Atlanta Braves Holdings, Inc. (BATRK) Q3 2025 Earnings Call Transcript
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call highlights strong revenue growth across key areas, including a significant increase in mixed-use development revenue and adjusted OIBDA. Despite some concerns about player injuries and attendance decline, the company's proactive strategies in ticket pricing and player salary spending, along with optimism in media rights negotiations, suggest positive sentiment. Given the market cap, the stock price is likely to react positively, but not excessively, due to the mixed outlook on risks and operational costs.
Key Financial Performance
Total Revenue (Q3 2025) $312 million, up over 7% from $291 million in Q3 2024. The increase was driven by growth in both baseball and mixed-use development revenue.
Baseball Revenue (Q3 2025) $284 million, up from $273 million in Q3 2024. The increase was due to contractual rate increases on season tickets, existing sponsorship contracts, new premium seating and sponsorship agreements, offset by attendance-related reductions in concessions revenue.
Broadcasting Revenue (Q3 2025) $79 million, up from $71 million in Q3 2024. The increase was primarily due to the impact of a renegotiated local rights agreement signed at the end of 2024.
Mixed-Use Development Revenue (Q3 2025) $27 million, up over 56% from $17 million in Q3 2024. The increase was driven by a $9 million rise in rental income, including revenue from the Pennant Park acquisition and new lease commencements.
Adjusted OIBDA (Q3 2025) $67 million, an increase of over 113% from $31 million in Q3 2024. The improvement was due to increased revenue in both baseball and mixed-use development segments and a reduction in baseball operating costs, partially offset by higher mixed-use development operating costs and SG&A expenses.
Operating Income (Q3 2025) $39 million, up from $6 million in Q3 2024. The increase was primarily due to higher revenue.
Cash and Cash Equivalents (as of September 30, 2025) $115 million, with nearly all invested in U.S. treasury securities, other government securities, or highly rated financial instruments.
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Operating Highlights
Rookie Drake Baldwin's performance: Drake Baldwin had a breakout season hitting .274 with 19 home runs and 80 RBIs. He became the first Braves' Catcher to debut as an opening day starter and win National League Rookie of the Month in May. He is a top contender for Rookie of the Year.
Chris Sale's milestone: Chris Sale became the fastest pitcher in MLB history to reach 2,500 strikeouts despite dealing with a non-throwing injury.
Matt Olson's achievements: Matt Olson played all 162 games, led the team with a 6.1 WAR, won a Gold Glove Award, and participated in the Home Run Derby.
Hurston Waldrep's debut: Hurston Waldrep, a 2023 first-round pick, achieved a 6-1 record with a 2.8 ERA in 10 games started.
Ticket sales and sponsorship revenue: Record-breaking ticket sales and sponsorship revenue were achieved despite an inconsistent season. The Braves sold the fourth highest number of tickets in 25 years and sold out 24 games.
Mixed-use development revenue: Mixed-use development revenue increased by 56% year-over-year in Q3 2025, reaching $27 million, driven by the Pennant Park acquisition and strong leasing activity.
Broadcasting revenue: Broadcasting revenue increased to $79 million in Q3 2025, up from $71 million in Q3 2024, due to renegotiated local rights agreements.
Fan engagement and ballpark innovation: Enhanced fan experience through ballpark renovations, new revenue streams, and extended partnerships with FanDuel Sports Networks and Gray Media.
Real estate operations: The Battery Atlanta hosted 195 events, and Truist Park hosted over 150 events in 2025, diversifying revenue streams and enhancing community engagement.
Tenant improvements and leasing: Pennant Park acquisition improved occupancy rates to 90% by year-end, and new tenants like J. Alexander's were added to enhance the property portfolio.
Managerial changes: Brian Snitker transitioned to a senior adviser role, and Walt Weiss was named the 49th Manager in franchise history.
Real estate expansion: Strategic acquisition of Pennant Park expanded office footprint and increased leasable square footage. Construction of The Henry development is underway, adding apartments, hotel rooms, and condos.
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Risk or Challenges
Injuries to Key Players: The team faced challenges due to injuries to key players, particularly pitchers, which impacted on-field performance and required reliance on younger, less experienced talent.
Managerial Transition: The transition of long-time manager Brian Snitker to a senior adviser role and the appointment of Walt Weiss as the new manager could pose risks related to leadership continuity and team dynamics.
Attendance Decline: Attendance moderated slightly in late August and September, primarily from lower single-game ticket sales, which could impact revenue.
Dependence on Seasonal Revenue: The company’s revenue is heavily seasonal, aligned with the baseball season, which could lead to financial volatility during the offseason.
Operational Costs: Increases in mixed-use development operating costs and SG&A expenses could pressure profitability.
Real Estate Development Risks: The expansion of real estate projects, such as Pennant Park and The Henry development, involves risks related to leasing, construction, and market demand.
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Guidance & Outlook
Future player acquisitions: The organization plans to add a couple of key players to strengthen their veteran win-now squad for the upcoming seasons.
