ATLANTA BRAVES HOLDINGS REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Atlanta Braves Holdings, Inc. (BATRA) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 ATLANTA BRAVES HOLDINGS REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS Atlanta, Georgia, November 4, 2026 – Atlanta Braves Holdings, Inc. (“ABH”) (Nasdaq: BATRA, BATRK) today reported results for its third quarter ended September 30, 2026. Highlights include: ● T
How this was made
The 30-second read
Why it matters
The earnings release introduces new revenue and profit figures, offering traders fresh data to reassess valuation.
Market read
Earnings data may trigger modest price movement; investors will watch operating margin trends and mixed‑use revenue growth.
What to watch
Potential future upside from BravesVision subscriber growth and upcoming stadium‑related events.
Atlanta Braves Holdings reports third-quarter revenue growth led by baseball event and Mixed-Use Development revenue, while operating income and Adjusted OIBDA declined on higher player, BravesVision and selling, general and administrative costs.
Third-quarter total revenue increased 4% to $324,629 (amounts in thousands), but operating income declined 78% to $8,667 (amounts in thousands) and Adjusted OIBDA declined 40% to $40,584 (amounts in thousands), principally reflecting higher baseball operating costs and selling, general and administrative expenses.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, three months ended September 30GAAP | $324.6M | – | 4% |
| Baseball revenue, three months ended September 30GAAP | $295.5M | – | 4% |
| Mixed-Use Development revenue, three months ended September 30GAAP | $29.09M | – | 7% |
| Baseball event revenue, three months ended September 30GAAP | $189.3M | – | 7% |
| Media related revenue, three months ended September 30GAAP | $76.11M | – | (4)% |
| Retail and licensing revenue, three months ended September 30GAAP | $19.53M | – | 25% |
| Other revenue, three months ended September 30GAAP | $10.63M | – | (20)% |
| Baseball operating costs, three months ended September 30GAAP | $244.8M | – | 16% |
| Mixed-Use Development costs, three months ended September 30GAAP | $4.26M | – | 8% |
| Selling, general and administrative, including stock-based compensation, three months ended September 30GAAP | $41.91M | – | – |
| Depreciation and amortization, three months ended September 30GAAP | $24.95M | – | – |
| Operating income, three months ended September 30GAAP | $8.67M | – | (78)% |
| Net earnings, three months ended September 30GAAP | $9.79M | – | – |
| Net earnings attributable to Atlanta Braves Holdings' stockholders, three months ended September 30GAAP | $9.80M | – | – |
| Basic net earnings attributable to Atlanta Braves Holdings' stockholders per common share, three months ended September 30GAAP | $0.15 | – | – |
| Diluted net earnings attributable to Atlanta Braves Holdings' stockholders per common share, three months ended September 30GAAP | $0.15 | – | – |
| Adjusted OIBDA, three months ended September 30non-GAAP | $40.58M | – | (40)% |
| Baseball Adjusted OIBDA, three months ended September 30non-GAAP | $25.53M | – | – |
| Mixed-Use Development Adjusted OIBDA, three months ended September 30non-GAAP | $17.57M | – | – |
| Total revenue, nine months ended September 30GAAP | $701.8M | – | 5% |
| Baseball revenue, nine months ended September 30GAAP | $617.7M | – | 3% |
| Mixed-Use Development revenue, nine months ended September 30GAAP | $84.03M | – | 19% |
| Operating loss, nine months ended September 30GAAP | −$51.13M | – | NM |
| Net loss, nine months ended September 30GAAP | −$42.70M | – | – |
| Diluted net loss attributable to Atlanta Braves Holdings' stockholders per common share, nine months ended September 30GAAP | $(0.67) | – | – |
| Adjusted OIBDA, nine months ended September 30non-GAAP | $34.82M | – | (67)% |
| Net cash used in operating activities, nine months ended September 30GAAP | −$65.48M | – | – |
| Capital expended for property and equipment, nine months ended September 30GAAP | −$19.95M | – | – |
| Cash and cash equivalents, September 30GAAP | $121.5M | – | – |
| Total ABH Debt, September 30other | $815.1M | – | – |
| Total ABH Debt, September 30GAAP | $813.3M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| BaseballRevenue growth was driven by increases in baseball event revenue and retail and licensing revenue. Baseball event revenue benefited from contractual rate increases on season tickets, increased attendance at regular season home games, favorable single-game ticket sales, and increases in regular and postseason home games. | $295.5M | – | 4% |
| Mixed-Use DevelopmentRevenue increased primarily due to an increase in rental income driven by increases in tenant recoveries and new lease agreements. | $29.09M | – | 7% |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
What drove it
- Average attendance per regular season home game increased 14% in the third quarter from the prior-year period.
- The Braves returned to the postseason, with 44 home games including postseason games in the third quarter of 2026, compared with 41 in the prior-year period.
- Retail and licensing revenue increased due to demand for City Connect apparel following its April 2026 launch, higher league-wide revenue, increased attendance at regular season home games and the impact of two postseason home games.
- BravesVision completed its first regular season and led the league in in-market direct-to-consumer subscribers.
- Mixed-Use Development rental income benefited from increases in tenant recoveries and new lease agreements.
Concerns
- Media related revenue declined due to the timing of revenue recognition under BravesVision linear distribution agreements compared with the previous long-term local broadcasting arrangement, as well as changes in certain national media rights arrangements.
- Baseball operating costs increased primarily due to major league player salaries, BravesVision production expenses, variable concessions and retail operating expenses, and postseason game operating costs.
