Revenue grew 10.5% YoY in 2026Q2 to $305.1M, but gross margin contracted to 15.9% due to heavy player payroll costs, resulting in a net loss of $12.2M and a net margin of -4.0%.
Atlanta Braves Holdings, Inc. (BATRK) 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 | 749.97M | 732.49M | 662.75M | 640.67M | 588.56M | 563.72M | 178M | 476M | 442M | 386M | 262M | 243M | 250M | 260M | 225M |
| Revenue Growth % | 6.77% | 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 | 621.44M | 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 | 128.53M | 145.51M | 148.84M | 149.44M | 152.06M | 187.37M | 178M | 476M | 442M | 386M | 262M | 243M | -1.38B | 260M | 66M |
| Gross Margin % | 17.14% | 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 | 169.05M | 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 | 145.55M | 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 | 1000K | 0 | 188.5M | 195.88M | 182.64M | 168.13M | 306M | 515M | 11M | -12M | -27M | 954M | 338.91M | -3.33B | 338.91B |
| Operating Income | -40.52M | 16.6M | -39.66M | -46.44M | -30.58M | 19.24M | -128M | -39M | 1M | -113M | -61M | 954M | -47M | 7M | -6M |
| Operating Margin % | -5.4% | 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 | 41.22M | 92.24M | 18.16M | 19.84M | 36.52M | 90.27M | -59M | 32M | 77M | -46M | -29M | 985M | -18M | 32M | 18M |
| EBITDA Margin % | 5.5% | 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 % | -18.31% | 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) | 81.74M | 75.63M | 57.83M | 66.28M | 67.1M | 71.02M | 69M | 71M | 76M | 67M | 32M | 31M | 29M | 25M | 24M |
| EBIT | -28.73M | 22.33M | -37.69M | -44.23M | -24.51M | 20.69M | -128M | -39M | 22M | -47M | -78M | -144M | -302.32M | -204M | -265.32B |
| Net Interest Income | -47.2M | -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 | 47.2M | 46.44M | 38.79M | 37.67M | 29.58M | 24M | 26M | 27M | 26M | 15M | 1M | 0 | 0 | 0 | 0 |
| Other Income/Expense | -35.4M | -40.72M | 3.72M | -74.99M | -936K | -22.56M | 12M | -23M | -5M | 51M | -18M | -770M | 10M | 4M | 3M |
| Pretax Income | -75.92M | -24.11M | -35.94M | -121.43M | -31.52M | -3.31M | -116M | -62M | -4M | -62M | -79M | 184M | -37M | 11M | -3M |
| Pretax Margin % | -10.12% | -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 | -12.05M | -831K | -4.67M | 3.86M | 2.65M | 9.69M | -38M | 15M | -15M | -36M | -17M | 0 | -13M | 5M | -1M |
| Effective Tax Rate % | 15.87% | 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 | -64.19M | -23.37M | -31.27M | -125.29M | -34.17M | -13.01M | -78M | -77M | 5M | -25M | -62M | 184M | -24M | 6M | -2M |
| Net Margin % | -8.56% | -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 % | -205.62% | 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) | -63.87M | -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 | 12.36M | 12.13M | 12.04M | 12.04M | 0 | 0 | 0 | 0 | -8M | 14M | 15M | 7.2B | 0 | 9.8B | 0 |
| EPS (Diluted) | -1.00 | -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 % | -185.71% | 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 | 64.39M | 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 | 64.39M | 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% | - |
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.
Key Metrics
Top Statement Risk
RSN media rights volatility
Metrics are mathematically derived from official filings.
Top-Line Growth Masked by Seasonality
Revenue grew 10.5% year-over-year on a TTM basis, reaching $305.1M in 2026Q2, but quarterly swings reflect the baseball season's inherent lumpiness, with off-season quarters contributing minimal revenue.
The 10.5% TTM growth appears driven by increased fan engagement and ancillary streams, yet the sequential drop from $311.5M in 2025Q3 to $72.0M in 2026Q1 underscores the extreme seasonality. This pattern suggests that growth is concentrated in the summer months, and investors should focus on full-year comparisons rather than quarterly trends. The durability of this growth hinges on the team's competitive performance and the ability to monetize The Battery year-round.
Gross Margin Suppressed by Payroll
Gross margin averaged 19.9% over the last four quarters, with 2026Q2 at 15.9%, reflecting the heavy fixed cost of player salaries and stadium operations, which compress profitability despite strong revenue.
The gross margin of 15.9% in 2026Q2 is below the 24.6% seen in 2025Q2, indicating that cost growth may be outpacing revenue. This suggests that the company's high fixed-cost structure, particularly player compensation, limits margin expansion. Without a change in MLB's revenue-sharing or salary dynamics, structural margin improvement appears challenging.
Operating Leverage Elusive in Off-Season
Operating income swung from a $41.8M profit in 2025Q2 to a $18.5M loss in 2026Q2, demonstrating that SG&A costs remain relatively stable while revenue collapses in non-peak quarters, eroding operating leverage.
SG&A expenses hover around $35M per quarter regardless of revenue, leading to operating margins that range from 13.4% in peak season to -57.3% in off-season. This indicates that the business lacks operating leverage outside the baseball season, and profitability is highly dependent on maximizing revenue during the summer. The fixed cost base suggests that any downturn in attendance or media revenue could quickly pressure margins.
Net Losses Persist Despite Revenue Growth
Net income was -$12.2M in 2026Q2, with a net margin of -4.0%, and the company has been GAAP-unprofitable for most quarters, suggesting that reported earnings are not yet reflecting the underlying asset value.
The consistent net losses, despite revenue growth, indicate that non-operating items such as interest expense and taxes are weighing on the bottom line. Stock-based compensation of $13.4M in 2026Q2 adds to the drag, but even excluding it, the company would still be near break-even. This suggests that the market's valuation may be based on future potential rather than current earnings power.
Player Costs Dominate Cost Structure
COGS, which includes player salaries and stadium operations, consumed 84.1% of revenue in 2026Q2, leaving a gross profit of only $48.5M, highlighting the labor-intensive nature of the business.
The cost of goods sold is the primary expense, and its high proportion of revenue reflects the MLB's competitive landscape where player salaries are a significant fixed cost. Management's ability to control these costs is limited by the free-agent market and collective bargaining agreements. Investors should monitor the Competitive Balance Tax threshold, as exceeding it could further inflate costs.
2025Q3 Marks Profitability Peak
In 2025Q3, the company achieved its strongest quarter with operating income of $38.9M and net income of $30.0M, driven by peak-season revenue of $311.5M, but this level of profitability has not been sustained.
The 2025Q3 results represent the high-water mark for recent profitability, with a net margin of 9.6%, likely benefiting from a deep playoff run and strong attendance. However, subsequent quarters have reverted to losses, indicating that such profitability is not the norm. This suggests that the business model is capable of generating significant profits during peak periods but struggles to maintain them throughout the year.
RSN Transition Threatens Media Revenue
The bankruptcy of Diamond Sports Group and ongoing RSN restructuring could disrupt the Braves' local media rights, a key revenue pillar, potentially reducing high-margin broadcast income and pressuring overall profitability.
While the company's territorial rights provide a moat, the collapse of traditional RSNs may force a renegotiation of media deals, possibly at lower rates. This risk is not fully reflected in the current income statement, which still shows growth. If the Braves transition to a direct-to-consumer model, there could be a temporary dip in revenue, but long-term margins might improve. Investors should monitor the outcome of these negotiations closely.