Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Net of allowance for doubtful accounts | $ 30,787 | $ 30,733 |
| Common Class A [Member] | ||
| Common stock, par value | $ 0.00001 | $ 0.00001 |
| Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 |
| Common stock, shares issued | 74,962,325 | 77,767,155 |
| Common Stock, shares outstanding | 74,962,325 | 77,767,155 |
| Common Class B [Member] | ||
| Common stock, par value | $ 0.00001 | $ 0.00001 |
| Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 |
| Common stock, shares issued | 116,158,615 | 116,158,615 |
| Common Stock, shares outstanding | 116,158,615 | 116,158,615 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Consolidated Statements of Comprehensive Income (Loss) [Abstract] | ||
| Net income | $ 249,793 | $ 165,556 |
| Other comprehensive income, net of tax: | ||
| Foreign currency translation adjustments | (9,094) | 12,916 |
| Cash flow hedges: | ||
| Change in net unrealized gains (losses) | 165 | (396) |
| Amortization of cash flow hedge fair value to net income | (76) | (76) |
| Total comprehensive income, net of tax | 240,788 | 178,000 |
| Less: Comprehensive income attributable to non-controlling interests | 155,029 | 113,648 |
| Comprehensive income attributable to TKO Group Holdings, Inc. | $ 85,759 | $ 64,352 |
Consolidated Statements of Stockholders’ Equity - USD ($) shares in Thousands, $ in Thousands |
Total |
Common Stock [Member]
Common Class A [Member]
|
Common Stock [Member]
Common Class B [Member]
|
Additional Paid-in Capital [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Accumulated Deficit [Member] |
Total TKO Group Holdings, Inc. [Member] |
Nonredeemable Non-Controlling Interest [Member] |
|---|---|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2024 | $ 10,121,000 | $ 1 | $ 1 | $ 4,385,297 | $ (2,548) | $ (291,728) | $ 4,091,023 | $ 6,029,977 |
| Balance, Shares at Dec. 31, 2024 | 81,203 | 89,617 | ||||||
| Comprehensive income (loss) | 178,000 | 5,943 | 60,511 | 66,454 | 111,546 | |||
| Distributions to members | (44,338) | (44,338) | ||||||
| Net transfers from parent | (221,010) | (221,010) | ||||||
| Contributions from parent | 72,719 | 72,719 | ||||||
| Stock issuances and other, net | 23,539 | 23,539 | 23,539 | |||||
| Stock issuances and other, net, shares | 528 | 26,542 | ||||||
| Equity-based compensation | 24,647 | 24,647 | 24,647 | |||||
| Cash dividends declared | (31,058) | (31,058) | (31,058) | |||||
| Equity impacts arising from changes in ownership | 49,507 | 49,507 | 49,507 | |||||
| Equity reallocation between controlling and non-controlling interests | (33,833) | (28,279) | (62,112) | 62,112 | ||||
| Balance, Shares at Mar. 31, 2025 | 81,731 | 116,159 | ||||||
| Balance at Mar. 31, 2025 | 10,173,006 | $ 1 | $ 1 | 4,418,099 | (24,884) | (231,217) | 4,162,000 | 6,011,006 |
| Balance at Dec. 31, 2025 | 9,215,667 | $ 1 | $ 1 | 4,552,151 | (17,458) | (797,314) | 3,737,381 | 5,478,286 |
| Balance, Shares at Dec. 31, 2025 | 77,767 | 116,159 | ||||||
| Comprehensive income (loss) | 240,787 | (3,405) | 90,468 | 87,063 | 153,724 | |||
| Distributions to members | (90,826) | (90,826) | ||||||
| Contributions from parent | 368 | 368 | ||||||
| Stock issuances and other, net, shares | 519 | |||||||
| Repurchase and retirement of common stock | (838,310) | (166,398) | (671,912) | (838,310) | ||||
| Repurchase and retirement of common stock, Shares | (3,324) | |||||||
| Excise taxes on repurchase of common stock | (5,671) | (5,671) | (5,671) | |||||
| Equity-based compensation | 36,635 | 36,635 | 36,635 | |||||
| Taxes paid related to net settlement upon vesting of equity awards | (8,089) | (8,089) | (8,089) | |||||
| Cash dividends declared | (58,466) | (58,466) | (58,466) | |||||
| Equity reallocation between controlling and non-controlling interests | 425,419 | 0 | 425,419 | (425,419) | ||||
| Balance, Shares at Mar. 31, 2026 | 74,962 | 116,159 | ||||||
| Balance at Mar. 31, 2026 | $ 8,492,095 | $ 1 | $ 1 | $ 4,781,252 | $ (20,863) | $ (1,384,429) | $ 3,375,962 | $ 5,116,133 |
Consolidated Statements of Stockholders' Equity (Parenthetical) |
