Tearsheet

TKO (TKO)

Market Price (4/23/2026): $188.04 | Market Cap: $14.7 Bil
Sector: Communication Services | Industry: Movies & Entertainment

TKO (TKO)

Market Price (4/23/2026): $188.04
Market Cap: $14.7 Bil
Sector: Communication Services
Industry: Movies & Entertainment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, Dividend Yield is 4.4%, FCF Yield is 7.9%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%

Low stock price volatility
Vol 12M is 31%

Megatrend and thematic drivers
Megatrends include Digital Content & Streaming, Experience Economy & Premiumization, and Social Media & Creator Economy. Themes include Video Streaming, Show more.

Meaningful short interest
Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%

Expensive valuation multiples
P/EPrice/Earnings or Price/(Net Income) is 75x

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.1%

Key risks
TKO key risks include [1] challenges in integrating its core WWE and UFC assets and [2] a significant reliance on marquee talent.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.7%, Dividend Yield is 4.4%, FCF Yield is 7.9%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 27%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 24%
2	Low stock price volatility Vol 12M is 31%
3	Megatrend and thematic drivers Megatrends include Digital Content & Streaming, Experience Economy & Premiumization, and Social Media & Creator Economy. Themes include Video Streaming, Show more.
4	Meaningful short interest Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12%
5	Expensive valuation multiples P/EPrice/Earnings or Price/(Net Income) is 75x
6	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.1%
7	Key risks TKO key risks include [1] challenges in integrating its core WWE and UFC assets and [2] a significant reliance on marquee talent.

Valuation, Metrics & Events

	4/23/26	2025	2024	2023	2022
Share Price CYE	$188.04	$209.00	$142.11	$81.58	�
Market Cap CYE ($ Bil)	14.7	16.4	11.5	6.7	-
Total Debt ($ Bil)	4.1	4.1	3.1	3.0	2.8
Total Cash ($ Bil)	0.8	0.8	0.6	0.2	0.2
Enterprise Value ($ Bil)	18.0	20.5	14.6	9.7
Valuation Ratios
P/S TTM	3.1	3.5	2.4	2.1	-
P/EBIT TTM	18.2	20.2	450.8	16.8	-
P/E TTM	75.4	83.8	1,226.0	29.8	-
P/FCF TTM	12.7	14.1	24.7	38.7	-
Sector Ratios
P/S TTM (Sector)	1.2	1.1	1.1	1.2	1.2
P/EBIT TTM (Sector)	1.7	1.3	0.7	0.8	2.0
P/E TTM (Sector)	-0.6	-0.5	-0.6	-0.5	-0.1
P/FCF TTM (Sector)	6.7	6.8	8.1	6.2	3.7

	4/23/26	2025	2024
Share Price CYE	$188.04	$209.00	$142.11
Market Cap CYE ($ Bil)	14.7	16.4	11.5
Total Debt ($ Bil)	4.1	4.1	3.1
Total Cash ($ Bil)	0.8	0.8	0.6
Enterprise Value ($ Bil)	18.0	20.5	14.6
Valuation Ratios
P/S TTM	3.1	3.5	2.4
P/EBIT TTM	18.2	20.2	450.8
P/E TTM	75.4	83.8	1,226.0
P/FCF TTM	12.7	14.1	24.7
Sector Ratios
P/S TTM (Sector)	1.2	1.1	1.1
P/EBIT TTM (Sector)	1.7	1.3	0.7
P/E TTM (Sector)	-0.6	-0.5	-0.6
P/FCF TTM (Sector)	6.7	6.8	8.1

	TKO	S&P 500
REVENUE GROWTH
Rev LTM ($ Bil)	4.7
Rev Chg Q	11.9%	7.5%
Rev Chg LTM	-3.1%	6.9%
Rev Chg 3Y Avg	77.1%	5.7%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.8
CFO LTM ($ Bil)	1.3
Net Inc LTM ($ Bil)	0.2
Op Mgn LTM	17.6%	18.6%
CFO/Rev LTM	27.2%	20.6%
Net Inc Mgn	4.1%	12.8%
VALUATION	MODERATE
P/S	3.1	3.2
P/CFO	11.5	15.7
P/FCF	12.7	20.5
P/E	75.4	24.3
STABILITY	GOOD
Debt/Equity	0.28	0.20
Cash/Assets	0.05	0.07

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Metric	Value	Date	Source
WWE SmackDown Viewership	1,147,000 viewers	10242025	Link
UFC Fight Night Viewership	1,036,000 people	8162025	Link
WWE Average Live Event Attendance (Year-to-Date)	12,272	11012025	Link
UFC 314 Live Event Attendance	18,287	8132025	Link
UFC Total Social Media Followers	approximately 318 million	10282025	Link
WWE Total Social Media Followers	approximately 1 billion	11042025	Link
WWE Instagram Engagement Rate	0.14%	11012025	Link

Upcoming
5/06/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $1.16 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

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TKO (TKO) stock has lost about 10% since 12/31/2025 because of the following key factors:

1. Q4 2025 Earnings Miss and Lower 2026 Revenue Guidance.

TKO Group Holdings reported a significant earnings per share (EPS) miss for the fourth quarter of 2025, posting -$0.08 per share on February 25, 2026, against analyst consensus estimates that ranged from $0.12 to $0.30 per share. This earnings shortfall occurred despite revenue for the quarter rising 11.9% year-over-year to $1.04 billion, exceeding expectations. Adding to investor concerns, the company's fiscal 2026 revenue guidance, with a midpoint of $5.725 billion, was below Wall Street's elevated expectations, contributing to skepticism about future growth.

2. Mounting Doubts Regarding Core Business and Management Strategies.

Recent reports as of April 16, 2026, indicated that TKO's management strategies might be negatively impacting key revenue streams within both its WWE and UFC segments. These reports raised questions among investors about the underlying strength and long-term viability of the company's core business model, contributing to selling pressure.

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Stock Movement Drivers

Fundamental Drivers

The -10.5% change in TKO stock from 12/31/2025 to 4/22/2026 was primarily driven by a -16.6% change in the company's Net Income Margin (%).

(LTM values as of)	12312025	4222026	Change
Stock Price ($)	208.16	186.26	-10.5%
Change Contribution By:
Total Revenues ($ Mil)	4,625	4,735	2.4%
Net Income Margin (%)	4.9%	4.1%	-16.6%
P/E Multiple	74.2	74.7	0.7%
Shares Outstanding (Mil)	82	78	4.0%
Cumulative Contribution			-10.5%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 4/22/2026

	Return	Correlation
TKO	-10.5%
Market (SPY)	-5.4%	26.1%
Sector (XLC)	0.1%	31.2%

Fundamental Drivers

The -7.1% change in TKO stock from 9/30/2025 to 4/22/2026 was primarily driven by a -6.2% change in the company's Total Revenues ($ Mil).

(LTM values as of)	9302025	4222026	Change
Stock Price ($)	200.40	186.26	-7.1%
Change Contribution By:
Total Revenues ($ Mil)	5,046	4,735	-6.2%
Net Income Margin (%)	4.2%	4.1%	-1.3%
P/E Multiple	77.7	74.7	-3.8%
Shares Outstanding (Mil)	82	78	4.3%
Cumulative Contribution			-7.1%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 4/22/2026

	Return	Correlation
TKO	-7.1%
Market (SPY)	-2.9%	25.5%
Sector (XLC)	-0.1%	30.6%

Fundamental Drivers

The 23.6% change in TKO stock from 3/31/2025 to 4/22/2026 was primarily driven by a 2042.4% change in the company's Net Income Margin (%).

