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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
or
	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______

Commission File Number: 001-41797

TKO GROUP HOLDINGS, INC.

(Exact name of registrant as specified in its charter)



Delaware	92-3569035
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

200 Fifth Ave, 7th Floor

New York, NY 10010

(Address of principal executive offices)

(646) 558-8333

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:




Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock, par value $0.00001 per share	TKO	The New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large Accelerated Filer ☒	Accelerated Filer ☐	Non-Accelerated Filer ☐	Smaller Reporting Company ☐	Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No 

As of October 31, 2025, there were 78,922,362 shares of the Registrant’s Class A common stock outstanding and 116,158,615 shares of the Registrant’s Class B common stock outstanding.

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TABLE OF CONTENTS



	Page #
Part I – FINANCIAL INFORMATION
Item 1. Financial Statements (unaudited)	6
Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024	6
Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024	7
Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024	8
Consolidated Statements of Stockholders’ Equity for the three and nine months ended September 30, 2025 and 2024	9
Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024	11
Notes to Consolidated Financial Statements	12
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	36
Item 3. Quantitative and Qualitative Disclosures about Market Risk	52
Item 4. Controls and Procedures	52
Part II – OTHER INFORMATION	53
Item 1. Legal Proceedings	53
Item 1A. Risk Factors	53
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 5. Other Information	53
Item 6. Exhibits	55
Signatures	56

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FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of present and historical fact contained in this Quarterly Report, including without limitation, statements regarding the anticipated benefits of and costs associated with the TKO Transactions and the Endeavor Asset Acquisition (as defined below); our expected contractual obligations and capital expenditures; our future results of operations and financial position; our expectations regarding strategic transactions, our expectations regarding actions under our capital return program, including the amount and frequency of share repurchases and dividends; industry and business trends; the impact of market conditions and other macroeconomic factors on our business, financial condition and results of operations; the impact of legislative and regulatory developments, our future business strategy, plans, market growth and our objectives for future operations; and our competitive market position within our industry are forward-looking statements.

Without limiting the foregoing, you can generally identify forward-looking statements by the use of forward-looking terminology, including the terms “aim,” “anticipate,” “believe,” “could,” “mission,” “may,” “will,” “should,” “expect,” “intend,” “plan,” “estimate,” “project,” “predict,” “potential,” “target,” “contemplate,” or, in each case, their negative, or other variations or comparable terminology and expressions. The forward-looking statements in this Quarterly Report are only predictions and are based on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report and are subject to a number of known and unknown risks, uncertainties and assumptions, including but not limited to:

•

our ability to generate revenue from discretionary and corporate spending on events;

•

our dependence on key relationships with television and cable networks, satellite providers, digital streaming partners and other distribution partners;

•

our ability to adapt to or manage new content distribution platforms or changes in consumer behavior;

•

our success in our strategic acquisitions, investments and commercial agreements;

•

adverse publicity concerning us or our key personnel;

•

the highly competitive, rapidly changing and increasingly fragmented nature of the markets in which we operate;

•

our dependence on the continued services of executive management and other key employees;

•

changes in public and consumer tastes and preferences and industry trends;

•

financial risks with owning and managing events for which we sell media and sponsorship rights, ticketing and hospitality;

•

our ability to generate revenue from discretionary and corporate spending on events due to factors beyond our control;

•

risks related to the integration and realization of the expected benefits of the business combination of UFC and WWE and with the businesses acquired in the Endeavor Asset Acquisition;

•

the dilution of the percentage ownership interests of our other stockholders as a result of our issuance of Class B common stock and TKO OpCo Units to Endeavor Group Holdings, Inc. in the Endeavor Asset Acquisition;

•

potential liabilities that are not known, probable or estimable at this time;

•

the impact of future domestic and international industry trends on our business and our future growth, business strategy and objectives for future operations;

•

the inability to renew or replace our distribution rights agreements on equal or more favorable terms;

•

adverse affects of other economic, business and/or competitive factors; and

•

other important factors that could cause actual results, performance or achievements to differ materially from those described in Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 (the “2024 Annual Report”), as updated by Part I, Item 2. “Management’s Discussion and Analysis of Financial Condition

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and Results of Operations” in this Quarterly Report and in our subsequent filings with the Securities and Exchange Commission (the “SEC”).

