The Q2 weakness is largely a home-game calendar effect — 34 games vs 40 in 2025 — which reverses in H2 as the schedule normalizes. Monitor the Q3 earnings for baseball revenue recovery and BravesVision subscriber/ad revenue traction; the debt build to $795M and negative operating cash flow (-$1.6M YTD) warrant watching but are seasonal.
Price Chart
Executive Summary
Atlanta Braves Holdings reported Q2 2026 revenue of $305M, down 2% YoY due to six fewer home games, with baseball revenue declining 4% to $276M. Operating income swung from +$42M to -$19M, and Adjusted OIBDA collapsed 82% to $12M, reflecting higher player salaries and BravesVision costs. The Mixed-Use Development segment continued to grow (+14% revenue, +18% Adjusted OIBDA), but the core baseball business faced a tough comparable period that will normalize in H2 as home game counts even out.
Key Financial Metrics
Key Facts
- Total revenue $305M, down 2% YoY from $312M
- Baseball revenue $276M, down 4% YoY (34 home games vs 40)
- Operating income swung from +$42M to -$19M YoY
- Adjusted OIBDA fell 82% to $12M from $66M
- Mixed-Use Development revenue +14% to $29M, Adjusted OIBDA +18% to $21M
- Baseball operating costs rose 20% to $252M on higher player salaries and BravesVision
- Diluted EPS -$0.19 vs +$0.46 in prior year period
- Total debt increased $84M QoQ to $795M due to working capital borrowings
- Cash decreased $19M to $116M during Q2
Financial Impact
Revenue miss of ~$12M vs $317M consensus; operating income swing of -$61M YoY; Adjusted OIBDA decline of $54M
Risk Factors
- Home game calendar normalization may not fully offset BravesVision cost ramp and media revenue transition
- Debt increased $84M in Q2 to $795M, with $333M current portion due within 12 months
- Baseball operating costs growing 20% YoY outpacing revenue growth, compressing margins
- Negative operating cash flow of -$1.6M YTD vs +$87.6M in prior year period
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-090742 |
| Document: batra-20260805x8k.htm | 0001104659-26-090742 |
| Document: 0001104659-26-090742-index-headers.html | 0001104659-26-090742 |
| Document: 0001104659-26-090742-index.html | 0001104659-26-090742 |
| Document: 0001104659-26-090742.txt | 0001104659-26-090742 |
| 8-K Data (Synthetic) | 0001104659-26-090742 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 5, 2026 8w ago | 8-K | $52.78 $56.75 | ▼ −7.52% | ▼ −8.12% | $57.62 (−9.17%) |
Feb 25, 2026 31w ago | Insider Cluster | $48.75 $47.39 | ▼ −2.79% | ▲ +2.45% | $57.62 (+18.19%) |
US Market Status
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