(LTM values as of)	3312025	4222026	Change
Stock Price ($)	150.71	186.26	23.6%
Change Contribution By:
Total Revenues ($ Mil)	4,884	4,735	-3.1%
Net Income Margin (%)	0.2%	4.1%	2042.4%
P/E Multiple	1,300.2	74.7	-94.3%
Shares Outstanding (Mil)	81	78	3.6%
Cumulative Contribution			23.6%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2025 to 4/22/2026

	Return	Correlation
TKO	23.6%
Market (SPY)	16.3%	43.9%
Sector (XLC)	23.3%	49.2%

Fundamental Drivers

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Market Drivers

3/31/2023 to 4/22/2026

	Return	Correlation
TKO
Market (SPY)	63.3%	35.2%
Sector (XLC)	109.5%	36.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
TKO Return	-	-	-18%	74%	49%	-12%	88%
Peers Return	20%	-22%	13%	33%	51%	2%	119%
S&P 500 Return	27%	-19%	24%	23%	16%	3%	88%
Monthly Win Rates [3]
TKO Win Rate	-	-	25%	83%	67%	25%
Peers Win Rate	50%	35%	43%	63%	55%	55%
S&P 500 Win Rate	75%	42%	67%	75%	67%	50%
Max Drawdowns [4]
TKO Max Drawdown	-	-	-27%	-7%	-2%	-12%
Peers Max Drawdown	-12%	-30%	-4%	-11%	-16%	-11%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-7%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: FWONA, MSGS, LYV, WBD, FOXA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/22/2026 (YTD)

How Low Can It Go

TKO has limited trading history. Below is the Communication Services sector ETF (XLC) in its place.

Unique Key	Event	XLC	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-47.2%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	89.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	602 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-30.1%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	43.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	112 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-24.8%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	32.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	326 days	120 days

Compare to FWONA, MSGS, LYV, WBD, FOXA

In The Past

The Communication Services Select Sector SPDR Fund's stock fell -47.2% during the 2022 Inflation Shock from a high on 9/1/2021. A -47.2% loss requires a 89.5% gain to breakeven.

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About TKO (TKO)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

TKO Group Holdings, Inc. operates as a sports and entertainment company. It operates through four segments: Media and Content, Live Events, Sponsorships, and Consumer Products Licensing. The company produces live events, television programs, and long-form and short-form video content across various platforms, including broadcast, pay television, and streaming, as well as digital and social media across approximately 170 countries. It is involved in the merchandising of video games, apparel, equipment, trading cards, memorabilia, digital goods, and toys, as well as sale of travel packages and tickets. The company engages in the corporate sponsorships and advertising business, which offers sale of in-venue and in-broadcast advertising assets, content product integration, and digital impressions. TKO Group Holdings, Inc. is based in New York, New York. TKO Group Holdings, Inc. is a subsidiary of Endeavor Group Holdings, Inc.

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1. A Disney for combat entertainment.

2. The NFL or NBA for fighting and professional wrestling.

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Content Production and Distribution: Creating and broadcasting television programs, video content, and live event coverage across global platforms.
Live Event Production: Organizing and staging sports and entertainment events for in-person attendance.
Corporate Sponsorships and Advertising: Providing advertising and promotional opportunities to businesses through in-venue placements, broadcast integration, and digital impressions.
Consumer Product Licensing and Sales: Licensing its brands for merchandise like video games, apparel, and toys, and selling travel packages and event tickets.

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TKO Group Holdings, Inc. primarily sells to other companies (B2B customers) across its major segments, with a significant portion of its revenue derived from media rights, sponsorships, and licensing agreements.

Here are some of TKO's major customer companies:

NBCUniversal (part of Comcast Corporation, symbol: CMCSA) - A major media partner for WWE content, particularly through the Peacock streaming service.
Netflix (symbol: NFLX) - Recently announced a significant long-term deal to exclusively carry WWE Raw.
ESPN (part of The Walt Disney Company, symbol: DIS) - A long-standing major media partner for UFC content.
Fox Corporation (symbol: FOXA) - Previously held significant WWE broadcast rights (SmackDown) and continues to be a player in sports broadcasting.
Amazon.com, Inc. (symbol: AMZN) - Has been expanding its sports content offerings and holds regional rights for UFC events.

In addition to these media partners, TKO also has numerous corporate sponsors (brands) and licensing partners (e.g., video game publishers, apparel manufacturers, toy companies) that are other businesses.

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Endeavor Group Holdings, Inc. (EDR)
IMG ARENA (a subsidiary of Endeavor Group Holdings, Inc.)
Learfield (a subsidiary of Endeavor Group Holdings, Inc.)
On Location (a subsidiary of Endeavor Group Holdings, Inc.)

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Ariel Emanuel Executive Chair and Chief Executive Officer

Ariel Emanuel is the Executive Chair and Chief Executive Officer of TKO Group Holdings, a position he assumed in September 2023, becoming Executive Chair in February 2024. He is also the CEO of Endeavor, an entertainment and media agency, and Executive Chairman of WME Group. Emanuel co-founded the Endeavor Talent Agency in 1995, which later merged with the William Morris Agency in 2009 to form WME. He was instrumental in expanding Endeavor into a global sports and entertainment conglomerate, acquiring assets like IMG and UFC. His leadership was key in orchestrating the 2023 merger of UFC and WWE, which formed TKO Group Holdings.

Andrew Schleimer Chief Financial Officer

Andrew Schleimer has served as the Chief Financial Officer of TKO Group Holdings, Inc. since September 2023. Prior to this, he was the Chief Financial Officer of UFC from September 2016 to November 2023 and Deputy Chief Financial Officer of Endeavor Group Holdings, Inc. from February 2021 to September 2023. From July 2014 to September 2016, Mr. Schleimer served as the Executive Vice President & Chief Financial Officer of Digital Turbine, Inc. (Nasdaq). He also held roles as Executive Vice President of Strategic Development at Dick Clark Productions and Six Flags Entertainment Corporation. Mr. Schleimer began his career in investment banking at UBS Financial Services, focusing on media and entertainment.

Mark Shapiro President and Chief Operating Officer

Mark Shapiro became the President and Chief Operating Officer and a director of TKO Group Holdings, Inc. in September 2023. He also serves as President and Managing Partner of WME Group (formerly Endeavor Group Holdings, Inc.) since March 2025. Mr. Shapiro previously served as President and Chief Operating Officer of Endeavor from April 2023 to March 2025, and as its President from December 2018 to March 2025. His background includes serving as Chief Executive Officer and Executive Producer at Dick Clark Productions from 2010 to 2014, and as Director, President, and Chief Executive Officer of Six Flags Entertainment Corporation from 2006 to 2010. Earlier in his career, he spent 12 years at ESPN, Inc., where he rose to Executive Vice President of Programming and Production.