These risks could cause our actual results to differ materially from those implied by forward-looking statements in this Quarterly Report. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. Even if our results of operations, financial condition and liquidity and the development of the industry in which we operate are consistent with the forward-looking statements contained in this Quarterly Report, those results or developments may not be indicative of results or developments in subsequent periods.

You should read this Quarterly Report and the documents that we reference herein completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we have no obligation to update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Available Information and Website Disclosure

We are required to file annual, quarterly and current reports, proxy statements and other information with the SEC. Our filings with the SEC are also available to the public through the SEC’s website at www.sec.gov.

You can also find more information about us online at our investor relations website located at investor.tkogrp.com. Filings we make with the SEC and any amendments to those reports are available free of charge on our website as soon as reasonably practicable after we electronically file such material with the SEC. The information posted on or accessible through our website is not incorporated into this Quarterly Report.

Investors and others should note that we announce material financial and operational information to our investors using press releases, SEC filings and public conference calls and webcasts, and by postings on our investor relations site at investor.tkogrp.com. We may also use our website as a distribution channel for material Company information. In addition, you may automatically receive email alerts and other information about TKO when you enroll your email address by visiting the “Investor Email Alerts” option under the Resources tab on investor.tkogrp.com.

DEFINITIONS

As used in this Quarterly Report, unless we state otherwise or the context otherwise requires:

•

“we,” “us,” “our,” “TKO Group Holdings,” “TKO,” the “Company,” and similar references refer (1) prior to the consummation of the TKO Transactions to Zuffa Parent, LLC (each as defined below), and (2) after the consummation of the TKO Transactions to TKO Group Holdings, Inc. and its consolidated subsidiaries.

•

"Acquired Businesses" refers to the businesses we acquired in the Endeavor Asset Acquisition.

•

“Board” refers to the board of directors of TKO Group Holdings.

•

“business combination” refers to the combination of the businesses of WWE and TKO OpCo.

•

“Class A common stock” refers to the Class A common stock, par value $0.00001 per share, of TKO.

•

“Class B common stock” refers to the Class B common stock, par value $0.00001 per share, of TKO.

•

“DGCL” refers to the General Corporation Law of the State of Delaware.

•

“Endeavor Group Holdings, Inc.,” “Endeavor” or “EGH” refers to Endeavor Group Holdings, Inc., a Delaware corporation.

•

“Endeavor Asset Acquisition” refers to our acquisition, from affiliates of Endeavor Group Holdings, Inc., of the IMG businesses, including certain businesses operating under the IMG brand, On Location and the Professional Bull Riders (“PBR”). The Endeavor Asset Acquisition was accounted for as a common control acquisition and was consummated on February 28, 2025.

•

“Endeavor OpCo” refers to Endeavor Operating Company, LLC, a Delaware limited liability company and subsidiary of Endeavor.

•

“Endeavor Take-Private” refers to the transactions contemplated by the Agreement and Plan of Merger, dated as of April 2, 2024, by and among Wildcat EGH Holdco, L.P., Wildcat OpCo Holdco, L.P., Wildcat PubCo Merger Sub, Inc., Wildcat

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Manager Merger Sub, L.L.C., Wildcat OpCo Merger Sub, L.L.C., Endeavor Executive Holdco, LLC, Endeavor Executive II Holdco, LLC, Endeavor Executive PIU Holdco, LLC, Endeavor Manager, LLC, Endeavor OpCo and Endeavor Group Holdings, Inc., pursuant to which affiliates of Silver Lake agreed to acquire 100% of the outstanding shares of Endeavor Group Holdings, Inc.’s stock that Silver Lake does not already own (subject to certain exceptions). The Endeavor Take-Private transaction closed on March 24, 2025.

