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TKO · TKO Group Holdings

9 filings

10-Q

TKO 10-Q Quarterly Reports

TKO Group Holdings - 9 quarterly reports

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

2026-Q2
TKO Group Holdings Quarterly Report for Q2 Ended Jun 30, 2026
TKO Group Holdings, Inc. reported revenue of $1,547.1 million for the three months ended June 30, 2026, up from $1,308.4 million a year earlier, and $3,144.0 million for the six months, up from $2,577.2 million. Operating income rose to $429.8 million for the quarter from $368.3 million, and net income attributable to TKO Group Holdings, Inc. was $101.6 million versus $98.4 million. Total Adjusted EBITDA was $649.9 million for the quarter, compared with $526.5 million, and the company described Adjusted EBITDA as its primary measure for evaluating consolidated operating performance. Growth was led by the UFC and WWE segments, with IMG benefiting from hospitality revenue tied to the 2026 Milano Cortina Olympics and the FIFA World Cup 2026. Balance sheet and capital allocation changed materially during the period. Long-term debt rose to $4,583.7 million from $3,724.1 million at December 31, 2025, following a $900.0 million incremental first lien term loan in March 2026 and a May 2026 refinancing that reduced the New Term Loans' interest margin by 25 basis points. During the six months, the company repurchased $967.6 million of Class A common stock, including an $800.0 million accelerated share repurchase, and paid $117.3 million in dividends. Net cash provided by operating activities was $1,068.5 million, compared with $559.0 million a year earlier, though the filing notes an increase in restricted cash of $604.8 million related to On Location for the FIFA World Cup 2026. Legal matters were significant this quarter. The company recorded a $105.0 million WWE settlement share, with $75.0 million expected to be funded by insurance recoveries, resulting in an expected loss of $30.0 million within selling, general and administrative expenses. The IMG Italian media rights litigation was settled, with payment made by an Endeavor subsidiary under its indemnification obligations. The UFC Costantino antitrust class action was filed in February 2026 and Zuffa moved to dismiss it and compel arbitration on July 21, 2026.
Aug 3, 2026
2026-Q1
TKO Group Holdings Quarterly Report for Q1 Ended Mar 31, 2026
TKO Group Holdings, Inc. reported first-quarter 2026 revenue of $1,596.9 million, up from $1,268.8 million a year earlier, with operating income of $338.5 million versus $237.4 million and net income attributable to TKO Group Holdings, Inc. of $89.4 million versus $58.4 million. Growth was led by IMG, where On Location hospitality revenue tied to the 2026 Milano Cortina Olympics drove a $179.1 million increase, and by WWE, with a $84.2 million increase that reflected live events including Royal Rumble in Riyadh and higher media rights fees. UFC revenue rose $41.5 million, helped by the new Paramount content distribution agreement effective January 2026. Adjusted EBITDA increased to $549.8 million from $417.4 million. Cash flow from operations was $694.5 million, compared with $162.8 million a year earlier, though the filing attributes the improvement in part to a $582.4 million increase in restricted cash related to On Location's FIFA World Cup 2026 activities. Total debt rose to $4.64 billion from $3.76 billion after the company borrowed an incremental $900.0 million first lien term loan on March 10, 2026, and the revolving credit facility was upsized to $350.0 million. Capital returns were substantial: the company paid $800.0 million under an accelerated share repurchase agreement, repurchased $38.3 million of shares earlier in the quarter, and paid dividends of $0.78 per Class A share. On May 6, 2026, the board authorized up to an additional $1.0 billion of repurchases. Legal developments include a settlement at the end of April 2026 of the Italian football media rights litigation against IMG, to be paid by an Endeavor subsidiary under its indemnification obligations, and a March 31, 2026 district court denial of Zuffa's motion to dismiss the Davis case. Silver Lake and affiliates controlled TKO following the 2025 Endeavor take-private, and EGH and its subsidiaries collectively controlled 63.9% of voting interests as of March 31, 2026.
