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Atlanta Braves Holdings, Inc.

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Business Summary

Atlanta Braves Holdings, Inc. (the "Company") operates primarily in the entertainment and real estate industries, centered around its wholly-owned subsidiary, Braves Holdings, LLC, which owns and operates the Atlanta Braves Major League Baseball Club ("Braves") . The Company's business model generates revenue through two main reportable segments: Baseball and Mixed-Use Development . The Baseball segment's primary revenue drivers include ticket sales, concessions, local broadcasting rights, advertising sponsorships, suites and premium seat fees, retail and licensing revenue, and shared MLB revenue streams . The Mixed-Use Development segment derives revenue primarily from office and retail rental income, parking, and advertising sponsorships . The Company's financial success is significantly tied to the on-field performance of the Braves, which drives fan enthusiasm and demand for related products and services .

The Baseball segment encompasses the operations of the Atlanta Braves baseball franchise and Truist Park, the team's ballpark located in Cobb County, Georgia . Revenue for this segment is recognized primarily during the MLB baseball season . Key components include baseball event revenue, which increased by $9.9 million in 2025 compared to 2024, driven by contractual rate increases on season tickets and sponsorships, partially offset by reduced attendance . Broadcasting revenue for the Baseball segment increased by $22.5 million in 2025, primarily due to additional streaming rights and contractual rate increases . Retail and licensing revenue decreased by $1.3 million in 2025 due to lower attendance, partially offset by higher league-wide revenue . Other baseball revenue increased by $8.5 million, mainly from an increase in events at Truist Park, including concerts and special events .

The Mixed-Use Development segment includes retail, office, hotel, and entertainment operations within The Battery Atlanta and the surrounding area . This segment's revenue is primarily from office and retail rental income, including overage rent and tenant reimbursements, and to a lesser extent, parking and advertising sponsorships . In 2025, Mixed-Use Development revenue increased by $30.1 million compared to the prior year, primarily due to a $27.1 million increase in rental income and a $2.0 million increase in sponsorship revenue . These increases were driven by new lease commencements and in-place leases from an acquisition, partially offset by lease terminations . The Battery Atlanta is a 2.25 million square-foot complex, and in April 2025, Braves Holdings acquired Pennant Park, a six-building office park adjacent to The Battery Atlanta, adding 0.8 million square-feet of leasable area .

For the fiscal year ended December 31, 2025, total revenue was $732.492 million, an increase from $662.748 million in 2024 . The Company reported an operating loss of $(13.527) million in 2025, an improvement from an operating loss of $(39.665) million in 2024 . Net loss for 2025 was $(23.281) million, compared to a net loss of $(31.268) million in 2024 . Basic and diluted EPS were both $(0.37) in 2025, improving from $(0.50) in 2024 . Adjusted OIBDA, a non-GAAP measure, increased to $107.813 million in 2025 from $39.683 million in 2024 . As of December 31, 2025, cash and cash equivalents totaled $99.884 million . Total debt was $738.631 million, with a current portion of debt of $215.347 million .

Year-over-year, total revenue increased by $69.744 million, or 10.5% . Baseball revenue grew by $39.630 million, or 6.7%, while Mixed-Use Development revenue increased by $30.114 million, or 44.7% . Baseball operating costs decreased by $7.2 million, primarily due to a $20.3 million decrease in major league player salaries and a $3.7 million decrease in variable concession and retail operating expenses, partially offset by a $5.6 million increase in MLB revenue sharing and a $4.1 million increase in special event expenses . Mixed-Use Development costs increased by $4.6 million due to operating costs associated with the Acquisition . The Company recognized a $30.1 million impairment expense in 2025 related to the termination of its local broadcasting agreement, which had no comparable expense in 2024 . Depreciation and amortization increased by $12.8 million, mainly due to assets from the Acquisition and other assets being placed in service .

A significant operational development during the period was the termination of the Braves Broadcast Agreement in January 2026 due to SportSouth's failure to make contractual payments . In February 2026, the Braves announced BravesVision, a new multimedia platform owned and operated by the Company, which will become the official local television home of the Braves starting with the 2026 season . Additionally, in April 2025, the Company completed the acquisition of real estate assets adjacent to The Battery Atlanta for approximately $93.7 million . The Company also completed its Corporate Governance Transition, with Atlanta Braves Holdings fully assuming responsibility for general and administrative services previously provided by Liberty Media Corporation, and the services agreement with Liberty was mutually terminated on October 31, 2025 .

Business Outlook

The Company's future performance is dependent in part on general economic conditions and their effect on customers, with weak economic conditions potentially leading to lower ticket demand, reduced concession and merchandise sales, and lower advertising sponsorships . While the Company cannot predict the extent of these potential adverse effects as of December 31, 2025, it does not believe its operations have been materially impacted by recent economic pressures .

