TKO GROUP HOLDINGS, INC., DEF 14A filed on 4/23/2026
Proxy Statement (definitive)
v3.26.1
Cover
12 Months Ended
Dec. 31, 2025
Document Information [Line Items]  
Document Type DEF 14A
Amendment Flag false
Entity Information [Line Items]  
Entity Registrant Name TKO Group Holdings, Inc.
Entity Central Index Key 0001973266
v3.26.1
Pay vs Performance Disclosure - USD ($)
12 Months Ended
Sep. 12, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table  
Pay Versus Performance Table
The following table sets forth information concerning the compensation provided to our NEOs and certain measures of Company performance in the years ended December 31, 2025, December 31, 2024 and 2023, for services to the Company in all capacities.
 
   
Summary
Compensation
Table Total for
PEO ($)
  
Compensation
Actually Paid to
PEO ($)
(1)(2)(3)
    
Average
Summary
Compensation
Table Total for
Non-PEO

NEOs ($)
    
Average
Compensation
Actually Paid
to
Non-PEO

NEOs ($)
(1)(2)(3)
    
Value of Initial Fixed $100
Investment Based on:
    
Net Income
($)
    
Adjusted
EBITDA ($)
(5)
 
Fiscal
Year
  
Total
Shareholder
Return ($)
(4)
    
Peer Group
Index Total
Shareholder
Return ($)
(4)
 
2025
  67,361,782      102,183,502        25,251,457        35,565,912        213.23        204.86        546,289,539        1,585,257,289  
2024   18,129,271      40,619,413        16,534,551        21,399,404        143.18        150.64        6,377,088        1,251,238,529  
2023
  64,912,560      56,578,222        8,435,228        7,963,553        82.19        107.00        175,722,864        809,087,712  
 
(1)
Amounts represent compensation actually paid (“CAP”) to our CEO, who was our Principal Executive Officer or “PEO” for fiscal years 2023, 2024 and 2025, and the average CAP to our remaining NEOs or
“Non-PEO
NEOs” for fiscal years 2023, 2024 and 2025, as determined under SEC rules, which includes the individuals indicated below for fiscal years 2023, 2024 and 2025:
 
Year
         
PEO
         
Non-PEO
NEOs
2025
      Ariel Emanuel       Mark Shapiro, Andrew Schleimer and Seth Krauss
2024
     
Ariel Emanuel
     
Mark Shapiro, Andrew Schleimer and Seth Krauss
2023
      Ariel Emanuel       Mark Shapiro, Andrew Schleimer and Seth Krauss
 
(2)
Amounts represent the Summary Compensation Table Total Compensation for the applicable fiscal year adjusted as follows:
 
Applicable Fiscal Year (“FY”)
  
2023
   
2024
   
2025
 
    
PEO
   
Average
non-PEO

NEOs
   
PEO
   
Average
non-PEO

NEOs
   
PEO
   
Average
non-PEO

NEOs
 
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY      (40,000,094     (3,133,767     (2,502,864     (8,429,236     (43,982,679     (14,645,028
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End      31,666,256       2,662,091       4,13,285       11,867,180       58,670,898       19,054,809  
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End                  17,621,615       500,987       14,278,206       4,000,691  
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date                  3,242,106       925,923       5,855,295       1,903,983  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Adjustments
     (8,33,838     (471,675     22,490,143       4,864,853       34,821,720       10,314,455  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(3)
The fair values of restricted stock units included in the CAP to our PEO and the Average CAP to our Non-PEO NEOs are calculated at the required measurement dates, consistent with the approach used to value the awards at the grant date as described in our Annual Report. Any changes to the fair values of our restricted stock units from the grant date are based on our updated stock price at the applicable measurement date. For the year presented, the increases or decreases in the
year-end
restricted stock unit fair value from the fair value on the grant date were affected by changes in the stock price. For additional information on the assumptions used to calculate the valuation of the awards, see Note 13 to our audited consolidated financial statements included in our Annual Report.
 
