Atlanta Braves Holdings, Inc.
BATRA Nasdaq Services-Amusement & Recreation Services Financials FY2022–FY2025
Revenue
Total sales reported in the income statement.
$732M
10.5%
vs prior year
Operating margin
Operating income as a share of revenue.
−1.8%
4.1 pts
Net income
Profit after all expenses, interest and tax.
−$23.4M
Free cash flow
Cash from operations minus capital spending.
−$68.5M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−0.9%
2.1 pts
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.99 EPS (TTM)
What Atlanta Braves Holdings, Inc. does
No business description yet.
- Legal name
- Atlanta Braves Holdings, Inc.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 26, 2026
- Accession · CIK
- 0001104659-26-020650
0001958140
Revenue and margins
Atlanta Braves Holdings, Inc. had $732M of revenue in fiscal 2025, up 10.5% on the year before.
FY22
Revenue $589M
FY23
Revenue $641M
FY24
Revenue $663M
FY25
Revenue $732M
Q3 '23
Revenue $272M
Q4 '23
Revenue $67.7M
Q1 '24
Revenue $37.1M
Q2 '24
Revenue $283M
Q3 '24
Revenue $291M
Q4 '24
Revenue $52.1M
Q1 '25
Revenue $47.2M
Q2 '25
Revenue $312M
Q3 '25
Revenue $312M
Q4 '25
Revenue $61.3M
Q1 '26
Revenue $72.0M
Q2 '26
Revenue $305M
FY22
Gross —
Operating −5.2%
Net −5.8%
FCF 6.1%
FY23
Gross —
Operating −7.2%
Net −19.6%
FCF −10.5%
FY24
Gross —
Operating −6.0%
Net −4.7%
FCF −10.5%
FY25
Gross —
Operating −1.8%
Net −3.2%
FCF −9.3%
Gross
Operating
Net
FCF
Q3 '23
Gross —
Operating 5.8%
Net −2.2%
FCF −26.8%
Q4 '23
Gross —
Operating −47.8%
Net −47.8%
FCF −1.2%
Q1 '24
Gross —
Operating −141.2%
Net −138.3%
FCF 171.0%
Q2 '24
Gross —
Operating 8.8%
Net 10.3%
FCF −22.7%
Q3 '24
Gross —
Operating 2.2%
Net 3.4%
FCF −29.4%
Q4 '24
Gross —
Operating −35.8%
Net −36.7%
FCF 32.3%
Q1 '25
Gross —
Operating −94.2%
Net −87.7%
FCF 161.5%
Q2 '25
Gross —
Operating 13.4%
Net 9.4%
FCF −26.3%
Q3 '25
Gross —
Operating 12.5%
Net 9.6%
FCF −28.5%
Q4 '25
Gross —
Operating −81.2%
Net −67.6%
FCF 43.1%
Q1 '26
Gross —
Operating −57.3%
Net −56.2%
FCF —
Q2 '26
Gross —
Operating −6.1%
Net −4.0%
FCF —
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY22
Net income −$34.2M
FY23
Net income −$125M
FY24
Net income −$31.3M
FY25
Net income −$23.4M
Q3 '23
Net income −$6.0M
Q4 '23
Net income −$32.4M
Q1 '24
Net income −$51.3M
Q2 '24
Net income $29.1M
Q3 '24
Net income $10.0M
Q4 '24
Net income −$19.1M
Q1 '25
Net income −$41.4M
Q2 '25
Net income $29.5M
Q3 '25
Net income $30.0M
Q4 '25
Net income −$41.4M
Q1 '26
Net income −$40.5M
Q2 '26
Net income −$12.2M
FY22
Diluted EPS −$0.55
FY23
Diluted EPS −$2.03
FY24
Diluted EPS −$0.50
FY25
Diluted EPS −$0.37
Q3 '23
Diluted EPS −$0.10
Q4 '23
Diluted EPS −$0.52
Q1 '24
Diluted EPS −$0.83
Q2 '24
Diluted EPS $0.46
Q3 '24
Diluted EPS $0.16
Q4 '24
Diluted EPS −$0.29
Q1 '25
Diluted EPS −$0.66
Q2 '25
Diluted EPS $0.46
Q3 '25
Diluted EPS $0.47
Q4 '25
Diluted EPS −$0.64
Q1 '26
Diluted EPS −$0.63
Q2 '26
Diluted EPS −$0.19
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY22
Return on capital −3.5%
Return on equity −11.4%
Return on assets −2.3%
FY23
Return on capital −3.8%
Return on equity −30.3%
Return on assets −8.4%
FY24
Return on capital −3.0%
Return on equity −5.9%
Return on assets −2.1%
FY25
Return on capital −0.9%
Return on equity −4.5%
Return on assets −1.5%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$68.5M in fiscal 2025, −9.3% of revenue. Cash from operations minus capital spending.