3 Months Ended |
|---|---|
|
Mar. 31, 2025
$ / shares
| |
| Common Class A [Member] | O 2025 Q1 Dividends [Member] | |
| Cash dividends declared per share | $ 0.38 |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Pay vs Performance Disclosure | ||
| Net Income (Loss) | $ 89,351 | $ 58,408 |
Insider Trading Arrangements - shares |
3 Months Ended | |
|---|---|---|
Mar. 13, 2026 |
Mar. 31, 2026 |
|
| Trading Arrangements, by Individual | ||
| Material Terms of Trading Arrangement | Insider trading arrangements and policies.
Other than the below, during the three months ended March 31, 2026, no director or "officer" (as defined under 16a-1(f) of the Exchange Act) of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as each term is defined in Item 408(a) of Regulation S-K.
On March 13, 2026, Nick Khan, a member of the Board of Directors, entered into a Rule 10b5-1 trading arrangement intended to satisfy the affirmative defense of Rule 10b5-1(c) (the “2026 Khan Trading Arrangement”). The 2026 Khan Trading Arrangement provides for the sale of up to (i) 67,127 shares of Class A common stock plus (ii) the net number of shares of Class A common stock underlying 37,423 restricted stock units received after giving effect to the number of shares sold to satisfy tax withholding obligations on each vesting date specified under the 2026 Khan Trading Arrangement (such total number of shares is not determinable), with a plan of December 31, 2026. |
|
| Rule 10b5-1 Arrangement Adopted | false | |
| Non-Rule 10b5-1 Arrangement Adopted | false | |
| Rule 10b5-1 Arrangement Terminated | false | |
| Non-Rule 10b5-1 Arrangement Terminated | false | |
| Nick Khan [Member] | ||
| Trading Arrangements, by Individual | ||
| Name | Nick Khan | |
| Title | a member of the Board of Directors | |
| Rule 10b5-1 Arrangement Adopted | true | |
| Adoption Date | March 13, 2026 | |
| Rule 10b5-1 Arrangement Terminated | true | |
| Termination Date | December 31, 2026 | |
| Arrangement Duration | 294 days | |
| Aggregate Available | 37,423 |
DESCRIPTION OF BUSINESS |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| DESCRIPTION OF BUSINESS [Abstract] | |
| DESCRIPTION OF BUSINESS | 1. DESCRIPTION OF BUSINESS TKO Group Holdings, Inc. (the “Company” or “TKO”) is a premium sports and entertainment company that operates leading combat sports and sports entertainment brands. The Company monetizes its media and content properties through four principal activities: (i) Media rights, production and content, (ii) Live events and hospitality, (iii) Partnerships and marketing and (iv) Consumer products licensing. TKO Formation TKO was incorporated as a Delaware corporation in March 2023, under the name New Whale Inc., and was formed for the purpose of facilitating the business combination of the Ultimate Fighting Championship (“UFC”) and World Wrestling Entertainment, LLC (f/k/a World Wrestling Entertainment, Inc.) (“WWE”) businesses under TKO Operating Company, LLC (f/k/a Zuffa Parent, LLC) (“Zuffa” or “TKO OpCo”), which owns and operates the UFC and WWE businesses (the “TKO Transactions”), as contemplated within the Transaction Agreement, dated as of April 2, 2023, by and among Endeavor Group Holdings, Inc. (“Endeavor” or “EGH”), Endeavor Operating Company, LLC (“Endeavor OpCo”), TKO OpCo, WWE, TKO, and Whale Merger Sub Inc. (the “Transaction Agreement”). On September 12, 2023, the TKO Transactions were completed with the newly-formed TKO combining the UFC and WWE businesses. TKO OpCo is the accounting acquirer and predecessor to TKO. Under the terms of the Transaction Agreement, at the time of the transaction, (A) EGH and/or its subsidiaries received (1) a 51.0% controlling non-economic voting interest in TKO on a fully-diluted basis and (2) a 51.0% economic interest in the operating subsidiary on a fully diluted basis, TKO OpCo, which owns all of the assets of the UFC and WWE businesses, and (B) the stockholders of WWE received (1) a 49.0% voting interest in TKO on a fully diluted basis and (2) a 100% economic interest in TKO, which in turn held a 49.0% economic