Key Highlights

• Total Revenue grew 4% to $325 million in Q3 2026, with year-to-date revenue up 5% to $702 million

• Regular season average attendance per home game increased 14% year over year in the third quarter

• BravesVision completed its first regular season, leading the league in in-market direct-to-consumer subscribers

• Mixed-Use Development revenue increased 7% to $29 million, driven by higher rental income at The Battery Atlanta

Atlanta Braves Holdings, Inc.(NASDAQ:BATRA, BATRK) reported financial results for its third quarter ended September 30, 2026, revealing a top-line that grew 4% year over year to $324.6 million. The company, which oversees the Atlanta Braves Major League Baseball club and The Battery Atlanta mixed-use development, saw improvements in attendance and event revenue, though rising player salaries and other costs offset much of those gains at the operating level.

Baseball Revenue and Attendance Trends

Baseball revenue, which accounts for the majority of the company's top line, increased 4% to $295.5 million from $284.4 million in the prior-year quarter. Baseball event revenue — encompassing ticket sales, concessions, Advertising sponsorships, suites, and premium seat fees — rose 7% to $189.3 million, driven by contractual rate increases on season tickets, higher single-game ticket sales, and a 14% increase in average attendance per regular season home game. There were 44 home games played during the quarter (including two postseason contests), compared to 41 a year ago. Retail and licensing revenue surged 25% to $19.5 million, benefiting from Demand for City Connect apparel following its April 2026 launch, higher league-wide revenue, and the impact of postseason games. Media-related revenue declined 4% to $76.1 million, reflecting the timing of revenue recognition under BravesVision's linear distribution agreements compared to the prior long-term broadcasting arrangement, and changes in certain national media rights arrangements.

BravesVision's First Season

A noteworthy development during the quarter was BravesVision completing its first regular season. The direct-to-consumer streaming platform led the league in in-market subscribers, representing a new revenue channel for the franchise. However, the transition from the previous local broadcasting model has created near-term variability in media-related revenue recognition.

Mixed-Use Development Performance

The company's Mixed-Use Development segment, anchored by The Battery Atlanta, generated revenue of $29.1 million, a 7% increase from the prior-year period. The growth was primarily driven by higher rental income resulting from increases in tenant recoveries and new Lease agreements. On a year-to-date basis, Mixed-Use Development revenue reached $84.0 million, up 19% from $70.9 million a year earlier.

Profitability Under Pressure

Despite revenue gains, profitability declined in Q3 2026. Total Adjusted OIBDA fell to $40.6 million from $67.2 million in the prior-year period, a 40% decline. Baseball Adjusted OIBDA dropped to $26 million from $50 million, driven primarily by increases in player salaries. Baseball operating costs rose 16% to $244.8 million. Selling, general, and administrative expenses also increased 16% to $34.9 million. Operating Income fell to $8.7 million from $38.9 million a year earlier. On a year-to-date basis, the company reported an operating loss of $51.1 million, compared to operating income of $36.3 million in the prior-year period.

The Bigger Picture

Atlanta Braves Holdings delivered revenue growth in Q3 2026 through higher attendance, a return to the postseason, and continued development at The Battery Atlanta. However, the cost side of the equation — particularly rising player salaries — weighed on profitability, resulting in a notable decline in operating income and Adjusted OIBDA. BravesVision's inaugural season and the franchise's in-market subscriber Leadership offer a glimpse into the evolving Economics of local sports media. Year-to-date total revenue of $702 million, up 5%, reflects the broader trajectory, though the operating loss at the nine-month mark signals that cost management remains a central challenge heading into year-end.