NYSE: TKO
TKO Group Holdings
Communication Services · Services-Amusement & Recreation Services
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$38.1B
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| Period | Market cap |
|---|---|
| FY2021, ended Dec 31, 2021 | — |
| FY2022, ended Dec 31, 2022 | — |
| FY2023, ended Dec 31, 2023 | $14.0B |
| FY2024, ended Dec 31, 2024 | $24.3B |
| FY2025, ended Dec 31, 2025 | $40.6B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $38.1B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$5.30B
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| Period | Revenue |
|---|---|
| FY2021, ended Dec 31, 2021 | $1.03B |
| FY2022, ended Dec 31, 2022 | $1.14B |
| FY2023, ended Dec 31, 2023 | $3.22B |
| FY2024, ended Dec 31, 2024 | $4.88B |
| FY2025, ended Dec 31, 2025 | $4.74B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $5.30B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$230M
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| Period | Net income |
|---|---|
| FY2021, ended Dec 31, 2021 | $274M |
| FY2022, ended Dec 31, 2022 | $389M |
| FY2023, ended Dec 31, 2023 | −$35.2M |
| FY2024, ended Dec 31, 2024 | $9.41M |
| FY2025, ended Dec 31, 2025 | $195M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $230M |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$592M
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| Period | Cash and cash equivalents |
|---|---|
| FY2021, ended Dec 31, 2021 | $875M |
| FY2022, ended Dec 31, 2022 | $181M |
| FY2023, ended Dec 31, 2023 | $236M |
| FY2024, ended Dec 31, 2024 | $620M |
| FY2025, ended Dec 31, 2025 | $831M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $592M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$4.63B
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| Period | Total debt |
|---|---|
| FY2021, ended Dec 31, 2021 | — |
| FY2022, ended Dec 31, 2022 | $2.76B |
| FY2023, ended Dec 31, 2023 | $2.74B |
| FY2024, ended Dec 31, 2024 | $2.76B |
| FY2025, ended Dec 31, 2025 | $3.76B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $4.63B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Up 10.1% since 2023.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.189M
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| Period | Shares outstanding |
|---|---|
| FY2021, ended Dec 31, 2021 | — |
| FY2022, ended Dec 31, 2022 | — |
| FY2023, ended Dec 31, 2023 | 172M |
| FY2024, ended Dec 31, 2024 | 171M |
| FY2025, ended Dec 31, 2025 | 194M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 189M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $134M more issued than bought back
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2021, ended Dec 31, 2021 | — | $63.9M |
| FY2022, ended Dec 31, 2022 | — | $23.7M |
| FY2023, ended Dec 31, 2023 | $100M | $64.5M |
| FY2024, ended Dec 31, 2024 | $165M | $103M |
| FY2025, ended Dec 31, 2025 | $867M | $118M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | — | $134M |
Revenue (TTM)
$5.30B
+5.1% YoY
Net income (TTM)
$230M
+8.8% YoY
Cash
$592M
+10.7% YoY
Total debt
$4.63B
+68.4% YoY
Valuation
At current price- Market Cap
- $34.2B
- P/E
- 149×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.5×
- Price / Book
- 10.1×
- EV / EBITDA
- 25.1×
Growth
Trailing 12 months- Revenue (TTM)
- $5.30B
- Revenue Growth YoY
- 5.1%
- Revenue CAGR 3Y
- 60.7%
- Revenue CAGR 5Y
- —. Compound annual growth over the last 5 fiscal years
- EPS Growth YoY
- 16.8%
- Net Income Growth YoY
- 8.8%
Profitability
Trailing 12 months- Gross Margin
- —
- Operating Margin
- 18.8%
- Net Margin
- 4.3%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 6.0%
Earnings
Trailing 12 months- Net Income
- $230M
- EPS (diluted)
- $2.85
- EBITDA
- $1.52B
- Operating Income
- $998M
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $592M
- Total Debt
- $4.63B
- Net Debt
- $4.04B
- Total Assets
- $16.3B
- Total Liabilities
- $7.90B
- Shareholders' Equity
- $3.40B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.80B
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 1.7%
- Dividend / Share
- $3.14
- Beta (5Y)
- 0.67
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.1% year over year, at $5.30B.
