Revenue volatility remains acute, with gross margins swinging from a negative 74.5% in 2025Q4 to a positive 41.9% in 2026Q1 due to the inherent seasonality of the sports franchise model.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Sales/Revenue | 1.4B | 732.49M | 662.75M | 640.67M | 588.56M | 563.72M | 178M | 476M | 442M | 386M | 262M | 243M | 250M | 260M | 225M |
| Revenue Growth % | 107.51% | 10.52% | 3.45% | 8.85% | 4.41% | 216.69% | -62.6% | 7.69% | 14.51% | 47.33% | 7.82% | -2.8% | -3.85% | 15.56% | - |
| Cost of Goods Sold | 948.81M | 586.98M | 513.91M | 491.23M | 436.51M | 376.35M | 0 | 0 | 0 | 0 | 0 | 0 | 1.63B | 0 | 159M |
| COGS % of Revenue | - | 80.14% | 77.54% | 76.67% | 74.17% | 66.76% | - | - | - | - | - | - | 652.58% | - | 70.67% |
| Gross Profit | 447.47M | 145.51M | 148.84M | 149.44M | 152.06M | 187.37M | 178M | 476M | 442M | 386M | 262M | 243M | -1.38B | 260M | 66M |
| Gross Margin % | 32.05% | 19.86% | 22.46% | 23.33% | 25.84% | 33.24% | 100% | 100% | 100% | 100% | 100% | 100% | -552.58% | 100% | 29.33% |
| Gross Profit Growth % | - | -2.24% | -0.4% | -1.72% | -18.85% | 5.26% | -62.6% | 7.69% | 14.51% | 47.33% | 7.82% | 117.59% | -631.33% | 293.94% | - |
| Operating Expenses | 322.41M | 128.9M | 188.5M | 195.88M | 182.64M | 168.13M | 306M | 515M | 441M | 499M | 323M | 954M | 287M | 248M | 68M |
| OpEx % of Revenue | - | 17.6% | 28.44% | 30.57% | 31.03% | 29.82% | 171.91% | 108.19% | 99.77% | 129.27% | 123.28% | 392.59% | 114.8% | 95.38% | 30.22% |
| Selling, General & Admin | 223.67M | 128.9M | 0 | 0 | 0 | 0 | 0 | 0 | 118M | 151M | 67M | 61M | 58M | 58M | 48M |
| SG&A % of Revenue | - | 17.6% | - | - | - | - | - | - | 26.7% | 39.12% | 25.57% | 25.1% | 23.2% | 22.31% | 21.33% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.84M | 0 | 48.84B |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | 19.54% | - | 21708% |
| Other Operating Expenses | 2M | 0 | 188.5M | 195.88M | 182.64M | 168.13M | 306M | 515M | 11M | -12M | -27M | 954M | 338.91M | -3.33B | 338.91B |
| Operating Income | 125.06M | 16.6M | -39.66M | -46.44M | -30.58M | 19.24M | -128M | -39M | 1M | -113M | -61M | 954M | -47M | 7M | -6M |
| Operating Margin % | 8.96% | 2.27% | -5.98% | -7.25% | -5.2% | 3.41% | -71.91% | -8.19% | 0.23% | -29.27% | -23.28% | 392.59% | -18.8% | 2.69% | -2.67% |
| Operating Income Growth % | - | 141.86% | 14.59% | -51.86% | -258.92% | 115.03% | -228.21% | -4000% | 100.89% | -85.25% | -106.39% | 2129.79% | -771.43% | 216.67% | - |
| EBITDA | 255.43M | 92.24M | 18.16M | 19.84M | 36.52M | 90.27M | -59M | 32M | 77M | -46M | -29M | 985M | -18M | 32M | 18M |
| EBITDA Margin % | 18.29% | 12.59% | 2.74% | 3.1% | 6.2% | 16.01% | -33.15% | 6.72% | 17.42% | -11.92% | -11.07% | 405.35% | -7.2% | 12.31% | 8% |
| EBITDA Growth % | 945.06% | 407.81% | -8.45% | -45.67% | -59.55% | 252.99% | -284.38% | -58.44% | 267.39% | -58.62% | -102.94% | 5572.22% | -156.25% | 77.78% | - |
| D&A (Non-Cash Add-back) | 130.38M | 75.63M | 57.83M | 66.28M | 67.1M | 71.02M | 69M | 71M | 76M | 67M | 32M | 31M | 29M | 25M | 24M |
| EBIT | 123.88M | 22.33M | -37.69M | -44.23M | -24.51M | 19.24M | -128M | -39M | 22M | -47M | -78M | -38M | -47M | 7M | -265.32B |
| Net Interest Income | -104.1M | -46.44M | -38.79M | -37.67M | -29.58M | -24M | -26M | -27M | -26M | -15M | -1M | -1M | 0 | -1M | 1M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1M |
| Interest Expense | 104.1M | 46.44M | 38.79M | 37.67M | 29.58M | 24M | 26M | 27M | 26M | 15M | 1M | 1M | 0 | 1M | 0 |
| Other Income/Expense | -37.27M | -40.72M | 3.72M | -74.99M | -936K | -22.56M | 12M | -23M | -5M | 51M | -18M | -984M | 10M | 4M | 3M |
| Pretax Income | 87.79M | -24.11M | -35.94M | -121.43M | -31.52M | -3.31M | -116M | -62M | -4M | -62M | -79M | 184M | -37M | 11M | -3M |
| Pretax Margin % | 6.29% | -3.29% | -5.42% | -18.95% | -5.35% | -0.59% | -65.17% | -13.03% | -0.91% | -16.06% | -30.15% | 75.72% | -14.8% | 4.23% | -1.33% |
| Income Tax | 16.68M | -831K | -4.67M | 3.86M | 2.65M | 9.69M | -38M | 15M | -15M | -36M | -17M | 10M | -13M | 5M | -1M |
| Effective Tax Rate % | 19% | 3.45% | 13% | -3.18% | -8.42% | -292.46% | 32.76% | -24.19% | 375% | 58.06% | 21.52% | 5.43% | 35.14% | 45.45% | 33.33% |
| Net Income | 71.02M | -23.37M | -31.27M | -125.29M | -34.17M | -13.01M | -78M | -77M | 5M | -25M | -62M | 184M | -24M | 6M | -2M |
| Net Margin % | 5.09% | -3.19% | -4.72% | -19.56% | -5.81% | -2.31% | -43.82% | -16.18% | 1.13% | -6.48% | -23.66% | 75.72% | -9.6% | 2.31% | -0.89% |
