Atlanta Braves Holdings, Inc. ( BATRK ), ( BATRA ), ( OTCQB:BATRB ) is not your traditional stock investment, but owning it could be more fun than owning a more typical stock and it could still be veryLong-time stock market investor focused on strategic buying opportunities with dividend and value stocks. This investment strategy has resulted in a near 5 star rating on Tipranks.com and over 9,000 followers on Seeking Alpha. Follow me on Twitter for my latest trading ideas: @Hawkinvest1Analyst’s Disclosure:I ...

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $311.5 million, an increase of 7.2% compared to $290.7 million in the same period of 2024[148]. - Baseball revenue increased to $284.4 million for the three months ended September 30, 2025, up from $273.3 million in 2024, driven by a $3.5 million increase in baseball event revenue and an $8.2 million increase in broadcasting revenue[149]. - Mixed-Use Development revenue rose to $27.2 million for the three months ended September 30, 2025, compared to $17.4 million in 2024, primarily due to an $8.5 million increase in rental income[150]. Profitability - Operating income for the three months ended September 30, 2025, was $38.9 million, significantly higher than $6.4 million in the same period of 2024[148]. - Net earnings for the three months ended September 30, 2025, were $30.1 million, compared to $10.0 million in 2024, reflecting improved operational performance[148]. - Adjusted OIBDA for the three months ended September 30, 2025, was $67.2 million, up from $31.4 million in the same period of 2024[148]. Cost Management - Baseball operating costs decreased by $15.5 million for the three months ended September 30, 2025, primarily due to a reduction in major league player salaries[151]. - Mixed-Use Development costs increased by $1.4 million for the three months ended September 30, 2025, primarily due to higher operating costs associated with newly acquired assets[152]. - Selling, general and administrative expenses decreased by $0.8 million for the three months ended September 30, 2025, compared to the same period in 2024[154]. - Depreciation and amortization increased by $4.8 million for the three months ended September 30, 2025, primarily due to new real estate assets acquired[156]. Year-over-Year Comparisons - Operating income increased by $32.5 million and $57.3 million for the three and nine months ended September 30, 2025, respectively, compared to the prior year[157]. - Adjusted OIBDA rose to $67.155 million and $104.310 million for the three and nine months ended September 30, 2025, respectively, reflecting increases of $35.7 million and $60.9 million year-over-year[158]. - Baseball Adjusted OIBDA increased by $25.6 million and $42.4 million during the three and nine months ended September 30, 2025, respectively, driven by fluctuations in revenue and operating costs[160]. - Mixed-Use Development Adjusted OIBDA increased by $7.6 million and $16.6 million during the three and nine months ended September 30, 2025, respectively[161]. Financial Position - Interest expense increased by $2.7 million and $5.6 million during the three and nine months ended September 30, 2025, primarily due to new borrowings related to acquisitions[163]. - Net earnings were $30.1 million for the three months ended September 30, 2025, compared to $10.0 million in the prior year, and net earnings were $18.2 million for the nine months ended September 30, 2025, compared to a net loss of $12.1 million in the prior year[167]. - As of September 30, 2025, the company had $82.2 million in cash and cash equivalents, primarily invested in highly rated financial instruments[168]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of September 30, 2025, which remains undrawn[172]. - The TeamCo Revolver had an availability of $90.0 million as of September 30, 2025, net of $60.0 million drawn[174]. - The company expects to fund projected cash uses through cash on hand, operations, and borrowings under construction loans and revolvers[170].

Core Insights - Atlanta Braves Holdings, Inc. reported quarterly earnings of $0.47 per share, exceeding the Zacks Consensus Estimate of $0.24 per share, and showing a significant increase from $0.16 per share a year ago, resulting in an earnings surprise of +95.83% [1] - The company posted revenues of $311.54 million for the quarter ended September 2025, slightly missing the Zacks Consensus Estimate by 0.47%, but up from $290.67 million year-over-year [2] - The stock has underperformed the market with a gain of about 5.2% since the beginning of the year, compared to the S&P 500's gain of 15.1% [3] Earnings Performance - Over the last four quarters, Atlanta Braves Holdings has surpassed consensus EPS estimates four times [2] - The company has topped consensus revenue estimates two times over the last four quarters [2] - The current consensus EPS estimate for the upcoming quarter is -$0.30 on $57 million in revenues, and -$0.27 on $730 million in revenues for the current fiscal year [7] Market Outlook - The company's earnings outlook will be influenced by management's commentary during the earnings call [3][4] - The estimate revisions trend for Atlanta Braves Holdings was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] - The Media Conglomerates industry, to which the company belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, which may impact stock performance [8]

