TKO Group Holdings (TKO) FY2025 10-K Annual Report
TKO Group Holdings (TKO) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
TKO Group Holdings FY2025 10-K Analysis
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
TKO Group Holdings FY2025 Key Financial MetricsXBRL
Revenue
$4.7B
▲ +68.9% YoY
Net Income
$195M
▲ +1977.0% YoY
Operating Margin
17.6%
▲ +755bp YoY
Net Margin
4.1%
▲ +379bp YoY
ROE
5.2%
▲ +500bp YoY
Total Assets
$15.5B
▲ +22.0% YoY
EPS (Diluted)
$2.26
▲ +11200.0% YoY
Operating Cash Flow
$1.3B
▲ +120.4% YoY
Source: XBRL data from TKO Group Holdings FY2025 10-K filing on SEC EDGAR. All figures in USD.
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