Income from ticket sales and The Battery are really growing. The Braves reportedly raised prices on season tickets, and are reaping financial benefits. The Battery and Pennant Park are packed nearly to capacity. But the BravesVision venture is behind not necessarily in revenue, but the big payoff seems to be delayed. So let’s dig into some numbers. But first a brief aside.
We are fortunate that we are able to see into the financials of the Atlanta Braves. The other teams’ fans are so lucky. But that is
the only reason that we cover it here. Please don’t confuse anything that you see in this post on on this site as an endorsement to buy, sell, or hold any financial instrument. I don’t have a take on BATRA/BATRK, and even if I did you shouldn’t listen to me. You should see out other financial advice for your situation. This is regardless if you think the Braves are owned by Liberty Media or Liberty National.
Top Line Numbers
- Total revenue of $305 million in the second quarter of 2026, down 2% from the prior year period. Total revenue of $377 million for the six months ended June 30, 2026, up 5% from the prior period.
- Baseball revenue decreased 4% from the prior year period to $276 million driven by six fewer home games played in the second quarter. Baseball revenue of $322 million for the six months ended June 30, 2026, up 2% from the prior period.
- Mixed-Use Development revenue increased 14% from the prior year period to $29 million. Mixed-Use Development revenue of $55 million for the six months ended June 30, 2026, up 26% from the prior period.
- Total Adjusted OIBDA(1) of $12 million in the second quarter of 2026.
- Baseball Adjusted OIBDA declined to $(6) million, down from $52 million in the prior year period.
- Mixed-Use Development Adjusted OIBDA increased 18% from the prior year period to $21 million.
- Operating income (loss) declined to $(19) million in the second quarter of 2026, down from $42 million in the prior year period.
The most significant portion of their revenue, ticket sales, is very strong. They are basically where they are last year with 6 fewer home games than in the Apr-Jun portion of 2025. Mixed-Use Development continues to be strong, with 14% growth in Apr-Jun and 26% overall from last year.
BravesVision revenue delays
This really is the most significant part of the earnings results. The Braves promised us more numbers around BravesVision for this release as opposed to last quarter. And they aren’t exactly blowout numbers.
Have a look at the Media Related line in these numbers. This line was previously named Broadcasting. It makes sense now that we’re added streaming to the cable and over-the-air broadcasting. It’s down 10 percent from this quarter last year, and 12% for the year-to-date. There are a couple of things driving this.
Number one is that the schedule of payouts differs from their previous media rights deal contract and BravesVision. I interpret that to mean that they have numerous entities paying the Braves for commercials and that money trickles in at a different pace than last year. Jill Robinson stated: “distribution revenue payments will come in on a slower cadence than out traditional rights fee model payments were received… Advertising revenue will be paid following the month when the ad airs.” In light of that “since BravesVision effectively launched on April 1st, the 2026 fiscal year will not reflect a full year of distribution revenue.”
Number two is that under the old contract, it was up to Diamond Sports Group to find people to buy air time and pay the Braves. Right now, the Braves have to do it themselves. That’s what we want, honestly. But it’s taken some time to get that revenue stream off the ground, while simultaneously creating a new broadcasting and streaming venture. Braves fans were feeling some of the brunt of that as well, with the constant Alan Jackson ads earlier in the year.
It appears to be that but the end of 2026, they will get more for their media rights. But that payoff is definitely delayed. You can get the rest of the Braves dot tv season plus two seats for 20 dollars right now. That’s much lower than the other teams offerings. I don’t think that’s a comparison of demand and it’s merely a sale. Because if it’s not, woof.
Players’ Salary Tax, Parties, Stashed Cash, and Postseason Loot
The Braves still 300 plus million in available cash. That’s after starting a television network from scratch. Baseball related costs are up, because they’re not that cheap and players’ salaries have increased year-over-year. The Battery was able to draw more than 35,000 fans to the Battery during the World Cup. They are committed to draw people to the Battery regardless if the Braves are in town or not. Also, the Braves fell confident that the “162M issue” will be resolved well for the Braves. The Braves are taxed in a different manner to other teams with respect to players salaries. Terry McGuirk felt “we’re very confident we’ll have a legislative or a regulatory solution.”
The Braves were asked how the revenue could increase with a playoff run. Jill Robinson referred back to previous seasons’ Q4 data and said we should use it as a baseline. Otherwise, she refused to speculate and jinx the Braves (one of us, one of us). But if she won’t guess, I might try. The Braves had two Division Series matchups in 2022 and 2023. The revenue for those (IIRC) suggest that those games provided seven million dollars. So I’m guessing Division home games are worth 8-9 million now, NLCS one are 11-12 million, and World Series games around 15 million. But those guesses could be way off. I’m not gonna guess if the Braves will get there, but I will guess what the revenue might be.
Terry McGuirk and Fangraphs
Finally, Terry McGuirk gave a shout out to Fangraphs. At the top of the address, Terry walks everyone through the accomplishments of the on-field personnel. Matt Olson, Ozzie Albies, and Chris Sale were mentioned. Also, we mentioned Fangraphs’ playoff odds. It’s interesting if this is a one-off occurrence, or they leverage Fangraphs as an organization. Yep, Terry likes his run differential numbers, and his Fangraphs.
