Company file · TKO

TKO Group Holdings

North America was TKO Group Holdings' fastest-growing region in FY2025, up 17.2%

Revenue fell 3.1% to $4.7B in FY2025, from $4.9B in FY2024. Net income rose 1977.0% to $195M. North America was the largest region, at 74% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 25, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026) · Data pulled Nov 11, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, TKO Group Holdings (NYSE: TKO) took in $4.7B of revenue (down 3.1% on fiscal 2024); net income was $195M (up 1977.0%). The most recent quarter, ended Sep 30, 2026, brought revenue of $1.4B, up 21.5% year over year, with net income of $99M. North America was the biggest single line by region: 74% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Nov 4, 2026).

Revenue$4.7BFY2025 · −3.1% vs FY2024

Net income$195MFY2025 · vs $9M in FY2024

Operating cash flow$1.3BFY2025 · +119.4% vs FY2024

Cash & equivalents$631Mat Sep 30, 2026 · −24.1% vs FY2025 end

Total debt$4.6Bat Sep 30, 2026 · +22.7% vs FY2025 end

Diluted shares194MFY2025 avg · +12.9% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 25, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 3, 2026 · 10-Q filed Nov 4, 2026

How it makes money

By region, FY2025

LineAmountSharevs FY2024
North America$3.5B74%+17.2%
EMEA$898M19%−38.5%
Asia Pacific$242M5%−28.4%
Latin America$80M2%−8.3%

Source: 10-K FY2025, XBRL breakdown

By region in FY2025: North America (74%), EMEA (19%), Asia Pacific (5%) and Latin America (2%), as shares of total revenue. Total revenue was $4.7B.

By region: three-year mixShare of the total each fiscal year

FY2023

65%24%9%

FY2024

61%30%

FY2025

74%19%

North AmericaEMEAAsia PacificLatin America

Source: 10-K FY2025

By segment, FY2025

World Wrestling Entertainment$1.7B36%+22.3%

Ultimate Fighting Championship$1.5B32%+6.8%

IMG$1.4B29%−30.6%

Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$1.4B Q3 2026

$1.1B Q3 2025

21.5% increase

Net income

$99M Q3 2026

$41M Q3 2025

140.7% increase

Source: TKO Group Holdings 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026

Cash & equivalents $631M at Sep 30, 2026, vs $831M at FY2025 end.
Total debt $4.6B at Sep 30, 2026, vs $3.8B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $1.5B vs $976M a year earlier.

The bull case and the bear case

The bull case

Net income rose 1977.0% in FY2025 to $195M, from $9M. 10-K, FY2025
Operating cash flow rose 119.4% in FY2025 to $1.3B. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $1.4B, up 21.5% on a year earlier. 10-Q, quarter ended Sep 30, 2026
Net income in the quarter ended Sep 30, 2026 was $99M, up 140.7% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Revenue fell 3.1% in FY2025 to $4.7B, from $4.9B a year earlier. 10-K, FY2025
Diluted shares rose 12.9% in FY2025, which spreads profit across more shares. 10-K, FY2025
Total debt rose 36.2% in FY2025 to $3.8B. 10-K, FY2025
EMEA revenue fell 38.5% in FY2025 to $898M. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

TKO Group Holdings is in the movies & entertainment industry, part of the communication services sector. The SEC files it under Services-Amusement & Recreation Services.

TKO Group Holdings reports 3 segments: World Wrestling Entertainment, Ultimate Fighting Championship and IMG.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the movies & entertainment industry. They are not a summary of TKO Group Holdings’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

CompetitionRivals and new platforms compete for audiences, advertisers and subscribers.
Advertising and consumer spendingAd budgets and subscriptions follow the economy.
Content and rights costsProgramming, rights and network costs can rise faster than revenue.
RegulationMedia, privacy and competition rules can limit what it can do.
Technology changeShifts in how people watch, listen and connect can make products less relevant.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$3.2B	$4.9B	$4.7B
Net income	−$35M	$9M	$195M
Operating cash flow	$266M	$586M	$1.3B
Cash & equivalents (year end)	$236M	$620M	$831M
Total debt (year end)	$2.7B	$2.8B	$3.8B
Diluted shares	83M	172M	194M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

The segment chart covers only part of revenue: the company reports other lines that aren't part of this breakdown.

Recent filings

Form	Filed	Period
10-Q	Nov 4, 2026	Sep 30, 2026
10-Q	Aug 3, 2026	Jun 30, 2026
10-Q	May 6, 2026	Mar 31, 2026
DEF 14A	Apr 23, 2026	Jun 10, 2026
10-K	Feb 25, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about TKO Group Holdings

How does TKO Group Holdings make money?

In fiscal 2025, revenue totaled $4.7B. By region in FY2025: North America (74%), EMEA (19%), Asia Pacific (5%) and Latin America (2%), as shares of total revenue. Total revenue was $4.7B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What was TKO Group Holdings's revenue in fiscal 2025?

Revenue came to $4.7B in the year ended Dec 31, 2025. Going back two years, it was $3.2B in fiscal 2023 and $4.9B in fiscal 2024, so the latest year was down 3.1%. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

Is TKO Group Holdings profitable?

Yes, by US accounting rules (GAAP): net income was $195M in fiscal 2025, up 1977.0% from $9M a year earlier. For the quarter ended Sep 30, 2026, net income was $99M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.

What did TKO Group Holdings report in its latest quarterly filing?

The 10-Q for the quarter ended Sep 30, 2026 shows revenue of $1.4B, against $1.1B in the same quarter a year before (up 21.5%), and net income of $99M, against $41M (up 140.7%). Source: 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026.

How much cash and debt does TKO Group Holdings have?

On Sep 30, 2026, cash and cash equivalents stood at $631M and total debt at $4.6B. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Nov 4, 2026.

What are the main risks TKO Group Holdings faces?

TKO Group Holdings's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 25, 2026. Risks that are common among companies in the movies & entertainment industry include Competition; advertising and consumer spending; content and rights costs; regulation; technology change. The first: Rivals and new platforms compete for audiences, advertisers and subscribers. Source: 10-K, Item 1A Risk Factors.

Where do these TKO Group Holdings numbers come from?

Two filings TKO Group Holdings made with the SEC: its fiscal 2025 10-K, filed Feb 25, 2026, and its 10-Q for the quarter ended Sep 30, 2026, filed Nov 4, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning TKO Group Holdings

Lindsell Train: 1,939,162 shares, reported value $348.5M at Sep 30, 2026 (−7.6% in shares since the filing for Jun 30, 2026). Form 13F filed Nov 2, 2026.
Soros Fund Management: 578,157 shares, reported value $116.4M at Jun 30, 2026 (−4.3% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Two Sigma Investments: 41,390 shares, reported value $8.3M at Jun 30, 2026 (+150.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Millennium Management: 39,133 shares, reported value $7.9M at Jun 30, 2026 (+99.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Citadel Advisors: 33,641 shares, reported value $6.8M at Jun 30, 2026 (−93.0% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in TKO: The editor holds no position in TKO Group Holdings (TKO). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell TKO from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold TKO, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
TKO Group HoldingsTKO	FY2025	$4.7B	−3.1%	$195M
NetflixNFLX	FY2025	$45.2B	+15.9%	$11.0B
DisneyDIS	FY2025	$94.4B	+3.4%	$12.4B
Live Nation EntertainmentLYV	FY2025	$25.2B	+8.8%	$496M

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.