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TKO Group HoldingsTKO

Legal name
TKO Group Holdings, Inc.
Sector
Other
Industry
Services-Amusement & Recreation Services
Exchange
NYSE

Stock Price $TKO

Latest filings

You are here#11 of 18 in Communication by market cap

Filing record · 2023–202610-K310-Q98-K42

TKO filed 3 annual reports (10-K), 9 quarterly reports (10-Q) and 42 current reports (8-K) between 2023 and 2026.

  1. Material agreement8-K · Nov ’23Nov ’23
  2. Auditor change8-K · Aug ’24Aug ’24
  3. Change in control8-K · Mar ’25Mar ’25
  4. Material agreement8-K · Mar ’26Mar ’26

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  5. $4.74B
YoY changeLargest recent move+182.8%in FY23Latest −3.1%

1 older move runs past ±150% (largest +182.8%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All TKO Financial Metrics52 metrics

Income Statement12

Balance Sheet23

Cash Flow12

Per Share5

02—Overview

TKO Group Holdings Financial Overview 2023–2025

Updated Nov 4, 2026

Operating income hit $835.0 milliona in FY2025, up from just $30.9 million in FY2024. Most of that swing came from the $375.0 million UFC antitrust settlement charge that did not repeat. That is the core thesis: TKO's earnings power is showing through as one-off legal costs fade, even while headline revenue slipped to $4,735.2 million from $4,884.2 million. The dip was a comparison problem. IMG revenue fell 31% to $1,367.3 million because the 2024 Paris Olympics hospitality business at On Location did not repeat.

The longer arc is clearer. On a recast basis, revenue grew from $3,224.8 million in FY2023 to $4,735.2 millionb in FY2025. Adjusted EBITDA nearly doubled over the same span, from $847.8 million to $1,585.3 million. The engines are the media-rights businesses: WWE revenue rose 22% to $1,709.4 million and UFC rose 7% to $1,502.2 million. Operating cash flow more than doubled to $1,285.7 million from $586.1 million.

Management is returning that cash aggressively, and borrowing to do it. TKO repurchased $866.8 millionc of Class A stock and paid $185.2 million in dividends in FY2025. Term-loan debt grew to $3.7 billion. The market already prices in a lot. The shares closed FY2025 at $209.00, or 92.5x earnings on $2.26 of EPS, after EPS of only $0.02 in FY2024. Endeavor and Silver Lake control about 63.0% of voting interests, so minority holders have limited say.

Recent Developments (Q1 and Q2 2026)

TKO's revenue rose 26% to $1,596.9 milliond in Q1 2026, then 18% to $1,547.1 million in Q2 2026. Adjusted EBITDA margin widened to 42% from 40% in Q2 2026. Management raised FY2026 revenue guidance to $5.775 billion–$5.825 billion. On Location hospitality for Milano Cortina and the FIFA World Cup drove IMG. Debt rose to $4,583.7 million after a $900.0 million term loan. TKO completed an $800.0 million accelerated repurchase and has about $1 billion of authorization left. A $30.0 million net WWE litigation loss lifted Q2 2026 SG&A.

Bull case: guidance keeps rising and margins are expanding. Bear case: leverage is climbing, and Q2 2026 free cash flow fell to $349.6 millione from $374.9 million. The stock traded at 85.2x earnings as of the Q2 2026 report date (August 2, 2026), not today.

What to watch: Zuffa's motion to dismiss the Costantino antitrust case; World Cup-driven IMG results and restricted cash release

