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Atlanta Braves Holdings, Inc. (BATRA)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 revenue of $47.2M grew 27% YoY and beat Wall Street consensus by ~$10.3M; EPS of -$0.66 was better than consensus (-$0.88)*. Strength was driven by broadcasting (timing/contractual escalators) and “other” event revenue, including Savannah Bananas at Truist Park .
  • Mixed-Use Development revenue rose 23% YoY to $18.6M, generating $12.9M of Adjusted OIBDA (+30% YoY), highlighting recurring, non-seasonal cash flow support .
  • Sequentially, results softened versus Q4 2024 on seasonality (no regular-season home games in Q1), with Adjusted OIBDA at -$28.5M vs -$3.8M in Q4 2024 and diluted EPS -$0.66 vs -$0.31 .
  • Key catalysts: unlocked D2C streaming with FanDuel/Gray Media, seven sellouts through first three homestands, and accretive Pennant Park acquisition to diversify and stabilize revenue .

What Went Well and What Went Wrong

What Went Well

  • Broadcasting revenue doubled YoY (+104%) on two additional regular-season games in period and contractual rate increases; “other” baseball revenue rose 33% on events hosted at Truist Park (e.g., Savannah Bananas) .
  • Mixed-Use Development posted $12.9M Adjusted OIBDA (+30% YoY), reflecting lease commencements, sponsorships, and parking—evidence of durable, non-seasonal contribution .
  • Management signal: “We unlocked D2C streaming… it’s safe to say the Braves represent a significant portion of those subscriptions,” underscoring audience expansion and monetization optionality .

What Went Wrong

  • Net loss of -$41.4M, with baseball operating costs up 8% YoY (player salaries, revenue sharing, event expenses), pressuring profitability despite strong top-line growth .
  • Sequential deterioration (seasonality): Adjusted OIBDA -$28.5M vs -$3.8M in Q4 2024; diluted EPS -$0.66 vs -$0.31 .
  • Management withheld forward guidance for Pennant Park specifics (“accretive immediately,” no guidance), leaving some P&L visibility gaps short term .

Financial Results

YoY Comparison – Q1 2024 vs Q1 2025

MetricQ1 2024Q1 2025
Total Revenue ($USD)$37.080M $47.211M
Baseball Revenue ($USD)$21.970M $28.621M
Mixed-Use Development Revenue ($USD)$15.110M $18.590M
Operating Income (Loss) ($USD)-$52.355M -$44.452M
Adjusted OIBDA ($USD)-$33.754M -$28.549M
Diluted EPS ($USD)-$0.83 -$0.66

Sequential Comparison – Q4 2024 vs Q1 2025

MetricQ4 2024Q1 2025
Total Revenue ($USD)$52.118M $47.211M
Operating Income (Loss) ($USD)-$18.648M -$44.452M
Adjusted OIBDA ($USD)-$3.758M -$28.549M
Diluted EPS ($USD)-$0.31 -$0.66

Actual vs Wall Street Consensus – Q1 2025

MetricConsensusActual
Revenue ($USD)$36.87M*$47.21M
Primary EPS ($USD)-$0.88*-$0.66

Values with asterisks retrieved from S&P Global.

Segment Breakdown – Q1 2025 vs Q1 2024

Segment/Source ($USD)Q1 2024Q1 2025
Baseball Event$1.168M $0.883M
Broadcasting$2.101M $4.291M
Retail & Licensing$5.653M $6.080M
Other$13.048M $17.367M
Baseball Revenue$21.970M $28.621M
Mixed-Use Development Revenue$15.110M $18.590M
Total Revenue$37.080M $47.211M
Adjusted OIBDA – Mixed-Use$9.933M $12.887M

KPIs and Balance Sheet Snapshot

KPIQ1 2024Q1 2025
Regular Season Home Games in Period0 0
Away Games in Period3 5
Sellouts (season-to-date)N/A7
Cash & Cash Equivalents ($USD)$110.144M (FY-end reference) $244.679M
Total ABH Debt ($USD)$617.120M (FY-end) $699.466M
Untapped Baseball Revolvers ($USD)N/A$275M

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Pennant Park P&L impactFY 2025+None“Accretive immediately”; no detailed guidance provided N/A
Company Guidance (Revenue/EPS)FY 2025NoneNo formal guidance provided Maintained: No guidance
Media/D2C Streaming Availability2025 SeasonLimited/noneD2C streaming unlocked; strong early subscription uptake (team not disclosed, anecdotal strength) Raised accessibility