May 6, 2026
2025-Q3
TKO Group Holdings Quarterly Report for Q3 Ended Sep 30, 2025
TKO Group Holdings, Inc. reported third-quarter 2025 revenue of $1,119.9 million, down from $1,540.7 million a year earlier, while operating income rose to $172.0 million from $34.6 million and net income attributable to TKO Group Holdings, Inc. was $41.0 million versus $23.1 million. The prior-year quarter included large charges, including a $40.0 million UFC antitrust settlement recorded in selling, general and administrative expenses, and IMG's On Location revenue fell sharply after the 2024 Paris Olympics. Total Adjusted EBITDA was $360.2 million for the quarter, compared with $226.2 million a year earlier. For the nine months, revenue was $3,697.2 million and net income attributable to TKO Group Holdings, Inc. was $197.8 million, against a net loss of $21.6 million in the prior-year period. Results reflect the February 28, 2025 Endeavor Asset Acquisition of the IMG businesses, On Location and PBR, which was accounted for as a common control acquisition and retrospectively recast. Capital allocation and leverage moved significantly in the quarter. On September 15, 2025, TKO Worldwide Holdings entered into a Sixth Refinancing Amendment that added a $1.0 billion incremental first lien term loan, bringing the New Term Loans to $2.8 billion, and extended the $205.0 million revolver to September 15, 2030. Total debt rose to $3,737.5 million at September 30, 2025 from $2,762.3 million at year-end 2024. The company paid $800.0 million under an accelerated share repurchase agreement and repurchased $26.1 million of Class A stock privately, and it doubled its quarterly dividend to $0.76 per share, paid September 30, 2025. Operating cash flow for the nine months was $975.8 million, compared with $529.9 million a year earlier. Endeavor Group Holdings, Inc. and its subsidiaries controlled 62.6% of the voting interests in TKO as of September 30, 2025. The filing also discloses ongoing litigation, including the Johnson, Cirkunovs and Davis UFC fighter antitrust cases, WWE stockholder merger litigation, and Italian football-league damages claims against IMG that the company says it intends to defend.
Nov 5, 2025
2025-Q2
TKO Group Holdings Quarterly Report for Q2 Ended Jun 30, 2025
TKO Group Holdings, Inc. reported revenue of $1,308.4 million for the three months ended June 30, 2025, up from $1,193.2 million a year earlier, and $2,577.2 million for the six months, up from $2,415.6 million. Operating income for the quarter was $368.3 million versus $114.9 million in the prior-year quarter, and net income attributable to TKO Group Holdings, Inc. was $98.4 million versus $59.1 million. Total Adjusted EBITDA was $526.5 million for the quarter, compared with $300.8 million a year earlier. Results for 2025 reflect the Endeavor Asset Acquisition of the IMG business, On Location and PBR, completed February 28, 2025 and accounted for as a common control transaction with retrospectively recast historical periods. The new IMG segment reported Adjusted EBITDA of $29.0 million for the quarter. Balance sheet and cash flow highlights include cash and cash equivalents of $535.1 million and restricted cash of $323.4 million at June 30, 2025, and total long-term debt of $2,722.3 million noncurrent, with a First Lien Term Loan of $2,736.3 million principal outstanding. Net cash provided by operating activities was $559.0 million for the six months, versus $352.0 million a year earlier. Restricted cash rose to $323.4 million, which the filing ties partly to On Location's collections for the FIFA World Cup 2026. Other current liabilities include $250.0 million of advanced collections due to third parties. Capital returns and legal matters also shaped the period. TKO paid its quarterly Class A dividend of $0.38 per share in June 2025, and TKO OpCo made distributions of $75.2 million on each of March 31 and June 30, 2025. Endeavor OpCo bought 1,579,080 Class A shares from Vincent K. McMahon for $250.0 million in June 2025. The company paid the final $125.0 million installment of the $375.0 million UFC Le antitrust settlement in June 2025. Multiple UFC antitrust suits (Johnson, Cirkunovs, Davis) and WWE and IMG litigation remain pending.
