Atlanta Braves (BATRA) Financials

$46.71 -0.63 (-1.33%)

Closing price 04:00 PM Eastern

Extended Trading

$48.00 +1.29 (+2.76%)

As of 07:21 PM Eastern

Annual Income Statements for Atlanta Braves

This table shows Atlanta Braves' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	178	-	-4,038	1,354	531	106	-1,421	398	1,815	761	-2,063
Consolidated Net Income / (Loss)	395	-	-3,550	1,890	865	347	-1,391	744	2,029	962	-2,475
Net Income / (Loss) Continuing Operations	395	-	-3,550	1,786	847	347	-1,391	744	909	-24	-63
Total Pre-Tax Income	461	-	-3,550	827	1,041	513	-1,435	789	707	-25	-24
Total Operating Income	841	-	-3,578	1,394	1,511	1,470	177	1,977	145	255	276
Total Gross Profit	3,243	-	-3,988	4,273	4,459	5,471	4,810	5,943	1,411	1,332	1,165
Total Revenue	3,640	-	0.00	7,594	8,040	10,292	9,363	11,400	3,161	3,572	3,653
Operating Revenue	2,704	-	-	7,594	8,040	10,292	9,363	11,400	3,161	3,572	3,653
Total Cost of Revenue	397	-	3,988	3,321	3,581	4,821	4,553	5,457	1,750	2,240	2,488
Operating Cost of Revenue	397	-	3,988	3,321	3,581	4,821	4,553	5,457	1,750	2,240	2,488
Total Operating Expenses	2,402	-	-410	2,879	2,945	4,001	4,633	3,966	1,266	1,077	889
Selling, General & Admin Expense	2,043	-	612	1,646	1,649	2,232	2,112	2,232	393	396	419
Depreciation Expense	359	-	-	824	905	1,061	1,083	1,072	433	406	352
Other Operating Expenses / (Income)	-	-	-	409	391	624	434	642	434	274	13
Impairment Charge	-	-	-	-	-	0.00	0.00	-	6.00	1.00	105
Total Other Income / (Expense), net	-380	-	28	-567	-470	-957	-1,612	-1,188	562	-280	-300
Interest Expense	255	-	-	591	606	657	634	642	186	248	237
Interest & Investment Income	-113	-	28	-88	40	-315	-402	-451	524	-167	-383
Other Income / (Expense), net	-12	-	-	8.00	78	15	-576	-95	205	203	320
Income Tax Expense	66	-	-	-1,063	176	166	-44	45	-202	-1.00	39
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	1,120	986	-2,412
Net Income / (Loss) Attributable to Noncontrolling Interest	217	-	488	536	334	241	30	346	227	201	-412
Weighted Average Basic Shares Outstanding	342M	338M	586.70M	-	605.44M	598.17M	622.12M	617.67M	613.48M	652.95M	341.10M
Weighted Average Diluted Shares Outstanding	342M	338M	586.70M	-	605.44M	598.17M	622.12M	617.67M	613.48M	652.95M	341.10M
Weighted Average Basic & Diluted Shares Outstanding	342M	338M	586.70M	-	605.44M	598.17M	622.12M	617.67M	613.48M	652.95M	341.10M

This table shows Atlanta Braves' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	562	15	253	-415	908	203	457	-2,368	-355	-672	204
Consolidated Net Income / (Loss)	625	52	303	-415	1,022	245	507	-2,870	-357	-672	204
Net Income / (Loss) Continuing Operations	-495	52	303	456	-835	4.00	158	132	-973	-672	204
Total Pre-Tax Income	-1,111	102	367	-1,230	736	7.00	193	135	-1,098	-672	228
Total Operating Income	-1,380	340	523	-1,230	622	93	57	107	-861	-672	273
Total Gross Profit	-3,363	1,326	1,662	-1,230	-426	282	255	316	-1,994	-650	474
Total Revenue	-5,913	2,556	3,244	0.00	-2,228	587	988	911	-3,173	0.00	1,341
Operating Revenue	-5,913	2,556	3,244	-	-	587	988	911	-3,173	-	1,341
Total Cost of Revenue	-2,550	1,230	1,582	1,230	-1,802	305	733	595	-1,179	650	867
Operating Cost of Revenue	-2,550	1,230	1,582	1,230	-1,802	305	733	595	-1,179	650	867
Total Operating Expenses	-1,983	986	1,139	0.00	-1,048	180	187	209	-1,107	22	198
Selling, General & Admin Expense	-1,401	576	583	-	-	93	98	116	-798	-	118
Depreciation Expense	-357	260	257	-	-	86	89	88	-222	-	80
Total Other Income / (Expense), net	269	-238	-156	0.00	114	-86	136	28	-237	0.00	-45
Interest Expense	-311	196	200	-	-	62	60	62	-202	-	57
Interest & Investment Income	-21	-46	-96	-	-	-21	87	-55	-494	-	-129
Other Income / (Expense), net	-40	4.00	140	-	-	-3.00	109	145	55	-	141
Income Tax Expense	-616	50	64	-	-	3.00	35	3.00	-151	-	24
Net Income / (Loss) Discontinued Operations	-	-	-	815	-	241	349	-3,002	-	0.00	0.00
Weighted Average Basic Shares Outstanding	613.48M	614.08M	561.13M	652.83M	652.95M	653.45M	654.64M	340.44M	341.10M	341.29M	341.93M
Weighted Average Diluted Shares Outstanding	613.48M	614.08M	561.13M	652.83M	652.95M	653.45M	654.64M	340.44M	341.10M	341.29M	341.93M
Weighted Average Basic & Diluted Shares Outstanding	613.48M	614.08M	561.13M	652.83M	652.95M	653.45M	654.64M	340.44M	341.10M	341.29M	341.93M