Seth Krauss Chief Administrative Officer & Senior Counsel to the Board of Directors and Senior Management

Seth Krauss has been the Chief Administrative Officer & Senior Counsel to the Board of Directors and Senior Management of TKO Group Holdings, Inc. since January 2025, having previously served as TKO Group Holdings, Inc.'s Chief Legal and Administrative Officer from September 2023 until January 2025. He also holds the title of Chief Administrative Officer & Senior Counsel to the Board of Directors and Senior Management of Endeavor Group Holdings, Inc. since January 2024, after serving as Endeavor's Chief Legal Officer from June 2014 until October 2023. Before joining Endeavor, Mr. Krauss served as the Executive Vice President and General Counsel of Take Two Interactive Software Inc. from March 2007 to June 2014.

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The key risks to TKO Group Holdings, Inc.'s business include legal and regulatory challenges, financial risks and debt management, and dependence on live events and competitive market dynamics.

Legal and Regulatory Risks: TKO Group Holdings is currently navigating a complex landscape due to a securities fraud investigation, which poses a significant legal risk and can materially impact the company's financial condition and reputation. The ongoing nature of this legal scrutiny creates uncertainty and volatility around TKO's stock. Additionally, the company operates in a complex regulatory environment, necessitating compliance with various laws and regulations.
Financial Risks and Debt Management: TKO faces financial risks related to its debt levels and profitability challenges. The company needs to carefully monitor its financial performance and take steps to mitigate these risks, as an inability to manage debt obligations or improve profitability could lead to financial distress. Furthermore, higher leverage and fixed capital return commitments, such as debt-funded share repurchases and ongoing dividends, could reduce financial flexibility if operations underperform.
Dependence on Live Events and Competitive Market Dynamics: A significant portion of TKO's revenue is generated from live events, making it vulnerable to external factors like weather conditions, security incidents, and global health crises. The sports and entertainment industry is highly competitive, with numerous players vying for audience attention and market share. TKO must continually innovate, invest in its brands, and deliver high-quality content to maintain its competitive edge against other sports organizations, entertainment companies, and digital streaming services.

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The increasing efforts by athletes, particularly within the UFC, to challenge their independent contractor status and advocate for unionization or greater revenue sharing represents a clear emerging threat. A successful shift to employee status or collective bargaining could significantly increase TKO's operating costs for athlete compensation, alter talent acquisition and retention strategies, and potentially impact profitability across its Live Events and Media and Content segments.

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TKO Group Holdings, Inc. operates within several large addressable markets globally for its main products and services. The addressable markets for TKO's offerings include: * Media and Content: The global sports media market was valued at approximately USD 150 billion in 2023, driven by increasing consumption across traditional television and digital streaming services. The broader global entertainment media market was valued at USD 3,235.49 billion in 2025 and is expected to reach USD 6,165.06 billion by 2035. The global entertainment content and goods market was valued at USD 154.2 billion in 2024, with projections to reach USD 284.1 billion by 2034. In 2024, North America held a significant share of 47.9% in the entertainment content and goods market, valued at USD 73.8 billion. * Live Events: The global live events industry market was estimated at USD 652.6 billion in 2022 and is projected to grow to USD 1,177.1 billion by 2032. Growth in this market is fueled by renewed interest in face-to-face engagement and the recovery of entertainment and sports sectors. Another source indicates the global live entertainment market was valued at USD 197.9 billion in 2025, with an expectation to reach USD 344.5 billion by 2035. North America holds a dominant position in the live entertainment market, with a 41.80% share, amounting to USD 82.7 billion in 2025. * Sponsorships: The global sports sponsorship market was estimated at USD 73.8 billion in 2022 and is projected to reach USD 151.4 billion by 2031. Other estimations place the market at USD 84.08 billion in 2024, with a projected increase to USD 156.14 billion by 2032. North America is a leading region, with its market share in sports sponsorship reaching USD 22.11 billion in 2024. * Consumer Products Licensing: The global brand licensing market, encompassing various consumer products, reached sales of USD 369.6 billion in 2024. This market is projected to grow from USD 337.6 billion in 2023 to USD 470.6 billion by 2030. * **Sports Memorabilia:** The global sports memorabilia market, which includes trading cards, is expected to grow from USD 26.1 billion in 2021 to USD 227.2 billion by 2032. In 2024, the sports memorabilia collectibles market was valued at USD 38.617 billion and is projected to reach USD 70.966 billion by 2030. * **Sports Apparel:** The global sports apparel market was valued at USD 230.6 billion in 2022 and is projected to reach USD 410.8 billion by 2032. * **Video Games (Merchandising):** The global games market generated USD 187.7 billion in 2024 and is projected to reach USD 188.8 billion in 2025 and USD 206.5 billion in 2028. This market influences merchandising opportunities for video games.

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TKO Group Holdings, Inc. (TKO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its integrated sports and entertainment portfolio. These include leveraging substantial media rights agreements, expanding live events and associated revenues, and growing global partnerships.

Here are 3-5 expected drivers of future revenue growth:

New Media Rights Agreements: TKO has secured significant, long-term media rights deals for both its UFC and WWE properties. Notably, the WWE's Netflix deal for Raw, commencing in January 2025, and various ESPN agreements for WWE, along with UFC's deal with Paramount, are highlighted as substantial, high-margin revenue streams with built-in annual escalators. These agreements provide strong visibility and predictability for future revenue growth. The company expects these major U.S. media rights deals to significantly reshape its revenue mix and drive a "step-change" in 2026.
Growth in Live Events and Site Fees: TKO continues to demonstrate strong performance and growth in live events for both UFC and WWE. This includes increasing ticket sales and securing higher site fees for events. Management expects over $300 million in aggregate value from site fees and financial incentive packages in 2026, with a normalized expectation of approximately $240 million.
Expansion of Global Partnerships and Sponsorships: The company is actively pursuing and securing new global partners and renewing existing sponsorship deals for both UFC and WWE at increased fees. TKO has raised its 2030 partnerships revenue target from $1.0 billion to $1.2 billion, reflecting confidence in this growth area.
International Market Expansion and Content Monetization: TKO aims to capitalize on a growing global fanbase by expanding its premium live events and tours into new and existing international markets. The company is also securing rights agreements and renewals for UFC in international territories with healthy average annual increases, further monetizing its content globally.
Launch of New Initiatives: Strategic new ventures, such as the launch of Zuffa Boxing with Paramount+ rights, are anticipated to contribute to revenue growth, particularly through "super-fights" planned for 2026 and beyond.

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Share Repurchases

TKO Group Holdings, Inc. authorized a $2.0 billion share repurchase program in October 2024.
During 2025, the company repurchased $866.8 million of Class A common stock.
TKO plans to launch up to $1 billion in additional share repurchases in March 2026, with approximately $1.096 billion remaining available under the program as of February 24, 2026.


Share Issuance

Upon its formation in September 2023 through the merger of UFC and WWE, Endeavor received approximately 26.54 million common units of TKO OpCo and subscribed for an equal number of shares of TKO Class B common stock.


Inbound Investments

As a new entity formed by the merger of UFC and WWE in September 2023, Endeavor Group Holdings, Inc. held a 51% stake in TKO, with WWE shareholders holding 49%.