Aug 6, 2025
2025-Q1
TKO Group Holdings Quarterly Report for Q1 Ended Mar 31, 2025
TKO Group Holdings, Inc. reported revenue of $1,268.8 million for the three months ended March 31, 2025, up from $1,222.4 million a year earlier. Operating income was $237.4 million versus an operating loss of $173.6 million in the prior-year quarter, which included a $335.0 million preliminary UFC antitrust settlement charge. Net income attributable to TKO Group Holdings, Inc. was $58.4 million, compared with a net loss of $103.8 million a year earlier. Total Adjusted EBITDA rose to $417.4 million from $338.9 million, with the UFC, WWE and IMG segments all contributing to the increase in segment profitability. The quarter was shaped by the Endeavor Asset Acquisition, completed February 28, 2025, in which TKO acquired the IMG business, On Location and Professional Bull Riders for total consideration of approximately $3.25 billion plus a $50 million purchase price adjustment. Because the transaction was accounted for as a common control acquisition, historical periods were recast to include the acquired businesses, and IMG became a third reportable segment. The company also paid its inaugural quarterly cash dividend of $0.38 per Class A share, totaling $75.2 million, on March 31, 2025, and repurchased 1,897,650 Class A shares for $300.9 million under an Endeavor trading plan before that plan terminated. Balance sheet items include cash and cash equivalents of $470.9 million, long-term debt of $2.73 billion, and total stockholders' equity of $10.17 billion. Management states that liquidity sources are sufficient for at least the next 12 months. The filing notes that the remaining $125.0 million UFC antitrust settlement payment is expected in the second quarter of 2025, and that the Endeavor Take-Private transaction closed March 24, 2025, with Silver Lake and its affiliates beneficially owning approximately 61% of total voting securities.
May 8, 2025
2024-Q3
TKO Group Holdings Quarterly Report for Q3 Ended Sep 30, 2024
TKO Group Holdings, Inc. reported third-quarter 2024 revenue of $681.3 million, up from $449.1 million a year earlier, and nine-month revenue of $2.16 billion versus $1.06 billion, reflecting a full period of WWE results following the September 12, 2023 Transactions. Operating income for the quarter was $136.4 million and net income attributable to TKO Group Holdings, Inc. was $23.1 million. For the nine months, the company reported a net loss attributable to TKO Group Holdings, Inc. of $21.6 million, driven primarily by a $375.0 million charge for the settlement of UFC antitrust lawsuits (the Le case) recorded in selling, general and administrative expenses. Adjusted EBITDA was $310.0 million for the quarter and $1.01 billion for the nine months. Cash and cash equivalents rose to $457.4 million at September 30, 2024, from $235.8 million at December 31, 2023. Operating cash flow for the nine months was $526.6 million, and the company repurchased $165.0 million of Class A common stock from Vincent K. McMahon in the second quarter. Total long-term debt, including current portion, was $2.72 billion, consisting mainly of a First Lien Term Loan due April 2026. The $375.0 million settlement is payable in installments, with $125.0 million paid into escrow in late October 2024 and two payments covering the remaining $250.0 million expected in 2025. Subsequent events include a definitive agreement announced October 23, 2024 to acquire the Professional Bull Riders, On Location and IMG businesses from Endeavor for total consideration of $3.25 billion, expected to close in the first half of 2025. The board also authorized a share repurchase program of up to $2.0 billion of Class A common stock and a quarterly cash dividend program of $75.0 million, with dividend payments intended to begin March 31, 2025.
Nov 6, 2024
2024-Q2
TKO Group Holdings Quarterly Report for Q2 Ended Jun 30, 2024
TKO Group Holdings, Inc. reported second-quarter 2024 revenue of $851.2 million for the three months ended June 30, 2024, up from $305.2 million a year earlier, and $1,480.9 million for the six months, up from $611.9 million. The comparison is distorted by the September 12, 2023 combination of the UFC and WWE businesses, with WWE contributing $456.8 million of revenue in the quarter. Net income attributable to TKO Group Holdings, Inc. was $59.1 million for the quarter, while the six-month figure was a loss of $44.7 million, largely reflecting a $335.0 million legal settlement related to the UFC antitrust lawsuits recorded in selling, general and administrative expenses. Consolidated Adjusted EBITDA was $420.9 million for the quarter and $703.1 million for the six months. The company's balance sheet shows total assets of $12.72 billion at June 30, 2024, including goodwill of $7.67 billion and intangible assets of $3.40 billion, against total liabilities of $4.09 billion. Total debt was $2.73 billion, consisting mainly of a first lien term loan due April 2026. During the second quarter, TKO repurchased 1,853,724 Class A shares from Vincent K. McMahon for $165.0 million, funded with about $150.0 million of revolver borrowings and cash on hand; the revolver was fully repaid in June 2024. Cash and cash equivalents rose to $277.5 million, and operating cash flow was $290.0 million for the six months. The filing also discloses ongoing legal matters, including the UFC antitrust settlement, which the court denied preliminary approval of on July 30, 2024, and a consolidated WWE merger litigation in Delaware. The company stated it is evaluating its options, including an appeal, and has begun settlement discussions with plaintiffs' counsel for the Le and Johnson cases.
