Atlanta Braves Holdings, Inc 10-Q for FY2026 Q3

Atlanta Braves Holdings, Inc. (BATRA)

10-Q 2026-11-04 For: 2026-09-30

Added on November 04, 2026

About this 10-Q

Atlanta Braves Holdings, Inc filed this 10-Q on November 4, 2026, covering the quarter ended September 30, 2026 (FY2026 Q3).

Headline figures

Quarter ended September 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $324.63M; up 4.2% from $311.54M a year earlier
Net income: $9.81M; down 67.3% from net income of $29.98M a year earlier
Diluted EPS: $0.15; down 68.1% from $0.47 a year earlier

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Nevada		92-1284827
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

755 Battery Avenue SE Atlanta, Georgia		30339
(Address of principal executive offices)		(Zip Code)



Title of each class	Trading Symbol	Name of each exchange on which registered
Series A common stock	BATRA	The Nasdaq Stock Market LLC
Series C common stock	BATRK	The Nasdaq Stock Market LLC


Large Accelerated Filer ☒		Accelerated Filer ☐		Non-accelerated Filer ☐		Smaller Reporting Company ☐		Emerging Growth Company ☐


	Series A	Series B	Series C
Atlanta Braves Holdings, Inc. common stock	10,318,187	977,751	53,203,078


Part I – Financial Information
Item 1. Financial Statements		I-3

Condensed Consolidated Balance Sheets (unaudited)		I-3
Condensed Consolidated Statements of Operations (unaudited)		I-5
Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)		I-6
Condensed Consolidated Statements of Cash Flows (unaudited)		I-7
Condensed Consolidated Statements of Equity (unaudited)		I-8
Notes to Condensed Consolidated Financial Statements (unaudited)		I-10

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		I-29
Item 3. Quantitative and Qualitative Disclosures about Market Risk		I-36
Item 4. Controls and Procedures		I-36

Part II — Other Information
Item 1. Legal Proceedings		II-1
Item 1A. Risk Factors		II-1
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		II-2
Item 5. Other Information		II-3
Item 6. Exhibits		II-3

SIGNATURES		II-4


☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


		September 30,			December 31,
		2026			2025

		amounts in thousands
Assets
Current assets:
Cash and cash equivalents		$	121,525		99,884
Restricted cash			23,943		11,694
Accounts receivable and contract assets, net of allowances for credit losses of $363 and $343 at September 30, 2026 and December 31, 2025, respectively			104,991		33,566
Other current assets			19,948		13,563
Total current assets			270,407		158,707

Property and equipment, at cost (note 3)			1,286,686		1,266,030
Accumulated depreciation			(433,367)		(397,142)
			853,319		868,888

Investments in affiliates, accounted for using the equity method (note 4)			135,322		116,819
Intangible assets not subject to amortization:
Goodwill			175,764		175,764
Franchise rights			123,703		123,703
			299,467		299,467

Prepaid pension asset			3,623		—
Other assets, net			173,998		171,076
Total assets		$	1,736,136		1,614,957


		Three months ended					Nine months ended
		September 30,					September 30,
			2026		2025		2026		2025

		amounts in thousands,
		except per share amounts
Revenue:
Baseball revenue		$	295,540		284,362		617,723		600,302
Mixed-Use Development revenue			29,089		27,176		84,032		70,887
Total revenue			324,629		311,538		701,755		671,189
Operating costs and expenses:
Baseball operating costs			244,844		210,443		553,502		470,015
Mixed-Use Development costs			4,256		3,944		13,067		9,985
Selling, general and administrative, including stock-based compensation			41,912		34,753		120,729		96,928
Depreciation and amortization			24,950		23,468		65,584		57,996
			315,962		272,608		752,882		634,924
Operating income (loss)			8,667		38,930		(51,127)		36,265
Other income (expense):
Interest expense			(12,350)		(12,285)		(35,103)		(34,281)
Share of earnings (losses) of affiliates, net (note 4)			17,421		13,278		31,856		24,213
Realized and unrealized gains (losses) on financial instruments, net			794		194		2,378		(1,083)
Other, net			1,765		1,688		4,366		4,574
Earnings (loss) before income taxes			16,297		41,805		(47,630)		29,688
Income tax benefit (expense)			(6,510)		(11,703)		4,928		(11,483)
Net earnings (loss)			9,787		30,102		(42,702)		18,205
Less net earnings (loss) attributable to noncontrolling interests			(18)		124		209		124
Net earnings (loss) attributable to Atlanta Braves Holdings' stockholders		$	9,805		29,978		(42,911)		18,081
Basic net earnings (loss) attributable to Atlanta Braves Holdings' stockholders per common share (note 2)		$	0.15		0.48		(0.67)		0.29
Diluted net earnings (loss) attributable to Atlanta Braves Holdings' stockholders per common share (note 2)		$	0.15		0.47		(0.67)		0.28