This table details how cash moves in and out of Atlanta Braves' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-407	-	361	471	-595	854	1,571	47	-648	-248	935
Net Cash From Operating Activities	1,116	-	2,171	1,732	2,156	2,313	1,730	2,437	578	634	553
Net Cash From Continuing Operating Activities	1,128	-	2,171	1,732	2,155	2,313	1,730	2,437	578	634	553
Net Income / (Loss) Continuing Operations	395	-	924	1,890	865	347	-1,391	744	909	-24	-63
Consolidated Net Income / (Loss)	395	-	924	1,890	865	347	-1,391	744	2,029	962	-2,475
Net Income / (Loss) Discontinued Operations	-	-	-	-	-	-	-	-	1,120	986	-2,412
Depreciation Expense	359	-	354	824	905	1,061	1,083	1,072	433	406	352
Non-Cash Adjustments To Reconcile Net Income	346	-	580	263	285	679	2,201	861	-720	96	300
Changes in Operating Assets and Liabilities, net	50	-	302	-1,261	101	217	-180	-256	-44	156	-36
Net Cash From Investing Activities	-411	-	-1,264	-3,137	-370	314	-736	-689	447	-544	-187
Net Cash From Continuing Investing Activities	-411	-	-1,264	-3,137	-370	314	-736	-689	447	-544	-187
Purchase of Property, Plant & Equipment	-194	-	-568	-517	-403	-510	-452	-440	-309	-461	-75
Acquisitions	-47	-	0.00	-1,754	-2.00	313	-300	-14	0.00	0.00	-205
Purchase of Investments	-615	-	-1,042	-862	-414	-29	-113	-252	-57	-176	-11
Sale of Property, Plant & Equipment	247	-	62	21	399	442	13	383	101	111	117
Sale and/or Maturity of Investments	176	-	273	0.00	64	23	105	40	37	0.00	1.00
Other Investing Activities, net	22	-	11	-25	-14	75	11	-406	675	-18	-14
Net Cash From Financing Activities	-1,124	-	-546	1,876	-2,380	-1,773	574	-1,698	-1,437	-285	894
Net Cash From Continuing Financing Activities	-1,124	-	-546	1,876	-2,380	-1,773	574	-1,698	-1,437	-285	894
Repayment of Debt	-1,936	-	-1,746	-5,155	-4,028	-4,912	-3,021	-6,394	-4,728	-982	-673
Repurchase of Preferred Equity	-	-	-	0.00	-	-	-	0.00	-579	0.00	0.00
Repurchase of Common Equity	-2,157	-	-1,674	-1,409	-1,780	-2,602	-1,873	-2,078	-37	0.00	0.00
Issuance of Debt	2,758	-	2,745	6,697	3,617	6,020	4,898	6,411	3,289	1,165	645
Issuance of Common Equity	0.00	-	203	1,938	-130	-211	634	575	0.00	0.00	939
Other Financing Activities, net	211	-	-58	-135	-	0.00	-	-154	618	-468	-17
Effect of Exchange Rate Changes	-	-	-	-	-1.00	-	3.00	-3.00	0.00	1.00	-10
Other Net Changes in Cash	-	-	-	-	-	-	-	-	-236	-54	-315

This table details how cash moves in and out of Atlanta Braves' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	-289	-9.00	-276	129	-92	-337	418	952	-98	191	318
Net Cash From Operating Activities	-1,162	661	537	-618	54	131	752	-571	-23	381	231
Net Cash From Continuing Operating Activities	-1,162	661	537	-618	54	131	752	-571	-23	381	231
Net Income / (Loss) Continuing Operations	-495	52	303	-314	-65	4.00	507	-458	-357	5.00	204
Consolidated Net Income / (Loss)	625	52	303	443	164	245	507	-2,870	-357	5.00	204
Depreciation Expense	-357	260	257	-226	115	86	245	-223	89	77	80
Non-Cash Adjustments To Reconcile Net Income	-236	122	28	-240	186	31	-150	-65	405	-63	33
Changes in Operating Assets and Liabilities, net	-74	227	-51	162	-182	10	150	175	-160	363	-87
Net Cash From Investing Activities	953	-415	-296	286	-119	-296	-100	578	-15	-181	61
Net Cash From Continuing Investing Activities	953	-415	-296	286	-119	-296	-100	578	-15	-181	61
Purchase of Property, Plant & Equipment	246	-281	-263	201	-118	-27	-186	335	-23	-33	-22
Purchase of Investments	-16	-169	-45	41	-3.00	-1.00	-23	193	-1.00	-6.00	-11
Other Investing Activities, net	598	1.00	-21	-	2.00	-63	2.00	50	-2.00	-11	-3.00
Net Cash From Financing Activities	143	-257	-517	498	-9.00	-9.00	-226	1,251	-49	-13	21
Net Cash From Continuing Financing Activities	143	-257	-517	498	-9.00	-9.00	-226	1,251	-49	-13	21
Repayment of Debt	-862	-1,633	-945	1,598	-2.00	-9.00	-1,334	965	-33	-13	21
Other Net Changes in Cash	-	-	-	-	-19	-163	-	-	-	4.00	-4.00

This table presents Atlanta Braves' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	30,269	29,798	-	41,996	40,828	44,189	44,004	44,351	42,464	41,327	12,948
Total Current Assets	1,385	691	-	1,743	1,082	2,405	4,030	4,812	3,851	3,377	3,347
Cash & Equivalents	681	201	-	1,029	358	1,222	2,831	2,814	2,246	1,713	2,956
Accounts Receivable	235	247	-	358	364	767	823	828	837	123	114
Other Current Assets	270	243	-	356	360	416	376	1,170	768	180	277
Plant, Property, & Equipment, net	1,714	1,879	-	2,541	2,469	2,262	2,239	2,010	2,255	838	810
Plant, Property & Equipment, gross	2,215	2,587	-	3,596	3,765	3,780	4,017	4,027	4,481	973	1,007
Accumulated Depreciation	501	708	-	1,055	1,296	1,518	1,778	2,017	2,226	135	197
Total Noncurrent Assets	27,170	27,228	-	37,712	37,277	39,522	37,735	37,529	36,358	37,112	8,791
Long-Term Investments	1,667	1,648	-	2,864	1,641	1,625	1,018	945	952	374	491
Goodwill	14,345	14,345	-	18,383	18,386	19,939	19,218	19,248	19,341	3,956	4,134
Intangible Assets	10,839	10,770	-	15,866	15,389	15,945	15,363	14,782	14,254	2,858	2,689
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	-	-	772	760
Other Noncurrent Operating Assets	319	465	-	599	1,861	2,013	2,136	2,554	1,811	612	717
Total Liabilities & Shareholders' Equity	30,269	29,798	-	41,996	40,828	44,189	44,004	44,351	42,464	41,327	12,948
Total Liabilities	10,093	11,667	-	19,422	19,130	22,264	24,403	25,514	23,338	21,882	5,897
Total Current Liabilities	2,650	2,813	-	3,979	3,244	3,888	4,490	6,610	5,410	4,743	1,133
Short-Term Debt	257	255	-	768	17	60	743	2,891	1,679	106	26
Accounts Payable	712	758	-	1,250	1,116	1,621	1,583	1,832	1,856	474	648
Current Deferred Revenue	1,641	1,797	-	1,941	2,079	2,113	2,070	1,790	1,773	247	267
Other Current Liabilities	40	3.00	-	20	32	94	94	97	102	40	192
Total Noncurrent Liabilities	7,443	8,854	-	15,443	15,886	18,376	19,913	18,904	17,928	17,139	4,764
Long-Term Debt	5,588	6,626	-	13,186	13,371	15,416	16,686	15,699	14,953	4,117	4,522
Other Noncurrent Operating Liabilities	348	561	-	779	864	1,047	1,101	987	874	188	242
Commitments & Contingencies	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	20,176	18,131	-	22,574	21,698	21,925	19,601	18,262	19,126	19,445	7,051
Total Preferred & Common Equity	11,398	10,933	-	16,943	16,595	16,295	15,091	14,672	15,963	16,396	7,029
Preferred Stock	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	11,398	10,933	-	16,943	16,595	16,295	15,091	14,672	15,963	16,396	7,029
Common Stock	3.00	3.00	-	3,897	2,989	2,580	2,693	1,959	1,413	1,323	3.00
Retained Earnings	11,416	10,981	-	13,081	13,644	13,748	12,320	12,718	14,589	15,061	7,179
Accumulated Other Comprehensive Income / (Loss)	-21	-51	-	-35	-38	-33	78	-5.00	-39	12	-153
Noncontrolling Interest	8,778	7,198	-	5,631	5,103	5,630	4,510	3,590	3,163	3,049	22

