The company exhibits extreme seasonal revenue variance, with operating margins fluctuating from -141.2% in off-peak periods to 13.4% during the peak 2025Q2 season.
| 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 | 757.29M | 732.49M | 662.75M | 640.67M | 588.56M | 563.72M | 178M | 476M | 442M | 386M | 262M | 243M | 250M | 260M | 225M |
| Revenue Growth % | 12.54% | 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 | 600.56M | 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 | 156.73M | 145.51M | 148.84M | 149.44M | 152.06M | 187.37M | 178M | 476M | 442M | 386M | 262M | 243M | -1.38B | 260M | 66M |
| Gross Margin % | 20.7% | 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 | 136.93M | 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 | 136.93M | 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 | 0 | 0 | 188.5M | 195.88M | 182.64M | 168.13M | 306M | 515M | 11M | -12M | -27M | 954M | 338.91M | -3.33B | 338.91B |
| Operating Income | 19.8M | 16.6M | -39.66M | -46.44M | -30.58M | 19.24M | -128M | -39M | 1M | -113M | -61M | 954M | -47M | 7M | -6M |
| Operating Margin % | 2.62% | 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 | 99.31M | 92.24M | 18.16M | 19.84M | 36.52M | 90.27M | -59M | 32M | 77M | -46M | -29M | 985M | -18M | 32M | 18M |
| EBITDA Margin % | 13.11% | 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 % | 237.3% | 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) | 79.5M | 75.63M | 57.83M | 66.28M | 67.1M | 71.02M | 69M | 71M | 76M | 67M | 32M | 31M | 29M | 25M | 24M |
| EBIT | 19.8M | 16.6M | -37.69M | -44.23M | -24.51M | 19.24M | -128M | -39M | 22M | -47M | -78M | -144M | -302.32M | -204M | -265.32B |
| Net Interest Income | -47.27M | -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 | 1M | 0 | 1M | 1M |
| Interest Expense | 47.27M | 46.44M | 38.79M | 37.67M | 29.58M | 24M | 26M | 27M | 26M | 15M | 1M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -40.64M | -40.72M | 3.72M | -74.99M | -936K | -22.56M | 12M | -23M | -5M | 51M | -18M | -770M | 10M | 4M | 3M |
| Pretax Income | -20.83M | -24.11M | -35.94M | -121.43M | -31.52M | -3.31M | -116M | -62M | -4M | -62M | -79M | 184M | -37M | 11M | -3M |
| Pretax Margin % | -2.75% | -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 | 1.48M | -831K | -4.67M | 3.86M | 2.65M | 9.69M | -38M | 15M | -15M | -36M | -17M | 0 | -13M | 5M | -1M |
| Effective Tax Rate % | -7.11% | 3.45% | 13% | -3.18% | -8.42% | -292.46% | 32.76% | -24.19% | 375% | 58.06% | 21.52% | 0% | 35.14% | 45.45% | 33.33% |
| Net Income | -22.46M | -23.37M | -31.27M | -125.29M | -34.17M | -13.01M | -78M | -77M | 5M | -25M | -62M | 184M | -24M | 6M | -2M |
| Net Margin % | -2.97% | -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 % | -5.01% | 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) | -22.32M | -23.28M | -31.27M | -125.29M | -34.17M | -13.01M | -78M | -77M | 11M | -26M | -62M | 184M | -24M | 6M | -2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 12.19M | 12.13M | 12.04M | 12.04M | 0 | 0 | 0 | 0 | -8M | 14M | 15M | 7.2B | 0 | 9.8B | 0 |
| EPS (Diluted) | -0.35 | -0.37 | -0.50 | -2.02 | -0.55 | -0.21 | -1.30 | -1.26 | 0.08 | -0.42 | -1.13 | 0.05 | -0.00 | 0.00 | -0.03 |
| EPS Growth % | -2.94% | 26% | 75.25% | -267.27% | -161.9% | 83.85% | -3.17% | -1636.59% | 119.52% | 62.83% | -2224.06% | - | - | 103.09% | - |
| EPS (Basic) | - | -0.37 | -0.50 | -2.02 | -0.55 | -0.21 | -1.30 | -1.26 | 0.08 | -0.51 | -1.35 | 0.09 | -0.01 | 0.00 | -0.05 |
| Diluted Shares Outstanding | 63.78M | 63.78M | 61.23M | 61.87M | 61.72M | 61.72M | 60M | 61M | 61M | 59M | 55M | 3.46B | 6.87B | 6.87B | 68.74M |
| Basic Shares Outstanding | 62.45M | 62.45M | 61.23M | 61.87M | 61.72M | 61.72M | 60M | 61M | 61M | 49M | 46M | 2.13B | 4.21B | 4.21B | 42.09M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 19.75% | - |
High Fixed Cost Sensitivity
According to recent financial filings, BATRK exhibits extreme quarterly revenue variance, with top-line figures swinging from $312.4M in peak season to $37.1M during off-peak periods, reflecting the inherent limitations of a business model tethered to the 162-game Major League Baseball schedule and associated media rights.
The 10.52% year-over-year revenue growth suggests an ability to extract higher per-capita spending, yet this expansion remains heavily dependent on the timing of home games and postseason participation. Investors should monitor whether the mixed-use development at The Battery can eventually decouple revenue from the baseball calendar to provide more consistent, year-round growth.
As reported in quarterly statements, the company struggles with a volatile gross margin profile that frequently dips into negative territory during off-season quarters, highlighting the difficulty of maintaining a high-fixed-cost stadium and real estate ecosystem when game-day revenue streams are absent for extended periods of time.
The reported gross margin of 19.86% appears suppressed by significant labor costs and the operational overhead of maintaining a major league stadium. This suggests that the business requires high capacity utilization to achieve meaningful profitability, making permanent margin expansion difficult without a fundamental shift in revenue-sharing or salary cap structures.
Based on the provided income statement data, operating income remains highly sensitive to seasonal fluctuations, with margins swinging from -141.2% in low-activity periods to 13.4% during peak performance, indicating that the company lacks the operating leverage to maintain profitability during the off-season months of the fiscal year.
The razor-thin operating margins of 2.27% suggest that the business is structurally challenged to scale efficiently, as player compensation remains a rigid, high-cost burden. Management's ability to control SG&A expenses appears insufficient to offset the volatility of the baseball operations segment, warranting further investigation into long-term cost discipline.
Analysis of the reported figures reveals that net income is consistently pressured by non-operating items and seasonal revenue gaps, resulting in a -3.19% net margin that suggests the company currently functions more as a capital-intensive asset play than a consistent generator of GAAP-compliant bottom-line earnings.
The frequent use of stock-based compensation, which reached $6.2M in 2025Q4, further complicates the assessment of true operational profitability for shareholders. Investors should be cautious, as the reported net losses may mask the underlying appreciation of the franchise and real estate assets, which are not fully captured in current earnings.
Quick answers to the most common questions about buying BATRK stock.
For fiscal year 2025, Atlanta Braves Holdings, Inc. (BATRK) reported total revenue of $732.5M. This represents a 225.6% increase compared to $225.0M in 2012.
Atlanta Braves Holdings, Inc. (BATRK) reported a net loss of $23.4M for the fiscal year ending 2025.
Atlanta Braves Holdings, Inc. (BATRK) 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. (BATRK) 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.