BATRA

What is the projected earnings per share (EPS) for the remainder of the year based on this performance?

Created August 07, 2025 at 12:10 PM

Answer

The press release you quoted provides a solid picture of Atlanta Braves Holdings, Inc.’s (ticker BATRA) second‑quarter 2025 operating performance – total revenue of $312 million, baseball‑related revenue of $287 million, mixed‑use development revenue of $25 million, and Adjusted OIBDA of $66 million. However, it does not disclose the company’s net income, earnings‑per‑share (EPS) figures, or the number of shares outstanding that are required to calculate a forward‑looking EPS projection for the rest of 2025.

Below is a step‑by‑step explanation of why a precise EPS projection cannot be derived from the information provided, what data would be needed, and how analysts typically estimate EPS for the remainder of a fiscal year when only limited quarterly data are available.

1. Why the Current Information Is Insufficient for an EPS Projection

Metric Reported	What It Tells Us	What’s Missing for EPS
Total revenue	Size of the top line for Q2 2025 (up 10% YoY).	No information on cost structure, margins, or net income.
Baseball revenue	Core operating segment performance.	No breakdown of operating expenses, depreciation, interest, taxes, or other non‑operating items.
Mixed‑use development revenue	Growth in a non‑core segment (up 49%).	Same as above – no expense data for this segment.
Adjusted OIBDA	A non‑GAAP operating cash‑flow metric (OIBDA = Operating Income + Depreciation & Amortization). It is $66 million for Q2.	No conversion factor to Net Income (the GAAP figure that feeds EPS). Adjusted OIBDA excludes items such as interest, taxes, and other non‑cash charges that affect net income.

Key missing pieces for EPS:

Net Income (or GAAP earnings) for Q2 2025 – the numerator in the EPS calculation.
Number of shares (common stock) outstanding – the denominator in the EPS calculation (often disclosed in the “Shares Outstanding” footnote of the 10‑Q filing).
Management’s guidance for 2025 earnings – many companies provide a full‑year earnings outlook (e.g., “We expect FY2025 adjusted EPS of $X‑$Y”). The press release does not contain such guidance.
Historical EPS or net‑income‑per‑share data – needed to infer trends or to apply a growth rate.

Because none of these items are present, any EPS figure we could quote would be pure speculation.

2. How Analysts Typically Project EPS for the Remainder of the Year

When a company releases only quarterly operating metrics (like revenue and Adjusted OIBDA) but does not give EPS guidance, analysts use one or more of the following approaches:

A. Guidance‑Based Projection

Step 1: Locate the company’s FY2025 earnings guidance (often in a separate earnings‑release, investor‑presentation, or a conference‑call transcript).
Step 2: Subtract the earnings already reported for the first two quarters (Q1 + Q2) from the full‑year guidance to isolate the “remainder‑of‑year” earnings estimate.
Step 3: Divide the remainder‑of‑year earnings estimate by the current shares‑outstanding to get the projected EPS for the rest of the year.

If BATRA had said “We expect FY2025 adjusted EPS of $1.20‑$1.30,” you could calculate the remainder‑of‑year EPS by removing Q1 and Q2 contributions.

B. Historical Margin‑Based Projection

Step 1: Use the most recent GAAP net‑income (or EPS) disclosed in the prior quarter’s 10‑Q filing.
Step 2: Apply the historical net‑margin (Net Income ÷ Revenue) to the current quarter’s revenue to estimate Q2 net income.
Step 3: Assume the same margin for the upcoming two quarters (Q3 & Q4) or adjust for known seasonality (e.g., higher baseball revenue in the summer).
Step 4: Sum the estimated net income for Q3 and Q4, then divide by shares‑outstanding.

This method is highly sensitive to margin stability and seasonal effects, which may not hold for a sports‑and‑real‑estate hybrid like BATRA.

C. Adjusted OIBDA‑to‑Net‑Income Conversion

Step 1: Determine the typical “EBITDA‑to‑Net‑Income” conversion ratio for the company (e.g., from the most recent 10‑K, you might see that Adjusted OIBDA is ~1.2× Net Income).
Step 2: Apply that ratio to the Q2 Adjusted OIBDA of $66 million to back‑solve an implied Net Income for Q2.
Step 3: Project the same ratio forward for Q3 and Q4, then compute EPS.

