Braves Holdings Operating Income Falls to $9 Million

The Tip Desk · November 4, 2026 · 3 min read

Third-quarter revenue reached $325 million as BravesVision completed its first regular season and the Braves returned to the postseason, while baseball Adjusted OIBDA halved on higher player salaries.

Atlanta Braves Holdings (BATRA), the Major League Baseball franchise and mixed-use real estate owner, reported operating income of $9 million for the third quarter ended September 30, 2026, down from $39 million a year earlier.

Total revenue grew 4% to $325 million. Baseball revenue increased 4% to $296 million, and Mixed-Use Development revenue rose 7% to $29 million. The company said baseball event revenue was the primary driver of the baseball line.

The Braves returned to the postseason and posted a 14% increase in average attendance per regular-season home game versus the year-ago period. There were 44 home games, including two postseason contests, compared with 41 a year earlier. BravesVision completed its first regular season and, the company said, led the league in in-market direct-to-consumer subscribers.

Baseball event revenue rose 7% to $189.3 million. The company attributed the increase to contractual rate increases on season tickets, higher regular-season attendance, favorable single-game ticket sales, and the extra regular- and postseason home games. Retail and licensing revenue rose 25% to $19.5 million, which the company tied to demand for City Connect apparel after its April 2026 launch, higher league-wide revenue, increased attendance, and the two postseason home games.

Media-related revenue fell 4% to $76.1 million. The company said the decline reflected the timing of revenue recognition under BravesVision linear distribution agreements versus the prior long-term local broadcasting arrangement, as well as changes in certain national media rights, including increased commercialization of digital media rights through MLB Advanced Media. Other revenue fell 20% to $10.6 million, which the company attributed to fewer special events at Truist Park.

Mixed-Use Development revenue rose 7% to $29 million, primarily from higher rental income driven by tenant recoveries and new lease agreements. Mixed-Use Development Adjusted OIBDA declined to $18 million from $20 million a year earlier.

Total Adjusted OIBDA was $41 million. Baseball Adjusted OIBDA declined to $26 million from $50 million, driven mainly by increases in player salaries. Baseball operating costs rose 16% to $244.8 million. The company said those costs increased primarily because of higher major-league player salaries, BravesVision production expenses, variable concessions and retail operating expenses, and postseason game operating costs. Selling, general and administrative expenses excluding stock-based compensation rose 16% to $34.9 million, which the company tied to BravesVision sales, marketing and administrative costs, additional marketing, personnel, property taxes, insurance, and other professional fees.

Cash increased $5 million in the quarter to $121.5 million, which the company said resulted primarily from the release of restricted cash, net borrowings, stock-option exercises, and distributions from equity-method affiliates, partially offset by seasonal working-capital changes and debt service. Debt increased $20 million to $815.1 million, primarily from net borrowings on the league-wide credit facility to support working capital, partially offset by net payments on the TeamCo revolver. League-wide credit facility borrowings stood at $85 million at September 30, compared with $50 million at June 30.

For the nine months ended September 30, total revenue grew 5% to $702 million. Baseball revenue increased 3% to $618 million, and Mixed-Use Development revenue increased 19% to $84 million. Nine-month operating loss was $51.1 million, compared with operating income of $36.3 million a year earlier.