Revenue Performance - Total revenue for Q3 2025 reached $311.5 million, a 7% increase compared to Q3 2024[3]. - Baseball revenue increased by 4% to $284.4 million, driven by a 12% rise in broadcasting revenue[3][7]. - Mixed-Use Development revenue surged 56% to $27.2 million, primarily due to increased rental income from new leases[3][8]. - Total revenue for the three months ended September 30, 2025, increased to $311,538,000, up 7.4% from $290,674,000 in the same period of 2024[26]. - Baseball revenue for the nine months ended September 30, 2025, reached $600,302,000, a 6.9% increase compared to $561,233,000 in 2024[26]. Operating Income and Earnings - Adjusted OIBDA for Q3 2025 was $67.2 million, reflecting a 114% increase from the prior year[3][19]. - Operating income rose significantly to $38.9 million, compared to $6.4 million in Q3 2024, marking a 508% increase[3][19]. - Operating income for the three months ended September 30, 2025, was $38,930,000, significantly up from $6,402,000 in the prior year[26]. - Net earnings attributable to Atlanta Braves Holdings' shareholders for the three months ended September 30, 2025, were $29,978,000, compared to $10,020,000 in 2024[26]. Costs and Expenses - Baseball operating costs decreased by 7% to $210.4 million, attributed to lower player salaries and variable expenses[3][9]. - Mixed-Use Development costs increased by 58% to $3.9 million, linked to operating costs from recent acquisitions[3][9]. Cash Flow and Debt - Cash decreased by $14 million during Q3 2025, while debt increased by $57 million due to borrowings for working capital[21]. - The company reported a net cash used in operating activities of $1,175,000 for the nine months ended September 30, 2025, compared to $12,272,000 used in the same period of 2024[27]. - Long-term debt rose to $655,088,000 as of September 30, 2025, compared to $512,927,000 at the end of 2024[25]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to $1,671,466,000, an increase from $1,523,846,000 at the end of 2024[25]. - Total liabilities increased to $1,099,007,000 as of September 30, 2025, compared to $987,622,000 at the end of 2024[25]. - Cash and cash equivalents decreased to $82,237,000 as of September 30, 2025, down from $110,144,000 at the end of 2024[24]. Future Outlook - The company anticipates continued growth in both baseball and mixed-use development segments, supported by strategic initiatives and market expansion[13].

Group 1 - Atlanta Braves Holdings, Inc. (BATRA) is part of the Consumer Discretionary sector, which consists of 254 individual stocks and ranks 8 in the Zacks Sector Rank [2] - The Zacks Rank system, which focuses on earnings estimates and revisions, currently gives BATRA a rank of 2 (Buy), indicating a positive earnings outlook [3] - Over the past three months, the Zacks Consensus Estimate for BATRA's full-year earnings has increased by 50%, reflecting improved analyst sentiment [4] Group 2 - Year-to-date, BATRA has returned 10.9%, slightly outperforming the average gain of 10.7% for the Consumer Discretionary group [4] - BATRA belongs to the Media Conglomerates industry, which includes 16 companies and currently ranks 174 in the Zacks Industry Rank; this industry has seen an average gain of 11.2% this year, indicating BATRA is slightly underperforming its industry [6] - In comparison, Dunelm Group (DNLMY), another stock in the Consumer Discretionary sector, has outperformed with a year-to-date return of 20.8% and is part of the Textile - Home Furnishing industry, which ranks 9 and has gained 14.4% this year [5][7]

Core Viewpoint - Atlanta Braves Holdings, Inc. (BATRA) has received an upgrade to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system is based on changes in earnings estimates, which are closely correlated with near-term stock price movements [4][6]. - Institutional investors often rely on earnings estimates to determine the fair value of a company's shares, leading to stock price fluctuations based on their buying or selling activities [4]. Company Performance Indicators - The recent upgrade indicates an improvement in the underlying business of Atlanta Braves Holdings, which should lead to increased investor interest and a potential rise in stock price [5][10]. - For the fiscal year ending December 2025, the company is expected to earn -$0.27 per share, unchanged from the previous year, but the Zacks Consensus Estimate has increased by 50% over the past three months [8]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a strong historical performance, particularly for Zacks Rank 1 stocks, which have generated an average annual return of +25% since 1988 [7][9]. - The upgrade to Zacks Rank 2 places Atlanta Braves Holdings in the top 20% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