This table presents Atlanta Braves' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025
Total Assets	43,235	42,333	42,442	41,515	42,405	42,632	13,208	13,285	13,821
Total Current Assets	3,970	3,636	3,534	3,625	3,195	3,639	3,679	3,667	4,102
Cash & Equivalents	2,542	2,229	1,931	2,112	1,666	2,085	3,054	3,147	3,448
Accounts Receivable	826	701	822	808	789	826	122	144	144
Other Current Assets	602	706	781	705	740	728	503	376	510
Plant, Property, & Equipment, net	2,182	2,417	2,557	2,005	2,129	2,123	827	825	828
Plant, Property & Equipment, gross	4,329	4,563	4,759	3,957	4,183	4,290	1,010	1,039	1,012
Accumulated Depreciation	2,147	2,146	2,202	1,952	2,054	2,167	183	214	184
Total Noncurrent Assets	37,083	36,280	36,351	35,885	37,081	36,870	8,702	8,793	8,891
Long-Term Investments	1,028	993	1,126	1,145	1,996	1,983	483	510	622
Goodwill	19,341	19,341	19,341	19,165	19,399	19,400	4,192	4,134	4,135
Intangible Assets	14,372	14,137	14,025	13,783	13,731	13,670	2,757	2,632	2,570
Noncurrent Deferred & Refundable Income Taxes	-	-	-	-	-	-	-	788	790
Other Noncurrent Operating Assets	2,342	1,809	1,859	1,792	1,955	1,817	1,270	729	774
Total Liabilities & Shareholders' Equity	43,235	42,333	42,442	41,515	42,405	42,632	13,208	13,285	13,821
Total Liabilities	24,191	23,249	23,163	22,276	22,760	22,425	5,749	6,226	6,458
Total Current Liabilities	4,164	4,592	4,793	4,676	4,866	4,472	1,273	1,446	3,103
Short-Term Debt	499	706	787	827	1,185	685	76	30	1,803
Accounts Payable	1,640	1,613	1,754	1,715	1,621	1,768	404	330	470
Current Deferred Revenue	1,930	2,153	2,153	2,024	1,826	1,840	756	1,009	780
Other Current Liabilities	95	120	99	110	234	179	37	77	50
Total Noncurrent Liabilities	20,027	18,657	18,370	17,600	17,894	17,953	4,476	4,780	3,355
Long-Term Debt	17,066	15,690	15,432	14,836	14,257	14,343	4,289	4,534	2,996
Other Noncurrent Operating Liabilities	868	879	880	724	1,435	1,400	187	246	359
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	18,466	19,084	19,279	19,239	19,645	20,207	7,459	7,059	7,363
Total Preferred & Common Equity	15,334	15,962	16,284	16,247	16,551	17,060	7,436	7,037	7,341
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	15,334	15,962	16,284	16,247	16,551	17,060	7,436	7,037	7,341
Common Stock	1,372	1,400	1,474	1,304	1,341	1,393	3.00	3.00	3.00
Retained Earnings	14,004	14,604	14,857	14,953	15,267	15,724	7,520	7,182	7,419
Accumulated Other Comprehensive Income / (Loss)	-42	-42	-47	-10	-57	-57	-87	-148	-81
Noncontrolling Interest	3,132	3,122	2,995	2,992	3,094	3,147	23	22	22

