Atlanta Braves Holdings, Inc.

In the second quarter of 2026, total revenue was $305 million compared with $312 million in the second quarter of 2025. Baseball revenue was $276 million versus $287 million last year; baseball event revenue was $161 million, down $19 million, while media-related revenue was $73 million versus $81 million, retail and licensing revenue increased to $22 million from about $19 million, other baseball revenue increased to $21 million from about $8 million, and mixed-use development revenue was $29 million versus $25 million. Adjusted OIBDA was approximately $12 million, down from $66 million, and operating loss was $19 million versus operating income of $42 million. For the first half, baseball event revenue increased approximately $4 million despite one fewer home game. Management did not provide numeric full-year or next-quarter guidance, but said BravesVision revenue should be viewed on an annualized basis and that the business is confident it can replicate or exceed prior local rights revenue over time.

Terry McGuirk sounded upbeat and highly confident in the team’s on-field outlook, saying the Braves are in first place in the NL East and are playoff bound despite injuries. He highlighted the return of key players, the trade deadline additions, and the organization’s depth, framing the club as positioned to compete deep into October. He also emphasized strong attendance, 17 sellouts through July, and reiterated the goal of winning a World Series.

Jill Robinson said the quarter reflected seasonality and fewer home games, with 34 regular season home games versus 40 in Q2 2025. She broke out the main drivers: baseball event revenue fell because of the schedule, media-related revenue declined due to BravesVision timing, while mixed-use revenue improved on rent and parking. On costs, she said baseball operating costs rose due to higher Major League player salaries, BravesVision production and administrative expenses, special events, and higher shared MLB expenses; she also noted $116 million of cash and cash equivalents and about $205 million of available borrowing capacity at June 30.

Analysts focused on BravesVision expense cadence, the new salary tax deduction limitations, future MLB media-rights structure, and the financial upside from a deep playoff run. Management said BravesVision expenses are now an ongoing go-forward cost, slightly higher during the season but also present in the off-season. On the tax deduction issue, Mike Plant said the industry believes the $162 million impact was unintended and he expects a legislative or regulatory fix; on media rights, Terry McGuirk said the Braves are bullish on local and national media growth and are open to MLB-led aggregation only if it is accretive; on playoffs, Jill Robinson said a deeper run would create upside in Q4 baseball event revenue, but she would not quantify it.