Group 1 - Atlanta Braves Holdings, Inc. (BATRA) is part of the Consumer Discretionary group, which includes 253 companies and ranks 9 in the Zacks Sector Rank [2] - The Zacks Rank for BATRA is 2 (Buy), indicating a positive outlook, with the consensus estimate for full-year earnings increasing by 50% in the past quarter [3] - BATRA has returned approximately 15.2% year-to-date, outperforming the average gain of 8.3% for Consumer Discretionary stocks [4] Group 2 - BATRA belongs to the Media Conglomerates industry, which consists of 16 stocks and currently ranks 90 in the Zacks Industry Rank, with an average gain of 7.6% year-to-date [5] - Another stock in the Consumer Discretionary sector, Dunelm Group, has a year-to-date return of 18.5% and also holds a Zacks Rank of 2 (Buy) [4][5] - The Textile - Home Furnishing industry, to which Dunelm Group belongs, is ranked 18 and has increased by 4.4% year-to-date [6]

Revenue Performance - Total revenue for the three months ended June 30, 2025, was $312.4 million, an increase of 10.5% compared to $282.9 million in the same period of 2024[150]. - Baseball revenue increased to $287.3 million for the three months ended June 30, 2025, up from $266.0 million in 2024, driven by a $9.0 million increase in baseball event revenue and a $10.1 million increase in broadcasting revenue[151]. - Mixed-Use Development revenue rose to $25.1 million for the three months ended June 30, 2025, compared to $16.9 million in 2024, primarily due to a $7.7 million increase in rental income[152]. Operating Income and Earnings - Operating income for the three months ended June 30, 2025, was $41.8 million, compared to $24.9 million in the same period of 2024, reflecting improved revenue performance[150]. - Net earnings for the three months ended June 30, 2025, were $29.5 million, compared to $29.1 million in 2024, indicating stable profitability despite increased operating costs[150]. - Net earnings were $29.5 million for the three months ended June 30, 2025, compared to $29.1 million for the same period in 2024, while net losses for the six months were $11.9 million in 2025 compared to $22.2 million in 2024[168]. Operating Costs - Baseball operating costs increased by $5.7 million for the three months ended June 30, 2025, primarily due to higher MLB revenue sharing expenses[153]. - Selling, general and administrative expenses rose by $2.6 million for the three months ended June 30, 2025, mainly due to increased property taxes and professional fees[156]. - Stock-based compensation decreased by $1.1 million for the three months ended June 30, 2025, attributed to a reduction in average outstanding awards[157]. Adjusted OIBDA - Adjusted OIBDA increased by $20.0 million and $25.2 million for the three and six months ended June 30, 2025, respectively, compared to the prior year[161]. - Baseball Adjusted OIBDA increased by $14.7 million and $16.8 million for the three and six months ended June 30, 2025, respectively, primarily due to fluctuations in revenue and operating costs[161]. - Mixed-Use Development Adjusted OIBDA increased by $6.1 million and $9.0 million for the three and six months ended June 30, 2025, respectively, due to revenue and cost fluctuations[162]. Interest and Depreciation - Interest expense increased by $1.9 million and $2.8 million for the three and six months ended June 30, 2025, respectively, due to new borrowings related to the Acquisition[164]. - Depreciation and amortization increased by $4.2 million and $2.5 million for the three and six months ended June 30, 2025, respectively, compared to the prior year[158]. Cash and Credit Facilities - As of June 30, 2025, the Company had $96.2 million in cash and cash equivalents, primarily invested in highly rated financial instruments[169]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of June 30, 2025, which remains undrawn[173]. - The TeamCo Revolver provides revolving commitments of $150.0 million, with full availability as of June 30, 2025[175]. Attendance Impact - The average number of attendees per regular season home game decreased to 29,551 in 2025 from 30,837 in 2024, impacting concession revenue[150]. Acquisition Impact - The company completed the acquisition of certain real estate assets in April 2025, contributing to revenue growth in the Mixed-Use Development segment[148].