Outbound Investments

On February 28, 2025, TKO completed the acquisition of certain businesses operating under the IMG brand, On Location, and Professional Bull Riders (PBR) from Endeavor in a $3.25 billion all-stock transaction.
In July 2024, TKO invested $15.0 million for an approximate 5% ownership stake in EverPass, LLC, a live sports media platform, with additional pro rata capital contributions through May 2025.
In March 2025, TKO entered into a joint venture with Sela Company to launch a global boxing promotion business known as Zuffa Boxing.


Capital Expenditures

Capital expenditures were $48.633 million in 2023, increasing to $74.949 million in 2024.
The 2024 capital expenditures included approximately $19.6 million related to WWE's new headquarters facility.
In 2025, TKO's annual capital expenditures were $126.953 million.

Interactive Breakdown

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Better Bets vs. TKO (TKO)

INDUSTRY: Movies & Entertainment

Higher Rev Chg LTM (Value for TKO: -3.1%)

FWONA (22.7%)

Liberty Media

NFLX (16.7%)

Netflix

ROKU (15.2%)

Roku

LYV (8.8%)

Live Nation Entertainment

DIS (3.5%)

Walt Disney

Higher Op Mgn LTM (Value for TKO: 17.6%)

NFLX (29.7%)

Netflix

IMAX (22.8%)

Imax

SIRI (22.3%)

Sirius XM

RSVR (21.7%)

Reservoir Media

Higher CFO/Rev LTM (Value for TKO: 27.2%)

IMAX (31.0%)

Imax

RSVR (29.7%)

Reservoir Media

Higher FCF/Rev LTM (Value for TKO: 24.5%)

NFLX (25.4%)

Netflix

Higher Total Yield (Value for TKO: 5.7%)

AMCX (23.3%)

AMC Global Media

SIRI (12.3%)

Sirius XM

DIS (7.0%)

Walt Disney

AENT (6.0%)

Alliance Entertainment

SECTOR: Communication Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for TKO: 77.1% | 3.1x)

AD (573.8% | 2.1x)

Array Digital Infrastructure

MRDN (89.2% | 0.4x)

Meridian

GIFT (1260.8% | 0.4x)

Giftify

NXPL (93.2% | 0.3x)

NextPlat

SOBR (162.1% | 1.9x)

Sobr Safe

Higher Rev Chg LTM (Value for TKO: -3.1%)

META (22.2%)

Meta Platforms

NFLX (16.7%)

Netflix

GOOGL (15.1%)

Alphabet

TMUS (8.5%)

T-Mobile US

VZ (2.5%)

Verizon Communications

Higher Rev Chg 3Y Avg (Value for TKO: 77.1%)

GIFT (1260.8%)

Giftify

AD (573.8%)

Array Digital Infrastructure

SOBR (162.1%)

Sobr Safe

NXPL (93.2%)

NextPlat

MRDN (89.2%)

Meridian

Higher Op Mgn LTM (Value for TKO: 17.6%)

META (41.4%)

Meta Platforms

GOOGL (32.0%)

Alphabet

NFLX (29.7%)

Netflix

VZ (21.2%)

Verizon Communications

TMUS (21.0%)

T-Mobile US

Higher CFO/Rev LTM (Value for TKO: 27.2%)

META (57.6%)

Meta Platforms

GOOGL (40.9%)

Alphabet

T (32.1%)

AT&T

TMUS (31.7%)

T-Mobile US

CMCSA (27.2%)

Comcast

Higher FCF/Rev LTM (Value for TKO: 24.5%)

EA (31.5%)

Electronic Arts

RDDT (31.1%)

RBLX (27.7%)

Roblox

TRI (27.0%)

Thomson Reuters

NFLX (25.4%)

Netflix

Higher Total Yield (Value for TKO: 5.7%)

CMCSA (23.3%)

Comcast

VZ (14.7%)

Verizon Communications

T (11.9%)

AT&T

TMUS (7.2%)

T-Mobile US

DIS (7.0%)

Walt Disney

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TKO: 77.1% | 3.1x)

SLF (322.2% | 1.0x)

Sun Life Financial

QXO (3988.0% | 2.2x)

QXO

STEP (165.3% | 2.5x)

StepStone

ROOT (78.0% | 0.6x)

Root

ADAM (1175.3% | 2.0x)

Adamas Trust

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TKO: 77.1% | 17.5x)

ORLA (81.9% | 16.1x)

Orla Mining

ABX (78.9% | 10.6x)

Abacus Global Management

ESPR (87.0% | 7.7x)

Esperion Therapeutics

DEFT (301.1% | 11.0x)

DeFi Technologies

IMMR (786.2% | 3.6x)

Immersion

Higher Rev Chg LTM (Value for TKO: -3.1%)

NVDA (65.5%)

NVIDIA

AVGO (25.2%)

Broadcom

MSFT (16.7%)

Microsoft

AMZN (12.4%)

Amazon.com

AAPL (10.1%)

Apple

Higher Rev Chg 3Y Avg (Value for TKO: 77.1%)

NU (63129.4%)

CRCL (397.5%)

Circle Internet

SLF (322.2%)

Sun Life Financial

CRDO (104.0%)

Credo Technology

NVDA (101.8%)

NVIDIA

Higher Op Mgn LTM (Value for TKO: 17.6%)

NVDA (60.4%)

NVIDIA

MSFT (46.7%)

Microsoft

LLY (45.6%)

Eli Lilly

AVGO (41.5%)

Broadcom

AAPL (32.4%)

Apple

Higher CFO/Rev LTM (Value for TKO: 27.2%)

V (59.1%)

Visa

MSFT (52.5%)

Microsoft

NVDA (47.6%)

NVIDIA

AVGO (43.5%)

Broadcom

AAPL (31.1%)

Apple

Higher FCF/Rev LTM (Value for TKO: 24.5%)

V (55.4%)

Visa

NVDA (44.8%)

NVIDIA

AVGO (42.3%)

Broadcom

AAPL (28.3%)

Apple

MSFT (25.3%)

Microsoft

Higher Total Yield (Value for TKO: 5.7%)

BAC (7.8%)

Bank of America

XOM (7.3%)

Exxon Mobil

JNJ (7.2%)

Johnson & Johnson

BRK-B (6.7%)

Berkshire Hathaway

JPM (6.7%)

JPMorgan Chase

Best Bets in Communication Services

What You Pay

P/EBIT (Value for TKO: 18.0x)

FWONA (21.0x)

Liberty Media

IRDM (18.1x)

Iridium Communications

META (19.6x)

Meta Platforms

TTD (19.2x)

Trade Desk

MTCH (9.6x)

Match

CARG (14.8x)

CarGurus

T (5.5x)

AT&T

TMUS (11.6x)

T-Mobile US

TKO (18.0x)

TKO

RDDT (70.6x)

P/E (Value for TKO: 74.7x)

FWONA (37.7x)

Liberty Media

IRDM (36.9x)

Iridium Communications

META (28.2x)

Meta Platforms

TTD (25.5x)

Trade Desk

MTCH (14.0x)

Match

CARG (23.3x)

CarGurus

T (8.4x)

AT&T

TMUS (19.1x)

T-Mobile US

TKO (74.7x)

TKO

RDDT (58.9x)

What You Get

Rev Chg 3Y Avg (Value for TKO: 77.1%)

FWONA (21.3%)

Liberty Media

IRDM (6.6%)

Iridium Communications

META (19.9%)

