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TKO Group Holdings (TKO) FY2025 results: revenue $4.7 billion, down 3.1% on the year

TKO Group Holdings, Inc. (TKO) reported revenue of $4.7 billion for fiscal 2025, the year ended 31 December 2025, down 3.1% on the year before. Net income was $195 million, up 1977.0%, and diluted earnings per share $2.26. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$4.7 billion
-3.1% on the year
FY2021FY2025
Operating margin
17.6%
0.6% a year earlier
FY2021FY2025
Net income
$195 million
+1,977.0% on the year
FY2021FY2025
Diluted EPS
$2.26
+11,200.0% on the year
FY2021FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 2 new.

  • Fourth quarter revenue and profit rose: Fourth-quarter revenue was $1.038 billion, up $110.2 million, and net income was $0.8 million against a $60.9 million loss. Adjusted EBITDA rose 30% to $281.2 million.
  • Full-year revenue down, EBITDA up: Full-year revenue was $4.735 billion, down 3%, while Adjusted EBITDA rose 47% to $1.585 billion. Full-year net income was $546.2 million, compared with a net loss of $245.8 million a year earlier.
  • Full-year UFC revenue and Adjusted EBITDA: Full-year UFC revenue was $1.502 billion, up 7%, and Adjusted EBITDA was $851.0 million, up 6%, at a 57% margin in both years.
  • WWE full-year margin rose to 52%: Full-year WWE revenue was $1.709 billion, up 22%, and Adjusted EBITDA was $896.5 million, up 32%, with a 52% margin against 49%.
  • Accelerated WWE amortization lifted D&A: D&A rose $54.0 million in the quarter, principally from accelerated expense on WWE intangible assets tied to a media rights revenue arrangement.
Read the Q4 FY2025 earnings call summary

From this 10-K

TKO is a sports and entertainment company whose businesses include UFC in mixed martial arts, WWE in sports entertainment, Professional Bull Riders, and the Zuffa Boxing joint venture. Together those properties reach more than 1 billion households across 210 countries and territories and stage more than 500 live events a year. It also serves sports rights holders through IMG, a global sports marketing agency, and On Location, an experiential hospitality business. TKO was formed by combining UFC and WWE in September 2023, and on 28 February 2025 it acquired IMG, On Location and PBR from Endeavor in a transaction valued at approximately 3.25 billion dollars, settled by issuing 26.54 million common units of TKO OpCo and a matching number of Class B shares. Revenue comes from four activities: media rights, production and content; live events and hospitality; partnerships and marketing; and consumer products licensing.

TKO Group Holdings, Inc., the 10-K for 2025

TKO is a sports and entertainment company whose businesses include UFC in mixed martial arts, WWE in sports entertainment, Professional Bull Riders, and the Zuffa Boxing joint venture. Together those properties reach more than 1 billion households across 210 countries and territories and stage more than 500 live events a year. It also serves sports rights holders through IMG, a global sports marketing agency, and On Location, an experiential hospitality business. TKO was formed by combining UFC and WWE in September 2023, and on 28 February 2025 it acquired IMG, On Location and PBR from Endeavor in a transaction valued at approximately 3.25 billion dollars, settled by issuing 26.54 million common units of TKO OpCo and a matching number of Class B shares. Revenue comes from four activities: media rights, production and content; live events and hospitality; partnerships and marketing; and consumer products licensing.

The properties

UFC produces more than 40 live events a year, broadcast in over 170 countries and territories to over 950 million television households, and at 31 December 2025 it counted more than 700 million fans and approximately 350 million social media followers. WWE produces and distributes Raw, SmackDown, NXT and its Premium Live Events, has over 700 million fans and approximately 490 million social media followers including talent pages, counts more than 110 million YouTube subscribers and reaches over one billion households in more than 20 languages. IMG handles media rights management and sales, content production and distribution, brand partnerships, consulting, digital services and event management for more than 300 federations, associations, events and teams, among them Major League Soccer, The R&A, Wimbledon, the DP World Tour, the ATP and WTA Tours, the National Football League, CONMEBOL, Euroleague Basketball and the Saudi Pro League, plus its own Sport 24 channel. On Location provides ticketing, guest experiences, live event production and travel management at events including the Olympic and Paralympic Games, FIFA World Cup 26, the Super Bowl and the NCAA Final Four. PBR runs more than 200 events a year for more than 1,000 riders across its tours, a ten-team Team Series and the Challenger Series.

