Short answer
TKO Group Holdings (TKO) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $4.7B (+68.9% year over year) and net income of $195M.
- Top risk flagged: $3.7B outstanding debt under Credit Facilities as of Dec 31, 2025; 100bps rate increase = ~$37M additional annual interest expense
FY2025 key financial metrics · XBRL
- Revenue
- $4.7B
- +68.9% YoY
- Net income
- $195M
- +1977.0% YoY
- Operating margin
- 17.6%
- +7.5 pp YoY
- EPS (diluted)
- $2.26
- +11200.0% YoY
- ROE
- 5.2%
- +5.0 pp YoY
- Operating cash flow
- $1.3B
- +120.4% YoY
Source: XBRL data from the TKO Group Holdings (TKO) FY2025 10-K on SEC EDGAR. USD.
TKO Group Holdings FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Premium sports/entertainment holding company monetizing owned IP (UFC, WWE, PBR) via media rights, live events, partnerships, and consumer licensing
- $3.25B Endeavor Asset Acquisition completed Feb 28, 2025, adding IMG, On Location, and PBR: most significant portfolio expansion since TKO's 2023 formation
- Major media rights reshuffling: UFC signed 7-year Paramount+ deal starting 2026; WWE Raw moved to Netflix Jan 2025; WWE PLEs shifted to ESPN Aug 2025
- WrestleMania 41 drew 118,000+ attendees over two days; UFC set 8 all-time-highest-grossing event records in 2025
- Zuffa Boxing joint venture launched March 2025 with Saudi partner Sela Company: TKO's first entry into professional boxing promotion
Management Discussion & Analysis
- Revenue $4,735M, down $149M (-3%) YoY; WWE +$311M (+22%), UFC +$96M (+7%), IMG -$603M (-31%) from Olympics absence
- Operating income $835M vs $30.9M prior year; operating margin 17.6% vs 0.6%; Adjusted EBITDA $1,585M vs $1,082M (+47%), margin 33.5% vs 22.1%
- Best segment: WWE Adj. EBITDA $897M (+32%); worst: IMG swung from -$48M to +$160M but lowest absolute contributor among reportable segments
- Operating cash flow $1,286M vs $586M; capex $127M; share repurchases $867M (incl. $800M ASR); dividends $185M to Class A holders; debt upsized by $1B to $3.7B total
- Key risk: $1.8B in service/commercial commitments outstanding; FIFA World Cup 26 hospitality ramp ($297M restricted cash held); integration of Endeavor assets ongoing
Risk Factors
- $3.7B outstanding debt under Credit Facilities as of Dec 31, 2025; 100bps rate increase = ~$37M additional annual interest expense
- Netflix 10-year WWE RAW deal includes opt-out right after year 5, threatening major revenue stream if exercised
- SEC settled charges Jan 10, 2025 against Vincent McMahon for circumventing WWE's internal accounting controls; ongoing regulatory inquiries remain
- Silver Lake/Endeavor control ~63% of voting interests, limiting minority stockholder influence and blocking unsupported transactions
- Immigration restrictions risk loss of foreign-national athletes and performers critical to UFC/WWE live event operations
Generated from the filing text; verify against the original. How to read a 10-K
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