FY22
Free cash flow $35.7M
FY23
Free cash flow −$67.4M
FY24
Free cash flow −$69.4M
FY25
Free cash flow −$68.5M
Q3 '23
Free cash flow −$72.8M
Q4 '23
Free cash flow −$0.8M
Q1 '24
Free cash flow $63.4M
Q2 '24
Free cash flow −$64.1M
Q3 '24
Free cash flow −$85.5M
Q4 '24
Free cash flow $16.8M
Q1 '25
Free cash flow $76.3M
Q2 '25
Free cash flow −$82.3M
Q3 '25
Free cash flow −$88.8M
Q4 '25
Free cash flow $26.4M
Q1 '26
Free cash flow —
Q2 '26
Free cash flow —
FY22
Cash from operations $53.3M
Capital spending $17.7M
FY23
Cash from operations $1.6M
Capital spending $69.0M
FY24
Cash from operations $16.6M
Capital spending $86.0M
FY25
Cash from operations $25.2M
Capital spending $93.7M
Cash from operations
Capital spending
Q3 '23
Cash from operations −$57.2M
Capital spending $15.6M
Q4 '23
Cash from operations $22.9M
Capital spending $23.7M
Q1 '24
Cash from operations $91.1M
Capital spending $27.6M
Q2 '24
Cash from operations −$34.3M
Capital spending $29.8M
Q3 '24
Cash from operations −$69.0M
Capital spending $16.5M
Q4 '24
Cash from operations $28.9M
Capital spending $12.1M
Q1 '25
Cash from operations $95.8M
Capital spending $19.5M
Q2 '25
Cash from operations −$8.1M
Capital spending $74.2M
Q3 '25
Cash from operations −$88.8M
Capital spending $0.0M
Q4 '25
Cash from operations $26.4M
Capital spending $0.0M
Q1 '26
Cash from operations $62.5M
Capital spending —
Q2 '26
Cash from operations −$64.1M
Capital spending —
Cash from operations
Capital spending
Dividends, buybacks and share count
Atlanta Braves Holdings, Inc. returned — to shareholders in fiscal 2025. The diluted share count rose 1.1%.
FY22
Dividends —
Buybacks —
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY22
Diluted shares —
FY23
Diluted shares 0.06B
FY24
Diluted shares 0.06B
FY25
Diluted shares 0.06B
Balance sheet
Cash, debt and the ratios that show how comfortably Atlanta Braves Holdings, Inc. can carry it.
