Atlanta Braves Holdings, Inc. (BATRA) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.The pow ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D. C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-41746 ATLANTA BRAVES HOLDINGS, INC. (Exact name of Registrant as specified in its charter) Nevada 92-1284827 (State or ot ...

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)

Group 1 - Atlanta Braves Holdings (NASDAQ: BATRA, NASDAQ: BATRK, OTCQB: BATRB) has outperformed the market by approximately 2% since the previous article published in March [1] - The financial markets are considered efficient, with most stocks reflecting their real current value, suggesting that the best investment opportunities arise from less-followed stocks or those mispriced in their markets [1] Group 2 - The analyst holds a beneficial long position in BATRA through stock ownership, options, or other derivatives, indicating a personal investment interest in the company [2]

Revenue Performance - Total revenue for the three months ended March 31, 2025, was $47.2 million, an increase of 27.4% compared to $37.1 million for the same period in 2024[132]. - Baseball revenue increased to $28.6 million in Q1 2025, up 30.3% from $22.0 million in Q1 2024, primarily driven by a $2.2 million increase in broadcasting revenue[133]. - Mixed-Use Development revenue rose to $18.6 million, a 23.8% increase from $15.1 million in the prior year, mainly due to a $3.1 million increase in rental income[134]. Loss and Expenses - Operating loss decreased to $44.5 million in Q1 2025 from $52.4 million in Q1 2024, reflecting improved revenue performance[139]. - Net loss for the three months ended March 31, 2025, was $41.4 million, compared to a net loss of $51.3 million in the same period last year[132]. - Adjusted OIBDA improved to a loss of $28.5 million in Q1 2025, a $5.2 million improvement from a loss of $33.8 million in Q1 2024[140]. - Baseball operating costs increased by $3.6 million, primarily due to a $1.1 million rise in major league player salaries and $1.6 million in expenses for events held at Truist Park[135]. - Selling, general and administrative expenses rose by $1.2 million, mainly due to increased personnel costs[137]. - Stock-based compensation decreased by $1.1 million, reflecting a reduction in outstanding awards[138]. Adjusted OIBDA - Baseball Adjusted OIBDA increased by $2.1 million for the three months ended March 31, 2025, compared to the same period in the prior year[141]. - Mixed-Use Development Adjusted OIBDA increased by $3.0 million for the three months ended March 31, 2025, compared to the same period in the prior year[141]. Financial Position - The Company's cash and cash equivalents totaled $244.7 million as of March 31, 2025[147]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of March 31, 2025, which remains undrawn[151]. - The maximum amount available under the MLB Facility Fund Revolver was $38.5 million as of March 31, 2025, and was fully drawn[152]. - The TeamCo Revolver provides revolving commitments of $150.0 million, with availability as of March 31, 2025, being $150.0 million[153]. Debt and Tax Provision - The Company had $259.9 million in aggregate principal amount of floating rate debt with a weighted average interest rate of 6.2% as of March 31, 2025[158]. - The Company had $442.6 million in aggregate principal amount of fixed rate debt with a weighted average interest rate of 4.4% as of March 31, 2025[158]. - The Company's effective tax provision increased by $8.5 million for the three months ended March 31, 2025, compared to the same period in the prior year[145]. Corporate Structure - The company completed a tax-free Split-Off transaction on July 18, 2023, transitioning to a standalone public company[124].

Atlanta Braves Holdings, Inc. (BATRA) came out with a quarterly loss of $0.66 per share versus the Zacks Consensus Estimate of a loss of $0.94. This compares to loss of $0.83 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 29.79%. A quarter ago, it was expected that this company would post a loss of $0.78 per share when it actually produced a loss of $0.31, delivering a surprise of 60.26%.Over the last four quarters, the compa ...