interest in TKO OpCo on a fully-diluted basis. Endeavor Asset Acquisition On February 28, 2025, TKO OpCo and TKO (together with TKO OpCo, the “TKO Parties”) completed the Endeavor Asset Acquisition, acquiring the IMG business, including certain businesses operating under the IMG brand, On Location, and Professional Bull Riders ("PBR," and collectively, the “Acquired Businesses”), pursuant to a transaction agreement, dated as of October 23, 2024 (as amended, the “Endeavor Asset Acquisition Agreement”), by and among the TKO Parties, Endeavor OpCo, IMG Worldwide, LLC, a Delaware limited liability company (“IMG Worldwide” and, together with Endeavor OpCo, the “EGH Parties”), and Trans World International, LLC, a Delaware limited liability company and subsidiary of EGH (“TWI”). In connection with the Endeavor Asset Acquisition Agreement, the TKO Parties acquired the Acquired Businesses for total consideration of approximately $3.25 billion plus a $50 million purchase price adjustment (based on the volume-weighted average sales price of TKO's Class A common stock, par value $0.00001 per share (the “TKO Class A common stock”), for the twenty-five trading days ending on October 23, 2024). The EGH Parties received approximately 26.54 million common units of TKO OpCo and subscribed for an equivalent number of corresponding shares of TKO Class B common stock, par value $0.00001 per share (the "TKO Class B common stock"). On February 28, 2025, prior to the close of the Endeavor Asset Acquisition, EGH, through its subsidiaries, had controlled approximately 54% of the voting interests in TKO through its ownership of both TKO Class A common stock and TKO Class B common stock. Upon consummation of the Endeavor Asset Acquisition, EGH through its subsidiaries, controlled approximately 61% of the voting interest in TKO. The Endeavor Asset Acquisition was treated as a merger between entities under common control, due to EGH's control of both TKO and the Acquired Businesses. As a result of the common control acquisition, the net assets of the Acquired Businesses were combined with those of TKO at their historical carrying amounts, and the financial statements have been retrospectively recast on a combined basis for historical periods prior to February 28, 2025, because they were under common control for all periods presented. In connection with the Endeavor Asset Acquisition, the Company incurred transaction costs of $0.3 million and $36.0 million for the three months ended March 31, 2026 and 2025, respectively, which were expensed as incurred and included in selling, general and administrative expenses in the consolidated statements of operations. Endeavor Take-Private Transaction On March 24, 2025, Silver Lake Group, LLC (“Silver Lake”) and its affiliates completed the previously announced acquisition (the “Endeavor Take-Private Transaction”) of EGH, as described in a Current Report on Form 8-K filed by EGH on March 24, 2025. Upon the consummation of the Endeavor Take-Private Transaction, Silver Lake, through its ownership of EGH and its subsidiaries, controls TKO. While Silver Lake's control was established in 2025 through the Endeavor Take-Private Transaction, EGH has maintained control over TKO since TKO's original formation. As of the effective time of the Endeavor Take-Private Transactions, Silver Lake and its affiliates beneficially owned approximately 61% of the total voting securities of the Company. Financial results and information included in the accompanying interim consolidated financial statements include the financial results and information of TKO and its consolidated subsidiaries. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, certain information and note disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's 2025 Annual Report. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, consisting solely of normal and recurring adjustments, necessary for a fair statement of the Company's financial position, results of operations and cash flows for the interim periods presented. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.
