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TKO Group Holdings (TKO) investor relations material
TKO Group Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved milestone media rights deals, including a seven-year, $7.7B UFC agreement with Paramount and a five-year, $1.625B WWE deal with ESPN, both delivering significant step-ups in value and recurring revenue streams.
Completed the Endeavor Asset Acquisition, adding IMG, On Location, and PBR to the portfolio, with financials recast to reflect common control for all periods presented.
Revenue for Q3 2025 was $1.12B, down 27% year-over-year, mainly due to the absence of Paris Olympics revenue at IMG.
Net income rose to $106.8M from $3.4M, driven by lower operating expenses and improved segment performance.
Doubled the quarterly cash dividend and launched a $1B stock buyback, underscoring strong capital return focus.
Financial highlights
Q3 2025 revenue was $1.12B (down 27% year-over-year); adjusted EBITDA reached $360.2M (up 59%), with a 32% margin.
Net income for Q3 2025 was $106.8M; basic EPS $0.50, diluted EPS $0.47.
Free cash flow for the quarter was $399M, with a conversion rate of 111% of adjusted EBITDA.
Ended the quarter with $3.76B in debt and $861M in cash.
Operating income for Q3 2025 was $172M, up from $34.6M in Q3 2024.
Outlook and guidance
Full-year 2025 revenue guidance raised to $4.69B–$4.72B and adjusted EBITDA to $1.57B–$1.58B.
Targeting free cash flow conversion rate above 60% for 2025, excluding $300M in non-recurring items.
2026 expected to benefit from new UFC and WWE media rights deals, increased site fees, and expanded global partnerships.
Anticipates $450M in high-margin partnership revenue in 2025, aiming for $1B by 2030.
Ongoing cost reduction and synergy programs are expected to further improve margins.
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