Media rights

Live events and original programming are licensed to domestic and international broadcasters and distributors on digital and linear channels and by pay-per-view, and since the IMG acquisition the company also distributes sports programming and sells media rights on behalf of other rights holders. Licence agreements typically run three to five years, with the largest running seven to ten. ESPN was the exclusive United States broadcaster of UFC events from 2019 through 2025; in August 2025 UFC announced a seven-year partnership making Paramount the exclusive United States home from 2026, covering 13 numbered events and 30 Fight Nights on Paramount+ with some numbered events simulcast on CBS, extended in October 2025 to Latin America and Australia. Netflix has been the exclusive global home of Raw since January 2025 and carries WWE content outside the United States under an initial ten-year agreement, SmackDown runs to 2029 with Versant, and from September 2025 a five-year agreement makes ESPN the exclusive United States home of WWE Premium Live Events. UFC FIGHT PASS still carries early preliminary bouts and an archive, and in January 2026 Netflix became the United States home of WWE's archival library.

Live events, partnerships and licensing

Live events earn from ticket sales, site fees, travel packages and VIP experiences, with hundreds of events a year in venues including Madison Square Garden, the O2 Arena and T-Mobile Arena, and On Location adds hospitality, ticketing and travel at marquee events. In 2025 UFC set eight arena grossing records and WrestleMania 41 drew over 118,000 attendees across two days. Partnerships revenue comes from in-venue and in-broadcast advertising, product integration and digital impressions across UFC, WWE and PBR, from original content on third-party social platforms, and from commissions IMG earns selling sponsorship for other rights holders, with partners including IBM, Meta, Ram Trucks, Coca-Cola and Nestle. Consumer products licensing covers video games, apparel, equipment, trading cards, memorabilia, digital goods and toys, with agreements including EA Sports and Fanatics for UFC and Take-Two, Mattel and Fanatics for WWE, earning royalties, licence fees and merchandise sales.

People

At 31 December 2025 the company had over 4,000 employees in more than 30 countries.

From TKO Group Holdings' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue4,7354,8843,225-3.1%
Selling, general and administrative1,5121,7721,027-14.6%
Operating income83530.9376+2,598.3%
Operating margin17.6%0.6%11.7%
Interest expense203236230-14.0%
Pre-tax income607-210167
Income tax73.837.333.2+98.0%
Effective tax rate12.2%n/a19.9%
Net income1959.4-35.2+1,977.0%
Net margin4.1%0.2%-1.1%
Diluted EPS$2.26$0.02-$0.43+11,200.0%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow1,286586266+119.4%
Cash from investing-147-117-36.0
Cash from financing-636-155-174
Depreciation and amortisation485458224+5.9%
Share-based compensation11810364.5+13.6%
Buybacks867165100+425.4%
Dividends paid185n/an/a
Dividend per sharen/an/a$3.86
Diluted shares, weighted194m172m83m+12.9%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity3,7374,0914,109-8.6%
Non-controlling interest5,4786,0306,331-9.1%
Redeemable equity34.421.911.6+57.4%
Debt3,7622,7592,736+36.3%
Operating lease liabilities41.152.564.6-21.7%
Finance lease liabilities219236254-7.0%
Other liabilities2,2231,9211,885+15.7%
Total liabilities and equity15,49615,11215,391+2.5%
Fixed assets640630693+1.6%
Goodwill8,4458,4428,444+0.0%
Intangible assets3,3283,6503,990-8.8%
Investments13210178.5+30.0%
Cash and equivalents831620361+34.1%
Receivables558423358+32.0%
Other assets1,5621,2461,467+25.4%
Total assets15,49615,11215,391+2.5%

10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.