Combined Financial Statements for Historical Recast Periods On February 28, 2025, the Company completed the Endeavor Asset Acquisition, pursuant to which the Company acquired the IMG business, including certain businesses operating under the IMG brand, On Location, and PBR (collectively, the “Acquired Businesses”) from EGH and its subsidiaries in a transaction between entities under common control. As such, the financial statements for periods prior to the acquisition reflect the combined results of the Company and the Acquired Businesses as if they had been part of the Company during the historical periods under common control. For periods prior to the February 28, 2025 acquisition date, the historical financial information of the Acquired Businesses was derived from the historical combined financial statements and accounting records of Endeavor Group Holdings, Inc. and presented on a historical cost basis. Such historical financial information may not be indicative of the results that would have been achieved had the Acquired Businesses operated as a separate stand-alone entity during the periods presented, nor is it necessarily indicative of future results. See the Company’s 2025 Annual Report for additional information regarding the transaction and the related retrospective recast. Principles of Consolidation TKO is the sole managing member of TKO OpCo and maintains a controlling financial interest in TKO OpCo. As sole managing member, the Company ultimately controls the business affairs of TKO OpCo. As a result, the Company is the primary beneficiary and thus consolidates the financial results of TKO OpCo and reports a non-controlling interest representing the economic interest in TKO OpCo held by the other members of TKO OpCo. As of March 31, 2026, the Company owned 39.2% of TKO OpCo. Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying disclosures. Significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, the allowance for doubtful accounts, recoverability of deferred costs, content cost amortization and impairment, the fair value of acquired assets and liabilities associated with acquisitions, the fair value of the Company’s reporting units and the assessment of goodwill, other intangible assets and long-lived assets for impairment, determination of useful lives of intangible assets and long-lived assets acquired, the fair value of equity-based compensation, leases, income taxes and contingencies. Management evaluates these estimates using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management's best judgment at a point in time and as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company's control could be material and would be reflected in the Company's consolidated financial statements in future periods. |
RECENT ACCOUNTING PRONOUNCEMENTS |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | |
| RECENT ACCOUNTING PRONOUNCEMENTS | 3. RECENT ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements
In July 2025, the Financial Accounting Standards Board (the “FASB”) issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU amends ASC 326-20 to provide a practical expedient (for all entities) which permits an entity to assume the current conditions do not change with respect to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue from Contracts with Customers. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted, and the amendments should be applied prospectively. The Company adopted this guidance on January 1, 2026 and elected the practical expedient with no material effect on the Company's financial position or results of operation. Recently Issued Accounting Pronouncements In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU amends the ASC to incorporate certain disclosure requirements from SEC Release No. 33-10532, Disclosure Update and Simplification, which was issued in 2018. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If, by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the ASC and will not become effective. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Additionally, in January 2025, the FASB issued ASU 2025-01, Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, to clarify the effective date of ASU 2024-03. This ASU improves expense disclosures by requiring disclosure of additional information about specific expense categories in the notes to the financial statements at interim and annual reporting periods. The amendments in this update, as clarified, are effective for public business entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ("VIE"). This ASU clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business. The ASU is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted, and the ASU is to be applied prospectively to acquisitions after the adoption date. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. In September 2025, the FASB issued ASU 2025‑06, Targeted Improvements to the Accounting for Internal‑Use Software (ASC 350‑40). The update eliminates references to development stages throughout ASC 350-40 and introduces a new capitalization threshold requiring (1) management authorization with funding commitment and (2) a determination that it is probable the project will be completed and used as intended. Additionally, the ASU aligns disclosures with ASC 360‑10 - Property, Plant, and Equipment for all capitalized software. The ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption permitted, and entities may adopt using a retrospective, prospective, or modified transition approach. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance for the recognition, measurement, and disclosure of government grants to business entities. The ASU provides a single model for determining when a grant is within the scope of Topic 832, when to recognize grant income (based on satisfaction of eligibility requirements), and how to present grant-related assets, liabilities, and income in the financial statements. The amendments also introduce new qualitative and quantitative disclosure requirements regarding the nature, terms, and financial statement effects of government grants. The ASU is effective for fiscal years beginning after December 15, 2028, and interim periods within those fiscal years. Early adoption permitted and the amendments in this update can be applied using a modified prospective approach, a modified retrospective approach, or on a retrospective basis. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which makes targeted amendments to interim reporting requirements. The ASU is intended to improve the consistency, clarity, and decision usefulness of interim financial information by refining certain disclosure requirements, clarifying the application of existing guidance, and enhancing alignment between interim and annual reporting requirements. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and the amendments in this update can be applied either (1) prospectively or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-12, Codification Improvements. The ASU addresses multiple technical corrections, clarifications, and minor improvements to existing guidance in the Codification to correct unintended application issues and improve the usability of guidance without making substantial changes to existing standards. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. Early adoption permitted and the amendments in this update can be applied prospectively or retrospectively. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. |
REVENUE |
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| REVENUE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REVENUE | 4. REVENUE
The Company derives its revenue principally from the following sources: (i) media rights and content fees associated with the production and distribution of content, (ii) ticket sales at live events, hospitality sales and financial incentive packages, (iii) partnerships and marketing, and (iv) consumer products licensing and other. Disaggregated Revenue The following table presents the Company’s revenue disaggregated by primary revenue sources (in thousands):
Remaining Performance Obligations The transaction price related to the Company’s future performance obligations does not include any variable consideration related to sales or usage-based royalties. The variability related to these sales or usage-based royalties will be resolved in the periods when the licensee generates sales related to the intellectual property license. The following table presents the aggregate amount of the transaction price allocated to remaining performance obligations for contracts greater than one year with unsatisfied or partially satisfied performance obligations as of March 31, 2026 (in thousands):
Revenue from Prior Period Performance Obligations The Company did not recognize any significant revenue from performance obligations satisfied in prior periods during the three months ended March 31, 2026 and 2025, respectively. Contract Assets Contract assets (i.e., unbilled receivables) are established when revenue is recognized, but due to contractual terms over the timing of invoicing, the Company does not have right to invoice the customer or the right to payment of consideration for goods and services provided from the customer as of the balance sheet date. As of March 31, 2026 and December 31, 2025, contract assets were $156.8 million and $71.3 million, respectively, and were included in accounts receivable, net on the Company's consolidated balance sheets. Contract Liabilities (Deferred Revenues) The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance. The Company’s deferred revenue balance primarily relates to advance payments received related to its content distribution rights agreements, live event and hospitality arrangements, consumer products licensing agreements and partnerships and marketing arrangements, as well as memberships for the Company’s subscription services. Deferred revenue is included within current liabilities and in other long-term liabilities in the consolidated balance sheets. Total deferred revenue as of March 31, 2026 was $610.5 million. Total deferred revenue as of December 31, 2025 was $703.2 million, of which $430.1 million was recognized as revenue during the three months ended March 31, 2026. |
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SUPPLEMENTARY DATA |
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| SUPPLEMENTARY DATA [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SUPPLEMENTARY DATA | 5. SUPPLEMENTARY DATA Property, Buildings and Equipment, net
As of March 31, 2026, property, buildings and equipment totaled $1,026.1 million, with accumulated depreciation of $391.3 million. As of December 31, 2025, property, buildings and equipment totaled $1,011.2 million, with accumulated depreciation of $371.3 million. Depreciation expense for property, buildings and equipment totaled $22.8 million and $23.0 million for the three months ended March 31, 2026 and 2025, respectively. No impairment charges were recorded during the three months ended March 31, 2026 and 2025. Other Current Assets The following is a summary of other current assets (in thousands):
Accrued Liabilities The following is a summary of accrued liabilities (in thousands):
Other Current Liabilities The following is a summary of other current liabilities (in thousands):
