10-Q · August 3, 2026
TKO delivered Q2 revenue of $1.5471 billion, up 18% year over year and modestly above consensus, while diluted EPS of $1.34 rose from $1.17 but missed the $1.45 estimate. Growth was broad across UFC, WWE and IMG,…
Earnings analysis · 10-Q
TKO earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
TKO delivered a quarterly EPS beat at $1.33 versus the $1.12 consensus estimate, while revenue of $1.360 billion was below the $1.377 billion estimate. Adjusted EBITDA rose 54% to $555.7 million and free cash flow…
Read full summary
TKO delivered a quarterly EPS beat at $1.33 versus the $1.12 consensus estimate, while revenue of $1.360 billion was below the $1.377 billion estimate. Adjusted EBITDA rose 54% to $555.7 million and free cash flow reached $449.9 million, but floating-rate debt and foreign-exchange exposure remain material quantified risks. Full-year 2026 revenue and Adjusted EBITDA outlooks were raised, supporting a neutral overall assessment.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.33
What stood out
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EPS beat and EBITDA growth
Diluted EPS was $1.33, exceeding the $1.12 consensus estimate by $0.21. Consolidated Adjusted EBITDA increased 54% to $555.7 million.
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Free cash flow improved
Free cash flow was $449.9 million for the quarter, an increase from $399 million in 2025 Q3 and supporting liquidity despite the quarterly revenue shortfall.
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Full-year outlook raised
Full-year 2026 revenue guidance was raised to $5.790 billion-$5.830 billion from $5.775 billion-$5.825 billion, while Adjusted EBITDA guidance was raised to $2.295 billion-$2.315 billion from $2.275 billion-$2.305 billion.
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Continued share repurchases
TKO repurchased 1,856,011 shares during the quarter, and approximately $1.009 billion remained available under the share-repurchase authorization at September 30, 2026.
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Controls remained effective
Management concluded that disclosure controls were effective at the reasonable-assurance level as of September 30, 2026, while the company continued its multi-year ERP implementation.
What to watch
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Floating-rate debt exposure
A 1% increase in effective interest rates would increase annual interest expense by approximately $46 million, assuming debt levels remain constant as of September 30, 2026.
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Foreign-exchange sensitivity
A 10% appreciation of the U.S. dollar against TKO's operating currencies would have reduced nine-month revenue by approximately $75.5 million and operating income by approximately $11.2 million, holding other variables constant.
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ERP transition and executive costs
The ERP transition is being implemented in phases and may require additional changes to processes and internal controls. Separately, the company agreed to increase Andrew Schleimer's annual base salary and target bonus to $2.5 million each effective January 1, 2027, plus an approximately $10 million restricted-stock-unit award.
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Capital allocation flexibility
TKO repurchased 1,856,011 shares in the quarter while approximately $1.009 billion remained authorized for repurchases; continued buybacks could reduce financial flexibility alongside the company's debt obligations.
Management's outlook
The filing materials do not provide EPS guidance. Full-year 2026 revenue guidance was raised to $5.790 billion-$5.830 billion from $5.775 billion-$5.825 billion; Adjusted EBITDA guidance was raised to $2.295 billion-$2.315 billion from $2.275 billion-$2.305 billion, as reported with the quarterly results.
Earlier filings 4
10-Q · May 6, 2026
TKO Group Holdings delivered strong Q1 2026 results with revenue of $1.597 billion, exceeding consensus estimates of $1.596 billion and a 26% increase from $1.269 billion in Q1 2025. Diluted EPS improved to $1.12,…
10-K · February 25, 2026
TKO positions itself as a consolidated premium sports & entertainment platform combining UFC, WWE and the Acquired Businesses (IMG, On Location, PBR) to monetize media rights, live events, hospitality and partnerships.…
10-Q · November 5, 2025
TKO Group Holdings reported Q3 results that surpassed revenue estimates while missing on EPS. Revenue reached $1.12 billion, a 27.7% decline year-over-year, with EPS at $0.47, lower than the expected $0.54. The…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.