Skip to content
AnalystLens

TKO Group Holdings 8-K Report, Financial Results (Aug 6, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed August 6, 2025
Period End
August 6, 2025
Security
TKO
In the 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—Abstract

Summary

Summary of the 8-K filed August 6, 2025. Cited figures are marked; the original filing is the authoritative source.

TKO Group Holdings, Inc. reported second quarter 2025 results for the period ended June 30, 2025, with revenue of $1.308 billiona, net income of $273.1 million, and Adjusted EBITDA of $526.5 million.

Adjusted EBITDA rose 75%, or $225.7 millionb, and Adjusted EBITDA margin improved to 40% from 25%. Operating cash flow was $396.2 million and Free Cash Flow was $374.9 million for the quarter. Results were recast to include the Acquired Businesses (IMG, On Location and Professional Bull Riders) as if they had been part of TKO for all historical periods, as a common control transaction.

The company raised its full-year 2025 guidance to revenue of $4.630 billion to $4.690 billionc and Adjusted EBITDA of $1.540 billion to $1.560 billion, up from the May ranges of $4.490 billion to $4.560 billion and $1.490 billion to $1.530 billion. Management cited outperformance in the first half of the year. Separately, ESPN and WWE announced a five-year agreement to bring WWE premium live events to ESPN's direct-to-consumer service.

The filing also details capital return and legal items. The $2.0 billiond Class A share repurchase program is expected to commence in the third quarter of 2025. Quarterly cash dividends of approximately $75 million were paid on March 31, 2025 and June 30, 2025.

The final $125.0 million installment of the $375.0 million UFC antitrust settlement was paid into escrow in June 2025. Cash and cash equivalents were $535.1 million and gross debt was $2.769 billion as of June 30, 2025.

02—Key points

Key Highlights

  1. Revenue rose 10%, or $115.2 million, to $1.308 billion, led by WWE (up to $556.2 million) and UFC (up to $415.9 million), partly offset by IMG (down to $306.6 million).
  2. Adjusted EBITDA increased 75%, or $225.7 million, to $526.5 million; Adjusted EBITDA margin improved to 40% from 25%.
  3. Net income was $273.1 million versus $46.2 million a year earlier, helped by a $114.8 million decrease in direct operating costs, including the prior-year write-down of unsold Paris Olympics tickets at IMG.
  4. Full-year 2025 guidance raised to revenue of $4.630–$4.690 billion and Adjusted EBITDA of $1.540–$1.560 billion.
  5. Free Cash Flow was $374.9 million for the quarter, up $94.6 million, though operating cash flow included about $164.8 million of FIFA World Cup pre-payments held in escrow and a $125.0 million UFC antitrust payment.
  6. ESPN and WWE announced a five-year agreement for WWE premium live events to stream on ESPN's direct-to-consumer service.
  7. The $2.0 billion share repurchase program is expected to begin in the third quarter of 2025, and quarterly dividends of approximately $75 million have been paid.

03—Questions

Frequently Asked Questions

  1. What drove the increase in TKO's second quarter 2025 results?

    Revenue increased 10% to $1.308 billion, mainly from WWE (up $99.4 million to $556.2 million) and UFC (up $21.5 million to $415.9 million). Net income rose to $273.1 million from $46.2 million, reflecting higher revenue and lower operating expenses, including a $114.8 million decrease in direct operating costs. The prior-year period included a write-down of unsold tickets at IMG for the 2024 Paris Olympics.

  2. How did TKO change its full-year 2025 guidance?

    TKO raised its 2025 revenue target to $4.630–$4.690 billion from $4.490–$4.560 billion, and its Adjusted EBITDA target to $1.540–$1.560 billion from $1.490–$1.530 billion. The company cited outperformance through the first six months of the year. The targets include the Acquired Businesses for the full twelve months of 2025.

  3. What are the Acquired Businesses and how do they affect the reported numbers?

    The Acquired Businesses are certain businesses operating under the IMG brand, On Location, and Professional Bull Riders, which TKO acquired from Endeavor on February 28, 2025 for an equity transaction valued at $3.25 billion. Because the deal was a common control transaction, historical results are presented as if the businesses had always been part of TKO, and IMG and PBR are now reported in the IMG segment and Corporate and Other respectively.

  4. What is the status of the capital return program and the UFC antitrust settlement?

    TKO's board authorized a share repurchase program of up to $2.0 billion of Class A common stock, expected to commence in the third quarter of 2025 and completed over about three to four years thereafter. Quarterly dividends of about $75 million were paid on March 31 and June 30, 2025. The $375.0 million UFC antitrust settlement was paid in three equal $125.0 million installments, with the final installment made into escrow in June 2025.

04—Continue

← View all 8-K filings