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TKO · TKO Group Holdings

3 filings

10-K

TKO 10-K Annual Reports

TKO Group Holdings - 3 annual reports

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

2025
TKO Group Holdings Annual Report, Year Ended Dec 31, 2025
TKO Group Holdings, Inc. reported 2025 revenue of $4,735.2 million, down from $4,884.2 million in 2024, while operating income rose to $835.0 million from $30.9 million and net income attributable to TKO Group Holdings, Inc. reached $195.4 million versus $9.4 million. The year-over-year swing was driven largely by the absence of the $375.0 million UFC antitrust settlement charge recorded in 2024 and lower direct operating costs tied to the 2024 Paris Olympics and On Location hospitality, which declined sharply after the Endeavor Asset Acquisition. Adjusted EBITDA increased to $1,585.3 million from $1,081.9 million, with WWE segment revenue up 22% to $1,709.4 million and UFC revenue up 7% to $1,502.2 million, partly offset by a 31% decline in IMG segment revenue to $1,367.3 million. Capital allocation was significant in 2025. The company repurchased $866.8 million of Class A common stock, paid $185.2 million in dividends to Class A holders, and made $455.6 million of distributions to members. Cash from operating activities rose to $1,285.7 million from $586.1 million. Total debt grew to $3.7 billion of term loans after a September 2025 refinancing that added $1.0 billion of incremental first lien term loans, and the quarterly dividend was increased to $150 million from $75 million beginning in the third quarter of 2025. Investors should note the concentrated control structure: Endeavor and Silver Lake together control approximately 63.0% of the voting interests, and TKO is a controlled company exempt from certain NYSE governance requirements. The filing also discloses ongoing UFC antitrust litigation (Johnson, Cirkunovs and Davis cases), WWE-related proceedings, and IMG litigation in Italy seeking damages in the hundreds of millions of euros.
Feb 25, 2026
2024
TKO Group Holdings Annual Report, Year Ended Dec 31, 2024
TKO Group Holdings, Inc. reported revenue of $2.80 billion for the year ended December 31, 2024, up $1,129.3 million, or 67.4%, from $1.68 billion in 2023, driven primarily by the full-year contribution of WWE following the September 2023 Transactions combining UFC and WWE. Operating income fell to $282.9 million from $446.7 million, mainly because selling, general and administrative expenses rose to $1,228.7 million, including a $375.0 million charge for the settlement of the UFC antitrust (Le) class action. Net income attributable to TKO Group Holdings, Inc. was $9.4 million, compared with a net loss of $35.2 million in 2023, while Adjusted EBITDA rose to $1,251.2 million from $809.1 million. Cash flow from operations was $583.4 million, and cash and cash equivalents ended the year at $525.6 million. Total outstanding term loan debt was $2.75 billion after a November 2024 refinancing that extended maturities to 2031. The board authorized a share repurchase program of up to $2.0 billion and a quarterly cash dividend of approximately $75 million to be paid by TKO OpCo, with the inaugural dividend payable March 31, 2025. The company also agreed to the Endeavor Asset Acquisition of the PBR, On Location and IMG businesses for total consideration of $3.25 billion, expected to close in the first quarter of 2025 and to issue approximately 26.1 million TKO OpCo Units and Class B shares to Endeavor affiliates. Investors should weigh the strong revenue growth and Adjusted EBITDA expansion against heavy concentration of control: Endeavor and its subsidiaries hold 53.9% of voting interests and the company is a controlled company under NYSE rules. Material risks include dependence on key media distribution agreements, with the UFC domestic license expiring in December 2025 and the WWE network license in March 2026, as well as ongoing WWE-related investigations and litigation.
Feb 26, 2025
2023
TKO Group Holdings Annual Report, Year Ended Dec 31, 2023
TKO Group Holdings, Inc. was formed on September 12, 2023 through the combination of UFC and WWE, with TKO Operating Company, LLC (f/k/a Zuffa Parent, LLC) treated as the accounting acquirer in a reverse acquisition of WWE. For the year ended December 31, 2023, revenue was $1,675.0 million, up $534.9 million, or 47%, from $1,140.1 million in 2022. Adjusted EBITDA was $809.1 million, up $180.4 million, or 29%. Net income was $175.7 million, while the net loss attributable to TKO Group Holdings, Inc. was $(35.2) million. Post-combination WWE contributed $382.8 million of revenue and $163.0 million of Adjusted EBITDA from September 12 through December 31, 2023. The company carries $2.7 billion of first lien term loans maturing in April 2026, with about $205 million of revolver capacity, and interest expense rose $99.4 million, or 71%, to $239.0 million on higher variable rates. Endeavor Group Holdings controls about 52.1% of voting power, so TKO qualifies as a controlled company. Key risks disclosed include a pending antitrust class action by former UFC fighters with a trial date of April 15, 2024, legal and regulatory inquiries tied to the WWE special committee investigation of Vincent K. McMahon, and the renewal or replacement of major media rights agreements, including the Netflix agreement for Raw beginning January 2025. The company reported $1,675.0 million of revenue, $809.1 million of Adjusted EBITDA, and $468.4 million of operating cash flow for 2023. Investors should weigh the strong growth and media-rights visibility against the leverage, the rising interest burden, and the concentrated Endeavor control.
Feb 27, 2024