Short answer
Atlanta Braves Holdings, Inc. (BATRK) filed its fiscal 2025 10-K annual report with the SEC on Feb 26, 2026. It reported revenue of $732M (+10.5% year over year) and net income of −$23M.
- Top risk flagged: Cybersecurity risk oversight by Audit Committee with quarterly updates on threat detection, incident reporting, and risk mitigation metrics
FY2025 key financial metrics · XBRL
- Revenue
- $732M
- +10.5% YoY
- Net income
- −$23M
- +25.3% YoY
- Operating margin
- -1.8%
- +4.1 pp YoY
- EPS (diluted)
- −$0.37
- +26.0% YoY
- ROE
- -4.4%
- +1.5 pp YoY
- Operating cash flow
- $25M
- +51.7% YoY
Source: XBRL data from the Atlanta Braves Holdings, Inc. (BATRK) FY2025 10-K on SEC EDGAR. USD.
Atlanta Braves Holdings, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Ownership and operation of Atlanta Braves MLB team, management of associated sports and real estate assets including Truist Park and Mixed-Use Development
- Emphasis on Mixed-Use Development real estate segment with significant debt $487.3M under credit facilities, ongoing construction risks, and tenant renewal concerns
- Strategic focus on controlling operational rights via Stadium Operating Agreement through 2046 with 5-year extension option, including first refusal and purchase option for Truist Park
- Indebtedness notable: $223.8M for stadium, $487.3M for Mixed-Use Development, $30M for spring training facility outstanding as of Dec 31, 2025
- Multi-series stock structure highlighted as risk factor, possibly depressing stock trading price due to index exclusions and shareholder advisory opposition
Management Discussion & Analysis
- Revenue $732.5M, up $69.7M YoY; Baseball $635.1M (+$39.6M), Mixed-Use Development $97.4M (+$30.1M)
- Operating income loss improved to $(13.5)M vs $(39.7)M; Adjusted OIBDA $107.8M vs $39.7M; Baseball margin increase reflected in Adjusted OIBDA ($51.1M vs $6.6M)
- Best segment Mixed-Use Development Adjusted OIBDA $68.5M (+$23.1M); Worst segment Corporate and Other loss $(11.8)M, slight improvement
- Cash $99.9M; Capital allocation included $35M drawn on $150M revolver, $36.8M fully drawn MLBFF revolver; no specific data on buybacks/dividends; capex included acquisitions and real estate ventures
- Management expects to fund cash needs via cash on hand, operations and borrowings; key risk: impairment expense $30.1M due to termination of long-term local broadcasting agreement
Risk Factors
- Cybersecurity risk oversight by Audit Committee with quarterly updates on threat detection, incident reporting, and risk mitigation metrics
- Key-person dependency on SVP and Head of Technology Services with 30+ years of leadership managing cybersecurity and IT infrastructure
- Operational risk from cybersecurity breaches affecting business operations, financial results, and reputation monitored through incident response framework
- Compliance Committee including CEO and CFO oversees corporate compliance initiatives, highlighting multi-level governance on cybersecurity risks
Generated from the filing text; verify against the original. How to read a 10-K
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