Earnings Call Themes & Trends

TopicPrevious Mentions (Q-2: Q3 2024; Q-1: Q4 2024)Current Period (Q1 2025)Trend
Local media/D2CReengineered deal; streaming added; Gray simulcast to maximize accessibility D2C subs showing strong uptake; Braves likely significant share; continued promotion Positive adoption; expanding reach
National media rightsMonitoring Diamond/MLB landscape; optionality emphasized “Optionality” with expirations aligned to MLB national rights; confidence in future growth Optionality increasing
Mixed-Use growthBattery Atlanta strong traffic; new tenants (Shake Shack, Truist Securities HQ) Mixed-Use OIBDA +30% YoY; Pennant Park acquisition diversifies, stabilizes Strengthening recurring cash flows
Events/non-game monetizationMore concerts/special events in Q3; aggressive approach Savannah Bananas drew >140,000 visitors over 2 days; continued event strategy Expanding event-driven revenue
Seasonality/expensesBaseball costs pressuring OIBDA in-season; strong Q3 revenue Costs (player salaries, revenue share) increased; no home games in Q1 Known headwind; managed annually
Sports betting/regulatoryExpressed support for legalization in GA No update; continued focus on fan accessibility via media channels Awaiting legislative progress

Management Commentary

  • “We unlocked D2C streaming… it’s safe to say the Atlanta Braves represent a significant portion of those D2C subscriptions.” – Derek Schiller .
  • “This quarter marked a significant milestone… acquisition of Pennant Park… immediately accretive… strategic diversification aligning with our long-term vision.” – Mike Plant; accretive confirmed by CFO .
  • “Total revenue was $47.2 million… up from $37.1 million… Baseball revenue $28.6M… Mixed-Use revenue $18.6M… Adjusted OIBDA loss improved to -$28.5M.” – Jill Robinson .
  • “Savannah Bananas… attracted more than 140,000 visitors to Truist Park in March.” – Derek Schiller .
  • “It’s no coincidence our D2C territorial rights expire at the same time as MLB national rights… provides optionality and opportunities for even more growth.” – Terence McGuirk .

Q&A Highlights

  • Sustainability of revenue growing faster than expenses: Management targets revenue outpacing expenses annually; mixed-use strength to continue; Pennant Park impact not guided but accretive .
  • Media outlook: D2C streaming added; strong initial uptake; Braves contributing meaningfully; organization actively marketing service; national rights aligned for optionality and future growth .
  • Balance sheet/liquidity: Comfortable with secured real estate debt; baseball strategy is to maintain high liquidity and borrowing capacity for flexibility; untapped baseball revolvers of $275M .
  • Strategic focus: Growth through fan accessibility, events, mixed-use optimization; continued investment judged on ROI and fan experience .

Estimates Context

  • Q1 2025 revenue and EPS beat consensus: Revenue $47.21M vs $36.87M*; EPS -$0.66 vs -$0.88*. Mixed-use performance and event-driven “other” revenue were key drivers versus expectations .
  • Potential revisions: Upward adjustments to near-term revenue run-rate and improved EPS trajectory given stronger broadcasting and event revenues, offset by continued baseball cost inflation .
    Values with asterisks retrieved from S&P Global.

Key Takeaways for Investors

  • Strong YoY top-line growth and consensus beats despite seasonal headwinds; broadcasting and event revenues surprised positively .
  • Mixed-Use Development continues to provide resilient cash flows; OIBDA growth and Pennant Park accretive acquisition broaden recurring base .
  • Strategic media optionality growing (D2C unlocked; Gray simulcast; national rights timing), improving visibility to audience and monetization expansion .
  • Liquidity remains robust ($244.7M cash; $275M baseball revolvers), supporting flexibility for team investment and campus development .
  • Expect continued event monetization (All-Star Game host; expanded non-game events) to bolster “other” revenue through the season .
  • Watch cost discipline: MLB revenue sharing and player salaries will continue to pressure margins; annual lens remains most appropriate given seasonality .
  • Near-term trading: Positive reaction catalysts include revenue/EPS beats and media/D2C updates; medium-term thesis centers on mixed-use cash flow growth, media rights optionality, and campus scale advantages .

Notes and Sources:

  • Q1 2025 earnings press release and 8‑K Item 2.02: .
  • Q1 2025 earnings call transcript: .
  • Prior quarters: Q4 2024 PR & call ; Q3 2024 PR & call .
  • Additional relevant press releases (Q1 period): Pennant Park acquisition ; RaceTrac partnership ; Spanish broadcasts via Gray Media .