At a glance
TKO Group Holdings, Inc. is worth $35.04B, about 82 times its fiscal 2025 earnings. Revenue fell 3.1% to $4.74B in fiscal 2025, with 4.1% kept as profit. It pays a 1.7% dividend yield, and returned $1.32B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −0.2% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
TKO Group Holdings owns UFC, the mixed martial arts (MMA) organization; WWE, the sports entertainment company behind Raw, SmackDown and WrestleMania; and PBR, a professional bull riding organization. It also co-owns Zuffa Boxing and runs IMG, an agency that handles media rights and sponsorships for more than 300 sports bodies such as the English Premier League and Wimbledon, plus On Location, which runs premium hospitality at events like the Olympics and Super Bowl. TKO was formed in 2023 by combining UFC and WWE, then added IMG, On Location and PBR in February 2025 in a deal valued at about $3.25 billion.
More than half of revenue comes from media rights: TV networks and streaming services such as Paramount, Netflix and ESPN pay to carry TKO's events under contracts that typically run three to five years, and some of the largest run seven to 10. In the year ended December 31, 2025, media rights, production and content made up 55% of revenue of about $4.74 billion. Live events and hospitality added 28.3%, sponsorships from brands such as Meta and Anheuser-Busch 12.4%, and consumer products licensing 5.2%.
By segment, WWE produced 36.1% of revenue, UFC 31.7% and IMG 28.9%. North America accounted for 74.2%, Europe, the Middle East and Africa 19%, Asia Pacific 5.1% and Latin America 1.7%.
Price history
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TKO -0.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Media Rights Production And Content | $2.61B | 55% |
| Live Events And Hospitality | $1.34B | 28.3% |
| Partnerships And Marketing | $588.5M | 12.4% |
| Consumer Products Licensing And Other | $244.8M | 5.2% |
By business segment
| World Wrestling Entertainment Segment | $1.71B | 36.1% |
| Ultimate Fighting Championship Segment | $1.50B | 31.7% |
| IMGSegment | $1.37B | 28.9% |
By geography
| North America | $3.51B | 74.2% |
| EMEA | $898.1M | 19% |
| Asia Pacific | $241.7M | 5.1% |
| Latin America | $80.5M | 1.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $1.55B, up 18.2% from a year earlier, and net income was $101.6M (+3.3%).
- For fiscal 2025, revenue was $4.74B (-3.1% year over year) with a 4.1% net margin.
Financial health check
| Operating margin | 17.6% good |
|---|---|
| Return on equity (FY2025) | 5.2% weak |
| Return on assets (FY2025) | 1.3% weak |
| Net cash (cash minus debt) | $-3.91B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $1.03B | $273.6M | — |
| FY2022 | $1.14B | $389.0M | — |
| FY2023 | $3.22B | $-35.2M | — |
| FY2024 | $4.88B | $9.4M | — |
| FY2025 | $4.74B | $195.4M | — |
Valuation snapshot
| Market value | $35.04B |
|---|---|
| P/E ratio | 81.9 |
| Dividend yield | 1.7% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| TKO price data to Nov 2, 2026 | -10.3% | -0.2% | +31.5% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -10.3% |
| 2025 | +48.9% |
| 2024 | +74.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 8 open-market purchases ($5.5M) and 54 sales ($28.5M), 54 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 18, 2026 | Ariel Emanuel Chief Executive Officer, Director | sell (plan) | $4.8M |
| Aug 18, 2026 | Mark S Shapiro See Remarks, Director | sell (plan) | $3.7M |
| Jul 21, 2026 | Nick Khan Director | sell (plan) | $2.3M |
| Aug 18, 2026 | Andrew M Schleimer Chief Financial Officer | sell (plan) | $1.9M |
| Oct 15, 2026 | Nick Khan Director | sell (plan) | $1.6M |
Who owns it
Large shareholders (13G filings)
| Vincent K. McMahon | 7.88% | Jun 30, 2025 |
| Ninety One UK Ltd | 6.38% | Jul 31, 2025 |
| STATE STREET CORPORATION | 6.2% | Jun 30, 2026 |
| Vanguard Capital Management | 6.09% | Mar 31, 2026 |
| BlackRock, Inc. | 5.3% | Mar 31, 2025 |
| Ninety One UK Limited | 4.79% | Mar 31, 2026 |
| Lindsell Train Limited | 4.47% | Dec 31, 2024 |
| Morgan Stanley | 4.1% | Jun 30, 2026 |
ETFs with the most weight in TKO
| RSPC Invesco S&P 500 Equal Weight Communication Services ETF | 4.66% |
| TOGA Tremblant Global ETF | 4.02% |
| PEJ Invesco Leisure and Entertainment ETF | 3.1% |
| CNAV Mohr Company Nav ETF | 2.56% |
| XLC Communication Services Select Sector SPDR Fund | 2.26% |
| QMOM Alpha Architect U.S. Quantitative Momentum ETF | 2.07% |
| RPG Invesco S&P 500® Pure Growth ETF | 1.86% |
| GK AdvisorShares Gerber Kawasaki ETF | 1.71% |
What could go wrong
- Reliance on a few media partners. Media rights were 55% of 2025 revenue, much of it from a handful of partners such as Paramount, Netflix and ESPN. Netflix can exit its WWE deal after five years, and renewals may pay less.
