Release Date: August 07, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Atlanta Braves Holdings Inc (NASDAQ:BATRA) reported a 10% increase in total revenue for Q2 2025, reaching $312 million compared to $283 million in Q2 2024.

The company successfully hosted MLB’s All-Star Game and broke attendance records at the Speedway Classic, showcasing strong fan engagement.

The Battery Atlanta, a multi-use hub for sports and entertainment, continues to drive consistent recurring revenue and attract new tenants like Shake Shack.

Broadcasting revenue increased to $81 million in Q2 2025, benefiting from a renegotiated local rights agreement and new streaming opportunities with FanDuel.

The real estate segment saw a significant boost, with mixed-use development revenue rising to $25 million in Q2 2025, driven by new tenant agreements and increased rental income.

The team faced significant challenges on the field due to injuries, losing all five opening day starting pitchers, impacting their competitive performance.

Attendance reductions were noted, partly due to the team’s performance and the start of the school year, affecting concessions revenue.

Despite strong revenue growth, the company experienced increased operating costs, including higher revenue share expenses and event-related costs.

The Braves’ performance this season was disappointing, attributed to both underperformance and injuries, affecting their playoff prospects.

The company has increased mixed-use borrowings to support capital projects, indicating a rise in financial obligations.

Q: With some Major League Baseball rights coming up for renegotiation, what would the impact be on your current local media rights? A: (Terry McGurk, CEO) We believe our media rights remain very valuable. The current industry buzz enhances the marketplace for sports programming, and we are in a favorable position in the Southeast. MLB’s leadership will likely drive continued enthusiasm for our product.

Q: Can you provide more details on the uptake of subscription streaming that includes the Braves, and how does this growth impact potential reinvestment into the team? A: (Derek Schiller, President) We restructured our media deal to open direct-to-consumer streaming opportunities with FanDuel, which has been substantial. This has expanded our audience significantly. (Terry McGurk, CEO) Regarding reinvestment, we have been a top 10 payroll team and plan to continue investing in the team, especially as we aim to return to World Series contention.

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Q: Any updated thoughts on future real estate development opportunities following the Pennant Park acquisition? A: (Mike Plant, President of Development) We’ve invested over $1 million in capital improvements at Pennant Park and are actively pursuing 100,000 square feet in new or renewal deals. We are optimistic about long-term opportunities and tenant satisfaction.

Q: How has the new local media arrangement, including streaming, impacted your audience reach? A: (Derek Schiller, President) The new arrangement with FanDuel and Gray Media has significantly expanded our audience. The streaming service has been well-received, and the over-the-air broadcasts have added incremental audiences, emphasizing the demand for Braves programming.

Q: With the current business growth, how do you plan to manage payroll and team investments moving forward? A: (Terry McGurk, CEO) We plan to continue being a top payroll team and are prepared to invest in the team to enhance performance. Our focus is on returning to a competitive position for the World Series, and we will evaluate all aspects of the team in the offseason.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

This article first appeared on GuruFocus.