TKOHIGH SIGNALOPERATIONAL10-K

TKO completed a transformative acquisition of IMG, On Location, and Professional Bull Riders from Endeavor Group Holdings, resulting in dramatic financial expansion across all key metrics.

This represents a major strategic transformation for TKO, with the Endeavor Asset Acquisition fundamentally changing the company's scale and business profile. The acquisition was structured as a common control transaction completed on February 28, 2025, indicating TKO's integration into a broader entertainment ecosystem while maintaining public company status.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

TKO's financials reflect the massive impact of the Endeavor Asset Acquisition, with revenue exploding from $1.1B to $4.7B (+323%) and operating income surging from $172M to $835M (+386%). The company's balance sheet expanded proportionally, with current assets growing to $2.3B and current liabilities to $1.8B, while maintaining strong cash generation with operating cash flow doubling to $1.3B. The dramatic increases across revenue, profitability, and cash flow, combined with massive share buybacks of $867M, signal a highly successful integration that has transformed TKO into a significantly larger and more profitable entertainment platform.

FINANCIAL STATEMENT CHANGES
Share Buybacks
Cash Flow
+425.4%
$165.0M→$866.8M

Share repurchases increased 425.4% — management returning capital, signals confidence in intrinsic value.

Operating Income
P&L
+385.6%
$172.0M→$835.0M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Net Income
P&L
+376.5%
$41.0M→$195.4M

Net income grew 376.5% — bottom-line growth signals improving overall business health.

Revenue
P&L
+322.8%
$1.1B→$4.7B

Strong top-line growth of 322.8% — accelerating demand or successful expansion into new markets.

Accounts Receivable
Balance Sheet
+203.3%
$184.1M→$558.3M

Receivables surged 203.3% — revenue recognized but not yet collected; watch for collection issues or channel stuffing.

Current Liabilities
Balance Sheet
+175.4%
$670.7M→$1.8B

Current liabilities surged 175.4% — significant near-term obligations; verify ability to meet short-term debt.

Current Assets
Balance Sheet
+167.8%
$869.6M→$2.3B

Current assets grew 167.8% — improving short-term liquidity or inventory/receivables build.

Operating Cash Flow
Cash Flow
+120.4%
$583.4M→$1.3B

Operating cash flow surged 120.4% — exceptional cash generation, highest quality earnings signal.

Cash & Equivalents
Balance Sheet
+58.1%
$525.6M→$831.1M

Cash position surged 58.1% — strong cash generation or capital raise providing significant financial cushion.

Total Liabilities
Balance Sheet
+56.9%
$4.0B→$6.2B

Liabilities grew 56.9% — significant increase in debt or obligations, assess impact on financial flexibility.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
As of January 30, 2026, th ere were 77,966,338 shares of the Registrant s Class A common stock outstanding and 116,158,615 share s of the Registrant s Class B common stock outstanding.
Acquired Businesses refers to the businesses we acquired in the Endeavor Asset Acquisition.
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 business, including certain businesses operating under the IMG brand, On Location and Professional Bull Riders ( PBR ).
The Endeavor Asset Acquisition was accounted for as a common control acquisition and was consummated on February 28, 2025.
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REMOVED
As of January 31, 2025, there w ere 81,553,818 shares of the Registrant s Class A common stock outstanding and 89,616,891 sh ares of the Registrant s Class B common stock outstanding.
Endeavor refers to Endeavor Group Holdings, Inc., a Delaware corporation.
Endeavor Asset Acquisition refers to our agreement with Endeavor OpCo and IMG Worldwide, LLC (collectively, the "EDR Parties") to acquire the Professional Bull Riders ( PBR ), On Location and IMG businesses (including the IMG Media business and certain other businesses operating under the IMG brand).
TKO OpCo Units refers to all of the existing equity interests in TKO OpCo.
Transactions refer, collectively, to the transactions pursuant to the Transaction Agreement (defined below) pursuant to which: (i) WWE undertook certain internal restructuring steps; (ii) Whale Merger Sub Inc.
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