Core Insights - Atlanta Braves Holdings, Inc. reported quarterly earnings of $0.46 per share, exceeding the Zacks Consensus Estimate of $0.34 per share, and matching the earnings from the previous year [1] - The company achieved revenues of $312.44 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 8.86% and showing an increase from $282.88 million year-over-year [2] - The stock has gained approximately 16.1% since the beginning of the year, outperforming the S&P 500's gain of 7.9% [3] Earnings Performance - Over the last four quarters, Atlanta Braves Holdings has surpassed consensus EPS estimates three times [2] - The company had an earnings surprise of +35.29% for the recent quarter and a surprise of +29.79% in the previous quarter [1][2] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.15 on revenues of $301 million, while the estimate for the current fiscal year is -$0.54 on revenues of $687 million [7] - The estimate revisions trend for the company was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Media Conglomerates industry, to which Atlanta Braves Holdings belongs, is currently ranked in the bottom 18% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact the stock's performance [5]

[Financial Performance Summary](index=1&type=section&id=Financial%20Performance%20Summary) [Q2 2025 Key Financial Results](index=1&type=section&id=Q2%202025%20Key%20Financial%20Results) Atlanta Braves Holdings reported strong Q2 2025 results, with total revenue up 10% to $312.4 million, operating income up 68%, and Adjusted OIBDA up 44% Q2 2025 Key Financial Results (in thousands) | | Three months ended June 30, | % Change | Six months ended June 30, | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | | **2025** | **2024** | | **2025** | **2024** | | | **Total revenue** | $312,440 | $282,876 | 10% | $359,651 | $319,956 | 12% | | **Adjusted OIBDA** | $65,704 | $45,750 | 44% | $37,155 | $11,996 | 210% | | **Operating income (loss)** | $41,787 | $24,936 | 68% | $(2,665) | $(27,419) | 90% | - Total revenue for Q2 2025 grew **10% to $312 million**, with Baseball revenue up 8% and Mixed-use development revenue up 49%[3](index=3&type=chunk) - Total Adjusted OIBDA for Q2 2025 increased by **44% to $66 million**, with Baseball Adjusted OIBDA growing 39% and Mixed-Use Development Adjusted OIBDA growing 53%[3](index=3&type=chunk) [Revenue Analysis](index=2&type=section&id=Revenue%20Analysis) Q2 2025 revenue growth was broad-based, with Baseball revenue up 8% and Mixed-use development revenue up 49% driven by new leases and acquisitions Q2 2025 Revenue by Source (in thousands) | Revenue Source (Q2 2025) | Amount (in thousands) | % Change YoY | | :--- | :--- | :--- | | **Baseball Revenue** | **$287,319** | **8%** | | - Baseball event | $180,349 | 5% | | - Broadcasting | $81,068 | 14% | | - Retail and licensing | $18,566 | (5)% | | **Mixed-use development** | **$25,121** | **49%** | | **Total revenue** | **$312,440** | **10%** | - The increase in Baseball revenue was primarily driven by growth in broadcasting due to additional streaming rights and contractual rate increases. Baseball event revenue also increased from higher ticket and sponsorship prices, though this was partially offset by lower concession revenue due to reduced attendance[7](index=7&type=chunk) - Mixed-use development revenue grew **49%** mainly due to increased rental income from new leases and an April 2025 real estate acquisition, as well as higher sponsorship revenue[8](index=8&type=chunk) [Operating Performance Analysis](index=2&type=section&id=Operating%20Performance%20Analysis) Operating income and Adjusted OIBDA improved in Q2 2025 as revenue growth outpaced expense increases, despite higher MLB revenue sharing and property costs - The growth in operating income and Adjusted OIBDA was a result of revenue growth outpacing increases in operating and SG&A expenses[9](index=9&type=chunk) - Baseball operating costs increased due to higher MLB revenue sharing, event expenses, and minor league costs, partially offset by a decrease in major league player salaries[9](index=9&type=chunk) - Mixed-use development costs rose due to operating costs from the April 2025 acquisition, while SG&A expenses increased from higher property taxes, insurance, professional fees, and personnel costs[9](index=9&type=chunk) [Financial Statements](index=8&type=section&id=Financial%20Statements) [Condensed Consolidated Balance Sheet](index=8&type=section&id=Condensed%20Consolidated%20Balance%20Sheet) As of June 30, 2025, total assets increased to **$1.68 