This conversion is only a rough proxy because interest, tax rates, and non‑cash items can vary quarter‑to‑quarter.

D. Consensus Analyst Estimates

Step 1: Check financial‑data platforms (e.g., Bloomberg, FactSet, Thomson Reuters) for the consensus FY2025 EPS estimate for BATRA.
Step 2: Subtract the EPS already reported for Q1 and Q2 (if available) to isolate the “remainder‑of‑year” EPS estimate.

This is the most reliable method when the consensus data are up‑to‑date.

3. What You Can Do Next

Locate the FY2025 earnings guidance – Search BATRA’s investor‑relations website for a “2025 Outlook” press release, a conference‑call transcript (often posted the same day as the earnings release), or the latest Form 10‑Q/10‑K filing.
Find the shares‑outstanding figure – This is typically disclosed in the “Capital Stock” footnote of the 10‑Q or 10‑K. If you can’t locate it, the “share‑count” is often listed on market‑data sites (e.g., Nasdaq, Yahoo! Finance).
Obtain prior‑quarter net‑income or EPS – The Q1 2025 results (or the Q2 2024 results) will give you a baseline to work from.
If you have analyst consensus data, use the “Trailing‑12‑Month (TTM) EPS” and the “Forward‑12‑Month EPS” to infer the incremental EPS for the remaining quarters.

4. Sample Illustration (Using Hypothetical Numbers)

Because we do not have the actual net‑income or share‑count, the numbers below are *illustrative only** to show the mechanics.*

Assumption	Value
Shares outstanding (as of Q2 2025)	30 million
Adjusted OIBDA Q2	$66 million
Typical Adjusted OIBDA → Net Income conversion	1.15 (i.e., Adjusted OIBDA is 15 % higher than Net Income)
Implied Net Income Q2	$66 M ÷ 1.15 ≈ $57.4 million
Net‑margin Q2	$57.4 M ÷ $312 M ≈ 18.4 %
Projected Q3 & Q4 revenue (assume same as Q2)	$312 M each
Projected Net Income Q3 & Q4 (using 18.4 % margin)	$57.4 M each
Total Net Income for remainder of FY (Q3+Q4)	$57.4 M × 2 = $114.8 million
Projected EPS for remainder of FY	$114.8 M ÷ 30 M shares ≈ $3.83 per share

If the company had previously reported Q1 net income of $55 million, the FY2025 net‑income estimate would be $55 M + $57.4 M + $114.8 M ≈ $227 million, yielding a FY2025 EPS of $227 M ÷ 30 M ≈ $7.57 per share.

Caveats:

- The 18.4 % net‑margin is derived from a single quarter and may not hold in later quarters (e.g., stadium‑related expenses, tax‑rate changes, or development‑cost timing).

- The shares‑outstanding figure can change due to stock‑based compensation, share‑repurchases, or new issuances.

- The Adjusted OIBDA‑to‑Net‑Income conversion ratio is company‑specific; using a generic 1.15 factor could mis‑state earnings.

5. Bottom‑Line Answer to Your Question

Based on the information in the press release alone, we cannot calculate a reliable projected EPS for the remainder of 2025.

The release provides revenue and Adjusted OIBDA figures but does not disclose net income, EPS, or the number of shares outstanding—data that are essential for any EPS projection.

To obtain a credible EPS estimate, you will need one or more of the following:

The company’s FY2025 earnings guidance (or a consensus analyst EPS forecast).
The net income (or EPS) already reported for Q1 and Q2 2025.
The current shares‑outstanding count.

Once those pieces are in hand, you can apply the standard EPS formula:

[
\text{Projected EPS (remainder of FY)} = \frac{\text{Projected Net Income for Q3 + Q4}}{\text{Shares Outstanding}}
]

If you can locate the missing data points, feel free to share them and I can walk you through the exact calculation. Until then, any EPS figure would be speculative and should be treated as a rough, illustrative estimate rather than a definitive projection.