•

“fully-diluted basis” means on a basis calculated assuming the full cash exercise (and not net settlement but, for the avoidance of doubt, including the conversion of the Convertible Notes (to the extent not converted prior to closing of the TKO Transaction)) of all outstanding options, warrants, restricted stock units, performance stock units, dividend equivalent rights and other rights and obligations (including any promised equity awards and assuming the full issuance of the shares underlying such awards) to acquire voting interests of TKO Group Holdings (without regard to any vesting provisions and, with respect to any promised awards whose issuance is conditioned in full or in part based on achievement of performance goals or metrics, assuming achievement at target performance) and the full conversion, exercise, exchange, settlement of all issued and outstanding securities convertible into or exercisable, exchangeable or settleable for voting interests of TKO Group Holdings, not including any voting interests of TKO Group Holdings reserved for issuance pursuant to future awards under any option, equity bonus, share purchase or other equity incentive plan or arrangement of TKO Group Holdings (other than promised awards described above), and any other interests or shares, as applicable, that may be issued or exercised. For the avoidance of doubt, this definition assumes no net settlement or other reduction in respect of withholding tax obligations in connection with the issuance, conversion, exercise, exchange or settlement of such rights or obligations to acquire interests of TKO Group Holdings as described in the foregoing.

•

“Services Agreement” means the services agreement dated as of September 12, 2023, by and between Endeavor Group Holdings, Inc. and TKO OpCo. On the closing date of the Endeavor Asset Acquisition, the Services Agreement was terminated, and the Transition Services Agreement was entered into with Endeavor OpCo.

•

“Silver Lake” refers to (a) any funds, partnerships, co-investment entities, managed accounts and other investment vehicles affiliated with, or managed, advised, sponsored or controlled by, Silver Lake Group, L.L.C. or one or more of its Affiliates and (b) any Person controlled by or under common control with one or more of the foregoing.

•

“TKO OpCo” refers to TKO Operating Company, LLC (f/k/a Zuffa Parent LLC), a Delaware limited liability company and our direct subsidiary.

•

“TKO OpCo Units” refers to all of the existing equity interests in TKO OpCo.

•

“TKO Transactions” refer, collectively, to the merger of the businesses of UFC and WWE under TKO Group Holdings, Inc. consummated in September 2023.

•

“Transaction Agreement” refers to the transaction agreement, dated as of April 2, 2023, by and among Endeavor Group Holdings, Inc., Endeavor OpCo, TKO OpCo, WWE, the Company, and Whale Merger Sub Inc.

•

“Transition Services Agreement” refers to the transition services agreement, dated as of February 28, 2025, by and between Endeavor OpCo, IMG Worldwide, Trans World International, LLC (“TWI”), TKO OpCo and TKO.

•

“UFC” refers to the Ultimate Fighting Championship.

•

“WWE” refers to World Wrestling Entertainment, Inc. (n/k/a World Wrestling Entertainment, LLC).

•

“Zuffa” refers to Zuffa Parent, LLC (n/k/a TKO Operating Company, LLC or TKO OpCo).

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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

TKO GROUP HOLDINGS, INC.

Consolidated Balance Sheets

(In thousands, except share and per share data)

(Unaudited)


	As of September 30,			As of December 31,
	2025			2024
Assets
Current assets:
Cash and cash equivalents	$	861,410		$	619,787
Restricted cash		311,861			58,296
Accounts receivable (net of allowance for doubtful accounts of $24,098 and $20,639, respectively)		583,172			423,013
Deferred costs		185,221			179,288
Other current assets		270,633			248,110
Total current assets		2,212,297			1,528,494
Property, buildings and equipment, net		597,097			629,904
Intangible assets, net		3,453,416			3,649,903
Finance lease right-of-use assets, net		236,210			248,549
Operating lease right-of-use assets, net		56,568			64,603
Goodwill		8,444,710			8,441,993
Investments		123,472			101,215
Other assets		423,189			447,121
Total assets	$	15,546,959		$	15,111,782
Liabilities, Non-controlling Interests and Stockholders' Equity
Current liabilities:
Accounts payable	$	265,922		$	246,350
Accrued liabilities		444,529			670,232
Current portion of long-term debt		36,392			26,977
Current portion of finance lease liabilities		21,648			15,582
Current portion of operating lease liabilities		17,026			17,028
Deferred revenue		507,968			416,695
Other current liabilities		226,006			20,929
Total current liabilities		1,519,491			1,413,793
Long-term debt		3,701,067			2,735,305
Long-term finance lease liabilities		222,986			235,959
Long-term operating lease liabilities		43,796			52,466
Deferred tax liabilities		336,399			360,546
Other long-term liabilities		273,898			170,849
Total liabilities		6,097,637			4,968,918
Commitments and contingencies (Note 16)
Redeemable non-controlling interests		21,864			21,864
Stockholders' equity:
Class A common stock: ($0.00001 par value; 5,000,000,000 shares authorized; 78,909,569 and 81,203,161 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)		1			1
Class B common stock: ($0.00001 par value; 5,000,000,000 shares authorized; 116,158,615 and 89,616,891 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively)		1			1
Additional paid-in capital		4,591,379			4,385,297
Accumulated other comprehensive loss		(17,968	)		(2,548	)
Accumulated deficit		(752,388	)		(291,728	)
Total TKO Group Holdings, Inc. stockholders’ equity		3,821,025			4,091,023
Nonredeemable non-controlling interests		5,606,433			6,029,977
Total stockholders' equity		9,427,458			10,121,000
Total liabilities, redeemable non-controlling interests and stockholders' equity	$	15,546,959		$	15,111,782