- Misconduct allegations and reputational harm. A special committee of WWE's board investigated misconduct allegations against Vincent McMahon. Further claims, investigations or bad publicity involving key people could hurt TKO's standing with partners and fans.
- Controlled by Silver Lake through Endeavor. Silver Lake controls TKO through Endeavor, making it a controlled company under NYSE rules, exempt from some governance requirements. Endeavor's interests may differ from other shareholders', and a control sale could bring an unknown owner.
- Big acquisition may not pay off. TKO issued equity valued at about $3.25 billion to acquire IMG, On Location and PBR from Endeavor in February 2025. If they underperform, expected benefits may not come, and write-downs could hit earnings.
- A large debt load. As of June 30, 2026, TKO had about $4.63 billion of debt against $721 million of cash and investments. Loan terms limit its flexibility, and servicing the debt takes significant cash.
- Events and sponsors depend on spending. Live events and hospitality (28.3% of 2025 revenue) and sponsorship deals (12.4%) rely on consumer and corporate spending, which tends to drop in recessions, as it did during the COVID-19 pandemic.
Recent events
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation; Other company announcement
- Quarterly results released
- Quarterly results released
For income and retirement investors
TKO pays a dividend, but its record is short. Dividends came to about $0.95 per share for fiscal 2025, and the yield was 1.81% as of October 28, 2026. There is no streak of annual increases yet. Cash dividends of about $185 million in fiscal 2025 equaled roughly 95% of net income. TKO has returned more cash through share repurchases: about $1.13 billion from fiscal 2023 through 2025, including about $867 million in fiscal 2025. The company says neither is guaranteed.
TKO's shares have only about three years of history, so there is no record of how they held up in the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Their deepest peak-to-trough fall was about 28%, and the price was down 15.8% for 2026 through October 28, after gains of 74.2% in 2024 and 48.9% in 2025. Like any single stock, TKO carries more risk than a diversified fund.
Questions investors ask
How does TKO Group make money?
Mainly by licensing its events and shows to TV networks and streaming services. In the year ended December 31, 2025, media rights, production and content made up 55% of TKO's roughly $4.74 billion of revenue. Live events and hospitality, including tickets, site fees and VIP packages, added 28.3%. Sponsorships with brands such as Meta, Ram Trucks and Anheuser-Busch brought in 12.4%, and consumer products licensing 5.2%. By segment, WWE contributed 36.1%, UFC 31.7% and IMG 28.9%.
Who owns UFC and WWE?
TKO Group Holdings owns both. It was formed in September 2023 by combining UFC and WWE into one company, whose Class A shares trade on the NYSE. Silver Lake controls TKO through its ownership and control of Endeavor, which makes TKO a controlled company under NYSE rules, exempt from some governance requirements. Among other large holders, Vincent K. McMahon reported a 7.88% stake as of June 30, 2025, and State Street reported 6.2% as of June 30, 2026.
Does TKO pay a dividend?
Yes. TKO paid dividends of about $0.95 per share for fiscal 2025, and the yield (annual dividends as a share of the stock price) was 1.81% as of October 28, 2026. It has no track record of annual increases yet. In fiscal 2025, cash dividends of about $185 million equaled roughly 95% of net income. TKO has put more money into share repurchases, about $867 million in fiscal 2025 alone. The company says it cannot guarantee dividends or repurchases in any set amount or frequency.
Which networks show UFC and WWE events?
Paramount, Netflix and ESPN carry the biggest shows, according to TKO's annual report filed February 25, 2026. Under a seven-year deal starting in 2026, Paramount is the exclusive U.S. home of UFC, streaming its full slate of 13 numbered events and 30 Fight Nights on Paramount+, with some simulcast on CBS. Netflix has been the global home of WWE's Raw since January 2025, ESPN holds U.S. rights to WWE's premium live events such as WrestleMania, and Versant carries SmackDown through 2029.
What is TKO's P/E ratio?
TKO's price-to-earnings (P/E) ratio was 76.9 as of October 28, 2026, based on fiscal 2025 diluted earnings of $2.26 per share. In other words, investors paid about $77 for each $1 of that year's profit. Net profit was thin at 4.1% of revenue, compared with an operating margin (profit before interest and taxes) of 17.6%. In the quarter ended June 30, 2026, revenue rose 18.2% from a year earlier to about $1.55 billion, and net income rose 3.3%.