This table displays calculated financial ratios and metrics derived from Atlanta Braves' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.54%	0.00%	0.00%	0.00%	5.87%	28.01%	-9.03%	21.76%	-72.27%	13.00%	2.27%
EBITDA Growth	-7.46%	-100.00%	0.00%	169.78%	11.20%	2.49%	-72.56%	323.68%	-73.64%	10.34%	9.72%
EBIT Growth	-16.60%	-100.00%	0.00%	139.18%	13.34%	-6.55%	-126.87%	571.68%	-81.40%	30.86%	30.13%
NOPAT Growth	-12.80%	-100.00%	0.00%	227.20%	-60.59%	-20.80%	-87.54%	1,404.64%	-90.00%	-4.25%	8.24%
Net Income Growth	-95.61%	0.00%	0.00%	153.24%	-54.23%	-59.88%	-500.86%	153.49%	172.72%	-52.59%	-357.28%
EPS Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-9.71%	0.00%	0.00%	-20.22%	24.48%	7.28%	-25.21%	40.87%	-76.28%	9.69%	-12.78%
Free Cash Flow Firm Growth	104.25%	-67.52%	6,542.57%	-242.55%	102.73%	-158.82%	416.69%	-7.99%	-6.01%	1,781.02%	-98.23%
Invested Capital Growth	-1.00%	-1.32%	-100.00%	0.00%	1.39%	4.43%	-3.97%	1.47%	-3.29%	-74.23%	-2.84%
Revenue Q/Q Growth	1.96%	0.00%	0.00%	339.86%	5.87%	-24.88%	27.16%	-23.29%	-74.18%	3,261.06%	-20.55%
EBITDA Q/Q Growth	6.95%	-100.00%	0.00%	123.04%	50.45%	-66.29%	169.62%	-50.62%	-76.11%	147.66%	-55.64%
EBIT Q/Q Growth	13.72%	-100.00%	0.00%	113.43%	107.44%	-77.37%	52.04%	-61.76%	-84.25%	126.22%	-66.12%
NOPAT Q/Q Growth	-6.02%	-100.00%	0.00%	143.61%	63.91%	-84.84%	121.27%	-62.12%	-88.16%	114.60%	-89.02%
Net Income Q/Q Growth	-55.32%	0.00%	0.00%	120.21%	-19.31%	-93.35%	38.83%	-79.75%	64.42%	70.27%	-125.82%
EPS Q/Q Growth	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-2.79%	0.00%	0.00%	-5.56%	5.02%	0.96%	8.19%	3.83%	-76.92%	208.93%	-12.22%
Free Cash Flow Firm Q/Q Growth	335.76%	-77.58%	3,524.28%	-86.27%	436.21%	-110.88%	2,291.21%	-72.87%	-41.93%	14,130.57%	-98.28%
Invested Capital Q/Q Growth	-0.53%	-0.75%	-100.00%	4.36%	2.51%	0.18%	-1.97%	-0.07%	-1.45%	-73.49%	-1.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	89.09%	0.00%	0.00%	56.27%	55.46%	53.16%	51.37%	52.13%	44.64%	37.29%	31.89%
EBITDA Margin	31.70%	0.00%	0.00%	29.52%	31.01%	24.83%	7.49%	26.05%	24.77%	24.19%	25.95%
Operating Margin	23.10%	0.00%	0.00%	18.36%	18.79%	14.28%	1.89%	17.34%	4.59%	7.14%	7.56%
EBIT Margin	22.77%	0.00%	0.00%	18.46%	19.76%	14.43%	-4.26%	16.51%	11.07%	12.82%	16.32%
Profit (Net Income) Margin	10.85%	0.00%	0.00%	24.89%	10.76%	3.37%	-14.86%	6.53%	64.19%	26.93%	-67.75%
Tax Burden Percent	85.68%	0.00%	100.00%	228.54%	83.09%	67.64%	96.93%	94.30%	286.99%	-3,848.00%	10,312.50%
Interest Burden Percent	55.61%	0.00%	99.22%	58.99%	65.51%	34.55%	359.65%	41.92%	202.00%	-5.46%	-4.03%
Effective Tax Rate	14.32%	0.00%	0.00%	-128.54%	16.91%	32.36%	0.00%	5.70%	-28.57%	0.00%	0.00%
Return on Invested Capital (ROIC)	3.05%	0.00%	0.00%	19.52%	3.82%	2.94%	0.37%	5.58%	0.56%	0.87%	2.34%
ROIC Less NNEP Spread (ROIC-NNEP)	-17.77%	0.00%	0.00%	-6.24%	0.18%	-2.45%	-11.19%	-2.31%	13.60%	66.74%	55.95%
Return on Net Nonoperating Assets (RNNOA)	-1.26%	0.00%	0.00%	-2.78%	0.09%	-1.35%	-7.07%	-1.71%	10.13%	4.12%	-21.02%
Return on Equity (ROE)	1.79%	0.00%	-39.16%	16.74%	3.91%	1.59%	-6.70%	3.87%	10.69%	4.99%	-18.68%
Cash Return on Invested Capital (CROIC)	4.06%	1.33%	178.37%	-180.48%	2.45%	-1.40%	4.42%	4.12%	3.91%	118.92%	5.21%
Operating Return on Assets (OROA)	2.56%	0.00%	0.00%	6.68%	3.84%	3.49%	-0.90%	4.26%	0.81%	1.09%	2.20%
Return on Assets (ROA)	1.22%	0.00%	0.00%	9.00%	2.09%	0.82%	-3.15%	1.68%	4.67%	2.30%	-9.12%
Return on Common Equity (ROCE)	1.04%	0.00%	-23.61%	12.57%	2.96%	1.20%	-5.06%	3.00%	8.63%	4.18%	-16.52%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	11.16%	5.21%	2.13%	-9.22%	5.07%	12.71%	5.87%	-35.21%
Net Operating Profit after Tax (NOPAT)	721	0.00	-2,505	3,186	1,256	994	124	1,864	186	179	193
NOPAT Margin	19.80%	0.00%	0.00%	41.95%	15.62%	9.66%	1.32%	16.35%	5.90%	5.00%	5.29%
Net Nonoperating Expense Percent (NNEP)	20.82%	0.00%	41.55%	25.76%	3.64%	5.39%	11.56%	7.89%	-13.04%	-65.87%	-53.61%
Return On Investment Capital (ROIC_SIMPLE)	2.77%	0.00%	0.00%	8.72%	3.58%	2.66%	0.33%	5.06%	0.52%	0.75%	1.67%
Cost of Revenue to Revenue	10.91%	0.00%	0.00%	43.73%	44.54%	46.84%	48.63%	47.87%	55.36%	62.71%	68.11%
SG&A Expenses to Revenue	56.13%	0.00%	0.00%	21.68%	20.51%	21.69%	22.56%	19.58%	12.43%	11.09%	11.47%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	65.99%	0.00%	0.00%	37.91%	36.63%	38.87%	49.48%	34.79%	40.05%	30.15%	24.34%
Earnings before Interest and Taxes (EBIT)	829	0.00	-3,578	1,402	1,589	1,485	-399	1,882	350	458	596
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,154	0.00	-3,213	2,242	2,493	2,555	701	2,970	783	864	948
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.06	1.20	0.00	1.19	1.09	1.61	1.57	2.18	2.00	2.31	4.07
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3.95	138.89
Price to Revenue (P/Rev)	3.32	0.00	0.00	2.65	2.25	2.55	2.53	2.81	10.12	10.60	7.83
Price to Earnings (P/E)	67.97	0.00	0.00	14.87	34.12	247.18	0.00	80.43	17.62	49.74	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	1.47%	0.00%	0.00%	6.73%	2.93%	0.40%	0.00%	1.24%	5.68%	2.01%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.03	1.09	0.00	1.10	1.05	1.29	1.26	1.52	1.49	5.13	3.65
Enterprise Value to Revenue (EV/Rev)	6.64	0.00	0.00	4.72	4.30	4.32	4.46	4.47	15.37	12.05	8.14
Enterprise Value to EBITDA (EV/EBITDA)	20.95	0.00	0.00	15.98	13.88	17.40	59.59	17.17	62.03	49.81	31.36
Enterprise Value to EBIT (EV/EBIT)	29.16	0.00	0.00	25.55	21.78	29.94	0.00	27.10	138.78	93.97	49.89
Enterprise Value to NOPAT (EV/NOPAT)	33.55	0.00	0.00	11.24	27.56	44.71	337.14	27.36	260.54	241.10	153.90
Enterprise Value to Operating Cash Flow (EV/OCF)	21.66	0.00	6.76	20.68	16.05	19.22	24.15	20.93	84.04	67.88	53.77
Enterprise Value to Free Cash Flow (EV/FCFF)	25.25	81.50	0.71	0.00	43.07	0.00	27.91	37.04	37.52	1.77	68.96
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.29	0.38	0.00	0.62	0.62	0.71	0.89	0.99	0.87	0.22	0.65
Long-Term Debt to Equity	0.28	0.37	0.00	0.58	0.62	0.70	0.85	0.83	0.78	0.21	0.64
Financial Leverage	0.07	0.22	0.28	0.45	0.48	0.55	0.63	0.74	0.74	0.06	-0.38
Leverage Ratio	1.47	1.57	1.64	1.86	1.87	1.95	2.12	2.30	2.29	2.17	2.05
Compound Leverage Factor	0.82	0.00	1.63	1.10	1.23	0.67	7.64	0.96	4.62	-0.12	-0.08
Debt to Total Capital	22.46%	27.51%	0.00%	38.20%	38.16%	41.38%	47.07%	49.67%	46.51%	17.84%	39.21%