| Net Income Growth % | 432.08% | 25.27% | 75.04% | -266.66% | -162.74% | 83.33% | -1.3% | -1640% | 120% | 59.68% | -133.7% | 866.67% | -500% | 400% | - |
| Net Income (Continuing) | 71.11M | -23.28M | -31.27M | -125.29M | -34.17M | -13.01M | -78M | -77M | 11M | -26M | -62M | -20M | -24M | 6M | -2M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 12.13M | 12.04M | 12.04M | 0 | 0 | 0 | 0 | -8M | 14M | 15M | 7.2B | 0 | 9.8B | 0 |
| EPS (Diluted) | 1.11 | -0.37 | -0.50 | -2.03 | -0.56 | -0.21 | -1.30 | -1.51 | 0.10 | -0.51 | -1.25 | 5.20 | -0.68 | 0.17 | -0.06 |
| EPS Growth % | 434.29% | 26% | 75.37% | -262.5% | -166.67% | 83.85% | 13.91% | -1640.82% | 119.22% | 59.2% | -124.04% | 864.71% | -500% | 400.88% | - |
| EPS (Basic) | - | -0.37 | -0.50 | -2.03 | -0.56 | -0.21 | -2.00 | -1.51 | 0.10 | -0.51 | -1.25 | 5.20 | -0.68 | 0.17 | -0.06 |
| Diluted Shares Outstanding | 63.78M | 63.78M | 62.54M | 61.73M | 62.13M | 52M | 60M | 51M | 51M | 49M | 49.43M | 35.38M | 35.38M | 35.38M | 35.38M |
| Basic Shares Outstanding | 62.45M | 62.45M | 62.54M | 61.72M | 62.13M | 52M | 39M | 50.99M | 51M | 49M | 49.43M | 35.38M | 35.38M | 35.38M | 35.38M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | 19.75% | - |
RSN broadcasting revenue volatility
As indicated by the most recent quarterly filings, BATRA's revenue exhibits extreme seasonality, with the 2026Q1 figure of $711.0 million highlighting the massive disparity between peak baseball season performance and the off-season troughs that frequently see quarterly revenue drop below the $70 million threshold.
The revenue trajectory is heavily skewed by the MLB calendar, making year-over-year comparisons difficult without adjusting for the timing of home games and post-season participation. Investors should monitor whether the non-baseball revenue from The Battery Atlanta can eventually provide a sufficient floor to mitigate these dramatic quarterly fluctuations.
Based on reported financial statements, the company's gross margin profile is highly inconsistent, swinging from a negative 74.5% in 2025Q4 to a positive 41.9% in 2026Q1, reflecting the heavy fixed-cost burden of player payrolls relative to the highly variable nature of seasonal ticket and media revenue.
The inability to maintain consistent gross margins suggests that the cost structure is not yet optimized to absorb the inherent volatility of professional sports operations. This margin instability implies that profitability is highly sensitive to attendance levels and the successful monetization of the mixed-use real estate assets during the off-season.
According to the income statement data, operating income remains erratic, with the company reporting a $64.0 million profit in 2026Q1 following a $19.7 million loss in 2025Q4, suggesting that SG&A expenses do not scale linearly with the significant revenue swings inherent in the sports franchise model.
The lack of consistent operating leverage indicates that management faces challenges in controlling overhead costs during periods of lower revenue generation. Further investigation is warranted to determine if the current SG&A structure is bloated or if it represents necessary investment in the long-term growth of the Battery Atlanta ecosystem.
Data from recent filings reveals that net income is frequently distorted by non-operating items and seasonal revenue recognition, as evidenced by the $41.4 million net loss in 2025Q4, which complicates the assessment of the company's true underlying earnings power for public market investors.
Short-sellers may focus on the persistent net losses during off-season quarters as evidence of a business model that struggles to generate sustainable cash flow outside of the baseball season. The reliance on non-cash charges and the potential for RSN revenue disruption suggest that the current valuation may be disconnected from near-term fundamental performance.
Quick answers to the most common questions about buying BATRA stock.
For fiscal year 2025, Atlanta Braves Holdings, Inc. (BATRA) reported total revenue of $732.5M. This represents a 225.6% increase compared to $225.0M in 2012.
Atlanta Braves Holdings, Inc. (BATRA) reported a net loss of $23.4M for the fiscal year ending 2025.
Atlanta Braves Holdings, Inc. (BATRA) reported an operating income of $16.6M, resulting in an operating profit margin of 2.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Atlanta Braves Holdings, Inc. (BATRA) generated $145.5M in gross profit for the year, representing a gross profit margin of 19.9%. This demonstrates the company's core pricing power and production efficiency.