Braves Earnings Show Promise and Pressure of RSN Shift

The inherent strength of the Braves’ business, as well as the near-term messiness of their current large-scale pivot, were on full display in their first-quarter earnings.

The MLB club said Monday that its revenue for the period surged by 53% to $72 million, while its adjusted operating income improved 39% from a prior $28.5 million loss to a $17.6 million loss—with both measures boosted materially by the early start to the 2026 season.

As the overall league schedule began on March 25 and the Braves opened the slate with a six-game homestand, the Braves were able to get a jumpstart on staging games at Truist Park—still a core pillar of the team’s expanding operations. Atlanta had five of those games during the first quarter compared to zero in the same period last year.

TV Impacts

The quarterly earnings report, meanwhile, showed the earliest stages of financial transition that is happening with the club’s recent creation of the BravesVision regional sports network. The outlet debuted with the start of the 2025 season after the Braves parted ways with Main Street Sports Group and are forging their own path—and in a conceptually similar manner as the TBS superstation formed decades ago by former owner and recently deceased media titan Ted Turner.

The Braves said its broadcasting revenue plummeted 41% in the quarter from $4.3 million to $2.5 million. BravesVision, however, was fully operational for only the final week of the quarter, while the bulk of the club’s revenue in this area is traditionally reaped in other parts of the year.

As a result, it won’t be until subsequent quarters that a fuller picture of the health of BravesVision emerges. Still, the club recently told Front Office Sports that it is on track to surpass its prior revenue from Main Street Sports—something that it reiterated in a call with analysts on Monday.

“We built in a matter of only a few weeks what would typically take 12 to 18 months to assemble and did so with the team leaner than nearly anyone else in the industry,” said Braves president and CEO Derek Schiller. “This tremendous achievement is a testament to our vision to control our rights again and be in a position to maximize not only our economics but the complete fan experience across our geographic territory.”

Rest of the Ledger

The club also continues to benefit mightily from its mixed-use development revenue, which grew 41% in the quarter to $26.3 million. Last year’s acquisition of Pennant Park, located adjacent to The Battery, has materially expanded the club’s overall real estate footprint.

Other revenue, however, fell by 30% in the period to $12.2 million, with the decline of $5.2 million due largely to fewer events held at Truist Park. Last year’s comparable period included the revenue boost from two sold-out Savannah Bananas games. The Bananas returned to Truist Park last weekend, but that will be reflected in the team’s second-quarter earnings.

The Braves have surged to a strong start to the season, posting a MLB-best 28–13 record through Sunday’s games.

“This is the kind of fast start that we were hoping for and we are doing this while still awaiting the return of several impact players who have been recovering from injuries,” Braves chairman Terry McGuirk said.

To that end, Schiller added that “we see our business and baseball strategies as aligned. A competitive team supports demand and our broader development platform supports revenue throughout the year.”

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