Short-Term Debt to Total Capital	0.99%	1.02%	0.00%	2.10%	0.05%	0.16%	2.01%	7.72%	4.70%	0.45%	0.22%
Long-Term Debt to Total Capital	21.48%	26.49%	0.00%	36.10%	38.11%	41.22%	45.06%	41.95%	41.82%	17.39%	38.99%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	33.73%	28.78%	0.00%	15.42%	14.54%	15.05%	12.18%	11.13%	8.85%	12.88%	0.19%
Common Equity to Total Capital	43.80%	43.71%	0.00%	46.38%	47.30%	43.57%	40.75%	39.20%	44.64%	69.28%	60.60%
Debt to EBITDA	5.07	0.00	0.00	6.22	5.37	6.06	24.86	6.26	21.24	4.89	4.80
Net Debt to EBITDA	2.86	0.00	0.00	4.49	4.57	4.94	19.37	4.99	17.16	2.47	1.16
Long-Term Debt to EBITDA	4.84	0.00	0.00	5.88	5.36	6.03	23.80	5.29	19.10	4.77	4.77
Debt to NOPAT	8.11	0.00	0.00	4.38	10.66	15.56	140.67	9.97	89.21	23.66	23.54
Net Debt to NOPAT	4.58	0.00	0.00	3.16	9.07	12.70	109.60	7.96	72.06	11.97	5.70
Long-Term Debt to NOPAT	7.75	0.00	0.00	4.14	10.65	15.50	134.67	8.42	80.21	23.06	23.41
Altman Z-Score	1.41	1.11	0.00	1.29	1.30	1.45	1.14	1.50	1.36	1.63	4.33
Noncontrolling Interest Sharing Ratio	42.17%	41.71%	39.70%	24.94%	24.25%	24.60%	24.42%	22.57%	19.30%	16.11%	11.59%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.52	0.25	0.00	0.44	0.33	0.62	0.90	0.73	0.71	0.71	2.95
Quick Ratio	0.42	0.16	0.00	0.35	0.22	0.51	0.81	0.55	0.57	0.39	2.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	958	311	20,658	-29,449	804	-473	1,497	1,377	1,294	24,349	431
Operating Cash Flow to CapEx	0.00%	0.00%	429.05%	349.19%	53,900.00%	3,401.47%	394.08%	4,275.44%	277.88%	181.14%	0.00%
Free Cash Flow to Firm to Interest Expense	3.76	0.00	0.00	-49.83	1.33	-0.72	2.36	2.15	6.96	98.18	1.82
Operating Cash Flow to Interest Expense	4.38	0.00	0.00	2.93	3.56	3.52	2.73	3.80	3.11	2.56	2.33
Operating Cash Flow Less CapEx to Interest Expense	4.58	0.00	0.00	2.09	3.55	3.42	2.04	3.71	1.99	1.15	2.51
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.11	0.00	0.00	0.36	0.19	0.24	0.21	0.26	0.07	0.09	0.13
Accounts Receivable Turnover	16.51	0.00	0.00	0.00	22.27	18.20	11.78	13.81	3.80	7.44	30.83
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	2.07	0.00	0.00	0.00	3.21	4.35	4.16	5.37	1.48	2.31	4.43
Accounts Payable Turnover	0.57	0.00	0.00	0.00	3.03	3.52	2.84	3.20	0.95	1.92	4.43
Days Sales Outstanding (DSO)	22.11	0.00	0.00	0.00	16.39	20.06	30.99	26.43	96.13	49.05	11.84
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	635.30	0.00	0.00	0.00	120.58	103.61	128.43	114.21	384.61	189.83	82.30
Cash Conversion Cycle (CCC)	-613.19	0.00	0.00	0.00	-104.19	-83.55	-97.44	-87.78	-288.48	-140.78	-70.46
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	23,474	23,163	0.00	32,635	33,087	34,554	33,181	33,668	32,560	8,390	8,152
Invested Capital Turnover	0.15	0.00	0.00	0.47	0.24	0.30	0.28	0.34	0.10	0.17	0.44
Increase / (Decrease) in Invested Capital	-237	-311	-23,163	32,635	452	1,467	-1,373	487	-1,108	-24,170	-238
Enterprise Value (EV)	24,175	25,348	14,678	35,819	34,609	44,460	41,772	51,008	48,573	43,036	29,734
Market Capitalization	12,099	13,118	14,678	20,127	18,117	26,201	23,682	32,012	31,976	37,851	28,611
Book Value per Share	$33.23	$32.71	$0.00	$27.54	$27.22	$27.23	$24.21	$23.90	$26.03	$25.12	$20.65
Tangible Book Value per Share	($40.19)	($42.43)	$0.00	($28.13)	($28.18)	($32.73)	($31.27)	($31.54)	($28.76)	$14.68	$0.61
Total Capital	26,021	25,012	0.00	36,528	35,086	37,401	37,030	37,427	35,758	23,668	11,599
Total Debt	5,845	6,881	0.00	13,954	13,388	15,476	17,429	18,590	16,632	4,223	4,548
Total Long-Term Debt	5,588	6,626	0.00	13,186	13,371	15,416	16,686	15,699	14,953	4,117	4,522
Net Debt	3,298	5,032	0.00	10,061	11,389	12,629	13,580	14,831	13,434	2,136	1,101
Capital Expenditures (CapEx)	-53	0.00	506	496	4.00	68	439	57	208	350	-42
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,888	-2,068	0.00	-2,497	-2,503	-2,645	-2,548	-1,721	-2,126	-2,973	-716
Debt-free Net Working Capital (DFNWC)	-1,008	-1,867	0.00	-1,468	-2,145	-1,423	283	1,093	120	-1,260	2,240
Net Working Capital (NWC)	-1,265	-2,122	0.00	-2,236	-2,162	-1,483	-460	-1,798	-1,559	-1,366	2,214
Net Nonoperating Expense (NNE)	326	0.00	1,045	1,296	391	647	1,515	1,120	-1,843	-784	2,668
Net Nonoperating Obligations (NNO)	3,298	5,032	0.00	10,061	11,389	12,629	13,580	14,831	13,434	-11,055	1,101
Total Depreciation and Amortization (D&A)	325	0.00	365	840	904	1,070	1,100	1,088	433	406	352
Debt-free, Cash-free Net Working Capital to Revenue	-51.87%	0.00%	0.00%	-32.88%	-31.13%	-25.70%	-27.21%	-15.10%	-67.26%	-83.23%	-19.60%
Debt-free Net Working Capital to Revenue	-27.69%	0.00%	0.00%	-19.33%	-26.68%	-13.83%	3.02%	9.59%	3.80%	-35.27%	61.32%
Net Working Capital to Revenue	-34.75%	0.00%	0.00%	-29.44%	-26.89%	-14.41%	-4.91%	-15.77%	-49.32%	-38.24%	60.61%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.79	$3.94	$2.54	$0.00
Adjusted Weighted Average Basic Shares Outstanding	342.68M	334.64M	586.70M	0.00	605.44M	598.17M	622.12M	617.67M	613.48M	652.95M	341.10M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$1.46	($1.33)	($6.90)	$1.78	$3.66	$2.42	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	342.68M	334.64M	586.70M	0.00	605.44M	598.17M	622.12M	617.67M	613.48M	652.95M	341.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	342.68M	334.64M	586.70M	0.00	605.44M	598.17M	622.12M	617.67M	613.48M	652.95M	341.10M
Normalized Net Operating Profit after Tax (NOPAT)	721	0.00	-3,220	976	1,256	1,051	827	1,883	106	179	267
Normalized NOPAT Margin	19.80%	0.00%	0.00%	12.85%	15.62%	10.21%	8.83%	16.52%	3.34%	5.02%	7.30%
Pre Tax Income Margin	12.66%	0.00%	0.00%	10.89%	12.95%	4.98%	-15.33%	6.92%	22.37%	-0.70%	-0.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.25	0.00	0.00	2.37	2.62	2.26	-0.63	2.93	1.88	1.85	2.51
NOPAT to Interest Expense	2.83	0.00	0.00	5.39	2.07	1.51	0.20	2.90	1.00	0.72	0.82
EBIT Less CapEx to Interest Expense	3.46	0.00	0.00	1.53	2.62	2.16	-1.32	2.84	0.76	0.44	2.69
NOPAT Less CapEx to Interest Expense	3.03	0.00	0.00	4.55	2.07	1.41	-0.50	2.82	-0.12	-0.69	0.99
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	-0.45%	3.17%	6.82%	19.60%	-4.60%	7.80%	0.00%	0.00%	0.00%
Augmented Payout Ratio	546.08%	0.00%	-47.61%	77.72%	212.60%	769.45%	-139.25%	287.10%	1.82%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Atlanta Braves' official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-286.53%	-0.51%	-0.43%	-100.00%	62.32%	7.55%	-2.40%	0.00%	-42.41%	-100.00%	35.73%