							Accumulated
							other		Noncontrolling
						Additional	comprehensive	Retained	interests
	Preferred		Common Stock			paid-in	earnings	earnings	in equity of	Total
	Stock		Series A	Series B	Series C	capital	(loss)	(deficit)	subsidiaries	equity

	amounts in thousands
Balance at January 1, 2026	$	—	103	10	514	1,137,178	(2,743)	(609,012)	12,132	538,182
Net earnings (loss)		—	—	—	—	—	—	(42,911)	209	(42,702)
Other comprehensive earnings (loss), net of tax		—	—	—	—	—	19	—	—	19
Stock-based compensation		—	—	—	—	20,359	—	—	—	20,359
Stock issuances and other, net		—	—	—	13	35,300	—	—	—	35,313
Balance at September 30, 2026	$	—	103	10	527	1,192,837	(2,724)	(651,923)	12,341	551,171


		Three months ended September 30,		Nine months ended September 30,
		2026	2025	2026	2025

	(numbers of shares in thousands)
Basic WASO		64,205	62,823	64,087	62,678
Potentially dilutive shares ⁽¹⁾		753	1,009	690	876
Diluted WASO		64,958	63,832	64,777	63,554


		September 30, 2026							December 31, 2025
					Owned						Owned
					assets						assets
		Owned			available to				Owned		available to
		assets			be leased		Total		assets		be leased		Total

		amounts in thousands
Land		$	19,333		47,500		66,833		19,333		47,500		66,833
Buildings and improvements			281,657		532,363		814,020		281,657		531,521		813,178
Leasehold improvements			110,203		72,329		182,532		102,281		70,405		172,686
Furniture and equipment			198,603		19,938		218,541		190,249		17,985		208,234
Construction in progress			897		3,863		4,760		1,493		3,606		5,099
Property and equipment, at cost		$	610,693		675,993		1,286,686		595,013		671,017		1,266,030


		September 30, 2026					December 31, 2025
		Percentage		Carrying			Carrying
		Ownership		amount			amount

				amounts in thousands
MLBAM		3.3	%	$	77,689		59,422
BELP		3.3	%		46,969		43,722
Other		50.0	%		10,664		13,675
Total				$	135,322		116,819


		Series C
					Weighted		Aggregate
					average		intrinsic
		Atlanta Braves Holdings			remaining		value
		options (000's)	WAEP		life		(in millions)
Outstanding at January 1, 2026		2,591	$	28.84
Granted		—	$	—
Exercised		(1,333)	$	26.62
Forfeited/Cancelled		—	$	—
Outstanding at September 30, 2026		1,258	$	31.20	2.4	years	$	27
Exercisable at September 30, 2026		1,100	$	30.30	2.1	years	$	25


	Three months ended
	September 30, 2025
	amounts in thousands
	Baseball			Mixed-Use Development		Total


Revenue from external customers	$	284,362	$	27,176	$	311,538

Less: ⁽¹⁾
Baseball operating costs		210,443		—
Mixed-Use Development costs		—		3,944
Other segment items ⁽²⁾		23,881		3,452
Segment Adjusted OIBDA		50,038		19,780	$	69,818

Reconciliation of Adjusted OIBDA
Corporate and other						(2,663)
Stock-based compensation						(4,757)
Depreciation and amortization						(23,468)
Operating income (loss)					$	38,930
Interest expense						(12,285)
Share of earnings (losses) of affiliates, net						13,278
Realized and unrealized gains (losses) on financial instruments, net						194
Other, net						1,688
Earnings (loss) before income taxes					$	41,805