See accompanying notes to consolidated financial statements.

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TKO GROUP HOLDINGS, INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Revenue	$	1,119,914		$	1,540,683		$	3,697,156		$	3,956,322
Operating expenses:
Direct operating costs		439,653			1,011,568			1,483,652			2,208,452
Selling, general and administrative expenses		379,167			379,603			1,106,809			1,416,101
Depreciation and amortization		129,131			114,879			329,063			355,860
Total operating expenses		947,951			1,506,050			2,919,524			3,980,413
Operating income (loss)		171,963			34,633			777,632			(24,091	)
Other expenses:
Interest expense, net		(50,842	)		(59,433	)		(143,814	)		(183,589	)
Other (expense) income, net		(3,182	)		32,407			(19,406	)		23,970
Income (loss) before income taxes and equity earnings of affiliates		117,939			7,607			614,412			(183,710	)
Provision for income taxes		12,771			2,865			80,425			3,743
Income (loss) before equity earnings of affiliates		105,168			4,742			533,987			(187,453	)
Equity (earnings) losses of affiliates, net of tax		(1,622	)		1,313			(11,456	)		(2,612	)
Net income (loss)		106,790			3,429			545,443			(184,841	)
Less: Net income (loss) attributable to non-controlling interests		65,785			(19,707	)		347,665			(163,244	)
Net income (loss) attributable to TKO Group Holdings, Inc.	$	41,005		$	23,136		$	197,778		$	(21,597	)
Basic net earnings (loss) per share of Class A common stock	$	0.50		$	0.29		$	2.42		$	(0.27	)
Diluted net earnings (loss) per share of Class A common stock	$	0.47		$	0.28		$	2.33		$	(0.27	)
Weighted average number of common shares used in computing basic earnings (loss) per share		81,520,538			80,966,252			81,633,590			81,399,221
Weighted average number of common shares used in computing diluted net earnings (loss) per share		199,061,830			171,601,095			193,368,167			81,399,221

See accompanying notes to consolidated financial statements.

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TKO GROUP HOLDINGS, INC.

Consolidated Statements of Comprehensive Income (Loss)

(In thousands)

(Unaudited)


	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Net income (loss)	$	106,790		$	3,429		$	545,443		$	(184,841	)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments		(5,658	)		9,363			30,068			8,917
Cash flow hedges:
Change in net unrealized losses		(52	)		(923	)		(692	)		(337	)
Amortization of cash flow hedge fair value to net income		(77	)		(76	)		(229	)		(228	)
Total comprehensive income (loss), net of tax		101,003			11,793			574,590			(176,489	)
Less: Comprehensive income (loss) attributable to non-controlling interests		62,385			(9,519	)		363,954			(152,226	)
Comprehensive income (loss) attributable to TKO Group Holdings, Inc.	$	38,618		$	21,312		$	210,636		$	(24,263	)

See accompanying notes to consolidated financial statements.

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TKO GROUP HOLDINGS, INC.