EBITDA Growth	-342.10%	-19.89%	2.11%	-260.88%	141.47%	24.34%	-3.80%	101.99%	-197.29%	-438.07%	93.73%
EBIT Growth	-414.16%	-30.36%	3.76%	-293.09%	143.80%	48.26%	-3.47%	120.49%	-229.58%	-846.67%	149.40%
NOPAT Growth	-370.06%	-49.92%	-1.14%	-321.13%	164.39%	124.54%	-0.49%	112.15%	-196.90%	-985.16%	423.46%
Net Income Growth	467.65%	-82.43%	-55.04%	-195.62%	63.52%	371.15%	67.33%	-591.57%	-134.93%	-374.29%	-59.76%
EPS Growth	0.00%	0.00%	-60.48%	0.00%	0.00%	36.84%	22.45%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Growth	-252.09%	19.96%	-19.85%	-219.08%	104.65%	-40.24%	40.04%	7.61%	-142.59%	190.84%	-12.17%
Free Cash Flow Firm Growth	209.82%	95.83%	22.82%	-48.92%	17,359.15%	-3.10%	42.59%	4,301.99%	-101.47%	2,494.23%	1,665.72%
Invested Capital Growth	-3.29%	-3.26%	-2.30%	-4.22%	-74.23%	-2.58%	-3.93%	-73.81%	-2.84%	-74.65%	-74.04%
Revenue Q/Q Growth	-282.11%	143.23%	26.92%	-100.00%	0.00%	223.38%	15.17%	-71.23%	-448.30%	100.00%	0.00%
EBITDA Q/Q Growth	-296.35%	133.99%	52.32%	-258.26%	150.62%	1.90%	17.84%	-96.72%	-2,572.41%	17.02%	183.03%
EBIT Q/Q Growth	-322.92%	124.23%	92.73%	-285.52%	150.57%	-18.01%	25.49%	-60.63%	-419.84%	16.63%	161.61%
NOPAT Q/Q Growth	-348.09%	117.94%	149.11%	-299.40%	172.24%	-37.43%	10.40%	-75.65%	-676.07%	21.95%	151.93%
Net Income Q/Q Growth	44.01%	-91.68%	482.69%	-236.96%	346.27%	-76.03%	106.94%	-666.08%	87.56%	-88.24%	130.36%
EPS Q/Q Growth	0.00%	0.00%	28.95%	0.00%	0.00%	0.00%	15.38%	0.00%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	-323.89%	156.88%	-18.76%	-215.08%	108.74%	631.48%	90.38%	-175.93%	95.97%	1,756.52%	-39.37%
Free Cash Flow Firm Q/Q Growth	-86.39%	788.26%	-5.28%	-55.39%	4,551.41%	-95.07%	39.39%	1,277.17%	-101.55%	6,403.43%	1.44%
Invested Capital Q/Q Growth	-1.45%	-0.93%	0.57%	-2.45%	-73.49%	274.55%	-0.82%	-73.41%	-1.63%	-2.28%	1.58%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	0.00%	51.88%	51.23%	0.00%	0.00%	52.13%	44.54%	34.69%	0.00%	0.00%	35.35%
EBITDA Margin	0.00%	23.63%	28.36%	0.00%	0.00%	27.32%	27.95%	3.18%	0.00%	0.00%	36.84%
Operating Margin	0.00%	13.30%	16.12%	0.00%	0.00%	18.26%	16.68%	11.75%	0.00%	0.00%	20.36%
EBIT Margin	0.00%	13.46%	20.44%	0.00%	0.00%	18.55%	20.21%	27.66%	0.00%	0.00%	30.87%
Profit (Net Income) Margin	0.00%	2.03%	9.34%	0.00%	0.00%	8.91%	16.01%	-315.04%	0.00%	0.00%	15.21%
Tax Burden Percent	-56.26%	50.98%	82.56%	33.74%	138.86%	77.53%	81.38%	-2,125.93%	32.51%	100.00%	89.47%
Interest Burden Percent	78.24%	29.65%	55.35%	100.00%	118.33%	61.96%	97.34%	53.57%	136.23%	100.00%	55.07%
Effective Tax Rate	0.00%	49.02%	17.44%	0.00%	0.00%	22.47%	18.62%	2.22%	0.00%	0.00%	10.53%
Return on Invested Capital (ROIC)	0.00%	0.65%	1.27%	0.00%	0.00%	1.67%	1.57%	2.64%	0.00%	0.00%	3.17%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	-0.22%	0.33%	0.00%	0.00%	0.52%	2.21%	-42.31%	0.00%	0.00%	2.48%
Return on Net Nonoperating Assets (RNNOA)	0.00%	-0.16%	0.24%	0.00%	0.00%	0.33%	1.35%	-20.97%	0.00%	0.00%	1.05%
Return on Equity (ROE)	0.00%	0.49%	1.51%	2.95%	0.00%	2.01%	2.93%	-18.33%	0.00%	0.00%	4.23%
Cash Return on Invested Capital (CROIC)	3.91%	3.42%	2.30%	0.53%	118.92%	3.79%	5.12%	125.80%	5.21%	117.37%	116.58%
Operating Return on Assets (OROA)	0.00%	0.98%	1.49%	0.00%	0.00%	1.65%	1.75%	4.65%	0.00%	0.00%	3.74%
Return on Assets (ROA)	0.00%	0.15%	0.68%	0.00%	0.00%	0.79%	1.39%	-52.94%	0.00%	0.00%	1.84%
Return on Common Equity (ROCE)	0.00%	0.40%	1.24%	2.44%	0.00%	1.69%	2.47%	-16.26%	0.00%	0.00%	3.74%
Return on Equity Simple (ROE_SIMPLE)	0.00%	11.18%	8.68%	3.48%	0.00%	6.98%	7.97%	-14.74%	0.00%	-48.20%	0.00%
Net Operating Profit after Tax (NOPAT)	-966	173	432	-861	622	389	430	105	-603	-470	244
NOPAT Margin	0.00%	6.78%	13.31%	0.00%	0.00%	14.16%	13.57%	11.48%	0.00%	0.00%	18.22%
Net Nonoperating Expense Percent (NNEP)	-11.26%	0.87%	0.94%	-3.38%	-33.63%	1.16%	-0.64%	44.95%	4.94%	3.18%	0.69%
Return On Investment Capital (ROIC_SIMPLE)	-2.70%	0.49%	1.22%	-2.47%	2.63%	1.11%	1.22%	0.88%	-5.20%	-4.05%	2.01%
Cost of Revenue to Revenue	0.00%	48.12%	48.77%	0.00%	0.00%	47.87%	55.46%	65.31%	0.00%	0.00%	64.65%
SG&A Expenses to Revenue	0.00%	22.54%	17.97%	0.00%	0.00%	20.19%	17.25%	12.73%	0.00%	0.00%	8.80%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	0.00%	38.58%	35.11%	0.00%	0.00%	32.92%	27.86%	22.94%	0.00%	0.00%	14.77%
Earnings before Interest and Taxes (EBIT)	-1,420	344	663	-1,230	622	510	640	252	-806	-672	414
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-1,777	604	920	-1,456	737	751	885	29	-717	-595	494
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.00	2.00	1.97	1.95	2.31	2.32	2.46	6.30	4.07	3.95	4.41
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	3.95	0.00	0.00	96.15	138.89	102.54	50.96
Price to Revenue (P/Rev)	10.12	10.16	10.22	0.00	10.60	10.19	11.38	10.18	7.83	9.06	9.48
Price to Earnings (P/E)	17.62	20.12	26.23	76.45	49.74	40.41	36.40	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.68%	4.97%	3.81%	1.31%	2.01%	2.47%	2.75%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.49	1.50	1.49	1.49	5.13	1.69	1.80	5.75	3.65	3.61	4.10
Enterprise Value to Revenue (EV/Rev)	15.37	15.34	15.37	0.00	12.05	14.14	15.21	10.37	8.14	9.37	9.70
Enterprise Value to EBITDA (EV/EBITDA)	62.03	76.29	73.90	0.00	49.81	52.64	57.46	22.31	31.36	0.00	543.60
Enterprise Value to EBIT (EV/EBIT)	138.78	241.45	215.10	0.00	93.97	85.29	93.31	27.11	49.89	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	260.54	1,363.19	0.00	0.00	241.10	142.73	158.54	27.11	153.90	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	84.04	70.19	86.81	0.00	67.88	144.62	96.19	75.68	53.77	35.76	43.01
Enterprise Value to Free Cash Flow (EV/FCFF)	37.52	42.98	63.79	275.42	1.77	44.13	34.45	1.90	68.96	1.24	1.45
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.87	0.86	0.84	0.81	0.22	0.79	0.74	0.59	0.65	0.65	0.65
Long-Term Debt to Equity	0.78	0.82	0.80	0.77	0.21	0.73	0.71	0.58	0.64	0.64	0.41
Financial Leverage	0.74	0.74	0.72	0.69	0.06	0.64	0.61	0.50	-0.38	0.48	0.42
Leverage Ratio	2.29	2.31	2.26	2.21	2.17	2.19	2.15	2.05	2.05	2.09	2.05
Compound Leverage Factor	1.79	0.68	1.25	2.21	2.57	1.36	2.10	1.10	2.79	2.09	1.13
Debt to Total Capital	46.51%	46.21%	45.69%	44.88%	17.84%	44.01%	42.65%	36.92%	39.21%	39.27%	39.46%