(4)
Reflects the period from September 12, 2023, the date of consummation of the TKO Transactions, through the end of the applicable fiscal year.
 
(5)
Adjusted EBITDA is a
non-GAAP
measure and is calculated from our audited financial statements as follows: net income, excluding income taxes, net interest expense, depreciation and amortization, equity-based compensation, merger and acquisition costs, certain legal costs, restructuring, severance and impairment charges, and certain other items when applicable. For a reconciliation of the differences between Adjusted EBITDA and the most directly comparable financial measure calculated and presented in accordance with GAAP, see Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of
Operation-Non-GAAP
Financial Measures” on page 57 and 58 of our Annual Report.
   
Company Selected Measure Name   Adjusted EBITDA    
Named Executive Officers, Footnote  
(1)
Amounts represent compensation actually paid (“CAP”) to our CEO, who was our Principal Executive Officer or “PEO” for fiscal years 2023, 2024 and 2025, and the average CAP to our remaining NEOs or
“Non-PEO
NEOs” for fiscal years 2023, 2024 and 2025, as determined under SEC rules, which includes the individuals indicated below for fiscal years 2023, 2024 and 2025:
 
Year
         
PEO
         
Non-PEO
NEOs
2025
      Ariel Emanuel       Mark Shapiro, Andrew Schleimer and Seth Krauss
2024
     
Ariel Emanuel
     
Mark Shapiro, Andrew Schleimer and Seth Krauss
2023
      Ariel Emanuel       Mark Shapiro, Andrew Schleimer and Seth Krauss
   
Peer Group Issuers, Footnote   Reflects the period from September 12, 2023, the date of consummation of the TKO Transactions, through the end of the applicable fiscal year.    
PEO Total Compensation Amount   $ 67,361,782 $ 18,129,271 $ 64,912,560
PEO Actually Paid Compensation Amount $ 0 $ 102,183,502 40,619,413 56,578,222
Adjustment To PEO Compensation, Footnote  
(2)
Amounts represent the Summary Compensation Table Total Compensation for the applicable fiscal year adjusted as follows:
 
Applicable Fiscal Year (“FY”)
  
2023
   
2024
   
2025
 
    
PEO
   
Average
non-PEO

NEOs
   
PEO
   
Average
non-PEO

NEOs
   
PEO
   
Average
non-PEO

NEOs
 
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY      (40,000,094     (3,133,767     (2,502,864     (8,429,236     (43,982,679     (14,645,028
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End      31,666,256       2,662,091       4,13,285       11,867,180       58,670,898       19,054,809  
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End                  17,621,615       500,987       14,278,206       4,000,691  
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date                  3,242,106       925,923       5,855,295       1,903,983  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Adjustments
     (8,33,838     (471,675     22,490,143       4,864,853       34,821,720       10,314,455  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
Non-PEO NEO Average Total Compensation Amount   $ 25,251,457 16,534,551 8,435,228
Non-PEO NEO Average Compensation Actually Paid Amount 0 $ 35,565,912 21,399,404 7,963,553
Adjustment to Non-PEO NEO Compensation Footnote  
(2)
Amounts represent the Summary Compensation Table Total Compensation for the applicable fiscal year adjusted as follows:
 
Applicable Fiscal Year (“FY”)
  