- Selling, general and administrative expenses increased due to BravesVision sales, marketing and administrative costs, additional marketing costs, personnel costs, property taxes, insurance costs and other professional fees.
- Other revenue decreased due to fewer special events held at Truist Park.
- The nine-month period reported an operating loss of $(51,127) (amounts in thousands) and net cash used in operating activities of $(65,483) (amounts in thousands).
What to watch
- The timing of revenue recognition under BravesVision linear distribution agreements and changes in national media rights arrangements.
- Baseball event revenue trends, including season-ticket contractual rates, regular-season attendance and single-game ticket sales.
- The trajectory of major league player salaries, BravesVision production costs and associated sales, marketing and administrative costs.
- Mixed-Use Development rental income, tenant recoveries and new lease agreements.
- League wide credit facility borrowings and TeamCo revolver payments.
Balance sheet and cash flow
- ABH cash increased $5 million during the third quarter primarily as a result of the release of restricted cash pursuant to the terms of various financial debt arrangements, net borrowings, proceeds from exercises of stock options, and distributions from equity method affiliates, partially offset by seasonal working capital changes and debt service.
- ABH debt increased $20 million in the third quarter primarily due to net borrowings on the League wide credit facility to support working capital, partially offset by net payments on the TeamCo revolver.
- Restricted cash was $23,943 (amounts in thousands) as of September 30, 2026 and $11,694 (amounts in thousands) as of December 31, 2025.
- Cash, cash equivalents and restricted cash at end of period were $145,468 (amounts in thousands) for the nine months ended September 30, 2026, compared with $114,617 (amounts in thousands) for the prior-year period.
- Borrowings of debt were $190,000 (amounts in thousands) and repayments of debt were $(115,956) (amounts in thousands) for the nine months ended September 30, 2026.
Analysis
Atlanta Braves Holdings delivered third-quarter total revenue of $324,629 (amounts in thousands), up 4% from $311,538 (amounts in thousands). Baseball revenue increased 4% to $295,540 (amounts in thousands), supported by a 7% increase in baseball event revenue and a 25% increase in retail and licensing revenue. The company cited contractual season-ticket rate increases, increased regular-season attendance, favorable single-game ticket sales, additional regular and postseason home games, and City Connect apparel demand. Mixed-Use Development revenue increased 7% to $29,089 (amounts in thousands), primarily from rental income tied to tenant recoveries and new leases.
The top-line mix was uneven. Media related revenue declined 4% to $76,106 (amounts in thousands), which ABH attributed to the timing of revenue recognition under BravesVision linear distribution agreements relative to its former local broadcasting arrangement and to changes in certain national media-rights arrangements. Other revenue declined 20% to $10,626 (amounts in thousands) because fewer special events were held at Truist Park. The filing also notes that BravesVision completed its first regular season and led the league in in-market direct-to-consumer subscribers.
Costs rose faster than revenue. Baseball operating costs increased 16% to $244,844 (amounts in thousands), while selling, general and administrative expense excluding stock-based compensation increased 16% to $34,945 (amounts in thousands). ABH identified major league player salaries, BravesVision production, variable concessions and retail expenses, postseason operating costs, BravesVision-related sales, marketing and administrative spending, personnel, property taxes, insurance and professional fees as the principal sources of cost pressure. Consequently, operating income fell to $8,667 (amounts in thousands) from $38,930 (amounts in thousands), and Adjusted OIBDA fell to $40,584 (amounts in thousands) from $67,155 (amounts in thousands). Baseball Adjusted OIBDA was $25,529 (amounts in thousands), compared with $50,038 (amounts in thousands).
Year to date, total revenue increased 5% to $701,755 (amounts in thousands), with Mixed-Use Development revenue up 19% to $84,032 (amounts in thousands). However, the nine-month period recorded an operating loss of $(51,127) (amounts in thousands), net loss of $(42,702) (amounts in thousands), and net cash used in operating activities of $(65,483) (amounts in thousands). Cash and cash equivalents were $121,525 (amounts in thousands) at September 30, 2026, while Total ABH Debt was $815,135 (amounts in thousands), or $813,337 (amounts in thousands) on a GAAP basis after deferred financing costs.
ABH provided no forward financial guidance in the filing. The principal reported operating items to monitor are the durability of attendance and event-revenue gains, the pace and timing of BravesVision revenue recognition, continued media-related revenue pressure, the cost profile associated with player salaries and BravesVision, and debt usage for working capital.
Not in the filing
stated, not guessed- Forward financial guidance was not provided.
- Previous-period outlook was not provided; comparison with prior guidance is unavailable.
- Gross margin was not reported.
- Free cash flow was not reported.
- A tax rate was not reported.
- Share repurchases and dividends were not reported.
- Named executive commentary and attributable executive quotes were not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is an SEC Form 8‑K Item 2.02 providing the first public disclosure of Atlanta Braves Holdings' Q3 2026 financials.
Ticker impact
Atlanta Braves Holdings reported Q3 2026 results with revenue up 4% YoY to $325M but operating income fell 78% to $9M.
likely slight downside as investors digest profit decline despite revenue increase
Revenue growth is modest while adjusted OIBDA and operating income dropped significantly, pressuring valuation.
Market effects
Mixed-use real estate segment showed stronger growth, potentially benefiting comparable REITs.
Atlanta sports and entertainment market may see modest investor interest.
Limited to US sports franchise and real estate investors.
Counterpoint
Despite profit decline, the stable attendance and mixed-use revenue growth could support a longer‑term upside.
Key entities
- companyAtlanta Braves Holdings, Inc.
Owner of the Atlanta Braves MLB franchise and The Battery Atlanta mixed‑use development.