Meta Platforms

TTD (22.5%)

Trade Desk

MTCH (3.0%)

Match

CARG (-10.0%)

CarGurus

T (1.3%)

AT&T

TMUS (3.6%)

T-Mobile US

TKO (77.1%)

TKO

RDDT (50.6%)

Rev Chg LTM (Value for TKO: -3.1%)

FWONA (22.7%)

Liberty Media

IRDM (4.9%)

Iridium Communications

META (22.2%)

Meta Platforms

TTD (18.5%)

Trade Desk

MTCH (0.2%)

Match

CARG (13.7%)

CarGurus

T (2.7%)

AT&T

TMUS (8.5%)

T-Mobile US

TKO (-3.1%)

TKO

RDDT (69.4%)

Rev Chg Q (Value for TKO: 11.9%)

FWONA (37.9%)

Liberty Media

IRDM (0.0%)

Iridium Communications

META (23.8%)

Meta Platforms

TTD (14.3%)

Trade Desk

MTCH (2.1%)

Match

CARG (58.2%)

CarGurus

T (3.6%)

AT&T

TMUS (11.3%)

T-Mobile US

TKO (11.9%)

TKO

RDDT (69.7%)

FCF/Rev 3Y Avg (Value for TKO: 13.1%)

FWONA (36.7%)

Liberty Media

IRDM (33.9%)

Iridium Communications

META (29.5%)

Meta Platforms

TTD (26.9%)

Trade Desk

MTCH (26.5%)

Match

CARG (20.5%)

CarGurus

T (15.8%)

AT&T

TMUS (13.2%)

T-Mobile US

TKO (13.1%)

TKO

RDDT (12.4%)

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 12%, alpha of 0.5%, and sharpe of 0.56

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	TKO Stock Falls -7% With A 7-day Losing Spree On Heavy Insider Selling	01/07/2026
2	TKO Stock Falls -6.6% In 6-day Spree On Insider Selling And Bearish Options	01/06/2026
3	TKO Earnings Notes	12/28/2026
4	11-Day Rally Sends TKO Stock Up 15%	12/09/2025
5	TKO Stock Surges 14%, With A 9-Day Winning Spree	12/05/2025
6	TKO Stock Surges 9.2%, With A 7-Day Winning Spree	12/03/2025
7	7-Day Rally Sends TKO Stock Up 10%	12/03/2025
8	ARTICLES
9	S&P 500 Stocks Trading At 52-Week High	12/17/2025
10	TKO Stock Surges 15%, With A 11-Day Winning Spree	12/09/2025
11	TKO Stock On Fire: Up 9.2% With 7-Day Winning Streak	12/03/2025
12	7-Day Rally Sends TKO Stock Up 9.2%	12/03/2025
13	TKO Stock On Fire: Up 10% With 7-Day Winning Streak	12/03/2025

	Title
0	DASHBOARDS
1	TKO Stock Falls -7% With A 7-day Losing Spree On Heavy Insider Selling
2	TKO Stock Falls -6.6% In 6-day Spree On Insider Selling And Bearish Options
3	TKO Earnings Notes
4	11-Day Rally Sends TKO Stock Up 15%
5	TKO Stock Surges 14%, With A 9-Day Winning Spree
6	TKO Stock Surges 9.2%, With A 7-Day Winning Spree
7	7-Day Rally Sends TKO Stock Up 10%
8	ARTICLES
9	S&P 500 Stocks Trading At 52-Week High
10	TKO Stock Surges 15%, With A 11-Day Winning Spree
11	TKO Stock On Fire: Up 9.2% With 7-Day Winning Streak
12	7-Day Rally Sends TKO Stock Up 9.2%
13	TKO Stock On Fire: Up 10% With 7-Day Winning Streak

Trade Ideas

Select ideas related to TKO.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
META_3272026_Dip_Buyer_ValueBuy	03272026	META	Meta Platforms	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	8.8%	8.8%	0.0%
CARG_3062026_Insider_Buying_GTE_1Mil_EBITp+DE_V2	03062026	CARG	CarGurus	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	1.2%	1.2%	-8.3%
YELP_2132026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02132026	YELP	Yelp	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	17.9%	17.9%	-5.7%
TRIP_2132026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	02132026	TRIP	Tripadvisor	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	10.9%	10.9%	-3.9%
OMC_2062026_Dip_Buyer_FCFYield	02062026	OMC	Omnicom	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	8.9%	8.9%	-3.7%
TKO_6302025_Insider_Buying_GTE_1Mil_EBITp+DE_V2	06302025	TKO	TKO	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	19.7%	12.1%	-14.5%
TKO_10312024_Insider_Buying_GTE_1Mil_EBITp+DE_V2	10312024	TKO	TKO	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	40.1%	62.8%	-0.3%
TKO_4302024_Insider_Buying_GTE_1Mil_EBITp+DE_V2	04302024	TKO	TKO	Insider	Insider Buys \| Low D/EStrong Insider Buying Companies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap	22.4%	72.5%	0.0%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
INBX	Inhibrx Biosciences	1.8	36.9%	45.7%
NMAX	Newsmax	1.2	26.9%	19.5%
POET	POET Technologies	1.1	24.6%	101.7%
REPL	Replimune	0.2	22.0%	-76.6%
NVTS	Navitas Semiconductor	4.1	20.5%	158.7%
WTI	W&T Offshore	0.6	20.4%	140.1%
HCSG	Healthcare Services	1.6	18.3%	19.7%
LWLG	Lightwave Logic	2.1	17.4%	367.9%
MPLT	MapLight Therapeutics	1.3	16.3%	82.9%
SMR	NuScale Power	4.3	16.3%	-4.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
CAR	Avis Budget	15.6	-37.8%	246.0%
NN	NextNav	2.4	-22.2%	5.6%
SON	Sonoco Products	4.7	-16.2%	10.1%
CALX	Calix	2.9	-14.0%	-19.4%
TNL	Travel+Leisure	4.2	-13.6%	-5.9%
ULCC	Frontier	0.9	-11.8%	-20.8%
AMSF	AMERISAFE	0.6	-9.6%	-21.0%
TEL	TE Connectivity	65.0	-9.1%	-2.5%
PHAT	Phathom Pharmaceuticals	0.9	-8.9%	-29.3%
EQPT	EquipmentShare.com	5.4	-8.3%	-34.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
POET	POET Technologies	1.1	83.2%	101.7%
NVTS	Navitas Semiconductor	4.1	80.0%	158.7%
MXL	MaxLinear	3.0	54.0%	94.4%
FBYD	Falcons Beyond Global	0.6	43.5%	3.3%
USAR	USA Rare Earth	2.6	38.5%	113.5%
AXTI	AXT	3.9	38.2%	431.7%
INBX	Inhibrx Biosciences	1.8	37.7%	45.7%
NMAX	Newsmax	1.2	37.5%	19.5%
VICR	Vicor	12.0	36.5%	141.8%
WTI	W&T Offshore	0.6	35.4%	140.1%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QDEL	QuidelOrtho	0.8	-32.0%	-58.3%
IIIN	Insteel Industries	0.5	-31.6%	-20.9%
AGIO	Agios Pharmaceuticals	1.6	-22.4%	-1.8%
BMI	Badger Meter	3.6	-21.3%	-29.0%
ANAB	AnaptysBio	1.5	-21.1%	10.5%
VSEC	VSE	4.1	-18.6%	5.9%
TNL	Travel+Leisure	4.2	-16.2%	-5.9%
LCID	Lucid	2.2	-15.8%	-34.6%
FMC	FMC	1.8	-15.7%	6.4%
FTAI	FTAI Aviation	23.4	-15.4%	16.1%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CAR	Avis Budget	15.6	313.8%	246.0%
AEHR	Aehr Test Systems	2.9	162.1%	382.2%
CBIO	Crescent Biopharma	0.8	144.4%	127.5%
APLS	Apellis Pharmaceuticals	5.2	132.7%	62.8%
FBYD	Falcons Beyond Global	0.6	130.0%	3.3%
POET	POET Technologies	1.1	110.7%	101.7%
SGML	Sigma Lithium	2.4	107.9%	63.2%
LWLG	Lightwave Logic	2.1	104.9%	367.9%
KOD	Kodiak Sciences	2.4	103.2%	61.6%
NVTS	Navitas Semiconductor	4.1	101.2%	158.7%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PIPR	Piper Sandler Cos	6.0	-70.2%	6.8%
REPL	Replimune	0.2	-67.5%	-76.6%
VRDN	Viridian Therapeutics	1.4	-48.1%	-54.0%
MAZE	Maze Therapeutics	1.2	-45.9%	-36.0%
BUR	Burford Capital	1.0	-39.7%	-47.2%
TASK	TaskUs	0.6	-36.7%	-9.4%
WVE	WAVE Life Sciences	1.3	-36.5%	-56.6%
LCID	Lucid	2.2	-33.0%	-34.6%
QDEL	QuidelOrtho	0.8	-28.1%	-58.3%
ESPR	Esperion Therapeutics	0.5	-24.8%	-46.8%