billion**, driven by property and equipment, while total liabilities rose to **$1.15 billion** Condensed Consolidated Balance Sheet (in thousands) | Balance Sheet Item | June 30, 2025 (in thousands) | Dec 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Total current assets** | $236,533 | $179,146 | | **Total assets** | **$1,683,861** | **$1,523,846** | | **Total current liabilities** | $371,162 | $286,660 | | **Total liabilities** | **$1,148,988** | **$987,622** | | **Total equity** | **$534,873** | **$536,224** | [Condensed Consolidated Statement of Operations](index=10&type=section&id=Condensed%20Consolidated%20Statement%20of%20Operations) For Q2 2025, net earnings were **$29.5 million** ($0.46 diluted EPS), and the six-month net loss significantly narrowed to **$11.9 million** Condensed Consolidated Statement of Operations (in thousands) | Statement of Operations | Three months ended June 30, 2025 (in thousands) | Six months ended June 30, 2025 (in thousands) | | :--- | :--- | :--- | | **Total revenue** | $312,440 | $359,651 | | **Operating income (loss)** | $41,787 | $(2,665) | | **Net earnings (loss)** | **$29,494** | **$(11,897)** | | **Diluted EPS** | **$0.46** | **$(0.19)** | [Condensed Consolidated Statement of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statement%20of%20Cash%20Flows) For H1 2025, operating activities provided **$87.6 million**, while investing activities used **$130.1 million**, primarily for real estate acquisition Condensed Consolidated Statement of Cash Flows (in thousands) | Cash Flow Activity (Six months ended June 30, 2025) | Amount (in thousands) | | :--- | :--- | | Net cash provided by operating activities | $87,640 | | Net cash used in investing activities | $(130,105) | | Net cash provided by financing activities | $83,487 | | **Net increase in cash** | **$41,022** | | **Cash at end of period** | **$153,621** | - A significant use of cash in the first half of 2025 was the **$93.7 million** acquisition of real estate assets[27](index=27&type=chunk) [Supplemental Disclosures](index=6&type=section&id=Supplemental%20Disclosures) [Non-GAAP Financial Measures (Adjusted OIBDA)](index=6&type=section&id=Non-GAAP%20Financial%20Measures%20(Adjusted%20OIBDA)) Adjusted OIBDA, a non-GAAP measure, was **$65.7 million** for Q2 2025, reconciled from GAAP operating income, reflecting operational strength - Adjusted OIBDA is defined as operating income (loss) plus stock-based compensation, depreciation and amortization, and other specified charges, used by management to assess operational strength[16](index=16&type=chunk)[17](index=17&type=chunk) Adjusted OIBDA Reconciliation (Q2 2025, in thousands) | Reconciliation Item | Amount (in thousands) | | :--- | :--- | | Operating income | $41,787 | | Stock-based compensation | $2,646 | | Depreciation and amortization | $21,271 | | **Adjusted OIBDA** | **$65,704** | [Cash and Debt Position](index=7&type=section&id=Cash%20and%20Debt%20Position) As of June 30, 2025, cash decreased to **$96.2 million** due to a real estate acquisition, while total debt increased to **$706.0 million** - Cash decreased by **$148 million** during the second quarter, primarily as a result of the real estate acquisition, capital expenditures, and seasonal working capital changes[21](index=21&type=chunk) Cash and Debt Position (in thousands) | Item | June 30, 2025 (in thousands) | March 31, 2025 (in thousands) | | :--- | :--- | :--- | | **Cash (GAAP)** | **$96,196** | **$244,679** | | **Total Debt** | **$706,032** | **$702,539** | | - Baseball Debt | $223,381 | $223,956 | | - Mixed-Use Development Debt | $482,651 | $478,583 | [Other Information](index=3&type=section&id=Other%20Information) [Company Overview](index=3&type=section&id=Company%20Overview) Atlanta Braves Holdings comprises the Atlanta Braves MLB franchise and The Battery Atlanta mixed-use real estate development - The company's primary holdings are the Atlanta Braves MLB team and The Battery Atlanta mixed-use real estate development[11](index=11&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements subject to risks and uncertainties, and investors should consult SEC filings for comprehensive risk information - The report includes forward-looking statements that involve risks and uncertainties, and actual results could differ materially from those expressed[13](index=13&type=chunk) - Investors are directed to the company's publicly filed documents, such as the Form 10-K, for additional information on risks and uncertainties related to the business[14](index=14&type=chunk)