A major growth area for the Company is the continued development and operations of The Battery Atlanta and the surrounding area, including transactions such as the April 2025 acquisition of real estate assets . Management believes these efforts will result in increased game attendance, office and retail rental income (including overage rent and tenant reimbursements), and income from parking and corporate sponsorships throughout the year . The Mixed-Use Development segment's revenue increased by $30.1 million in 2025, primarily due to a $27.1 million increase in rental income and a $2.0 million increase in sponsorship revenue, driven by new lease commencements and in-place leases from the Acquisition .

Another significant growth vector is the new multimedia platform, BravesVision, which will become the official local television home of the Braves beginning with the 2026 season . This platform was announced in February 2026 following the termination of the previous Braves Broadcast Agreement due to SportSouth's financial difficulties . While this new platform may provide less revenue than the previous agreement, it represents a strategic shift in local broadcasting .

The Company's management focuses on making operational and business decisions that enhance the on-field performance of the Braves, which may sometimes require implementing strategies and making investments that could negatively impact short-term profitability for the sake of immediate on-field success . This includes decisions related to player acquisitions and contracts, which can significantly increase operating expenses .

Regarding capital allocation, the Company's projected uses of cash include payments to certain players and other employees under long-term employment agreements, capital expenditures, investments in real estate ventures, and debt service payments . As of December 31, 2025, amounts payable under employment contracts aggregated to $285.8 million in 2026, $171.4 million in 2027, $125.5 million in 2028, $63.3 million in 2029, $39.2 million in 2030, and $44.0 million thereafter . Capital expended for property and equipment was $(51.333) million in 2025 . The Company expects to fund these uses with cash on hand, cash from operations, and borrowings under construction loans and revolvers .

Risk Factors

The Company faces several material risks, including the potential for decreased broadcasting revenue due to solvency issues of partners, declines in television ratings, or reduced popularity of the Braves or MLB as a whole . The termination of the Braves Broadcast Agreement in January 2026 and the transition to BravesVision highlights this risk, as the new platform may generate less revenue . The financial success of the business is largely dependent on the Braves achieving on-field success, with poor performance likely to adversely affect ticket, concession, merchandise sales, and broadcasting audiences . The Company also faces risks in developing, obtaining, and retaining talented players, as determining market value is difficult and long-term contracts carry increased risk of inaccurate valuation . Injuries to key players could negatively impact team performance and fan enthusiasm, and the Company is obligated to pay contract salaries even for injured players, with long-term employment contracts aggregating to $285.8 million in 2026 . Organized labor matters, such as MLB work stoppages, could postpone or cancel games, leading to no revenue recognition . The MLB Rules and Regulations impose restrictions on operations, including debt limitations, revenue sharing, and commercial arrangements, and changes or Commissioner decisions could negatively impact the business . MLB expansion could dilute revenue from national agreements and increase competition for players . Real estate development activities, such as the Mixed-Use Development, are subject to risks including adverse market conditions, increased interest rates, construction delays, cost overruns, and environmental liabilities . Failure of Mixed-Use Development lessees to renew leases or pay rent could adversely affect cash flow . Cybersecurity threats pose risks of data loss, system disruptions, litigation, and reputational harm, with the increasing use of artificial intelligence potentially intensifying these risks . The Company's ability to use net operating loss and disallowed business interest carryforwards to reduce future tax payments could be limited by state laws, accelerating cash tax payments or causing carryforwards to expire . An amendment to Section 162(m) of the Internal Revenue Code, effective for fiscal year 2027, could increase nondeductible expenses for federal income tax purposes by $24.6 million if applied to 2025 .

Management Priorities

Management's message emphasizes the critical link between the Braves' on-field success and the Company's financial results, noting that fan enthusiasm drives sustained demand for tickets, premium seating, concessions, merchandise, and local broadcasting audiences . They highlight a strategic focus on making operational and business decisions to enhance on-field performance, even if it means negatively impacting short-term profitability for immediate success . A key strategic priority is the continued development and operation of The Battery Atlanta, including recent acquisitions, which is expected to increase game attendance and rental income . Another significant strategic move is the launch of BravesVision in February 2026, a new multimedia platform to serve as the official local television home of the Braves, following the termination of the previous broadcasting agreement . Management believes available sources of liquidity, including cash on hand, cash from operations, and borrowings under credit facilities, are sufficient to cover projected future uses of cash, which include significant payments under long-term employment agreements aggregating $285.8 million in 2026 .

