TKO Group

TKO · NYSE · Communication Services · Financials, fiscal 2021 to 2025

TKO · Last close · October 26, 2026

$171.23

TKO Group's revenue fell 3.0% to $4.7 billion in fiscal 2025. Its operating margin was 17.6%, up from 0.6% a year earlier. It paid out $1.1 billion in dividends and buybacks. The diluted share count rose 12.9%.

TKO GROUP HOLDINGS, INC. Latest fiscal year ended December 31, 2025 10-K filed February 25, 2026 · 0001193125-26-071651 Updated October 9, 2026

Revenue

$4.7B

3.0%

Operating margin

17.6%

17.0 pts

Net income

$195M

1977.0%

Free cash flow

—

Return on capital

5.9%

5.7 pts

Market cap

$13.0B

Oct 26 close

P/E

—

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. TKO was formed in September 2023 when UFC and WWE combined; earlier years are UFC's parent, which had no public shares, so per-share figures start in 2023. TKO tags its capital expenditure with its own label, which the SEC's structured data leaves out, so capital spending and free cash flow are left blank.

What TKO Group does

TKO owns UFC, the mixed martial arts league, and WWE, the professional wrestling company, along with Professional Bull Riders, and runs the Zuffa Boxing promotion through a joint venture. It owns IMG, a sports marketing agency, and On Location, which sells tickets and hospitality packages for major events such as the Olympics and the Super Bowl. TKO says its properties reach more than 1 billion households and that it held over 500 live events in 2025.

TKO reports three segments: UFC, WWE and IMG. It makes money mainly from selling the rights to show its fights and shows to TV networks and streaming services under multiyear contracts. Starting in 2026, Paramount became the only US home for UFC events, and Netflix carries WWE's weekly Raw show. It also earns from ticket sales and fees paid by host cities, from sponsorships and advertising, and from licensing its brands for video games, toys and merchandise. Revenue was $4,735.2 million in 2025. TKO says it competes with other sports and entertainment for fans' time, and with other sports marketing agencies and hospitality firms.

TKO had over 4,000 employees in more than 30 countries at the end of 2025; its fighters, wrestlers and bull riders are independent contractors, not employees. It was formed when UFC and WWE combined in 2023, and in February 2025 it bought IMG, On Location and Professional Bull Riders from Endeavor in a deal valued at about $3.25 billion. Endeavor, controlled by the investment firm Silver Lake, controls TKO.

Its biggest risks, as it describes them

Its reliance on a few TV and streaming partners to carry its events, and on renewing those deals on good terms.
Losing popular fighters and wrestlers, or fans losing interest in its events and shows.
Bad publicity about the company or its leaders, including an investigation into misconduct claims against WWE's founder.
Its large debt, and the risk that buying IMG and On Location does not bring the expected benefits.
Control by Endeavor and Silver Lake, whose interests may differ from those of other shareholders.

From TKO Group's annual report on Form 10-K, filed February 25, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2024 to 2025, earnings per share grew 11,200.0% a year and net income 1,978.7% a year, as new shares raised the share count by 13% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red. Where the filings' structured data doesn't give a year's earnings per share, the column is blank.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow is cash from operations minus capital expenditure. The SEC's structured data for TKO Group's filings doesn't give both for any year, so free cash flow is left out.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value TKO Group yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from TKO Group's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from TKO Group's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow, as its free cash flow was not available) of $801M, net cash of −$3.2B at December 31, 2025 and 76 million diluted shares, from its filings. The scenarios are fitted to TKO Group: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 60.7% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 10%: 9% for a business of moderate risk (Movies & Entertainment), plus 1 point for unsteady results (a loss in fiscal 2023); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in the quarter to June 30, 2026. The count changed sharply since the 10-K (a stock split, merger or spin-off can do that), so this is the one that matches the share price.

Your assumptions

Start from

Fitted to TKO Group's own revenue growth, as above. Cautious: growth of 10% then 6% a year, 2% after year 10, a 11% discount rate. Base: growth of 20% then 11% a year, 2.5% after year 10, a 10% discount rate. Optimistic: growth of 25% then 14% a year, 3% after year 10, a 9% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $171.23
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from TKO Group's earnings per share of $2.26 (in fiscal 2025). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17×, the Communication Services median for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 11%, 10% and 9%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2025, from the 10-K. Careful: TKO Group's share count has changed sharply since (a merger or spin-off can do that), so these earnings may not match the company its share price now buys.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Roku.

