BATRA

MKT CAP:$3B

Atlanta Braves Holdings, Inc.

Market Cap

$3B

Communication Services·Entertainment·🇺🇸 United States·NASDAQ

Communication·Entertainment·🇺🇸·NASDAQ

Stock Price

$53.66+$10.71 (+24.94%)

Apr 24, 2026

Company Details

Atlanta Braves Holdings, through its wholly-owned subsidiary Braves Holdings, LLC, indirectly owns the Atlanta Braves Major League Baseball club and the associated mixed-use development project, The Battery Atlanta.

CEO

Terence Foster McGuirk

IPO Date

Apr 18, 2016

Website

www.bravesholdings.com

Key Metrics TTM

Revenue

$723M

+6.6% YoY

Net Income

-$1M

EPS (Diluted)

-$0.04

Free Cash Flow

-$28M

Revenue / Share

$11.34

Gross Margin

29.4%

Operating Margin

2.4%

Net Margin

-0.1%

FCF Margin

-3.9%

P/S

4.7x

P/E

—

Earnings Reports

Q4 2025

May 11, 2026

PENDING

FY 2025

Feb 26, 2026

$732M+10.5%EPS -$0.37

Q3 2025

Nov 5, 2025

$312M+7.2%EPS $0.47

Q2 2025

Aug 7, 2025

$312M+10.5%EPS $0.46

Q1 2025

May 12, 2025

$47M+27.3%EPS -$0.66

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 21	$16M	$16M	-$40M
Q2 21	$216M	$216M	$31M
Q3 21	$234M	$234M	$30M
Q1 22	$22M	-$6M	-$46M
Q3 22	$245M	$49M	-$5M
Q1 23	$31M	-$8M	-$49M
Q2 23	$270M	$72M	$19M
Q3 23	$272M	$71M	$16M
Q4 23	$68M	$13M	-$32M
Q1 24	$37M	-$10M	-$52M
Q2 24	$283M	$75M	$25M
Q3 24	$291M	$62M	$6M
Q4 24	$52M	$22M	-$19M
Q1 25	$47M	-$4M	-$44M
Q2 25	$312M	$98M	$42M
Q3 25	$312M	$97M	$39M

Valuation

Quarter	P/S	P/E
Q1 21	8.7x	—
Q2 21	4.7x	—
Q3 21	3.2x	—
Q1 22	3.1x	—
Q3 22	2.3x	206.8x
Q1 23	4.0x	—
Q2 23	4.3x	—
Q3 23	3.0x	—
Q4 23	4.2x	—
Q1 24	4.1x	—
Q2 24	3.9x	—
Q3 24	3.8x	—
Q4 24	3.8x	—
Q1 25	4.1x	—
Q2 25	4.4x	—
Q3 25	3.9x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 21	$42M	$32M
Q2 21	$6M	-$3M
Q3 21	-$40M	-$47M
Q1 22	$80M	$76M
Q3 22	-$79M	-$84M
Q1 23	$85M	$71M
Q2 23	-$49M	-$65M
Q3 23	-$57M	-$73M
Q4 23	$23M	-$791.0K
Q1 24	$91M	$63M
Q2 24	-$34M	-$64M
Q3 24	-$69M	-$12M
Q4 24	$29M	$17M
Q1 25	$96M	$76M
Q2 25	-$8M	-$25M
Q3 25	-$89M	-$96M

Capital Expenditures

Quarter	CapEx
Q1 21	$10M
Q2 21	$9M
Q3 21	$7M
Q1 22	$4M
Q3 22	$6M
Q1 23	$14M
Q2 23	$16M
Q3 23	$16M
Q4 23	$24M
Q1 24	$28M
Q2 24	$30M
Q3 24	$57M
Q4 24	$12M
Q1 25	$20M
Q2 25	$17M
Q3 25	$8M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 21	-27.3%	-15.2%
Q2 21	+1863.6%	+320.5%
Q3 21	+112.7%	+61.9%
Q1 22	-38.5%	-3.2%
Q3 22	+1434.0%	+346.7%
Q1 23	-85.7%	-56.6%
Q2 23	+15.4%	+22.9%
Q3 23	+1162.5%	+277.9%
Q4 23	-72.4%	-60.0%
Q1 24	+19.7%	+11.5%
Q2 24	+4.7%	+2.9%
Q3 24	+6.9%	+11.0%
Q4 24	-23.1%	-29.3%
Q1 25	+27.3%	+2.5%
Q2 25	+10.5%	+4.9%
Q3 25	+7.2%	-4.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 21	$3M	18.8%
Q2 21	$3M	1.4%
Q3 21	$3M	1.3%
Q1 22	$3M	14.2%
Q3 22	$3M	1.2%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$3M	1.2%
Q4 23	$4M	5.3%
Q1 24	$4M	10.0%
Q2 24	$4M	1.3%
Q3 24	$6M	2.2%
Q4 24	-$14M	-26.5%
Q1 25	$3M	5.6%
Q2 25	$3M	0.8%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q1 23	$27M
Q2 23	$34M
Q3 23	$34M
Q1 24	$27M
Q2 24	$33M
Q3 24	$37M
Q1 25	$27M
Q2 25	$35M
Q3 25	$35M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$311M	$0	$311M
Q2 22	$207M	$0	$207M
Q3 22	$159M	$0	$159M
Q4 22	$151M	$0	$151M
Q1 23	$215M	$0	$215M
Q2 23	$131M	$0	$131M
Q3 23	$107M	$0	$107M
Q4 23	$125M	$0	$125M
Q1 24	$181M	$0	$181M
Q2 24	$121M	$0	$121M
Q3 24	$116M	$0	$116M
Q4 24	$110M	$0	$110M
Q1 25	$245M	$0	$245M
Q2 25	$154M	$0	$154M
Q3 25	$82M	$0	$82M
Q4 25	$112M	$0	$112M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 21	52M	+2.0%	-14.8%
Q2 21	61M	+17.3%	+19.6%
Q3 21	62M	+1.6%	+21.6%
Q1 22	53M	-14.5%	+3.9%
Q3 22	62M	+17.5%	+19.8%
Q1 23	62M	-1.0%	+1.1%
Q2 23	62M	-0.3%	-0.8%
Q3 23	63M	+1.7%	+18.1%
Q4 23	62M	-0.6%	-0.1%
Q1 24	62M	-0.6%	+0.3%
Q2 24	63M	+1.5%	+2.1%
Q3 24	62M	-1.0%	-0.7%
Q4 24	62M	-0.7%	-0.9%
Q1 25	63M	+1.5%	+1.2%
Q2 25	64M	+2.4%	+2.1%
Q3 25	64M	-0.5%	+2.6%

Shares Outstanding