Managerial changes: Walt Weiss has been named the 49th Manager in franchise history, succeeding Brian Snitker, who transitioned to a senior adviser role.
MLB market trends: Major League Baseball is experiencing growth in national viewership, with ESPN's MLB coverage up 21%, TNT Sports up 29%, and MLB.TV consumption up 24%. Total MLB attendance for 2025 exceeded 71 million fans, marking the third consecutive year of growth.
Ticketing and fan engagement: The organization is actively evaluating pricing and inventory strategies to optimize ticket sales and enhance the fan experience. Premium and full-season ticket inventory is sold out, and demand for season, group, and hospitality packages remains robust.
Real estate development: The organization is focusing on improving tenant experience and operational efficiency in their real estate portfolio. They anticipate Pennant Park being 90% leased by year-end and are planning additional developments, including The Henry complex with apartments, hotel rooms, and condos.
Mixed-use development revenue: Mixed-use development revenue is expected to continue growing, with the Battery Atlanta hosting numerous events and generating over $100 million annually in revenue from real estate holdings.
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Shareholder Return Plan
The selected topic was not discussed during the call.
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Key Q&A
Q:What is the company's approach to ticket pricing and revenue per ticket trajectory for the upcoming season in 2026?
A:The company studies ticket pricing annually, making adjustments as needed. They offer packages at various price points, including options below $20. They monitor average ticket prices and compare them with other teams. There is room for growth in ticket pricing while maintaining affordability. They also consider secondary ticketing data to understand market demand and pricing potential. Management indicated that there will likely be inflation-plus growth in average revenue per ticket to keep up with rising costs.
Q:How does the company plan to approach player salary spending in the upcoming year?
A:The company aims to be a top 5 salary team, currently being in the top 10. They plan to be active in the free agent and trade markets, with aspirations to increase player compensation. Management emphasized their 'win-now' approach and optimism for the next season, despite injuries affecting the previous year.
Q:What are the company's thoughts on ESPN's interest in local media rights deals and the implications for the next renewal cycle?
A:The next major national media deal for MLB is set for 1/1/29, which will be a significant inflection point for the industry. MLB will engage in discussions with teams to structure future offerings, including local games, which are highly rated. Management believes this will attract interest from ESPN and digital streaming platforms. They are preparing for the evolving media landscape and will make decisions closer to the renewal date.
Q:Review of Unclear Management Responses
A:Management avoided providing specific details on the exact pricing changes for tickets or the precise impact of secondary ticketing on revenue. Additionally, they did not offer concrete plans or figures regarding player salary spending or the structure of future media rights deals, citing the fluid nature of these decisions.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
Battery Atlanta
Gameday
Pennant Park
Roxy
Truist Park
World Series
achievement
acquisition Pennant
addition
ballpark
bench coach
brand passion
campus
capital improvement
career
change
concert event
destination
end
engagement
estate
event Battery
food beverage
food option
franchise
game ticket
history
leasing
manager
office
offseason
postseason
premium
process
record
strength
tenant
testament
vision
year
BATRK Transcript
Atlanta Braves Holdings, Inc. (BATRK) Q3 2025 Earnings Call Transcript
Positive11-5
The earnings call highlights strong revenue growth across key areas, including a significant increase in mixed-use development revenue and adjusted OIBDA. Despite some concerns about player injuries and attendance decline, the company's proactive strategies in ticket pricing and player salary spending, along with optimism in media rights negotiations, suggest positive sentiment. Given the market cap, the stock price is likely to react positively, but not excessively, due to the mixed outlook on risks and operational costs.
Earnings call transcript: Atlanta Braves Holdings Q1 2025 sees revenue boost
Positive5-12
The earnings call highlights positive financial performance with increased revenue and improved operating loss. The partnership with FanDuel and strong media rights outlook are also positives. However, management's reluctance to provide specific guidance on key issues like PennantPark's impact and FanDuel subscriptions may raise some concerns. Despite these, the stock's small market cap and positive elements suggest a likely price increase of 2% to 8% over the next two weeks.
Atlanta Braves Holdings, Inc. (BATRA) Q4 2024 Earnings Call Transcript
Neutral2-26
The Liberty Braves Group (BATRA) Q4 2023 Earnings Call Transcript
Positive2-28
The earnings call indicates a strong financial position with manageable leverage and positive contributions from events like the Las Vegas Grand Prix. The Q&A reveals growth opportunities in media rights, sponsorships, and hospitality, along with cost optimization plans. The market cap suggests a moderate reaction, and while there are some uncertainties in guidance, the overall sentiment is optimistic, likely resulting in a positive stock price movement.
BATRK Report
Frequently Asked Questions
Where does this earnings call transcript come from?
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
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No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
Why do some answers appear as “Unclear” or “Inaudible”?
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
Who creates the AI Summary and Key Q&A highlights shown above the transcript?
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
