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Leisure · Consumer Cyclical · Fiscal year ends Dec 31
Atlanta Braves reported revenue of $732M in the fiscal year ended Dec 2025, up 10.5% from the year before. Operating income was −$14M, an operating margin of −1.8%, and net income was −$23M. Operating cash flow of $25M less capital expenditure of $94M left free cash flow of −$68M. Net debt was $639M.
Ranks among the 21 leisure companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue | 589 | 641 | 663 | 732 |
| Selling, general & admin | 106 | 125 | 126 | 129 |
| Operating income | −30.6 | −46.4 | −39.7 | −13.5 |
| Interest expense | 29.6 | 37.7 | 38.8 | 46.4 |
| Pre-tax income | −31.5 | −129 | −35.9 | −24.1 |
| Income tax | 2.7 | −3.9 | −4.7 | −0.8 |
| Net income | −34.2 | −125 | −31.3 | −23.4 |
| Diluted EPS | −0.55 | −2.03 | −0.50 | −0.37 |
| Diluted shares | – | 62.5 | 62.9 | 63.6 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | 151 | 125 | 110 | 99.9 |
| Receivables | 24.0 | 27.8 | 27.6 | 33.5 |
| Current assets | 267 | 218 | 179 | 159 |
| Net PP&E | 730 | 767 | 807 | 869 |
| Goodwill | 176 | 176 | 176 | 176 |
| Total assets | 1,491 | 1,504 | 1,524 | 1,615 |
| Payables | 54.7 | 73.1 | 63.7 | 43.5 |
| Deferred revenue | 105 | 112 | 112 | 110 |
| Current liabilities | 241 | 234 | 287 | 377 |
| Short-term debt | 74.8 | 42.2 | 104 | 215 |
| Long-term debt | 467 | 527 | 513 | 523 |
| Total liabilities | 1,191 | 964 | 988 | 1,077 |
| Shareholders' equity | 300 | 529 | 524 | 526 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | 53.3 | 1.6 | 16.6 | 25.2 |
| Capital expenditure | 17.7 | 69.0 | 86.0 | 93.7 |
| Free cash flow | 35.7 | −67.4 | −69.4 | −68.5 |
| Depreciation & amortisation | 71.7 | 71.0 | 62.8 | 75.6 |
| Stock-based compensation | 12.2 | 13.2 | 16.5 | 15.6 |
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.9% | 3.4% | 10.5% |
| Operating margin | −5.2% | −7.2% | −6.0% | −1.8% |
| Net margin | −5.8% | −19.6% | −4.7% | −3.2% |
| Return on equityBlank when equity is negative | −11.4% | −23.7% | −6.0% | −4.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −2.4% | −3.7% | −3.2% | −1.1% |
| Free cash flow margin | 6.1% | −10.5% | −10.5% | −9.3% |
| Cash conversion (CFO ÷ net income) | −1.56x | −0.01x | −0.53x | −1.08x |
| Receivable days | 15 | 16 | 15 | 17 |
| Interest cover | −1.03x | −1.23x | −1.02x | −0.29x |
| Debt ÷ equity | 1.81x | 1.08x | 1.18x | 1.40x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 391 | 444 | 507 | 639 |
| Current ratio | 1.11x | 0.93x | 0.62x | 0.42x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.