03—Filings

Recent SEC Filings

  1. 8-KTKO Group Holdings 8-K Report, Financial Results (Aug 3, 2026)TKO Group Holdings, Inc. filed this Current Report on Form 8-K on August 3, 2026 to furnish its results for the quarter ended June 30, 2026 (Exhibit 99.1) and supplemental historical financial information for fiscal years 2023, 2024 and 2025 recast for the acquisition of Professional Bull Riders, On Location and certain IMG businesses as a common-control merger (Exhibit 99.2). Second quarter revenue was $1.547 billion, net income was $303.9 million and Adjusted EBITDA was $649.9 million, with Adjusted EBITDA margin rising to 42% from 40%. Free Cash Flow was $349.6 million, down from $374.9 million, mainly due to timing of working capital and higher capital expenditures. Management raised full-year 2026 guidance to revenue of $5.775 billion to $5.825 billion and Adjusted EBITDA of $2.275 billion to $2.305 billion. Capital return remained a central theme. The company said it has returned more than $1.3 billion year-to-date through share repurchases and dividends, completed an $800 million accelerated share repurchase on June 30, 2026, and completed a $200 million Rule 10b5-1 plan on July 21, 2026. As of August 3, 2026, it had slightly more than $1 billion available under its $3 billion repurchase authorization, and it intends to commence additional repurchases at its discretion. Gross debt was $4.659 billion and cash and cash equivalents were $592.5 million as of June 30, 2026. The filing also flags headwinds in the quarter. Selling, general and administrative expenses rose $98.4 million, driven primarily by legal fees and settlement costs tied to WWE stockholder litigation, and Certain legal costs were $71.1 million in the quarter. Management attributed UFC's lower margin to the UFC Freedom 250 event, and Corporate and Other posted an Adjusted EBITDA loss of $77.4 million.
  2. 8-KTKO Group Holdings 8-K Report, Shareholder Vote Results (Jun 12, 2026)TKO Group Holdings, Inc. filed this Current Report on Form 8-K under Item 5.07 to report the results of its annual meeting of stockholders, held on June 10, 2026. Shares of Class A and Class B common stock representing 187,379,656 votes, or approximately 98.03% of the voting power entitled to vote, voting as a single class, were present in person, by remote communication, or by proxy. The proposals were described in the company's definitive proxy statement on Schedule 14A filed April 23, 2026. Stockholders elected all twelve director nominees to serve until the 2027 annual meeting and until their successors are duly elected and qualified. Votes for individual nominees ranged from 142,813,504 (Dwayne Johnson, with 36,067,667 withheld) to 178,548,765 (Bradley A. Keywell, with 332,406 withheld). Each nominee also received 8,498,485 broker non-votes. Stockholders also ratified the appointment of KPMG LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2026, with 187,147,670 votes for, 157,298 against, and 74,688 abstentions. The filing reports no broker non-votes on this item.
  3. 8-KTKO Group Holdings 8-K Report, Corporate Update (May 12, 2026)TKO Group Holdings, Inc. disclosed under Item 8.01 (Other Events) an update to its share repurchase program. As previously reported, on March 10, 2026, the company entered into an accelerated share repurchase agreement (the "ASR Agreement") to repurchase $800.0 million of its Class A common stock. On the same date, it adopted a Rule 10b5-1 trading plan (the "Prior 10b5-1 Plan") authorizing repurchases of up to $200.0 million of Class A common stock, to commence once transactions under the ASR Agreement were completed. On May 11, 2026, the company entered into a new Rule 10b5-1 trading plan (the "10b5-1 Plan") that supersedes, amends and replaces the Prior 10b5-1 Plan. Repurchases under the new plan are authorized to commence on May 14, 2026. The filing states that the terms of the 10b5-1 Plan are otherwise identical to those of the Prior 10b5-1 Plan, so the change is one of timing and plan mechanics rather than a change in the authorized repurchase amount. The filing includes standard forward-looking statement language covering the share repurchase program and the timing and manner of purchases. It refers readers to the risk factors in TKO's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and notes that the company undertakes no obligation to update these statements except as required by law.
  4. 8-KTKO Group Holdings 8-K Report, Financial Results (May 6, 2026)TKO Group Holdings, Inc. reported first quarter 2026 results for the period ended March 31, 2026, with revenue of $1.597 billion (up 26%, or $328.1 million, from the prior year period) and net income of $249.8 million, compared with $165.5 million a year earlier. Adjusted EBITDA rose 32%, or $132.4 million, to $549.8 million, and the Adjusted EBITDA margin increased to 34% from 33%. Growth was driven by the IMG segment (largely On Location hospitality for the 2026 Milano Cortina Olympics), WWE (Royal Rumble in Saudi Arabia and higher media rights fees) and UFC (higher media rights fees under the new Paramount distribution agreement, partly offset by two fewer Fight Night events). Operating cash flow was $694.5 million and Free Cash Flow was $674.5 million, which the company attributes in part to approximately $582.4 million of net pre-payments held in escrow related to FIFA World Cup 26. TKO reaffirmed its full-year 2026 guidance of revenue of $5.675 billion to $5.775 billion and Adjusted EBITDA of $2.240 billion to $2.290 billion. The board authorized up to an additional $1.0 billion of Class A share repurchases, incremental to a previously announced $2.0 billion program. The company returned approximately $1.0 billion of capital to equity holders in the quarter through repurchases and dividends. Cash and cash equivalents were $788.9 million and gross debt was $4.671 billion at March 31, 2026, and the company's balance sheet shows long-term debt rising to $4.594 billion from $3.724 billion at December 31, 2025. The filing also furnishes supplemental financial information recasting fiscal 2023, 2024 and 2025 results to reflect the February 28, 2025 acquisition of Professional Bull Riders, On Location and certain IMG-branded businesses as a common-control merger. Total revenue on that recast basis was $4,884.2 million for 2024 and $4,735.2 million for 2025, and Adjusted EBITDA was $1,081.9 million for 2024 and $1,585.3 million for 2025. The filing reports net leverage of 2.3x based on trailing twelve-month Adjusted EBITDA of $1,717.7 million.
  5. 8-KTKO Group Holdings 8-K Report, Material Agreement (Mar 10, 2026)On March 10, 2026, TKO Group Holdings, Inc. (TKO) disclosed two related capital actions. First, its indirect subsidiary TKO Worldwide Holdings, LLC entered into the Fourteenth Amendment to its First Lien Credit Agreement, providing an additional $900.0 million first lien term loan (the Incremental Term Loan), upsizing the revolving credit facility to $350.0 million, and making other changes. The full $900.0 million was borrowed on the closing date. The Incremental Term Loan bears interest at Term SOFR plus 2.00% (0.00% floor) or ABR-based rates, amortizes at 1% per annum, and matures on November 21, 2031. The Upsized Revolving Credit Facility matures on September 15, 2030. Second, TKO entered into an accelerated share repurchase (ASR) agreement with Morgan Stanley & Co. LLC to repurchase $800.0 million of its Class A common stock, as part of its previously announced $2.0 billion share repurchase program. The Company will pay $800.0 million to the dealer on March 11, 2026 and expects an initial delivery of 3,136,179 shares. The final share count will depend on the volume-weighted average price over the term, less a discount. ASR transactions are expected to be completed by June 2026. TKO also entered into a 10b5-1 trading plan to repurchase up to $200.0 million of Class A common stock, to commence after the ASR is completed. The Company stated it intends to fund both repurchase programs with proceeds from the Incremental Term Loan. For investors, the filing shows that TKO is using newly borrowed debt to fund share repurchases totaling $1.0 billion, which the press release states will "all but satisfy" the $2.0 billion authorization. The filing does not discuss the resulting leverage or the company's financial results.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.