Consolidated Statements of Stockholders’ Equity

(In thousands)

(Unaudited)


	Three Months Ended September 30, 2025
													Accumulated						Total TKO			Nonredeemable
	Common Stock									Additional			Other						Group Holdings,			Non-			Total
	Class A					Class B				Paid - in			Comprehensive			Accumulated			Inc. Stockholders'			Controlling			Stockholders'
	Shares			Amount		Shares		Amount		Capital			Loss			Deficit			Equity			Interests			Equity
Balance, June 30, 2025		81,782		$	1		116,159	$	1	$	4,410,917		$	(15,582	)	$	(130,008	)	$	4,265,329		$	6,075,525		$	10,340,854
Comprehensive income		—			—		—		—		—			(2,386	)		41,985			39,599			61,404			101,003
Distributions to members		—			—		—		—		—			—			—			—			(147,257	)		(147,257	)
Contributions from investors		—			—		—		—		—			—			—			—			388			388
Contributions from parent		—			—		—		—		—			—			—			—			467			467
Effects of acquisition		—			—		—		—		5,173			—			—			5,173			13,264			18,437
Stock issuances and other, net		431			—		—		—		—			—			—			—			—			—
Repurchase and retirement of common stock		(3,303	)		—		—		—		(166,797	)		—			(659,352	)		(826,149	)		—			(826,149	)
Excise taxes on repurchase of common stock		—			—		—		—		—			—			(5,013	)		(5,013	)		—			(5,013	)
Equity-based compensation		—			—		—		—		19,297			—			—			19,297			—			19,297
Taxes paid related to net settlement upon vesting of equity awards		—			—		—		—		(10,785	)		—			—			(10,785	)		—			(10,785	)
Cash dividends declared ($0.76 per share for Class A shareholders)		—			—		—		—		(62,372	)		—			—			(62,372	)		—			(62,372	)
Equity impacts arising from changes in ownership		—			—		—		—		(1,412	)		—			—			(1,412	)		—			(1,412	)
Equity reallocation between controlling and non-controlling interests		—			—		—		—		397,358			—			—			397,358			(397,358	)		—
Balance, September 30, 2025		78,910		$	1		116,159	$	1	$	4,591,379		$	(17,968	)	$	(752,388	)	$	3,821,025		$	5,606,433		$	9,427,458


	Nine Months Ended September 30, 2025
													Accumulated						Total TKO			Nonredeemable
	Common Stock									Additional			Other						Group Holdings,			Non-			Total
	Class A					Class B				Paid - in			Comprehensive			Accumulated			Inc. Stockholders'			Controlling			Stockholders'
	Shares			Amount		Shares		Amount		Capital			Loss			Deficit			Equity			Interests			Equity
Balance, December 31, 2024		81,203		$	1		89,617	$	1	$	4,385,297		$	(2,548	)	$	(291,728	)	$	4,091,023		$	6,029,977		$	10,121,000
Comprehensive income		—			—		—		—		—			12,859			203,705			216,564			358,026			574,590
Distributions to members		—			—		—		—		—			—			—			—			(313,830	)		(313,830	)
Distributions to investors		—			—		—		—		—			—			—			—			(60	)		(60	)
Net transfers from parent		—			—		—		—		—			—			—			—			(221,010	)		(221,010	)
Contributions from parent		—			—		—		—		—			—			—			—			76,895			76,895
Effects of acquisition		—			—		—		—		5,173			—			—			5,173			13,264			18,437
Stock issuances and other, net		1,010			—		26,542		—		23,539			—			—			23,539			—			23,539
Repurchase and retirement of common stock		(3,303	)		—		—		—		(166,797	)		—			(659,352	)		(826,149	)		—			(826,149	)
Excise taxes on repurchase of common stock		—			—		—		—		—			—			(5,013	)		(5,013	)		—			(5,013	)
Equity-based compensation		—			—		—		—		76,248			—			—			76,248			—			76,248
Taxes paid related to net settlement upon vesting of equity awards		—			—		—		—		(10,785	)		—			—			(10,785	)		—			(10,785	)
Cash dividends declared ($1.52 per share for Class A shareholders)		—			—		—		—		(124,508	)		—			—			(124,508	)		—			(124,508	)
Equity impacts arising from changes in ownership		—			—		—		—		38,104			—			—			38,104			—			38,104
Equity reallocation between controlling and non-controlling interests		—			—		—		—		365,108			(28,279	)		—			336,829			(336,829	)		—
Balance, September 30, 2025		78,910		$	1		116,159	$	1	$	4,591,379		$	(17,968	)	$	(752,388	)	$	3,821,025		$	5,606,433		$	9,427,458

See accompanying notes to consolidated financial statements.

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TKO GROUP HOLDINGS, INC.