2023
   
2024
   
2025
 
    
PEO
   
Average
non-PEO

NEOs
   
PEO
   
Average
non-PEO

NEOs
   
PEO
   
Average
non-PEO

NEOs
 
Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the Summary Compensation Table for Applicable FY      (40,000,094     (3,133,767     (2,502,864     (8,429,236     (43,982,679     (14,645,028
Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End      31,666,256       2,662,091       4,13,285       11,867,180       58,670,898       19,054,809  
Increase/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End                  17,621,615       500,987       14,278,206       4,000,691  
Increase/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Vesting Date                  3,242,106       925,923       5,855,295       1,903,983  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total Adjustments
     (8,33,838     (471,675     22,490,143       4,864,853       34,821,720       10,314,455  
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
Compensation Actually Paid vs. Total Shareholder Return  
The chart below provides a comparison between (i) the total stockholder return of the Company and of the S&P 1500 Media and Entertainment Industry Group Index assuming a fixed $100 initial investment on September 12, 2023 (the date our Class A common stock began trading on NYSE) and reinvestment of dividends, and (ii) the compensation actually paid to our PEO and the average compensation actually paid to
our
non-PEO
named executive officers for the years ended December 31, 2023, 2024 and 2025.
 

 
    
September 12,
2023
    
FY 2023
    
FY 2024
    
FY 2025
 
Company TSR
   $ 100      $ 82.19      $ 143.18      $ 213.23  
S&P 1500 Media and Entertainment Index TSR
   $ 100      $ 107.00      $ 150.64      $ 204.86  
PEO Compensation Actually Paid (in millions)
          $ 57      $ 41      $ 102  
Avg.
non-PEO
NEO Compensation Actually Paid (in millions)
          $ 8      $ 21      $ 36  
   
Compensation Actually Paid vs. Net Income  
The chart below provides a comparison between (i) the Company’s Net Income and (ii) compensation actually paid to our PEO and average compensation actually paid to our
non-PEO
named executive officers for the fiscal years ended December 31, 2023, 2024 and 2025.
 

 
    
FY 2023
    
FY 2024
    
FY 2025
 
Net Income (in millions)
   $ 176      $ 6      $ 546  
PEO Compensation Actually Paid (in millions)
   $ 57      $ 41      $ 102  
Avg.
non-PEO
NEO Compensation Actually Paid (in millions)
   $ 8      $ 21      $ 36  
   
Compensation Actually Paid vs. Company Selected Measure  
The chart below provides a comparison between (i) the
Company’s
Adjusted EBITDA and (ii) compensation actually paid to our PEO and average compensation actually paid to our non-PEO named executive officers for the fiscal years ended December 31, 2023, 2024 and 2025.
 

 
    
FY 2023
    
FY 2024
    
FY 2025
 
Adjusted EBITDA (in millions)
(1)
   $ 809      $ 1,251      $ 1,585  
PEO Compensation Actually Paid (in millions)
   $ 57      $ 41      $ 102  
Avg.
non-PEO
NEO Compensation Actually Paid (in millions)
   $ 8      $ 21      $ 36  
 
(1)
Adjusted EBITDA is a
non-GAAP
measure and is calculated from our audited financial statements as follows: net income, excluding income taxes, net interest expense, depreciation and amortization, equity-based compensation, merger and acquisition costs, certain legal costs, restructuring, severance and impairment charges, and certain other items when applicable. For a reconciliation of the differences between Adjusted EBITDA and the most directly comparable financial measure calculated and presented in accordance with GAAP, see Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of
Operation-Non
-GAAP Financial Measures” on page 57 and 58 of our Annual Report.
   
Total Shareholder Return Vs Peer Group  
The chart below provides a comparison between (i) the total stockholder return of the Company and of the S&P 1500 Media and Entertainment Industry Group Index assuming a fixed $100 initial investment on September 12, 2023 (the date our Class A common stock began trading on NYSE) and reinvestment of dividends, and (ii) the compensation actually paid to our PEO and the average compensation actually paid to
our
non-PEO
named executive officers for the years ended December 31, 2023, 2024 and 2025.
 

