The Atlanta Braves released third-quarter financial results on Wednesday, showing total revenue of $312 million for the last three months, including revenue from their mixed-use development, The Battery. It was up 7% versus 2024, while operating income rose sixfold to $38.9 million.
It was a down year on the field for the Braves, which finished 10 games under .500 after seven straight playoff appearances, but the team is set to post a record year off the field. Nine-month baseball revenue, excluding The Battery, topped $600 million for the first time—full-year 2024 revenue was $595 million, with the fourth quarter only 6% of that total.
Stadium revenue is the main driver for the Braves (and almost every MLB franchise). Atlanta posted $358 million in revenue for the nine months from events, up 4% versus 2024. Attendance was the fourth-highest all-time for the franchise and premium inventory was sold out for the third straight year, according to the team. The retail and licensing business was down 4% to $40.2 million, while other revenue, including non-MLB events at Truist Park, rose 26% to $37.9 million.
Broadcasting revenue, including national media rights, jumped 14% to $165 million. Most teams with RSNs owned by Main Street Sports, formerly known as Diamond Sports Group, had to take a haircut on their local rights fee as part of DSG’s bankruptcy proceedings. The Braves were an exception; historically, Bally Sports Southeast, the RSN that showed Braves games, was DSG’s most profitable, so the team received a rights fee bump on what is now FanDuel Sports Network Southeast.
In 2017, Atlanta opened its 3 million-square-foot mixed-use development that is the envy of almost every sports franchise and provides stable cash flows, while the team’s on-field success and payroll move up and down from year to year.
“We believe that our unique business model remains the gold standard across professional franchises, and we have seen countless organizations attempt to replicate what we have built here,” Braves CEO Derek Schiller said during the earnings call.
The company’s nine-month real estate revenue was $70.9 million, up 44% from 2024. The increase was boosted by the acquisition of the six-building Pennant Park office complex, which closed in April.
Total operating income for the nine months was $36.3 million, versus a loss of $21 million in 2024. The company also reports an adjusted operating income that adds back depreciation and amortization, as well as stock-based compensation. Adjusted profits on the baseball side more than tripled to $62.5 million for the nine months, and it was $50.2 million for the mixed-use development, up 49%.
Atlanta Braves’ shares are flat over the last 12 months, and the current enterprise value is $3.34 billion, an 11% discount from the share price and Madison Square Garden Sports and Sportico’s valuations for its two teams, the NBA’s Knicks and NHL’s Rangers. No one thinks the Dolan family will sell those teams, but sentiment is building that the Braves could be sold during the next couple of years, which partly explains the variance.