(1) Collections due to third parties represents amounts collected in advance for future event-related services and other contractual obligations, most of which is payable to third-party rights holders under contractual agreements. |
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GOODWILL AND INTANGIBLE ASSETS |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| GOODWILL AND INTANGIBLE ASSETS [Abstract] | |
| GOODWILL AND INTANGIBLE ASSETS | 6. GOODWILL AND INTANGIBLE ASSETS Goodwill There were no dispositions or impairments to goodwill during the three months ended March 31, 2026 and 2025. The change in the carrying amount of goodwill during the period March 31, 2026 relates to the impact of foreign exchange rates. Intangible Assets, net Amortization expense of finite-lived intangible assets was $114.2 million and $71.9 million for the three months ended March 31, 2026 and 2025, respectively, which is recognized within depreciation and amortization in the consolidated statements of operations. Amortization expense for the three months ended March 31, 2026 includes $44.1 million of accelerated amortization related to the 2025 revision of the remaining useful life of a customer relationship asset within the WWE segment, as previously disclosed in the Company’s 2025 Annual Report. |
INVESTMENTS |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVESTMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVESTMENTS | 7. INVESTMENTS The following is a summary of the Company’s investments (in thousands):
Equity Method Investments As of March 31, 2026 and December 31, 2025, the Company’s equity method investments include Sports News Television Limited, EverPass Holdco LLC, and Boxing HoldCo, LLC (d/b/a Zuffa Boxing). The Company’s ownership of its equity method investments ranges from 7% to 50%. The Company recognized equity earnings of $1.6 million and $2.5 million for the three months ended March 31, 2026 and 2025, respectively, from its equity method investments. During the three months ended March 31, 2026 and 2025, the Company received distributions of $0.9 million and $3.7 million, respectively, from these equity method investments. During the three months ended March 31, 2025, the Company recorded a net loss on sale of equity method investments of $4.7 million and received proceeds of $1.5 million. The Company did not sell any equity method investments during the three months ended March 31, 2026. Nonmarketable Equity Investments Without Readily Determinable Fair Values As of March 31, 2026 and December 31, 2025, the Company held various investments in nonmarketable equity instruments of private companies. The Company did not record any impairment charges on its nonmarketable equity investments during the three months ended March 31, 2026 and 2025. In addition, there were no observable price change events that were completed during the three months ended March 31, 2026 and 2025. |
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DEBT |
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Mar. 31, 2026 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| DEBT | 8. DEBT The following is a summary of the Company’s outstanding debt (in thousands):
First Lien Term Loan (due November 2031) As of March 31, 2026 and December 31, 2025, the Company had $4.6 billion and $3.7 billion, respectively, outstanding under a credit agreement dated August 18, 2016 (as amended and/or restated, the “First Lien Credit Agreement”) by and among TKO Guarantor, LLC or “TKO Guarantor” (f/k/a “UFC Guarantor, LLC” or “Zuffa Guarantor, LLC”), TKO Worldwide Holdings, LLC or “TKO Worldwide Holdings” (f/k/a “UFC Holdings, LLC”), as borrower, the lenders party thereto and Goldman Sachs Bank USA, as administrative agent, which was entered into in connection with the acquisition of Zuffa by EGH in 2016. TKO OpCo and TKO are holding companies with limited business operations, cash flows, assets and liabilities other than the equity interests in the borrower entities TKO Guarantor and TKO Worldwide Holdings. On March 10, 2026 (the “Closing Date”), TKO Worldwide Holdings entered into an amendment to the First Lien Credit Agreement to, among other things, (i) provide for an additional $900.0 million incremental first lien secured term loan ("Incremental Term Loan") as a fungible increase to the existing first lien secured term loans of $3.7 billion (the “Existing Term Loans” and together with the Incremental Term Loan, the "Term Loans"), (ii) upsize the revolving credit facility under the existing credit agreement from $205.0 million to $350.0 million (the “Revolving Credit Facility” and together with the Term Loans, the “Credit Facilities”), and (iii) make certain other changes to the First Lien Credit Agreement. The Credit Facilities are secured by liens on substantially all of the assets of TKO Guarantor and TKO Worldwide Holdings and certain subsidiaries thereof. On the Closing Date, TKO Worldwide Holdings borrowed the full $900.0 million of the Incremental Term Loan. The Incremental Term Loan bears interest at a variable interest rate equal to either, at the option of TKO Worldwide Holdings, Term SOFR or the ABR plus, in each case, an applicable margin. SOFR term loans accrue interest at a rate equal to Term SOFR plus 2.00%, with a SOFR floor of 0.00%. ABR term loans accrue interest at a rate equal to (i) the highest of (a) the Federal Funds Effective Rate plus 0.5%, (b) the prime rate in effect for such day, and (c) Term SOFR for a one-month interest period plus (ii) 1.00%, with an ABR floor of 1.00%. The Incremental Term Loan has the same amortization schedule as the existing first lien term loans, amortizing at 1% per annum, and matures on November 21, 2031.
