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Side-by-side financial comparison of Atlanta Braves Holdings, Inc. (BATRA) and Warner Music Group Corp. (WMG). Click either name above to swap in a different company.
Warner Music Group Corp. is the larger business by last-quarter revenue ($1.8B vs $61.3M, roughly 30.0× Atlanta Braves Holdings, Inc.). Warner Music Group Corp. runs the higher net margin — 9.6% vs -67.6%, a 77.2% gap on every dollar of revenue. On growth, Atlanta Braves Holdings, Inc. posted the faster year-over-year revenue change (17.6% vs 10.4%). Over the past eight quarters, Atlanta Braves Holdings, Inc.'s revenue compounded faster (28.6% CAGR vs 11.0%).
Atlanta Braves Holdings, Inc. is a sports and entertainment holding company that owns and operates the Atlanta Braves MLB franchise. It also manages adjacent mixed-use real estate, live events, merchandise sales, and media operations, serving fans across the U.S. Southeast and global baseball audiences.
Warner Music Group Corp., commonly abbreviated as WMG, is an American multinational entertainment and record label conglomerate headquartered in New York City. It is one of the "Big Three" recording companies and the third-largest in the global music industry, after Universal Music Group and Sony Music Entertainment.
BATRA vs WMG — Head-to-Head
Income Statement — Q4 2025 vs Q1 2026
| Metric | | |
|---|---|---|
| Revenue | $61.3M | $1.8B |
| Net Profit | $-41.4M | $176.0M |
| Gross Margin | — | 46.4% |
| Operating Margin | -81.2% | 15.7% |
| Net Margin | -67.6% | 9.6% |
| Revenue YoY | 17.6% | 10.4% |
| Net Profit YoY | -116.7% | -25.4% |
| EPS (diluted) | $-0.64 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $61.3M | $1.8B | ||
| Q3 25 | $311.5M | $1.9B | ||
| Q2 25 | $312.4M | $1.7B | ||
| Q1 25 | $47.2M | $1.5B | ||
| Q4 24 | $52.1M | $1.7B | ||
| Q3 24 | $290.7M | $1.6B | ||
| Q2 24 | $282.9M | $1.6B | ||
| Q1 24 | $37.1M | $1.5B |
| Q4 25 | $-41.4M | $176.0M | ||
| Q3 25 | $30.0M | $109.0M | ||
| Q2 25 | $29.5M | $-16.0M | ||
| Q1 25 | $-41.4M | $36.0M | ||
| Q4 24 | $-19.1M | $236.0M | ||
| Q3 24 | $10.0M | $41.0M | ||
| Q2 24 | $29.1M | $139.0M | ||
| Q1 24 | $-51.3M | $96.0M |
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | — | 47.6% | ||
| Q2 24 | — | 46.6% | ||
| Q1 24 | — | 47.1% |
| Q4 25 | -81.2% | 15.7% | ||
| Q3 25 | 12.5% | 7.7% | ||
| Q2 25 | 13.4% | 10.0% | ||
| Q1 25 | -94.2% | 11.3% | ||
| Q4 24 | -35.8% | 12.8% | ||
| Q3 24 | 2.2% | 8.8% | ||
| Q2 24 | 8.8% | 13.3% | ||
| Q1 24 | -141.2% | 8.0% |
| Q4 25 | -67.6% | 9.6% | ||
| Q3 25 | 9.6% | 5.8% | ||
| Q2 25 | 9.4% | -0.9% | ||
| Q1 25 | -87.7% | 2.4% | ||
| Q4 24 | -36.7% | 14.2% | ||
| Q3 24 | 3.4% | 2.5% | ||
| Q2 24 | 10.3% | 8.9% | ||
| Q1 24 | -138.3% | 6.4% |
| Q4 25 | $-0.64 | — | ||
| Q3 25 | $0.47 | — | ||
| Q2 25 | $0.46 | — | ||
| Q1 25 | $-0.66 | — | ||
| Q4 24 | $-0.29 | — | ||
| Q3 24 | $0.16 | — | ||
| Q2 24 | $0.46 | — | ||
| Q1 24 | $-0.83 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $99.9M | $751.0M |
| Total DebtLower is stronger | $738.6M | $4.4B |