Earnings growth in the years ahead (% a year) Starts at TKO Group's revenue growth over the last 3 years, 60.7% a year, kept between 0% and 20%, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $171.23
Value at this multiple, against the last close: —

Company	Last close	Earnings per share	P/E today
RokuROKU	$157.23	$2.35	66.9×
TKO GroupTKO	$171.23	$2.26	—

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	875	181	236	620	831
Debt incl. finance leases	—	2,759	2,990	3,005	4,004
Net debt (negative means net cash)	—	2,578	2,754	2,385	3,173
Net debt to EBITDA	—	4.3x	4.6x	4.9x	2.4x
Debt to equity	—	4.8x	0.7x	0.7x	1.1x
Interest coverage	3.8x	3.9x	1.6x	0.1x	4.1x
Current ratio	—	1.2x	1.0x	1.1x	1.3x
Quick ratio	—	1.2x	1.0x	1.1x	1.3x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 4 insiders bought $5.5 million of TKO Group shares on the open market, and 6 insiders sold $68.9 million, all of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Oct 15, 2026	Nick KhanDirector	Sold plan	9,189	$175.19	$1.6 million	Form 4
Oct 13, 2026	Nick KhanDirector	Sold plan	400	$175.07	$70,028	Form 4
Sep 14, 2026	Nick KhanDirector	Sold plan	9,589	$194.77	$1.9 million	Form 4
Aug 19, 2026	Nick KhanDirector	Sold plan	6,546	$199.41	$1.3 million	Form 4
Aug 18, 2026	Ariel EmanuelChief Executive Officer, Director	Sold plan	24,702	$194.39	$4.8 million	Form 4
Aug 18, 2026	Mark S ShapiroSee Remarks, Director	Sold plan	19,120	$194.39	$3.7 million	Form 4
Aug 18, 2026	Andrew M SchleimerChief Financial Officer	Sold plan	9,942	$194.39	$1.9 million	Form 4
Aug 18, 2026	Nick KhanDirector	Sold plan	8,248	$194.39	$1.6 million	Form 4
Aug 13, 2026	Nick KhanDirector	Sold plan	9,589	$197.17	$1.9 million	Form 4
Jul 21, 2026	Nick KhanDirector	Sold plan	12,998	$181.11	$2.4 million	Form 4
Jul 20, 2026	Nick KhanDirector	Sold plan	10,081	$183.56	$1.9 million	Form 4
Jul 13, 2026	Nick KhanDirector	Sold plan	9,589	$182.63	$1.8 million	Form 4

The latest 12 of 52 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Fail	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	—	Pass	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	Pass	Fail
Current ratio rose	Fail	Pass	Pass
Share count didn't rise	—	Fail	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	—	Fail	Fail
F-score	—	6 of 8	5 of 8
Accruals ratio	−3.7%	−4.2%	−7.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put TKO Group side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
TKO Group	FY25	−3.0%	17.6%	—	5.9%	2.4x	5
Roku	FY25	15.2%	−0.1%	10.1%	—	−58.0x	6	Compare
AMC Entertainment	FY25	4.6%	−0.4%	−7.5%	−0.8%	12.3x	2	Compare
Warner Music Group	FY25	4.4%	10.3%	8.0%	12.2%	3.6x	—	Compare
Lionsgate Studios	FY26	1.8%	3.7%	0.4%	8.3%	13.9x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

5 years of figures

Fiscal year	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	1,032	1,140	3,225	4,884	4,735
Revenue growth	—	10.5%	182.8%	51.5%	−3.0%
Gross profit	—	—	—	—	—
Research and development	—	—	—	—	—
Operating income	391	544	376	31	835
Net income	274	389	−35	9	195
Diluted EPS (US$)	—	—	−0.43	0.02	2.26
Diluted shares (millions)	—	—	83	172	194
Cash flow
Cash from operations	441	502	266	586	1,286
Capital expenditure	—	—	—	—	—
Free cash flow	—	—	—	—	—
Dividends paid	0	0	0	0	185
Share buybacks	0	0	100	165	867
Acquisitions	0	0	0	0	9
Stock-based compensation	64	24	64	104	118
Balance sheet at fiscal year end
Cash and short-term investments	875	181	236	620	831
Debt incl. finance leases	—	2,759	2,990	3,005	4,004
Total assets	—	3,581	12,691	15,112	15,496
Total liabilities	—	3,002	3,840	4,969	6,246
Shareholders' equity	1,249	569	4,109	4,091	3,737
Margins and ratios
Gross margin	—	—	—	—	—
Operating margin	37.9%	47.8%	11.7%	0.6%	17.6%
Net margin	26.5%	34.1%	−1.1%	0.2%	4.1%
Free cash flow margin	—	—	—	—	—
Return on capital	—	—	3.4%	0.2%	5.9%
Return on equity	—	—	−1.5%	0.2%	5.0%
Return on assets	—	—	−0.4%	0.1%	1.3%
Net debt to EBITDA	—	4.3x	4.6x	4.9x	2.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: TKO Group's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with TKO Group.