Peer Comparisons

Peers to compare with:

Financials

	TKO	FWONA	MSGS	LYV	WBD	FOXA	Median
Name	TKO	Liberty .	Madison .	Live Nat.	Warner B.	Fox
Mkt Price	186.26	81.18	335.35	154.63	27.33	65.56	117.91
Mkt Cap	14.6	20.3	8.1	35.9	67.8	28.4	24.3
Rev LTM	4,735	4,482	1,071	25,201	37,296	16,578	10,657
Op Inc LTM	835	600	5	1,233	1,309	3,155	1,034
FCF LTM	1,159	751	-0	305	3,088	2,310	955
FCF 3Y Avg	599	1,371	82	748	4,559	1,773	1,059
CFO LTM	1,286	870	3	1,395	4,319	2,729	1,341
CFO 3Y Avg	713	1,590	84	1,494	5,724	2,142	1,542

Growth & Margins

	TKO	FWONA	MSGS	LYV	WBD	FOXA	Median
Name	TKO	Liberty .	Madison .	Live Nat.	Warner B.	Fox
Rev Chg LTM	-3.1%	22.7%	0.3%	8.8%	-5.1%	9.2%	4.5%
Rev Chg 3Y Avg	77.1%	21.3%	6.8%	15.7%	4.1%	5.1%	11.2%
Rev Chg Q	11.9%	37.9%	12.8%	11.1%	-5.7%	2.0%	11.5%
QoQ Delta Rev Chg LTM	2.4%	10.9%	4.5%	2.6%	-1.5%	0.6%	2.5%
Op Inc Chg LTM	2,598.3%	53.8%	-96.7%	51.5%	7,172.2%	2.0%	52.7%
Op Inc Chg 3Y Avg	826.4%	51.4%	-16.6%	28.0%	2,449.6%	5.8%	39.7%
Op Mgn LTM	17.6%	13.4%	0.4%	4.9%	3.5%	19.0%	9.1%
Op Mgn 3Y Avg	10.2%	10.5%	7.6%	4.4%	0.5%	18.6%	8.9%
QoQ Delta Op Mgn LTM	-0.4%	1.0%	0.8%	0.3%	-0.2%	-0.7%	0.0%
CFO/Rev LTM	27.2%	19.4%	0.3%	5.5%	11.6%	16.5%	14.0%
CFO/Rev 3Y Avg	15.8%	42.6%	8.5%	6.3%	14.4%	13.7%	14.1%
FCF/Rev LTM	24.5%	16.8%	-0.0%	1.2%	8.3%	13.9%	11.1%
FCF/Rev 3Y Avg	13.1%	36.7%	8.3%	3.2%	11.5%	11.4%	11.4%

Valuation

	TKO	FWONA	MSGS	LYV	WBD	FOXA	Median
Name	TKO	Liberty .	Madison .	Live Nat.	Warner B.	Fox
Mkt Cap	14.6	20.3	8.1	35.9	67.8	28.4	24.3
P/S	3.1	4.5	7.6	1.4	1.8	1.7	2.5
P/Op Inc	17.5	33.8	1,792.5	29.1	51.8	9.0	31.5
P/EBIT	18.0	21.0	542.9	26.7	18.2	9.6	19.6
P/E	74.7	37.7	-489.3	72.4	93.3	15.0	55.1
P/CFO	11.4	23.3	2,330.7	25.7	15.7	10.4	19.5
Total Yield	5.7%	2.7%	-0.2%	1.4%	1.1%	7.7%	2.0%
Dividend Yield	4.4%	0.0%	0.0%	0.0%	0.0%	1.0%	0.0%
FCF Yield 3Y Avg	4.6%	8.2%	1.7%	2.9%	14.5%	7.9%	6.3%
D/E	0.3	0.3	0.1	0.3	0.5	0.3	0.3
Net D/E	0.2	0.2	0.1	0.1	0.4	0.2	0.2

Returns

	TKO	FWONA	MSGS	LYV	WBD	FOXA	Median
Name	TKO	Liberty .	Madison .	Live Nat.	Warner B.	Fox
1M Rtn	-4.1%	7.5%	8.1%	1.8%	-0.3%	14.5%	4.7%
3M Rtn	-8.5%	-1.6%	16.0%	10.7%	-4.2%	-9.4%	-2.9%
6M Rtn	0.4%	-10.2%	48.7%	-1.0%	33.1%	12.5%	6.4%
12M Rtn	27.5%	6.2%	78.3%	20.3%	243.8%	37.3%	32.4%
3Y Rtn	90.8%	55.7%	68.8%	130.9%	101.3%	102.5%	96.0%
1M Excs Rtn	-12.6%	-1.0%	-0.4%	-6.6%	-8.7%	6.0%	-3.8%
3M Excs Rtn	-12.3%	-5.4%	12.2%	6.9%	-8.0%	-13.2%	-6.7%
6M Excs Rtn	-5.5%	-16.1%	44.9%	-7.3%	43.2%	7.3%	0.9%
12M Excs Rtn	-6.4%	-30.3%	42.5%	-13.2%	205.8%	1.8%	-2.3%
3Y Excs Rtn	18.9%	-16.3%	0.5%	54.0%	16.2%	28.4%	17.5%