The Company capitalized $14.8 million in transaction costs related to the amendments associated with the First Lien Credit Agreement during the three months ended March 31, 2026. Of these amounts, $11.0 million was capitalized as a component of long-term debt related to the Incremental Term Loan and $3.8 million was capitalized as a component of other assets related to increasing the borrowing capacity of the Revolving Credit Facility.
The loans made pursuant to the upsized Revolving Credit Facility bear interest at a variable interest rate equal to either, at the option of TKO Worldwide Holdings, Term SOFR or the ABR plus, in each case, an applicable margin. SOFR revolving loans accrue interest at a rate equal to Term SOFR plus 1.50%-1.75%, depending on the First Lien Leverage Ratio (as defined in the First Lien Credit Agreement), with a SOFR floor of 0.00%. ABR revolving loans accrue interest at a rate equal to (i) the highest of (a) the Federal Funds Effective Rate plus 0.5%, (b) the prime rate in effect for such day, and (c) Term SOFR for a one-month interest period plus (ii) 0.50%-0.75%, with an ABR floor of 1.00%. The Revolving Credit Facility matures on September 15, 2030. As of March 31, 2026 and December 31, 2025, there was no outstanding balance under the Revolving Credit Facility. The First Lien Credit Agreement contains a financial covenant that requires the Company to maintain, commencing with the fiscal quarter ended June 30, 2025, a First Lien Leverage Ratio of Consolidated First Lien Debt to Consolidated EBITDA of 8.25-to-1. The Company is only required to comply with the foregoing financial covenant if the sum of outstanding borrowings under the Revolving Credit Facility (excluding any letters of credit, whether drawn or undrawn) is greater than the greater of (i) $85.0 million and (ii) forty percent of the borrowing capacity of the Revolving Credit Facility. This covenant did not apply as of March 31, 2026 and December 31, 2025, as the Company had no borrowings outstanding under the Revolving Credit Facility. The Credit Facilities restrict the ability of certain subsidiaries of the Company to make distributions and other payments to the Company. These restrictions include exceptions for, among other things, (1) amounts necessary to make tax payments, (2) a limited annual amount for employee equity repurchases, (3) distributions required to fund certain parent entities, (4) other specific allowable situations and (5) a general restricted payment basket, which generally provides for no restrictions as long as the Total Leverage Ratio (as defined in the First Lien Credit Agreement) is less than 5.0x. As of March 31, 2026 and December 31, 2025, TKO Worldwide Holdings had outstanding letters of credit of $1.1 million. The estimated fair values of the Company’s outstanding term loans are based on quoted market values for the debt. As of March 31, 2026 and December 31, 2025, the face amount of the Company’s term loans approximated their fair value. Other Secured Loans As of March 31, 2026 and December 31, 2025, the Company had $62.3 million and $63.1 million, respectively, of other secured loans outstanding, which were entered into in order to finance the purchase of certain assets. These loans are secured by the underlying assets of the Company and bear interest at rates ranging from SOFR plus 1.70% to SOFR plus 2.25%. Principal amortization is payable in monthly installments with any remaining balance payable on the final maturity dates of November 1, 2028 and January 1, 2031. One of the Company's other secured loans contains a financial covenant that requires the Company to maintain a Debt Service Coverage Ratio of consolidated debt to Adjusted EBITDA as defined in the applicable loan agreements of no less than 1.15-to-1 as measured on an annual basis. As of March 31, 2026 and December 31, 2025, the Company was in compliance with its financial debt covenant under this secured loan. |