 
    
September 12,
2023
    
FY 2023
    
FY 2024
    
FY 2025
 
Company TSR
   $ 100      $ 82.19      $ 143.18      $ 213.23  
S&P 1500 Media and Entertainment Index TSR
   $ 100      $ 107.00      $ 150.64      $ 204.86  
PEO Compensation Actually Paid (in millions)
          $ 57      $ 41      $ 102  
Avg.
non-PEO
NEO Compensation Actually Paid (in millions)
          $ 8      $ 21      $ 36  
   
Tabular List, Table  
2025 Pay Versus Performance Tabular List
As required by Item 402(v) of Regulation
S-K,
we are providing the following information regarding the performance measure that we believe represents the most important financial performance measure used by us to link compensation actually paid to our named executive officers for the fiscal year 2025. Such performance measure represented the only financial performance measure that was used by the Company to link compensation actually paid to our named executive officers for fiscal year 2025 to Company performance.
Performance Measure
Adjusted EBITDA
   
Total Shareholder Return Amount 100 $ 213.23 143.18 82.19
Peer Group Total Shareholder Return Amount $ 100 204.86 150.64 107
Net Income (Loss)   $ 546,289,539 $ 6,377,088 $ 175,722,864
Company Selected Measure Amount   1,585,257,289 1,251,238,529 809,087,712
PEO Name   Ariel Emanuel    
Measure:: 1        
Pay vs Performance Disclosure        
Name   Adjusted EBITDA    
Non-GAAP Measure Description   Adjusted EBITDA is a
non-GAAP
measure and is calculated from our audited financial statements as follows: net income, excluding income taxes, net interest expense, depreciation and amortization, equity-based compensation, merger and acquisition costs, certain legal costs, restructuring, severance and impairment charges, and certain other items when applicable. For a reconciliation of the differences between Adjusted EBITDA and the most directly comparable financial measure calculated and presented in accordance with GAAP, see Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of
Operation-Non-GAAP
Financial Measures” on page 57 and 58 of our Annual Report.
   
PEO | Equity Awards Adjustments        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   $ 34,821,720 $ 22,490,143 $ (833,838)
PEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (43,982,679) (2,502,864) (40,000,094)
PEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   58,670,898 413,285 31,666,256
PEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   14,278,206 17,621,615 0
PEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   5,855,295 3,242,106 0
Non-PEO NEO | Equity Awards Adjustments        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   10,314,455 4,864,853 (471,675)
Non-PEO NEO | Aggregate Grant Date Fair Value of Equity Award Amounts Reported in Summary Compensation Table        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   (14,645,028) (8,429,236) (3,133,767)
Non-PEO NEO | Year-end Fair Value of Equity Awards Granted in Covered Year that are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   19,054,809 11,867,180 2,662,091
Non-PEO NEO | Year-over-Year Change in Fair Value of Equity Awards Granted in Prior Years That are Outstanding and Unvested        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   4,000,691 500,987 0
Non-PEO NEO | Change in Fair Value as of Vesting Date of Prior Year Equity Awards Vested in Covered Year        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount   $ 1,903,983 $ 925,923 $ 0
v3.26.1
Award Timing Disclosure
12 Months Ended
Dec. 31, 2025
Award Timing Disclosures [Line Items]  
Award Timing MNPI Disclosure
Equity Grant Timing
It is the Compensation Committee’s practice to approve ordinary course annual equity grants at regularly scheduled meetings held each year. At this meeting, the Compensation Committee will approve each
 
named executive officer’s annual equity award. The Compensation Committee may also approve additional
one-time
special equity grants during the course of the year. We do not time equity awards in coordination with the release of material
non-public
information or take into account material
non-public
information when determining the terms of equity awards. In calculating the number of shares granted to NEOs, the Company uses a
20-day
average share price methodology to reduce the impact of share price volatility on equity awards. The Company does not currently grant new awards of stock options, stock appreciation rights, or similar option-like instruments.
Award Timing Predetermined true
Award Timing, How MNPI Considered We do not time equity awards in coordination with the release of material
non-public
information or take into account material
non-public
information when determining the terms of equity awards.
MNPI Disclosure Timed for Compensation Value false
v3.26.1
Insider Trading Policies and Procedures
12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true