Comparison Analyses

	Title
0	Where Does TKO Stock Rank Among Competitors?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/25/2026	2/25/2026	2/26/2025	2/27/2024	8/22/2023	2/27/2024	8/22/2023
Key Financials
Total Revenue	4,735	4,735	4,884	3,225	1,140	1,032	891
EBITDA	1,321	1,321	511	646	603	455	419
Operating Income	835	835	31	397	544	391	314
Net Income	195	195	9	223	387	272	177
EPS	2.39	2.42	0.12	-0.43	0.00	0.00	2.13
Growth Rates
Total Revenue Growth	-3.1%	-3.1%	51.5%	182.8%	10.5%	15.8%	-
EBITDA Growth	158.4%	158.4%	-20.8%	7.0%	32.6%	8.5%	-
Operating Income Growth	2598.3%	2598.3%	-92.2%	-27.0%	39.2%	24.5%	-
Net Income Growth	1977.0%	1977.0%	-95.8%	-42.3%	42.2%	53.7%	-
Margins
EBITDA Margin	27.9%	27.9%	10.5%	20.0%	52.9%	44.1%	47.1%
Operating Income Margin	17.6%	17.6%	0.6%	12.3%	47.7%	37.9%	35.2%
Net Income Margin	4.1%	4.1%	0.2%	6.9%	34.0%	26.4%	19.9%
Cash & Debt
Total Cash	831	831	620	236	181	875	�
Total Debt	4,063	4,063	3,083	3,027	2,783	2,852	0
Net Debt / (Cash)	3,232	3,232	2,464	2,791	2,603	1,977	�
Cash Flows
Net Cash from Operations	1,286	1,286	586	266	502	441	351
Free Cash from Operations	1,159	1,159	467	172	489	430	330
Returns to Shareholders
Dividends	641	641	-0	-0	1,096	269	312
Share Repurchases	867	867	165	100	-0	-0	-0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/25/2026	11/5/2025	8/6/2025	5/8/2025	2/26/2025	11/6/2024	8/8/2024	5/8/2024	2/27/2024	11/7/2023	8/22/2023	6/23/2023
Key Financials Quarterly
Total Revenue	1,038	1,120	1,308	1,269	928	1,541	1,193	1,222	2,164	449	305	307
Ebitda	212	305	467	336	133	188	241	-51	188	130	166	161
Operating Income	57	172	368	237	55	35	115	-174	14	94	144	146
Net Income	-2	41	98	58	31	23	59	-104	10	44	81	88
EPS	-0.03	0.50	1.20	0.72	0.38	0.29	0.73	-1.26	-0.17	-0.26	0.00	0.00
Key Financials TTM
Total Revenue TTM	4,735	4,625	5,046	4,931	4,884	6,120	5,029	4,141	3,225	1,333	1,224	1,187
Ebitda TTM	1,321	1,242	1,125	898	511	566	508	433	646	592	657	631
Operating Income TTM	835	833	695	442	31	-11	49	78	397	504	580	562
Net Income TTM	195	229	211	172	9	-12	10	32	223	282	366	379
Growth Rates Quarterly
Total Revenue Growth	11.9%	-27.3%	9.7%	3.8%	-57.1%	243.1%	291.0%	298.5%	696.2%	31.8%	13.9%	18.1%
EBITDA Growth	59.2%	62.2%	93.9%	752.5%	-29.2%	44.6%	44.9%	-132.0%	40.1%	-33.5%	18.5%	12.2%
Operating Income Growth	4.3%	396.5%	220.7%	236.7%	307.0%	-63.1%	-20.2%	-218.8%	-88.7%	-44.7%	14.2%	13.6%
Net Income Growth	-107.7%	77.2%	66.4%	156.2%	211.0%	-48.0%	-27.4%	-218.5%	-85.4%	-65.5%	-13.4%	-8.6%
Margins Quarterly
EBITDA Margin	20.5%	27.3%	35.7%	26.5%	14.4%	12.2%	20.2%	-4.2%	8.7%	29.0%	54.5%	52.5%
Operating Income Margin	5.5%	15.4%	28.1%	18.7%	5.9%	2.2%	9.6%	-14.2%	0.6%	20.9%	47.1%	47.6%
Net Income Margin	-0.2%	3.7%	7.5%	4.6%	3.3%	1.5%	5.0%	-8.5%	0.5%	9.9%	26.7%	28.6%
Cash & Debt
Total Cash	831	861	535	471	620	457	278	246	236	189	173	136
Total Debt	4,063	4,043	3,060	3,069	3,083	2,989	2,997	3,029	3,027	3,022	2,771	2,778
Net Debt / (Cash)	3,232	3,182	2,525	2,599	2,464	2,531	2,719	2,783	2,791	2,834	2,598	2,642
Cash Flows Quarterly
FCF from Operations	310	417	396	163	56	178	307	45	19	67	111	70
Cash Flows TTM
FCF from Operations TTM	1,286	1,032	793	704	586	548	437	241	266	373	444	462
Returns to Shareholders Quarterly
Dividends	202	210	153	75	0	0	0	0	-260	99	60	101
Share Repurchases	41	826	-0	-0	-0	-0	-0	-0	100	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	0.4%	7.9%	18.1%	12.0%	3.2%	1.3%	5.7%	-9.6%	0.8%	3.5%	17.5%	17.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	9.4%	8.7%	7.9%	4.5%	0.5%	-0.2%	0.7%	1.1%	4.5%	6.7%	17.6%	16.9%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
IMG Worldwide, LLC (IMG)	1,970
Ultimate Fighting Championship (UFC)	1,406	1,292	1,140
World Wrestling Entertainment, Inc. (WWE)	1,398	383	0
Corporate and Other	170
Eliminations	-61
Consumer Products Licensing				26	30
Live Event				106	98
Media Rights and Content				768	647
Sponsorships				132	116
Total	4,884	1,675	1,140	1,032	891

Price Behavior

Price Behavior

Market Price	$186.26
Market Cap ($ Bil)	14.6
First Trading Date	09/12/2023
Distance from 52W High	-16.9%
	50 Days	200 Days
DMA Price	$201.08	$192.78
DMA Trend	up	down
Distance from DMA	-7.4%	-3.4%
	3M	1YR
Volatility	36.7%	31.3%
Downside Capture	0.46	0.34
Upside Capture	92.00	83.14
Correlation (SPY)	29.8%	27.2%

TKO Betas & Captures as of 3/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	1.48	1.15	0.77	0.61	0.77	0.00
Up Beta	2.19	0.47	0.50	0.13	0.61	0.08
Down Beta	0.60	1.48	1.08	0.64	0.99	0.04
Up Capture	128%	132%	45%	63%	83%	48%
Bmk +ve Days	7	16	27	65	139	424
Stock +ve Days	10	23	30	67	140	343
Down Capture	182%	98%	85%	80%	80%	82%
Bmk -ve Days	12	23	33	58	110	323
Stock -ve Days	12	19	33	58	110	294