| Stockholders' EquityBook value | $526.0M | $720.0M |
| Total Assets | $1.6B | $10.0B |
| Debt / EquityLower = less leverage | 1.40× | 6.07× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $99.9M | $751.0M | ||
| Q3 25 | $82.2M | $532.0M | ||
| Q2 25 | $96.2M | $527.0M | ||
| Q1 25 | $244.7M | $637.0M | ||
| Q4 24 | $110.1M | $802.0M | ||
| Q3 24 | $100.9M | $694.0M | ||
| Q2 24 | $121.2M | $607.0M | ||
| Q1 24 | $181.5M | $587.0M |
| Q4 25 | $738.6M | $4.4B | ||
| Q3 25 | $759.9M | $4.4B | ||
| Q2 25 | $703.1M | $4.4B | ||
| Q1 25 | $699.5M | $4.3B | ||
| Q4 24 | $617.1M | $4.0B | ||
| Q3 24 | $640.1M | $4.0B | ||
| Q2 24 | $600.0M | $4.0B | ||
| Q1 24 | $579.9M | $4.0B |
| Q4 25 | $526.0M | $720.0M | ||
| Q3 25 | $560.3M | $647.0M | ||
| Q2 25 | $522.8M | $589.0M | ||
| Q1 25 | $486.1M | $567.0M | ||
| Q4 24 | $524.2M | $545.0M | ||
| Q3 24 | $530.4M | $518.0M | ||
| Q2 24 | $512.7M | $483.0M | ||
| Q1 24 | $479.2M | $433.0M |
| Q4 25 | $1.6B | $10.0B | ||
| Q3 25 | $1.7B | $9.8B | ||
| Q2 25 | $1.7B | $9.8B | ||
| Q1 25 | $1.7B | $9.6B | ||
| Q4 24 | $1.5B | $9.1B | ||
| Q3 24 | $1.6B | $9.2B | ||
| Q2 24 | $1.6B | $8.8B | ||
| Q1 24 | $1.6B | $8.7B |
| Q4 25 | 1.40× | 6.07× | ||
| Q3 25 | 1.36× | 6.75× | ||
| Q2 25 | 1.34× | 7.41× | ||
| Q1 25 | 1.44× | 7.57× | ||
| Q4 24 | 1.18× | 7.26× | ||
| Q3 24 | 1.21× | 7.75× | ||
| Q2 24 | 1.17× | 8.24× | ||
| Q1 24 | 1.21× | 9.20× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $26.4M | $440.0M |
| Free Cash FlowOCF − Capex | — | $420.0M |
| FCF MarginFCF / Revenue | — | 22.8% |
| Capex IntensityCapex / Revenue | 0.0% | 1.1% |
| Cash ConversionOCF / Net Profit | — | 2.50× |
| TTM Free Cash FlowTrailing 4 quarters | — | $663.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $26.4M | $440.0M | ||
| Q3 25 | $-88.8M | $231.0M | ||
| Q2 25 | $-8.1M | $46.0M | ||
| Q1 25 | $95.8M | $69.0M | ||
| Q4 24 | $28.9M | $332.0M | ||
| Q3 24 | $-69.0M | $304.0M | ||
| Q2 24 | $-34.3M | $188.0M | ||
| Q1 24 | $91.1M | $-31.0M |
| Q4 25 | — | $420.0M | ||
| Q3 25 | — | $203.0M | ||
| Q2 25 | $-82.3M | $7.0M | ||
| Q1 25 | $76.3M | $33.0M | ||
| Q4 24 | $16.8M | $296.0M | ||
| Q3 24 | $-85.5M | $271.0M | ||
| Q2 24 | $-64.1M | $160.0M | ||
| Q1 24 | $63.4M | $-57.0M |
| Q4 25 | — | 22.8% | ||
| Q3 25 | — | 10.9% | ||
| Q2 25 | -26.3% | 0.4% | ||
| Q1 25 | 161.5% | 2.2% | ||
| Q4 24 | 32.3% | 17.8% | ||
| Q3 24 | -29.4% | 16.6% | ||
| Q2 24 | -22.7% | 10.3% | ||
| Q1 24 | 171.0% | -3.8% |
| Q4 25 | 0.0% | 1.1% | ||
| Q3 25 | 0.0% | 1.5% | ||
| Q2 25 | 23.7% | 2.3% | ||
| Q1 25 | 41.3% | 2.4% | ||
| Q4 24 | 23.2% | 2.2% | ||
| Q3 24 | 5.7% | 2.0% | ||
| Q2 24 | 10.5% | 1.8% | ||
| Q1 24 | 74.5% | 1.7% |
| Q4 25 | — | 2.50× | ||
| Q3 25 | -2.96× | 2.12× | ||
| Q2 25 | -0.28× | — | ||
| Q1 25 | — | 1.92× | ||
| Q4 24 | — | 1.41× | ||
| Q3 24 | -6.89× | 7.41× | ||
| Q2 24 | -1.18× | 1.35× | ||
| Q1 24 | — | -0.32× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BATRA
| Baseball | $34.8M | 57% |
| Mixed Use Development Segment | $26.5M | 43% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