Short-Term Debt to Total Capital	4.70%	1.99%	2.22%	2.37%	0.45%	3.38%	1.94%	0.64%	0.22%	0.26%	14.82%
Long-Term Debt to Total Capital	41.82%	44.22%	43.47%	42.51%	17.39%	40.63%	40.71%	36.27%	38.99%	39.01%	24.63%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	8.85%	8.80%	8.44%	8.57%	12.88%	8.82%	8.93%	0.19%	0.19%	0.19%	0.18%
Common Equity to Total Capital	44.64%	44.99%	45.87%	46.55%	69.28%	47.17%	48.42%	62.89%	60.60%	60.54%	60.36%
Debt to EBITDA	21.24	25.90	24.88	-8.64	4.89	15.27	15.40	2.04	4.80	-31.26	78.67
Net Debt to EBITDA	17.16	20.81	20.19	-6.84	2.47	11.65	11.23	0.39	1.16	-6.21	11.95
Long-Term Debt to EBITDA	19.10	24.79	23.67	-8.18	4.77	14.10	14.70	2.01	4.77	-31.05	49.11
Debt to NOPAT	89.21	462.85	-2,106.36	-12.81	23.66	41.41	42.49	2.48	23.54	-13.33	-25.11
Net Debt to NOPAT	72.06	371.90	-1,709.35	-10.14	11.97	31.59	30.98	0.47	5.70	-2.65	-3.81
Long-Term Debt to NOPAT	80.21	442.92	-2,004.16	-12.13	23.06	38.24	40.55	2.44	23.41	-13.25	-15.68
Altman Z-Score	1.22	1.38	1.41	1.23	1.64	1.60	1.75	6.31	3.97	3.70	4.20
Noncontrolling Interest Sharing Ratio	0.00%	18.58%	17.67%	17.51%	0.00%	16.05%	15.55%	11.29%	0.00%	0.00%	11.49%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.71	0.79	0.74	0.78	0.71	0.66	0.81	2.89	2.95	2.54	1.32
Quick Ratio	0.57	0.64	0.57	0.62	0.39	0.50	0.65	2.49	2.71	2.28	1.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	142	1,261	1,195	533	24,792	1,222	1,704	23,463	-365	22,989	23,319
Operating Cash Flow to CapEx	0.00%	267.61%	233.48%	0.00%	45.76%	196.52%	951.90%	0.00%	-176.92%	1,154.55%	1,050.00%
Free Cash Flow to Firm to Interest Expense	0.00	6.44	5.97	0.00	0.00	6.40	9.16	378.43	0.00	0.00	409.11
Operating Cash Flow to Interest Expense	0.00	3.37	2.69	0.00	0.00	2.07	4.04	-9.21	0.00	0.00	4.05
Operating Cash Flow Less CapEx to Interest Expense	0.00	2.11	1.54	0.00	0.00	1.02	3.62	-3.81	0.00	0.00	3.67
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.07	0.07	0.07	0.00	0.09	0.09	0.09	0.17	0.13	0.11	0.12
Accounts Receivable Turnover	3.80	4.08	3.81	0.00	7.44	5.05	4.47	9.89	30.83	6.57	7.05
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.48	1.43	1.31	0.00	2.31	1.66	1.58	3.25	4.43	2.08	2.32
Accounts Payable Turnover	0.95	1.15	1.04	0.89	1.92	1.44	1.42	1.76	4.43	2.90	2.65
Days Sales Outstanding (DSO)	96.13	89.39	95.79	0.00	49.05	72.22	81.57	36.91	11.84	55.54	51.78
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	384.61	317.55	352.20	410.38	189.83	253.74	257.11	207.36	82.30	125.68	137.66
Cash Conversion Cycle (CCC)	-288.48	-228.15	-256.41	0.00	-140.78	-181.52	-175.53	-170.44	-70.46	-70.15	-85.88
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	32,560	32,258	32,441	31,645	8,390	31,425	31,167	8,287	8,152	7,966	8,092
Invested Capital Turnover	0.10	0.10	0.10	0.00	0.17	0.12	0.12	0.23	0.44	0.16	0.17
Increase / (Decrease) in Invested Capital	-1,108	-1,088	-763	-1,394	-24,170	-833	-1,274	-23,358	-238	-23,459	-23,075
Enterprise Value (EV)	48,573	48,289	48,181	47,124	43,036	53,221	56,078	47,678	29,734	28,718	33,160
Market Capitalization	31,976	31,993	32,024	31,726	37,851	38,347	41,971	46,827	28,611	27,789	32,409
Book Value per Share	$26.03	$26.02	$26.52	$28.95	$25.12	$25.33	$26.11	$11.36	$20.65	$20.63	$21.51
Tangible Book Value per Share	($28.76)	($28.55)	($27.82)	($29.76)	$14.68	($25.37)	($24.50)	$0.74	$0.61	$0.79	$1.86
Total Capital	35,758	35,480	35,498	34,902	23,668	35,087	35,235	11,824	11,599	11,623	12,162
Total Debt	16,632	16,396	16,219	15,663	4,223	15,442	15,028	4,365	4,548	4,564	4,799
Total Long-Term Debt	14,953	15,690	15,432	14,836	4,117	14,257	14,343	4,289	4,522	4,534	2,996
Net Debt	13,434	13,174	13,162	12,406	2,136	11,780	10,960	828	1,101	907	729
Capital Expenditures (CapEx)	-198	247	230	-245	118	201	79	-335	13	33	22
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,126	-2,479	-2,403	-2,336	-2,973	-2,152	-2,233	-572	-716	-896	-646
Debt-free Net Working Capital (DFNWC)	120	-250	-472	-224	-1,260	-486	-148	2,482	2,240	2,251	2,802
Net Working Capital (NWC)	-1,559	-956	-1,259	-1,051	-1,366	-1,671	-833	2,406	2,214	2,221	999
Net Nonoperating Expense (NNE)	-1,591	121	129	-446	-400	144	-77	2,975	-246	202	40
Net Nonoperating Obligations (NNO)	13,434	13,174	13,162	12,406	-11,055	11,780	10,960	828	1,101	907	729
Total Depreciation and Amortization (D&A)	-357	260	257	-226	115	241	245	-223	89	77	80
Debt-free, Cash-free Net Working Capital to Revenue	-67.26%	-78.75%	-76.68%	0.00%	-83.23%	-57.16%	-60.56%	-12.44%	-19.60%	-29.22%	-18.89%
Debt-free Net Working Capital to Revenue	3.80%	-7.94%	-15.06%	0.00%	-35.27%	-12.91%	-4.01%	53.98%	61.32%	73.42%	81.95%
Net Working Capital to Revenue	-49.32%	-30.37%	-40.17%	0.00%	-38.24%	-44.38%	-22.59%	52.33%	60.61%	72.44%	29.22%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.51	$0.94	$0.00	$0.61	$0.91	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	613.48M	614.08M	561.13M	652.83M	652.95M	653.45M	654.64M	340.44M	341.10M	341.29M	341.93M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.49	$0.89	$0.00	$0.52	$0.60	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	613.48M	614.08M	561.13M	652.83M	652.95M	653.45M	654.64M	340.44M	341.10M	341.29M	341.93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	613.48M	614.08M	561.13M	652.83M	652.95M	653.45M	654.64M	340.44M	341.10M	341.29M	341.93M
Normalized Net Operating Profit after Tax (NOPAT)	-966	190	447	-861	435	406	442	108	-603	-455	244
Normalized NOPAT Margin	0.00%	7.42%	13.79%	0.00%	0.00%	14.78%	13.96%	11.81%	0.00%	0.00%	18.22%
Pre Tax Income Margin	0.00%	3.99%	11.31%	0.00%	0.00%	11.50%	19.68%	14.82%	0.00%	0.00%	17.00%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	1.76	3.32	0.00	0.00	2.67	3.44	4.06	0.00	0.00	7.26
NOPAT to Interest Expense	0.00	0.88	2.16	0.00	0.00	2.04	2.31	1.69	0.00	0.00	4.29
EBIT Less CapEx to Interest Expense	0.00	0.49	2.17	0.00	0.00	1.62	3.02	9.47	0.00	0.00	6.88
NOPAT Less CapEx to Interest Expense	0.00	-0.38	1.01	0.00	0.00	0.99	1.89	7.09	0.00	0.00	3.90
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	1.82%	-21.34%	-37.84%	0.00%	0.00%	-5.37%	-14.64%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Liberty Media Corporation - Liberty Formula One Series A (NASDAQ: FWONA) has shown a marked turnaround in recent quarters following challenging periods in 2022 and early 2023.

