TKO Group
TKO NYSE Movies & Entertainment Financials FY2021–FY2025
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%.
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.
- Legal name
- TKO GROUP HOLDINGS, INC.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Accession · CIK
- 0001193125-26-071651
0001973266
Revenue and margins
TKO Group had $4.7B of revenue in fiscal 2025, down 3.1% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
TKO Group returned $1.1B to shareholders in fiscal 2025. The diluted share count rose 12.9%.
Value TKO Group yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$3.2B and divides by 194.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today — · peers — · sector 17.2x.
Balance sheet
Cash, debt and the ratios that show how comfortably TKO Group can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $875M | $181M | $236M | $620M | $831M |
| Debt incl. finance leases | — | $2.8B | $3.0B | $3.0B | $4.0B |
| Net debt / EBITDA | — | 4.3x | 4.6x | 4.9x | 2.4x |
| Debt / equity | — | 4.9x | 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 |
| Total assets | — | $3.6B | $12.7B | $15.1B | $15.5B |
| Total liabilities | — | $3.0B | $3.8B | $5.0B | $6.2B |
| Shareholders' equity | $1.2B | $569M | $4.1B | $4.1B | $3.7B |
| Net debt (− = net cash) | — | $2.6B | $2.8B | $2.4B | $3.2B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$24.8M
4 insiders
Of sales under plans
100%
$24.8M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 15, 2026 | Nick KhanDirector | Sold plan | 9,189 | $175.19 | $1.6M | Form 4 |
| Oct 13, 2026 | Nick KhanDirector | Sold plan | 400 | $175.07 | $0.1M | Form 4 |
| Sep 14, 2026 | Nick KhanDirector | Sold plan | 9,589 | $194.77 | $1.9M | Form 4 |
| Aug 19, 2026 | Nick KhanDirector | Sold plan | 6,546 | $199.41 | $1.3M | Form 4 |
| Aug 18, 2026 | Andrew M SchleimerChief Financial Officer | Sold plan | 9,942 | $194.39 | $1.9M | Form 4 |
| Aug 18, 2026 | Ariel EmanuelChief Executive Officer, Director | Sold plan | 24,702 | $194.39 | $4.8M | Form 4 |
| Aug 18, 2026 | Mark S ShapiroSee Remarks, Director | Sold plan | 19,120 | $194.39 | $3.7M | Form 4 |
| Aug 18, 2026 | Nick KhanDirector | Sold plan | 8,248 | $194.39 | $1.6M | Form 4 |
| Aug 13, 2026 | Nick KhanDirector | Sold plan | 9,589 | $197.17 | $1.9M | Form 4 |
| Jul 21, 2026 | Nick KhanDirector | Sold plan | 12,998 | $181.11 | $2.4M | Form 4 |
| Jul 20, 2026 | Nick KhanDirector | Sold plan | 10,081 | $183.56 | $1.9M | Form 4 |
| Jul 13, 2026 | Nick KhanDirector | Sold plan | 9,589 | $182.63 | $1.8M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✓ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✓ | ✕ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | — | ✕ | ✕ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | — | ✕ | ✕ |
| F-score | — / 9 | 6 / 8 | 5 / 8 |
| Accruals ratio | −3.7% | −4.2% | −7.1% |
| Altman Z'' | 3.03 | 2.14 | 1.95 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| TKO Group TKO | $13.1B | −3.1% | 17.6% | — | 5.9% | — | 5 | |
| Roku ROKU | $24.1B | 15.2% | −0.1% | 10.1% | — | 67.5x | 6 | Compare → |
| AMC Entertainment AMC | $2.1B | 4.6% | −0.4% | −7.6% | −0.8% | — | 2 | Compare → |
| Warner Music Group WMG | — | 4.4% | 10.4% | 8.0% | 12.2% | — | — | Compare → |
| Lionsgate Studios LION | $3.6B | 1.8% | 3.7% | 0.4% | 8.3% | — | 5 | Compare → |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $1.0B | $1.1B | $3.2B | $4.9B | $4.7B |
| Operating income | $391M | $544M | $376M | $30.9M | $835M |
| Interest expense | $102M | $140M | $230M | $236M | $203M |
| Pretax income | $289M | $404M | $167M | −$210M | $607M |
| Income tax | $15.8M | $14.3M | $33.2M | $37.3M | $73.8M |
| Net income | $274M | $389M | −$35.2M | $9.4M | $195M |
| Diluted EPS | — | — | −$0.43 | $0.02 | $2.26 |
| Diluted shares | — | — | 0.08B | 0.17B | 0.19B |
| Cash flow | |||||
| Cash from operations | $441M | $502M | $266M | $586M | $1.3B |
| Depreciation and amortization | $63.2M | $60.0M | $224M | $458M | $485M |
| Stock-based compensation | $63.9M | $23.7M | $64.5M | $104M | $118M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $8.7M |
| Share buybacks | $0.0M | $0.0M | $100M | $165M | $867M |
| Dividends paid | $0.0M | $0.0M | $0.0M | $0.0M | $185M |
| Dividends and buybacks | $0.0M | $0.0M | $100M | $165M | $1.1B |
| Balance sheet | |||||
| Cash and short-term investments | $875M | $181M | $236M | $620M | $831M |
| Total debt | — | $2.8B | $2.7B | $2.8B | $3.8B |
| Finance lease liabilities | $0.0M | $0.0M | $253M | $243M | $242M |
| Current assets | — | $268M | $492M | $1.5B | $2.3B |
| Current liabilities | — | $230M | $472M | $1.4B | $1.8B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | — | $175M | $608M | $630M | $640M |
| Total assets | — | $3.6B | $12.7B | $15.1B | $15.5B |
| Total liabilities | — | $3.0B | $3.8B | $5.0B | $6.2B |
| Shareholders' equity | $1.2B | $569M | $4.1B | $4.1B | $3.7B |
| Margins | |||||
| Operating margin | 37.9% | 47.8% | 11.7% | 0.6% | 17.6% |
| EBITDA margin | 44.0% | 53.0% | 18.6% | 10.0% | 27.9% |
| Net margin | 26.5% | 34.1% | −1.1% | 0.2% | 4.1% |
| Returns | |||||
| Return on capital | — | — | 3.4% | 0.2% | 5.9% |
| Return on capital employed | — | — | 4.8% | 0.2% | 6.1% |
| Return on equity | — | — | −1.5% | 0.2% | 5.0% |
| Return on assets | — | — | −0.4% | 0.1% | 1.3% |
| Growth | |||||
| Revenue growth | — | 10.5% | 182.8% | 51.5% | −3.1% |
| Net income growth | — | 42.2% | −109.1% | — | 1,977.0% |
| EPS growth | — | — | — | — | 11,200.0% |
| Share count change | — | — | — | 107.6% | 12.9% |
| Financial health | |||||
| Net debt / EBITDA | — | 4.3x | 4.6x | 4.9x | 2.4x |
| Debt / equity | — | 4.9x | 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 |
| Capital allocation | |||||
| Stock comp / revenue | 6.2% | 2.1% | 2.0% | 2.1% | 2.5% |
| Quality scores | |||||
| Piotroski F-score | — | — | — | 6.0 | 5.0 |
| Altman Z'' | — | — | 3.0 | 2.1 | 2.0 |
| Accruals ratio | — | — | −3.7% | −4.2% | −7.1% |
Source: SEC EDGAR XBRL filings (CIK 0001973266). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.