Here is what I believe is a good definition of operating income, from Investopedia: "The amount of profit realized from a business's operations after taking out operating expenses - such as cost of goods sold (COGS) or wages - and depreciation. Operating income takes the gross income (revenue minus COGS) and subtracts other operating expenses and then removes depreciation. These operating expenses are costs which are incurred from operating activities and include things such as office supplies and heat and power. Operating Income is typically a synonym for earnings before interest and taxes (EBIT) and is also commonly referred to as "operating profit" or "recurring profit."" I am surprised that the operating income is so low -- less than 6% of gross revenues. However, I suspect that the cash flow is much higher than the operating income, because the Twins LLC probably has been taking lots of deductions for depreciation. Such depreciation deductions reduce operating income, but not cash flow. I would also note that the effect of empty seats on operating income seems huge. If the Twins have 5,000 empty seats per game, their costs are basically the same as if those seats were filled. If they can fill such seats, the incremental revenue is almost pure profit. Assuming that each seat nets $30 (ticket price plus net revenue from concessions -- this is a PLUG # and the real # may be much higher or lower), then 5,000 more fans per game increases the bottom line by $150,000 per game. So there is an economic incentive for the Twins to spend money to fill seats, but such incentive has limits. As for the Astros' TV deal, maybe we can only hope that global warning will eventually cause millions of people to seek cooler climes.