TKOHIGH SIGNALFINANCIAL10-K

TKO completed the Endeavor Asset Acquisition on February 28, 2025, acquiring IMG, On Location, and Professional Bull Riders businesses, resulting in substantially higher revenue and a meaningfully expanded balance sheet.

This represents a transformative acquisition that has roughly doubled TKO's revenue base and significantly expanded its sports and entertainment portfolio beyond its core WWE and UFC properties. The transaction adds diversified revenue streams through talent representation (IMG), premium hospitality experiences (On Location), and live events (PBR), positioning TKO as a broader entertainment conglomerate.

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

The Endeavor Asset Acquisition drove substantial revenue growth as TKO's business scale expanded meaningfully, while SG&A expenses grew more moderately, suggesting potential operational leverage from the combined entity. The balance sheet reflects the transaction's impact with higher cash levels, increased debt to finance the deal, and total liabilities growing proportionally with the enlarged asset base. The overall financial picture shows a company that has transformed its scale and scope through a major strategic acquisition.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+68.9%
$2.8B→$4.7B

Strong top-line growth of 68.9% — accelerating demand or successful expansion into new markets.

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.

Total Debt
Balance Sheet
+36.3%
$2.8B→$3.8B

Debt increased 36.3% — substantial leverage increase; assess whether deployed for growth or covering losses.

SG&A Expense
P&L
+23.1%
$1.2B→$1.5B

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Total Assets
Balance Sheet
+22%
$12.7B→$15.5B

Asset base grew 22% — expansion through organic growth, acquisitions, or capital deployment.

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.
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 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 did not already own (subject to certain exceptions).
Services Agreement means the services agreement dated as of September 12, 2023, by and between Endeavor Group Holdings, Inc.
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 and the other parties thereto.
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.
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.
and foreign governmental regulations, and our failure to comply with these regulations could adversely affect our business; we depend on the continued services of executive management and other key employees, and of our parent company, Endeavor.
Business TKO Group Holdings is a premium sports and sports entertainment company that operates leading combat sport and sports entertainment companies.
TKO owns and manages valuable sports and entertainment intellectual property, positioning the business in what we believe is one of the most attractive parts of the fast-growing global sports and entertainment ecosystem.
TKO is comprised of UFC, the world's premier mixed martial arts ("MMA") organization, and WWE, a renowned sports entertainment business.
The merger of these two businesses in September 2023 united two complementary organizations in a single company.
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