01—Abstract
Summary
Summary of the 10-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.
TKO Group Holdings, Inc. reported 2025 revenue of $4,735.2 milliona, 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 millionb 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 millionc 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%d 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.
02—Key points
Key Highlights
- Revenue of $4,735.2 million, down from $4,884.2 million, while operating income increased to $835.0 million from $30.9 million.
- Net income attributable to TKO Group Holdings, Inc. of $195.4 million versus $9.4 million in 2024; diluted EPS of $2.26 versus $0.02.
- Adjusted EBITDA of $1,585.3 million (33% margin) versus $1,081.9 million (22% margin) in 2024.
- WWE segment revenue rose 22% to $1,709.4 million, driven by Netflix and ESPN media rights and WrestleMania 41; UFC revenue rose 7% to $1,502.2 million.
- IMG segment revenue fell 31% to $1,367.3 million, mainly due to a $555.1 million decline in On Location revenue after the 2024 Paris Olympics.
- Returned capital through $866.8 million of share repurchases and $185.2 million of Class A dividends; the quarterly dividend increased to $150 million in September 2025.
- Endeavor and Silver Lake control approximately 63.0% of voting interests, and TKO relies on controlled company exemptions from NYSE governance rules.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 25, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $4.74B$4.88B | −3.1% |
| SG&A Expenses | $1.51B$1.77B | −14.6% |
| Operating Expenses | $3.90B$4.85B | −19.6% |
| Operating Income | $835.01M$30.95M | +2598.3% |
| Interest Expense | $202.72M$235.79M | −14.0% |
| Net Income | $546.29M$6.38M | +8466.4% |
| EPS (Basic) | $2.42$0.12 | +1916.7% |
| EPS (Diluted) | $2.26$0.02 | +11200.0% |
| Shares Outstanding (Basic) | 80.82M81.34M | −0.6% |
| Shares Outstanding (Diluted) | 194.01M171.87M | +12.9% |
05—Questions
Frequently Asked Questions
Why did operating income improve so sharply despite lower revenue?
Direct operating costs fell $720.7 million (27%) and SG&A fell $259.5 million (15%). The 2024 results included a $375.0 million UFC antitrust settlement charge and costs tied to the 2024 Paris Olympics hospitality business, which did not recur at the same level in 2025.
How much debt does TKO carry and when does it mature?
As of December 31, 2025, the company had $3.7 billion of outstanding first lien term loans, with approximately $205 million available under the revolving credit facility. The term loans mature in November 2031, and the New Term Loans carried an interest rate of 5.87% at year end.
What capital return programs are in place?
The board authorized a share repurchase program of up to $2.0 billion, of which $866.8 million had been repurchased as of December 31, 2025. The quarterly dividend was raised from $75 million to $150 million in aggregate for Class A holders starting in the third quarter of 2025, and the company warns these distributions are discretionary.
What are the main litigation risks?
The UFC Johnson and Cirkunovs class actions seek injunctive relief and treble damages, and the Davis case seeks injunctive relief. WWE faces Delaware merger litigation scheduled for trial in June 2026. IMG is defending Italian claims from Lega Nazionale and football clubs totaling several hundred million euros, with Endeavor obligated to indemnify IMG for these proceedings.
What control risk do public Class A shareholders face?
Endeavor and Silver Lake control about 63.0% of the combined voting interests and can elect a majority of the board. Endeavor could sell a controlling stake in a private transaction, which could bring a new controlling party, and TKO is exempt from certain NYSE governance standards while it remains a controlled company.
06—Continue