FY22
Cash $151M
Debt $654M
FY23
Cash $125M
Debt $677M
FY24
Cash $110M
Debt $726M
FY25
Cash $99.9M
Debt $843M
Cash
Debt
| Fiscal year end | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Cash and short-term investments | $151M | $125M | $110M | $99.9M |
| Debt incl. finance leases | $654M | $677M | $726M | $843M |
| Net debt / EBITDA | 12.2x | 22.5x | 26.6x | 12.0x |
| Debt / equity | 1.8x | 1.1x | 1.2x | 1.4x |
| Interest coverage | −1.0x | −1.2x | −1.0x | −0.3x |
| Current ratio | 1.1x | 0.9x | 0.6x | 0.4x |
| Quick ratio | 1.1x | 0.9x | 0.6x | 0.4x |
| Total assets | $1.5B | $1.5B | $1.5B | $1.6B |
| Total liabilities | $1.2B | $964M | $988M | $1.1B |
| Shareholders' equity | $300M | $529M | $524M | $526M |
| Net debt (− = net cash) | $503M | $552M | $616M | $743M |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✓ | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ | ✕ |
| Current ratio rose | — | ✕ | ✕ | ✕ |
| Share count didn't rise | — | — | ✕ | ✕ |
| Gross margin rose | — | — | — | — |
| Revenue rose relative to assets | — | ✓ | ✓ | ✓ |
| F-score | — / 3 | 3 / 7 | 4 / 8 | 4 / 8 |
| Accruals ratio | −5.9% | −8.5% | −3.2% | −3.1% |
| Altman Z'' | −0.70 | −0.90 | −1.33 | −1.66 |
4 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|
| Income statement | ||||
| Revenue | $589M | $641M | $663M | $732M |
| Operating income | −$30.6M | −$46.4M | −$39.7M | −$13.5M |
| Interest expense | $29.6M | $37.7M | $38.8M | $46.4M |
| Pretax income | −$31.5M | −$129M | −$35.9M | −$24.1M |
| Income tax | $2.7M | −$3.9M | −$4.7M | −$0.8M |
| Net income | −$34.2M | −$125M | −$31.3M | −$23.4M |
| Diluted EPS | −$0.55 | −$2.03 | −$0.50 | −$0.37 |
| Diluted shares | — | 0.06B | 0.06B | 0.06B |
| Cash flow | ||||
| Cash from operations | $53.3M | $1.6M | $16.6M | $25.2M |
| Capital expenditure | $17.7M | $69.0M | $86.0M | $93.7M |
| Free cash flow | $35.7M | −$67.4M | −$69.4M | −$68.5M |
| Depreciation and amortization | $71.7M | $71.0M | $62.8M | $75.6M |
| Stock-based compensation | $12.2M | $13.2M | $16.5M | $15.6M |
| Balance sheet | ||||
| Cash and short-term investments | $151M | $125M | $110M | $99.9M |
| Total debt | $542M | $569M | $617M | $739M |
| Finance lease liabilities | $112M | $108M | $109M | $105M |
| Current assets | $267M | $218M | $179M | $159M |
| Current liabilities | $241M | $234M | $287M | $377M |
| Property and equipment, net | $730M | $767M | $807M | $869M |
| Goodwill | $176M | $176M | $176M | $176M |
| Total assets | $1.5B | $1.5B | $1.5B | $1.6B |
| Total liabilities | $1.2B | $964M | $988M | $1.1B |
| Shareholders' equity | $300M | $529M | $524M | $526M |
| Margins | ||||
| Operating margin | −5.2% | −7.2% | −6.0% | −1.8% |
| EBITDA margin | 7.0% | 3.8% | 3.5% | 8.5% |
| Net margin | −5.8% | −19.6% | −4.7% | −3.2% |
| FCF margin | 6.1% | −10.5% | −10.5% | −9.3% |
| Returns | ||||
| Return on capital | −3.5% | −3.8% | −3.0% | −0.9% |
| Return on capital employed | −2.4% | −3.7% | −3.2% | −1.1% |
| Return on equity | −11.4% | −30.3% | −5.9% | −4.5% |
| Return on assets | −2.3% | −8.4% | −2.1% | −1.5% |
| Return on tangible equity | −27.6% | −35.5% | −9.0% | −6.7% |
| Growth | ||||
| Revenue growth | — | 8.9% | 3.4% | 10.5% |
| FCF growth | — | −288.9% | — | — |
| Share count change | — | — | 0.6% | 1.1% |
| Financial health | ||||
| Net debt / EBITDA | 12.2x | 22.5x | 26.6x | 12.0x |
| Debt / equity | 1.8x | 1.1x | 1.2x | 1.4x |
| Interest coverage | −1.0x | −1.2x | −1.0x | −0.3x |
| Current ratio | 1.1x | 0.9x | 0.6x | 0.4x |
| Quick ratio | 1.1x | 0.9x | 0.6x | 0.4x |
| Capital allocation | ||||
| Capex / revenue | 3.0% | 10.8% | 13.0% | 12.8% |
| Stock comp / revenue | 2.1% | 2.1% | 2.5% | 2.1% |
| Quality scores | ||||
| Piotroski F-score | — | 3.0 | 4.0 | 4.0 |
| Altman Z'' | −0.7 | −0.9 | −1.3 | −1.7 |
| Accruals ratio | −5.9% | −8.5% | −3.2% | −3.1% |
Source: SEC EDGAR XBRL filings (CIK 0001958140). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.