Income and Profitability Trends:

Q2 2025 reported consolidated net income of $204 million, a significant improvement from a loss of $672 million in Q1 2025 and also showing strong recovery compared to prior years.
Total revenue in Q2 2025 reached $1.34 billion, rebounding strongly from zero revenue in Q1 2025, signaling operational normalization and growth.
Gross profit for Q2 2025 was $474 million, demonstrating improved operational efficiency compared to prior quarters.
Significant losses were recorded in Q4 2024 (-$355 million) and in prior years (e.g., large losses in 2023 Q3 and Q4), reflecting past operational and market difficulties.
Interest expense and investment income showed volatility across quarters, with Q2 2025 interest expense at $57 million and mixed investment income impacts noted previously.

Cash Flow and Liquidity:

Net cash from operating activities improved to $231 million in Q2 2025, indicating healthier cash generation compared to negative cash flows seen in previous quarters such as Q1 2025.
Cash and equivalents increased to $3.45 billion by Q2 2025, up from $3.15 billion in Q1 2025 and continuing an upward trajectory since early 2024, strengthening liquidity position.
Investing activities reflect substantial ongoing investments including property, plant, and equipment purchases (about $22 million in Q2 2025) as well as investments acquisitions, which could pressure cash reserves.
Financing activities in Q2 2025 showed repayment of debt ($21 million), suggesting some deleveraging, though long-term debt remains substantial as per balance sheet.

Balance Sheet and Capital Structure:

Total equity and noncontrolling interests reached $7.36 billion in Q2 2025, reflecting a solid capitalization base.
Total liabilities stood at approximately $6.46 billion in Q2 2025, including significant short-term debt ($1.8 billion) and long-term debt ($3 billion), which investors should monitor for refinancing risk.

Summary: Liberty Media Corp's Formula One series has seen a commendable recovery in the first half of 2025, with improved revenue, profitability, and cash flow after loss-making periods in late 2024 and early 2025. Continued strong cash generation and growing cash reserves bode well for financial stability. However, elevated debt levels and continued capital expenditures represent areas of caution. Retail investors should watch upcoming quarterly results for sustained profitability and debt management progress.

08/08/25 11:38 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Atlanta Braves' Financials

When does Atlanta Braves' financial year end?

According to the most recent income statement we have on file, Atlanta Braves' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Atlanta Braves' net income changed over the last 10 years?

Atlanta Braves' net income appears to be on a downward trend, with a most recent value of -$2.48 billion in 2024, falling from $395 million in 2014. The previous period was $962 million in 2023. View Atlanta Braves' forecast to see where analysts expect Atlanta Braves to go next.

What is Atlanta Braves' operating income?

Atlanta Braves' total operating income in 2024 was $276 million, based on the following breakdown:

Total Gross Profit: $1.17 billion
Total Operating Expenses: $889 million

How has Atlanta Braves' revenue changed over the last 10 years?

Over the last 10 years, Atlanta Braves' total revenue changed from $3.64 billion in 2014 to $3.65 billion in 2024, a change of 0.4%.

How much debt does Atlanta Braves have?

Atlanta Braves' total liabilities were at $5.90 billion at the end of 2024, a 73.1% decrease from 2023, and a 41.6% decrease since 2014.

How much cash does Atlanta Braves have?

In the past 10 years, Atlanta Braves' cash and equivalents has ranged from $0.00 in 2016 to $2.96 billion in 2024, and is currently $2.96 billion as of their latest financial filing in 2024.

How has Atlanta Braves' book value per share changed over the last 10 years?

Over the last 10 years, Atlanta Braves' book value per share changed from 33.23 in 2014 to 20.65 in 2024, a change of -37.9%.

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This page (NASDAQ:BATRA) was last updated on 8/8/2025 by MarketBeat.com Staff

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