Atlanta Braves Holdings — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue for the third quarter ended September 30, 2026, was $325 million, a 4% increase from the prior year period; year-to-date revenue reached $702 million, up 5%.
• Baseball revenue increased 4% to $296 million in the third quarter and 3% to $618 million year-to-date, driven by event revenue.
• Mixed-Use Development revenue increased 7% to $29 million in the third quarter and 19% to $84 million year-to-date, primarily due to rental income.
• Total Adjusted OIBDA was $41 million in the third quarter, down from $67 million in the prior year period; year-to-date Adjusted OIBDA was $35 million, down from $104 million.
• Baseball Adjusted OIBDA declined to $26 million in the third quarter from $50 million in the prior year, driven by increased player salaries.
• Mixed-Use Development Adjusted OIBDA declined to $18 million in the third quarter from $20 million in the prior year.
• Operating income declined to $9 million in the third quarter from $39 million in the prior year; year-to-date operating income was a loss of $51 million compared to income of $36 million.
• Baseball operating costs increased 16% to $245 million in the third quarter and 18% to $554 million year-to-date.
• Selling, general, and administrative expenses (excluding stock-based compensation) increased 16% to $35 million in the third quarter and 16% to $100 million year-to-date.
• Net earnings attributable to stockholders were $9.8 million ($0.15 per diluted share) in the third quarter, compared to $30.0 million ($0.47 per diluted share) in the prior year; year-to-date net loss was $42.9 million ($0.67 per diluted share).
• Cash increased by $5 million during the quarter to $121.5 million (excluding restricted cash); total debt increased by $20 million to $815.1 million.

Guidance and Future Outlook:

• No specific forward financial guidance or future growth targets were provided in the press release.

Business Segments and Product Lines:

• BravesVision completed its first regular season and led the league in in-market direct-to-consumer subscribers.
• Media related revenue declined 4% in the third quarter and 8% year-to-date due to revenue recognition timing under BravesVision linear distribution agreements and changes in national media rights arrangements.
• Retail and licensing revenue increased 25% in the third quarter and 21% year-to-date, driven by demand for City Connect apparel launched in April 2026.
• The Braves returned to the postseason, resulting in two postseason home games in the third quarter compared to zero in the prior year.
• Average attendance per regular season home game increased 14% in the third quarter compared to the prior year.

Market and Competitive Landscape:

• BravesVision led the league in in-market direct-to-consumer subscribers.
• The company noted increased commercialization of digital media rights through MLB Advanced Media, L.P.

Risks and Challenges:

• Operating income and Adjusted OIBDA declined primarily due to increases in player salaries, BravesVision production expenses, and SG&A costs.
• Forward-looking statements highlight risks including potential MLB work stoppages, the success of BravesVision, on-field performance, player retention, real estate tenant defaults, debt servicing, and regulatory changes.

Management Commentary and Tone:

• Management attributed revenue growth to contractual rate increases on season tickets, favorable single-game ticket sales, and increased attendance.
• Management noted that media revenue declines were due to the timing of revenue recognition and changes in national media rights arrangements.

Other Key Points:

• There were 44 home games (including postseason) played in the third quarter of 2026 compared to 41 in the prior year.
• Deferred revenue and refundable tickets decreased to $91.5 million at September 30, 2026, from $109.8 million at December 31, 2025.
• Accounts receivable and contract assets increased to $105.0 million at September 30, 2026, from $33.6 million at December 31, 2025.
• Capital expenditures for property and equipment were $19.9 million for the nine months ended September 30, 2026, compared to $44.0 million in the prior year period.
• Net cash provided by financing activities was $119.3 million for the nine months ended September 30, 2026.
• The company announced a conference call for November 4, 2026, at 10:00 a.m. (E.T.) to discuss results.