Aug 8, 2024
2024-Q1
TKO Group Holdings Quarterly Report for Q1 Ended Mar 31, 2024
TKO Group Holdings, Inc. reported a first quarter 2024 net loss of $249.5 million on revenue of $629.7 million, compared with net income of $87.95 million on revenue of $306.7 million in the first quarter of 2023. The period reflects the September 12, 2023 combination of the UFC and WWE businesses, which is accounted for as a reverse acquisition of WWE. Operating loss was $210.3 million, driven largely by $335.0 million of legal costs tied to the settlement of UFC antitrust lawsuits and $107.2 million of depreciation and amortization. Net loss attributable to TKO Group Holdings, Inc. was $103.8 million, or $1.26 per share of Class A common stock. Adjusted EBITDA was $282.2 million, compared with $172.6 million a year earlier, with the UFC segment contributing $195.1 million and the WWE segment $140.2 million. The balance sheet shows total assets of $12.72 billion, total liabilities of $4.09 billion, and total long-term debt of $2.71 billion, primarily a first lien term loan with $2.7 billion outstanding. Cash and cash equivalents rose to $245.8 million. Accrued liabilities increased to $405.7 million, including $200.0 million of legal settlements expected to be paid within twelve months, and other long-term liabilities rose to $137.9 million, reflecting the remaining $135.0 million of the settlement due in April 2025. Operating cash flow was $59.3 million, and cash used in investing activities was $36.2 million. Subsequent to quarter end, the company borrowed $150.0 million under its revolving credit facility to fund share repurchases in the second quarter of 2024, and amended the credit agreement to extend the revolver's maturity to October 29, 2025. Remaining exposures include WWE-related regulatory inquiries, a lawsuit alleging sexual assault by a former executive, and consolidated Delaware stockholder litigation tied to the Transactions, all at an early stage. Management concluded that disclosure controls were effective as of March 31, 2024.
May 8, 2024
2023-Q3
TKO Group Holdings Quarterly Report for Q3 Ended Sep 30, 2023
TKO Group Holdings, Inc. filed its Form 10-Q for the quarter ended September 30, 2023, the first quarter after the September 12, 2023 closing of the Transactions that combined the UFC business of Zuffa Parent, LLC (now TKO Operating Company, LLC, or TKO OpCo) with World Wrestling Entertainment, Inc. (now World Wrestling Entertainment, LLC). Because the Transactions were accounted for as a reverse acquisition of WWE, the historical results shown are those of Zuffa. Third-quarter revenue rose $108.4 million, or 32%, to $449.1 million, and nine-month revenue rose 22% to $1,061.0 million. Third-quarter net income was $22.0 million, and the net loss attributable to TKO Group Holdings, Inc. for the September 12 to 30 period was $21.9 million, or $0.26 per Class A share. Selling, general and administrative expenses rose sharply, largely from $67.5 million of Transaction-related professional fees and bonuses in the quarter and $31.6 million of WWE restructuring charges. Third-quarter Adjusted EBITDA was $239.7 million, and the filing reports a 53% Adjusted EBITDA margin for the quarter. The balance sheet expanded materially with the acquisition. Total assets were $12.74 billion as of September 30, 2023, including $7.64 billion of goodwill and $3.68 billion of intangible assets. Goodwill attributable to WWE was $5.04 billion. Total debt principal was $2.77 billion, consisting mainly of a $2.7 billion First Lien Term Loan due April 2026, and the $205.0 million Revolving Credit Facility had no borrowings outstanding. Interest expense, net rose 72% in the quarter to $60.6 million, driven by higher rates on variable-rate debt. Cash and cash equivalents were $188.6 million, and nine-month operating cash flow was $247.7 million. Governance is a central feature of the filing. Subsidiaries of Endeavor Group Holdings, Inc. hold approximately 51.9% of TKO's voting power and economic interest in TKO OpCo, and the company is a controlled company under NYSE rules. Investors should also weigh the pending UFC antitrust class action, for which a trial date of April 8, 2024 has been set, and the regulatory and investigative matters arising from the WWE Special Committee investigation into former CEO Vincent K. McMahon.
Nov 7, 2023