0.02 | 0.01 | 0.07 |
| FCF Conversion (FCF/Net Income) | -6.78x | -1.08x | -0.53x | -0.01x | -1.55x | -4.77x | 0.71x | -0.97x | 20.60x | 1.68x | -1.44x | 0.24x | 3.50x | 6.83x | -3.50x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Seasonal Cash Flow Volatility
According to recent financial disclosures, the relationship between net income and operating cash flow is highly erratic, evidenced by a 2026Q1 OCF/NI ratio of -8.82, which underscores the significant disconnect between GAAP accounting and the actual timing of cash inflows from media rights and ticket sales.
The extreme variance in the OCF/NI ratio suggests that net income is a poor proxy for the company's underlying cash-generating capacity. Investors should monitor how the timing of upfront payments for sponsorships and season tickets creates artificial spikes in operating cash flow that do not necessarily correlate with the company's long-term profitability.
As reported in quarterly filings, the company's free cash flow trajectory remains volatile, with margins swinging from a high of 161.5% in 2025Q1 to a low of -121.8% in 2025Q4, reflecting the intense seasonal nature of the business model and its reliance on specific revenue windows.
This erratic FCF performance indicates that the business is structurally challenged to maintain consistent cash generation throughout the calendar year. The reliance on peak-season inflows to cover off-season fixed costs suggests that the company may face liquidity pressure if competitive performance or media rights revenue experiences even minor disruptions.
Based on the provided cash flow statements, working capital changes frequently serve as the primary driver of quarterly cash flow, with a notable $130.5M inflow in 2025Q1 followed by a $158.8M outflow in 2025Q3, highlighting the critical role of deferred revenue in managing the company's liquidity.
The significant swings in working capital suggest that the company effectively uses its fan base as a source of interest-free financing through advance ticket and sponsorship payments. However, this reliance on deferred revenue creates a structural vulnerability where any decline in fan engagement could lead to a rapid deterioration in available cash.
Data from recent financial statements indicates that capital expenditures remain a persistent drag on cash flow, with CapEx/Revenue ratios reaching as high as 74.5% in 2024Q1, suggesting that the maintenance of stadium and real estate assets requires significant, ongoing capital reinvestment to remain competitive.
The high capital intensity appears to be a permanent feature of the business model, necessitated by the need to maintain the physical infrastructure of The Battery and the stadium. This ongoing requirement for capital investment may limit the company's ability to return cash to shareholders or deleverage the balance sheet in the near term.
Quick answers to the most common questions about buying BATRK stock.
Atlanta Braves Holdings, Inc. (BATRK) generated $25.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Atlanta Braves Holdings, Inc. (BATRK) reported negative free cash flow of $119.8M in 2025, indicating capital requirements exceeded cash from operations.
Atlanta Braves Holdings, Inc. (BATRK) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.