Strength
Operating margin widened 5.0 pts in a year, to 18.8%.
Note
Net debt of $4.04B is 2.6× EBITDA.
Strength
Share count is down 4.6% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 25, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K39Serious concerns
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 26, 2025 · Read the filing on EDGAR
- Revenue rose 67.4% to $2,804.3 million, mostly from a full year of WWE, while UFC revenue grew 9%.
- Net income fell to $6.4 million from $175.7 million, and operating income fell 37%, largely because of a $375.0 million UFC antitrust settlement.
- TKO agreed to buy PBR, On Location and IMG from Endeavor, while Silver Lake's take-private of Endeavor will make it TKO's controlling stockholder.
- TKO refinanced its term loans to 2031 at a lower rate and authorized up to $2.0 billion of buybacks plus a quarterly dividend.
Business momentum
Sharp deterioration
“partially offset by a decrease in net income for the period of $169.3 million”
Outlook
Neutral
“Based on its current expectations, TKO believes that these sources of liquidity will be sufficient to fund its working capital requirements and to meet its commitments, including long-term debt service, for at least the next 12 months.”
Financial stress
Low
“Based on its current expectations, TKO believes that these sources of liquidity will be sufficient to fund its working capital requirements and to meet its commitments, including long-term debt service, for at least the next 12 months.”
Tone against the previous report
About the same
Red flags
- Medium
Major lawsuit
“In connection with the updated settlement agreement, the Company recorded charges of $375.0 million during the year ended December 31, 2024.”
- Minor
Major lawsuit
“on October 23, 2024, five unnamed plaintiffs filed a lawsuit against Mr. McMahon, Linda McMahon, WWE, and TKO in Maryland court, alleging sexual abuse by a former WWE employee during the 1980s”
Positives
UFC grew on sponsorship and live events
“UFC revenue increased by $114.0 million, or 9%.”
Operating cash flow increased
“Operating activities increased from $468.4 million of cash provided in the year ended December 31, 2023 to $583.4 million of cash provided in the year ended December 31, 2024.”
Debt refinanced at a lower interest rate
“the refinancing of the Credit Facilities in November 2024 that resulted in New Term Loans with a lower interest rate”
Concerns
Overhead costs jumped, led by legal costs
“Selling, general and administrative expenses increased by $679.6 million, or 123.8%, to $1,228.7 million for the year ended December 31, 2024 compared to the year ended December 31, 2023.”
Key US media deals expire soon
“We anticipate that we will be involved in negotiations to renew or replace our domestic television distribution rights agreements for UFC content and WWE Network with our current licensee or others before their expiration in December 2025 and March 2026, respectively.”
A second UFC antitrust case remains unresolved
“No trial date has been set in the Johnson action.”
New risks since the previous report
Endeavor asset deal may not close or deliver expected benefits
“We may fail to realize the anticipated benefits of the Endeavor Asset Acquisition and may assume unanticipated liabilities, including in connection with termination of the Services Agreement.”
Shareholder dilution from stock issued to Endeavor parties
“The issuance will result in (i) an approximate 6% reduction of equity ownership and (ii) an approximate 6% reduction in the total voting interests of the Company’s Class A common stock.”
Silver Lake becoming controlling stockholder
“Upon completion of this take-private transaction, Silver Lake will be our controlling stockholder through its ownership of Endeavor.”
Higher costs replacing Endeavor services if the agreement ends
“TKO OpCo’s costs of procuring those services from third parties may increase.”
Biggest risks named
- Failure to renew or replace major media rights agreements
- Endeavor asset acquisition completion, integration and dilution
- Remaining UFC antitrust case and McMahon-related lawsuits and inquiries
- Control by Endeavor and Silver Lake with differing interests
- Floating-rate debt raising interest costs
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | −15 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | −3.6 | |
| New risks | −2 | |
| Score | 39 | |
Written by AI (Claude Opus 5.5) from the report’s text. 15 of 15 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 25, 2026 | Pro | |||
| 10-K | Feb 26, 2025 | 39 | Sharp deterioration | 1 medium1 minor | |
| 10-K | Feb 27, 2024 | 37 | Sharp deterioration | 3 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 3, 2026. View filings on SEC EDGAR