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with TKO
TKO	32.1%	31.4%	0.91	-
Sector ETF (XLC)	35.1%	13.5%	1.97	37.1%
Equity (SPY)	26.7%	12.5%	1.77	28.0%
Gold (GLD)	38.9%	27.4%	1.19	3.1%
Commodities (DBC)	23.5%	16.2%	1.32	1.6%
Real Estate (VNQ)	15.6%	13.6%	0.82	29.9%
Bitcoin (BTCUSD)	-12.8%	42.6%	-0.21	11.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with TKO
TKO	13.8%	33.1%	0.79	-
Sector ETF (XLC)	10.0%	20.7%	0.39	36.4%
Equity (SPY)	10.5%	17.1%	0.48	35.2%
Gold (GLD)	21.5%	17.8%	0.99	7.6%
Commodities (DBC)	10.7%	18.8%	0.47	12.0%
Real Estate (VNQ)	3.6%	18.8%	0.09	27.0%
Bitcoin (BTCUSD)	3.8%	56.4%	0.29	11.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with TKO
TKO	6.7%	33.1%	0.79	-
Sector ETF (XLC)	9.8%	22.3%	0.52	36.4%
Equity (SPY)	13.8%	17.9%	0.66	35.2%
Gold (GLD)	13.9%	15.9%	0.73	7.6%
Commodities (DBC)	8.1%	17.6%	0.38	12.0%
Real Estate (VNQ)	5.4%	20.7%	0.23	27.0%
Bitcoin (BTCUSD)	68.1%	66.9%	1.07	11.6%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	3312026
Short Interest: Shares Quantity	9.4 Mil
Short Interest: % Change Since 3152026	-8.0%
Average Daily Volume	1.7 Mil
Days-to-Cover Short Interest	5.6 days
Basic Shares Quantity	78.4 Mil
Short % of Basic Shares	12.0%

Returns Analyses

	Title
0	With TKO Stock Surging, Have You Considered The Downside?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/25/2026	8.0%	4.4%	-6.7%
11/5/2025	-3.3%	-3.0%	8.9%
8/6/2025	3.3%	22.9%	24.7%
5/8/2025	-5.5%	-4.4%	-3.3%
2/26/2025	-5.8%	-4.5%	-4.5%
11/6/2024	-1.9%	-2.0%	19.9%
8/8/2024	6.8%	8.4%	5.4%
5/8/2024	-0.1%	6.9%	9.7%
...
SUMMARY STATS
# Positive	4	5	6
# Negative	6	5	4
Median Positive	5.0%	6.9%	9.3%
Median Negative	-3.6%	-4.4%	-4.8%
Max Positive	8.0%	22.9%	24.7%
Max Negative	-5.8%	-6.6%	-6.7%

	Forward Returns
2/25/2026	8.0%	4.4%	-6.7%
11/5/2025	-3.3%	-3.0%	8.9%
8/6/2025	3.3%	22.9%	24.7%
5/8/2025	-5.5%	-4.4%	-3.3%
2/26/2025	-5.8%	-4.5%	-4.5%
11/6/2024	-1.9%	-2.0%	19.9%
8/8/2024	6.8%	8.4%	5.4%
5/8/2024	-0.1%	6.9%	9.7%
2/27/2024	-3.9%	-6.6%	0.1%
11/1/2023	1.3%	2.7%	-5.0%
SUMMARY STATS
# Positive	4	5	6
# Negative	6	5	4
Median Positive	5.0%	6.9%	9.3%
Median Negative	-3.6%	-4.4%	-4.8%
Max Positive	8.0%	22.9%	24.7%
Max Negative	-5.8%	-6.6%	-6.7%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/25/2026	10-K
09/30/2025	11/05/2025	10-Q
06/30/2025	08/06/2025	10-Q
03/31/2025	05/08/2025	10-Q
12/31/2024	02/26/2025	10-K
09/30/2024	11/06/2024	10-Q
06/30/2024	08/08/2024	10-Q
03/31/2024	05/08/2024	10-Q
12/31/2023	02/27/2024	10-K
09/30/2023	11/07/2023	10-Q
06/30/2023	08/22/2023	424B3
03/31/2023	06/23/2023	S-4/A

Recent Forward Guidance [BETA]

Latest: Q4 2025 Earnings Reported 2/25/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2026 Revenue	5.67 Bil	5.72 Bil	5.78 Bil	21.7%		Higher New	Guidance: 4.71 Bil for 2025
2026 Adjusted EBITDA	2.24 Bil	2.27 Bil	2.29 Bil	43.8%		Higher New	Guidance: 1.57 Bil for 2025
2026 Share Repurchases		1.00 Bil

Prior: Q3 2025 Earnings Reported 11/5/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
2025 Revenue	4.69 Bil	4.71 Bil	4.72 Bil	1.0%		Raised	Guidance: 4.66 Bil for 2025
2025 Adjusted EBITDA	1.57 Bil	1.57 Bil	1.58 Bil	1.6%		Raised	Guidance: 1.55 Bil for 2025

Insider Activity

Expand for Morenull

TKO Trade Sentinel

Stock Conviction

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CONVICTION RATIONALE

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STOCK ARCHETYPE

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Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

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Mechanism: null

Supporting Evidence:

PRIMARY RISK

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Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing TKO?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What TKO Makes & Who Pays

TTM figures based on

TKO Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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TKO (TKO)

Market Price (4/23/2026): $188.04 | Market Cap: $14.7 BilSector: Communication Services | Industry: Movies & Entertainment

TKO (TKO)

Market Price (4/23/2026): $188.04Market Cap: $14.7 BilSector: Communication ServicesIndustry: Movies & Entertainment

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About TKO (TKO)

Share Repurchases

Share Issuance

Inbound Investments

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. TKO (TKO)

INDUSTRY: Movies & Entertainment

Higher Rev Chg LTM (Value for TKO: -3.1%)

Higher Op Mgn LTM (Value for TKO: 17.6%)

Higher CFO/Rev LTM (Value for TKO: 27.2%)

Higher FCF/Rev LTM (Value for TKO: 24.5%)

Higher Total Yield (Value for TKO: 5.7%)

SECTOR: Communication Services

Higher Rev Chg 3Y Avg | Lower P/S (Values for TKO: 77.1% | 3.1x)

Higher Rev Chg LTM (Value for TKO: -3.1%)

Higher Rev Chg 3Y Avg (Value for TKO: 77.1%)

Higher Op Mgn LTM (Value for TKO: 17.6%)

Higher CFO/Rev LTM (Value for TKO: 27.2%)

Higher FCF/Rev LTM (Value for TKO: 24.5%)

Higher Total Yield (Value for TKO: 5.7%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for TKO: 77.1% | 3.1x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for TKO: 77.1% | 17.5x)

Higher Rev Chg LTM (Value for TKO: -3.1%)

Higher Rev Chg 3Y Avg (Value for TKO: 77.1%)

Higher Op Mgn LTM (Value for TKO: 17.6%)

Higher CFO/Rev LTM (Value for TKO: 27.2%)

Higher FCF/Rev LTM (Value for TKO: 24.5%)

Higher Total Yield (Value for TKO: 5.7%)

Best Bets in Communication Services

P/EBIT (Value for TKO: 18.0x)

P/E (Value for TKO: 74.7x)

Rev Chg 3Y Avg (Value for TKO: 77.1%)

Rev Chg LTM (Value for TKO: -3.1%)

Rev Chg Q (Value for TKO: 11.9%)

FCF/Rev 3Y Avg (Value for TKO: 13.1%)

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Market Price (4/23/2026): $188.04 | Market Cap: $14.7 Bil
Sector: Communication Services | Industry: Movies & Entertainment

Market Price (4/23/2026): $188.04
Market Cap: $14.7 Bil
Sector: Communication Services
Industry: Movies & Entertainment