View Source Annual Report on SEC.gov ↗

References

  1. [1] Item 1, Business — General Development of Business
  2. [2] Item 7, MD&A — Overview
  3. [3] Item 7, MD&A — Overview
  4. [4] Item 7, MD&A — Overview
  5. [5] Item 7, MD&A — Strategies and Challenges
  6. [6] Item 1, Business — Description of Business
  7. [7] Item 1, Business — Business Operations
  8. [8] Item 7, MD&A — Baseball revenue
  9. [9] Item 7, MD&A — Baseball revenue
  10. [10] Item 7, MD&A — Baseball revenue
  11. [11] Item 7, MD&A — Baseball revenue
  12. [12] Item 7, MD&A — Overview
  13. [13] Item 7, MD&A — Overview
  14. [14] Item 7, MD&A — Mixed-Use Development revenue
  15. [15] Item 7, MD&A — Mixed-Use Development revenue
  16. [16] Item 2, Properties — Mixed-Use Development
  17. [17] Item 7, MD&A — Results of Operations – Consolidated
  18. [18] Item 7, MD&A — Results of Operations – Consolidated
  19. [19] Item 7, MD&A — Results of Operations – Consolidated
  20. [20] Item 7, MD&A — Results of Operations – Consolidated
  21. [21] Item 7, MD&A — Non-GAAP Adjusted OIBDA
  22. [22] Item 7, MD&A — Liquidity and Capital Resources
  23. [23] Item 7, MD&A — Off-Balance Sheet Arrangements and Material Cash Requirements
  24. [24] Item 7, MD&A — Results of Operations – Consolidated
  25. [25] Item 7, MD&A — Results of Operations – Consolidated
  26. [26] Item 7, MD&A — Baseball operating costs
  27. [27] Item 7, MD&A — Mixed-Use Development costs
  28. [28] Item 7, MD&A — Impairment expense
  29. [29] Item 7, MD&A — Depreciation and amortization
  30. [30] Item 7, MD&A — Current Trends Affecting Our Business
  31. [31] Item 7, MD&A — Current Trends Affecting Our Business
  32. [32] Item 7, MD&A — Overview
  33. [33] Item 1, Business — General Development of Business
  34. [34] Item 7, MD&A — Current Trends Affecting Our Business
  35. [35] Item 7, MD&A — Current Trends Affecting Our Business
  36. [36] Item 7, MD&A — Strategies and Challenges
  37. [37] Item 7, MD&A — Strategies and Challenges
  38. [38] Item 7, MD&A — Mixed-Use Development revenue
  39. [39] Item 7, MD&A — Current Trends Affecting Our Business
  40. [40] Item 7, MD&A — Current Trends Affecting Our Business
  41. [41] Item 1A, Risk Factors — Broadcasting rights, both national and local, present an important source of revenue for us, and decreases in this broadcasting revenue could have an adverse effect on our financial results.
  42. [42] Item 7, MD&A — Strategies and Challenges
  43. [43] Item 1A, Risk Factors — Focus on team performance, and decisions by management, may negatively impact financial results in the short-term.
  44. [44] Item 7, MD&A — Liquidity and Capital Resources
  45. [45] Item 7, MD&A — Off-Balance Sheet Arrangements and Material Cash Requirements
  46. [46] Item 7, MD&A — Cash flows from investing activities
  47. [47] Item 7, MD&A — Liquidity and Capital Resources
  48. [48] Item 1A, Risk Factors — Broadcasting rights, both national and local, present an important source of revenue for us, and decreases in this broadcasting revenue could have an adverse effect on our financial results.
  49. [49] Item 1A, Risk Factors — Broadcasting rights, both national and local, present an important source of revenue for us, and decreases in this broadcasting revenue could have an adverse effect on our financial results.
  50. [50] Item 1A, Risk Factors — Our business’ financial success depends, in large part, on the Braves achieving on-field success.
  51. [51] Item 1A, Risk Factors — The success of the Braves depends largely on their ability to develop, obtain and retain talented players.
  52. [52] Item 1A, Risk Factors — The risk of injuries to key or popular players creates uncertainty and could negatively impact financial results.
  53. [53] Item 1A, Risk Factors — Organized labor matters could have an adverse effect on our financial results.
  54. [54] Item 1A, Risk Factors — The organizational structure of MLB and its rules and regulations impose substantial restrictions on our and our subsidiaries’ operations.
  55. [55] Item 1A, Risk Factors — The possibility of MLB expansion could create increased competition.
  56. [56] Item 1A, Risk Factors — Development activities, such as those associated with the Mixed-Use Development, are subject to significant risks.
  57. [57] Item 1A, Risk Factors — Failure of lessees of the Mixed-Use Development to renew their leases as they expire and improvement costs associated with new leases may adversely impact our cash flow from operations, which could negatively impact our financial condition.
  58. [58] Item 1A, Risk Factors — Data loss or other incidents or disruptions of our information systems and information system security could materially harm our business and results of operations.
  59. [59] Item 1A, Risk Factors — The Company’s ability to use net operating loss and disallowed business interest carryforwards to reduce future tax payments could be negatively impacted.
  60. [60] Item 1A, Risk Factors — Applicable domestic and foreign laws and regulations, including tax laws, which are subject to change, could have a material adverse impact on our business.
  61. [61] Item 7, MD&A — Strategies and Challenges
  62. [62] Item 7, MD&A — Strategies and Challenges
  63. [63] Item 7, MD&A — Strategies and Challenges
  64. [64] Item 7, MD&A — Current Trends Affecting Our Business
  65. [65] Item 7, MD&A — Liquidity and Capital Resources

Analysis on 5/22/2026