Consolidated Statements of Stockholders’ Equity

(In thousands)

(Unaudited)


	Three Months Ended September 30, 2024
												Accumulated						Total TKO			Nonredeemable
	Common Stock								Additional			Other						Group Holdings,			Non-			Total
	Class A				Class B				Paid - in			Comprehensive			Accumulated			Inc. Stockholders'			Controlling			Stockholders'
	Shares		Amount		Shares		Amount		Capital			Income (Loss)			Deficit			Equity			Interests			Equity
Balance, June 30, 2024		80,713	$	1		89,617	$	1	$	4,339,217		$	(1,174	)	$	(346,425	)	$	3,991,620		$	6,070,841		$	10,062,461
Comprehensive (loss) income		—		—		—		—		—			(1,824	)		23,136			21,312			54,545			75,857
Distributions to investors		—		—		—		—		—			—			—			—			(30,328	)		(30,328	)
Net transfers from parent		—		—		—		—		—			—			—			—			1,606			1,606
Stock issuances and other, net		434		—		—		—		—			—			—			—			—			—
Excise taxes on repurchase of common stock		—		—		—		—		—			—			479			479			—			479
Taxes paid related to net settlement upon vesting of equity awards		—		—		—		—		(5,657	)		—			—			(5,657	)		—			(5,657	)
Equity-based compensation		—		—		—		—		18,906			—			—			18,906			—			18,906
Principal stockholder contributions		—		—		—		—		6,387			—			—			6,387			—			6,387
Equity reallocation between controlling and non-controlling interests		—		—		—		—		11,514			—			—			11,514			(11,514	)		—
Balance, September 30, 2024		81,147	$	1		89,617	$	1	$	4,370,367		$	(2,998	)	$	(322,810	)	$	4,044,561		$	6,085,150		$	10,129,711


	Nine Months Ended September 30, 2024
													Accumulated						Total TKO			Nonredeemable
	Common Stock									Additional			Other						Group Holdings,			Non-			Total
	Class A					Class B				Paid - in			Comprehensive			Accumulated			Inc. Stockholders'			Controlling			Stockholders'
	Shares			Amount		Shares		Amount		Capital			Income			Deficit			Equity			Interests			Equity
Balance, December 31, 2023		82,293		$	1		89,617	$	1	$	4,244,537		$	(332	)	$	(135,227	)	$	4,108,980		$	6,330,709		$	10,439,689
Comprehensive loss		—			—		—		—		—			(2,666	)		(21,597	)		(24,263	)		(85,163	)		(109,426	)
Distributions to investors		—			—		—		—		—			—			—			—			(43,014	)		(43,014	)
Net transfers from parent		—			—		—		—		—			—			—			—			(62,632	)		(62,632	)
Stock issuances and other, net		708			—		—		—		—			—			—			—			—			—
Repurchase and retirement of common stock		(1,854	)		—		—		—		—			—			(165,000	)		(165,000	)		—			(165,000	)
Excise taxes on repurchase of common stock		—			—		—		—		—			—			(986	)		(986	)					(986	)
Taxes paid related to net settlement upon vesting of equity awards		—			—		—		—		(5,657	)		—			—			(5,657	)					(5,657	)
Equity-based compensation		—			—		—		—		68,858			—			—			68,858			—			68,858
Principal stockholder contributions		—			—		—		—		7,879			—			—			7,879			—			7,879
Equity reallocation between controlling and non-controlling interests		—			—		—		—		54,750			—			—			54,750			(54,750	)		—
Balance, September 30, 2024		81,147		$	1		89,617	$	1	$	4,370,367		$	(2,998	)	$	(322,810	)	$	4,044,561		$	6,085,150		$	10,129,711

See accompanying notes to consolidated financial statements.

Table of Contents

TKO GROUP HOLDINGS, INC.

Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)


	Nine Months Ended
	September 30,
	2025		2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	545,443	$	(184,841	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		329,063		355,860
Amortization and impairments of content costs		20,948		21,939
Impairment charges		3,587		25,761
Amortization and write-off of original issue discount and deferred financing cost		1,976		8,151
Loss on sale of assets		10,899		—
Equity-based compensation		83,165		81,211
Income taxes		47,848		(39,072	)
Equity earnings of affiliates, net of dividends received		(4,122

TKO Group Holdings, Inc. 10-Q