		Nine months ended
		September 30,
		2026			2025

		amounts in thousands
Cash flows from operating activities:
Net earnings (loss)		$	(42,702)		18,205
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization			65,584		57,996
Stock-based compensation			20,359		10,049
Share of (earnings) losses of affiliates, net			(31,856)		(24,213)
Realized and unrealized (gains) losses on financial instruments, net			(2,378)		1,083
Deferred income tax expense (benefit)			(4,882)		11,054
Cash receipts from returns on equity method investments			13,350		11,400
Net cash received (paid) for interest rate swaps			(39)		1,991
Other charges (credits), net			950		5,687
Net change in operating assets and liabilities:
Current and other assets			(100,484)		(62,326)
Payables and other liabilities			16,615		(32,101)
Net cash provided by (used in) operating activities			(65,483)		(1,175)
Cash flows from investing activities:
Capital expended for property and equipment			(19,949)		(43,963)
Acquisition of real estate assets			—		(93,709)
Other investing activities, net			3		6
Net cash provided by (used in) investing activities			(19,946)		(137,666)
Cash flows from financing activities:
Borrowings of debt			190,000		153,509
Repayments of debt			(115,956)		(15,314)
Proceeds (disbursements) from exercise of stock options and other stock issuances			35,313		7,968
Other financing activities, net			9,962		(5,304)
Net cash provided by (used in) financing activities			119,319		140,859
Net increase (decrease) in cash, cash equivalents and restricted cash			33,890		2,018
Cash, cash equivalents and restricted cash at beginning of period			111,578		112,599
Cash, cash equivalents and restricted cash at end of period		$	145,468		114,617

Supplemental disclosure to the condensed consolidated statements of cash flows:
Property and equipment expenditures incurred but not yet paid		$	4,454		6,192


		September 30,			December 31,
		2026			2025

		amounts in thousands
Baseball
League wide credit facility		$	85,000		—
MLB facility fund – term			30,000		30,000
MLB facility fund – revolver			35,075		36,800
TeamCo revolver			35,000		35,000
Term debt			144,918		151,992
Mixed-Use Development
Credit facilities			143,110		143,592
Term debt			342,032		343,707
Deferred financing costs			(1,798)		(2,460)
Total debt			813,337		738,631
Debt classified as current			(333,007)		(215,347)
Total long-term debt		$	480,330		523,284


			Weighted-average
	Relative		amortization
	fair value		period (in years)
	amounts in thousands
Land	$	24,608
Building and Improvements		43,401
Tangible assets		68,009

Lease in-place asset		19,643	5.8
Real estate commissions		6,057	6.8
Definite-lived intangible assets		25,700
Total purchase price	$	93,709


Exhibit No.		Name
31.1		Rule 13a-14(a)/15d-14(a) Certification*
31.2		Rule 13a-14(a)/15d-14(a) Certification*
32		Section 1350 Certification**
101.INS		Inline XBRL Instance Document* - The instance document does not appear in the interactive data file because its XBRL tags are embedded within the inline XBRL document.
101.SCH		Inline XBRL Taxonomy Extension Schema Document*
101.CAL		Inline XBRL Taxonomy Calculation Linkbase Document*
101.LAB		Inline XBRL Taxonomy Label Linkbase Document*
101.PRE		Inline XBRL Taxonomy Presentation Linkbase Document*
101.DEF		Inline XBRL Taxonomy Definition Document*
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)


		ATLANTA BRAVES HOLDINGS, INC.


Date:	November 4, 2026	By:	/s/ TERENCE F. MCGUIRK
			Terence F. McGuirk
			Chairman, President and Chief Executive Officer (Principal Executive Officer)


Date:	November 4, 2026	By:	/s/ JILL L. ROBINSON
			Jill L. Robinson
			Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)



Dated:	November 4, 2026	/s/ TERENCE F. McGUIRK
		Terence F. McGuirk Chairman, President and Chief Executive Officer (Principal Executive Officer)
Dated:	November 4, 2026	/s/ JILL L. ROBINSON
		Jill L. Robinson Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer and Principal Accounting Officer)