Inside The Atlanta Braves 2025 Earnings Report (And Why A Sale Might Be Coming)
The Atlanta Braves just released their 2025 earnings report, offering a rare glimpse into the finances of a publicly traded professional sports team.
Here are the highlights:
$732 million in total revenue (up from $662 million in 2024)
Baseball was responsible for $635 million (87% of total revenue)
Real estate was responsible for $97 million (13% of total revenue)
Adjusted OIBDA (profitability measure) of $108 million (+172% YoY)
I am not a Braves fan, but I enjoy following their business because it is so incredibly unique. The Braves are one of only a handful of publicly traded major professional sports teams in the world, and given that they now have a high-margin real estate business attached to their stadium, the team’s annual financial reports provide an inside look at the future business model for every sports team.
So for today’s newsletter, I spent the last few days reading through the Braves’ financial reports, both this year and previous years, to pick out a few trends worth following. Below is a summary of the most interesting things I discovered.
P.S. Make sure you read until the end. The last point explains why some of the things I uncovered lead me to believe the Braves could soon be put up for sale.
Financial Results Are Decoupling From On-Field Performance
The Braves finished 10 games under .500 last season — their worst record in eight years — yet still posted record revenue and a nearly tripled OIBDA (think: profitability). The team’s poor performance resulted in 100,000 fewer fans attending games in 2025, but baseball revenue still increased by 7%, driven by growth in broadcast revenue, higher season ticket prices, new premium seating, and contractual rate increases for team sponsors. In total, the Braves spent about $8 million less last year on baseball-related expenses (player salaries, etc.) but generated about $40 million more in top-line revenue.
The Battery Is Becoming Atlanta’s Profit Engine
The Atlanta Braves own 3 million square feet of mixed-use development space surrounding Truist Park. This mixed-use development, called The Battery, now generates more than $100 million in annualized revenue, going from just 7% of total revenue in 2018 to 13% in 2025. But revenue isn’t the story. The Battery is now significantly more profitable than the baseball team, accounting for $69 million in OIBDA last year (64% of the total) compared to $51 million from baseball-related events. With 9 million visitors last year, compared to just 2.9 million tickets sold at baseball games, the Braves say that their 30 tenants generated $137 million in annual sales. That makes The Battery one of the most successful mixed-use developments in the country.