Revenue Performance - Total revenue for Q1 2025 reached $47.2 million, a 27% increase compared to Q1 2024[5] - Baseball revenue increased by 30% to $28.6 million, driven primarily by a 104% rise in broadcasting revenue[6][7] - Mixed-use development revenue grew 23% to $18.6 million, attributed to higher rental income and increased parking and sponsorship revenue[8] - Total revenue for Q1 2025 was $47,211,000, an increase of 27.4% compared to $37,080,000 in Q1 2024[27] - Baseball revenue increased to $28,621,000 in Q1 2025, up 30.5% from $21,970,000 in Q1 2024[27] - Mixed-use development revenue rose to $18,590,000, a 23.8% increase from $15,110,000 in the same period last year[27] Financial Performance - Adjusted OIBDA improved to $(28.5) million, a 15% increase from $(33.8) million in the prior year[5][20] - Operating income loss decreased by 15% to $(44.5) million from $(52.4) million year-over-year[5][20] - Operating loss for Q1 2025 was $44,452,000, compared to a loss of $52,355,000 in Q1 2024, reflecting an improvement of 15.5%[27] - Net loss for Q1 2025 was $41,391,000, an improvement from a net loss of $51,272,000 in Q1 2024[27] - The company reported a basic net loss per share of $0.66 for Q1 2025, improving from a loss of $0.83 per share in Q1 2024[27] Cash and Debt Management - Cash increased by $135 million during Q1 2025, reaching $244.7 million[21][22] - Cash and cash equivalents increased to $244,679,000 as of March 31, 2025, compared to $110,144,000 at the end of 2024[25] - Total debt rose by $82 million to $699.5 million, primarily due to borrowings for mixed-use development projects[21][22] Asset and Liability Overview - Total assets grew to $1,681,439,000 as of March 31, 2025, up from $1,523,846,000 at the end of 2024[25] - Total liabilities increased to $1,183,273,000 as of March 31, 2025, compared to $987,622,000 at the end of 2024[26] Operational Highlights - Mixed-use development generated $13 million of Adjusted OIBDA, up 30% from the previous year[5] - The Braves recorded seven sellout games through the first three homestands of the season[5] - Operating costs increased due to higher major league player salaries and shared expenses, while mixed-use development costs remained relatively flat[9] Cash Flow Analysis - Cash flows from operating activities for Q1 2025 were $95,770,000, compared to $91,064,000 in Q1 2024[28]

Group 1: Stock Performance - Atlanta Braves Holdings, Inc. (BATRA) shares increased by 6.7% to close at $42.51, with notable trading volume compared to typical sessions, following a 6.3% loss over the past four weeks [1] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating positive market sentiment [4] Group 2: Acquisition and Real Estate Strategy - Braves Development Company acquired Pennant Park, a six-building office complex, which is expected to be immediately accretive due to strong tenant credit and over 80% occupancy [2] - This acquisition is a strategic move to enhance BATRA's real estate portfolio [2] Group 3: Earnings Expectations - The company is projected to report a quarterly loss of $0.94 per share, reflecting a year-over-year decline of 13.3%, with expected revenues of $35.2 million, down 5.1% from the previous year [3] - The consensus EPS estimate for the quarter has remained unchanged over the last 30 days, suggesting that stock price movements may be influenced by trends in earnings estimate revisions [4]

Group 1 - Atlanta Braves Holdings, Inc. (BATRA) is a notable stock within the Conglomerates sector, which currently ranks 1 in the Zacks Sector Rank [2] - The Zacks Rank system indicates that BATRA has a strong buy rating, reflecting positive earnings estimates and revisions [3] - Over the past 90 days, the consensus estimate for BATRA's full-year earnings has increased by 24.1%, indicating improved analyst sentiment [4] Group 2 - Year-to-date, BATRA has returned approximately 6.2%, outperforming the average return of -3.8% for the Conglomerates sector [4] - Another stock, Atlanta Braves Holdings (BATRK), has also shown positive performance with a year-to-date return of 2.7% [5] - The consensus EPS estimate for BATRA has risen by 28.5% over the past three months, further supporting its strong buy rating [5] Group 3 - Atlanta Braves Holdings, Inc. is part of the Diversified Operations industry, which includes 21 stocks and currently ranks 22 in the Zacks Industry Rank [6] - The average return for the Diversified Operations industry has been -3.8% year-to-date, indicating that BATRA is performing better than its peers [6] - Investors should continue to monitor both BATRA and BATRK for potential sustained performance in the Conglomerates sector [7]