The Braves lost $12.5 million on baseball through September while The Battery earned $55.8 million

The Atlanta Braves' baseball business posted a $12.5 million adjusted operating loss over the first nine months of 2026, while The Battery Atlanta, the team's mixed-use development next to Truist Park, made $55.8 million, according to figures reported by Front Office Sports and Sportico from the club's third-quarter results on Wednesday. A year ago, the baseball side showed a $62.5 million gain over the same stretch.

Atlanta Braves Holdings is a public company, so it reports these numbers every quarter. Its release said baseball's adjusted operating income, a profit measure before depreciation, amortization and stock pay, fell to $26 million in the third quarter from $50 million a year earlier, "driven mainly by increases in player salaries."

The topline

• Third-quarter revenue: $324.6 million, up 4%.
• Baseball revenue: $295.5 million, up 4%, helped by a 14% rise in average regular-season attendance.
• The Battery and other real estate: $29.1 million, up 7%.
• Revenue through nine months: $701.8 million, up 5%, with real estate revenue up 19% to $84 million.
• Operating income: $8.7 million in the quarter, down from $38.9 million. Through nine months the company has an operating loss of $51.1 million.

Baseball operating costs are up 18% this year, to $553.5 million through September.

Why it matters for the lockout talk

MLB's labor deal expires Dec. 1, and owners have pushed for a salary cap and floor. Sportico notes the league can point to a popular playoff team losing money on baseball. The players' union has long argued that clubs make money outside the team itself, through real estate, regional networks and other businesses, and The Battery is the clearest example.

Braves chairman Terry McGuirk stayed out of it on the earnings call. "Given what we've seen yesterday, these are truly fluid conversations, and it makes little sense to comment along the way while they're happening," he said, per Front Office Sports, a day after MLB revised its cap proposal.

TV money is still down

The Braves have been rebuilding local TV revenue through BravesVision, their own network, after their deal with Main Street Sports Group ended. Media revenue was $76.1 million in the quarter, down 4%, and $151.5 million for the year, down 8%, according to Front Office Sports. The company said BravesVision led MLB in in-market direct-to-consumer subscribers in its first regular season.