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STOCKHOLDERS’ EQUITY |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| STOCKHOLDERS’ EQUITY [Abstract] | |
| STOCKHOLDERS’ EQUITY | 9. STOCKHOLDERS’ EQUITY Endeavor Share Purchases During the three months ended March 31, 2025, Endeavor OpCo purchased 1,897,650 shares of TKO Class A common stock for an aggregate amount of $300.9 million under EGH and its subsidiaries' Rule 10b5-1 trading plan for the Company. The trading plan was terminated on February 14, 2025. Endeavor Asset Acquisition — Equity Consideration On February 28, 2025, as consideration paid in connection with the Endeavor Asset Acquisition, the Company issued approximately 26.54 million Common Units of TKO OpCo and an equivalent number of corresponding shares of TKO Class B common stock to Endeavor OpCo and certain of EGH's other subsidiaries. The equity consideration increased the nonredeemable non-controlling interest in TKO OpCo, with a corresponding increase to additional paid-in capital. Capital Return Program TKO Share Repurchases During the three months ended March 31, 2026, the following share repurchases of TKO Class A common stock were made under the Company's previously announced $2.0 billion share repurchase program: • During January 1, 2026 through February 26, 2026, the Company repurchased 187,819 shares of TKO Class A common stock for an aggregate purchase price of $38.3 million based on an aggregate volume-weighted average price of $203.97 per share. All shares repurchased have been retired. The share repurchases were made pursuant to a Rule 10b5-1 trading plan previously executed in September 2025 which expired on February 26, 2026. • On March 10, 2026, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with Morgan Stanley & Co. LLC to repurchase $800.0 million of shares of its Class A common stock. Under the ASR Agreement, the Company paid $800.0 million on March 11, 2026 and received an initial delivery of 3,136,179 shares. The total number of shares to be repurchased under the ASR Agreement will be based on the volume-weighted average price of the Company’s Class A common stock during the term of the agreement, less a discount, and subject to customary adjustments pursuant to the terms and conditions of the ASR Agreement. Transactions under the ASR Agreement are expected to be completed by June 2026, and the Company has the option to choose the settlement in cash or shares. The shares received are retired in the period they are delivered, and the up-front payment is accounted for as a reduction to stockholders' equity in the Company's consolidated balance sheet in the period the payments are made. The initial delivery of 3,136,179 shares was recorded on March 11, 2026 as a reduction to accumulated deficit, while the remaining shares to be purchased are recorded as a forward contract as a reduction to additional paid-in capital. The Company reflects the accelerated share repurchases (“ASRs”) as a repurchase of Class A common stock in the period delivered for purposes of calculating earnings per share and as a forward contract indexed to its own Class A common stock. The ASRs met all of the applicable criteria for equity classification under ASC 815-40, and therefore, was not accounted for as a derivative instrument. • On March 10, 2026, the Company entered into a new Rule 10b5-1 trading plan providing for up to $200.0 million of repurchases of its Class A common stock, which will commence immediately following the completion of the ASR Agreement. No shares were repurchased under this Rule 10b5-1 trading plan during the three months ended March 31, 2026. On May 6, 2026, the Company announced that its board of directors has authorized up to an additional $1.0 billion of repurchases of its Class A common stock. This authorization is incremental to the Company's previously announced $2.0 billion share repurchase program.
The Company will determine at its discretion the timing and the amount of any repurchases based on its evaluation of market conditions, share price, and other factors. Repurchases under the share repurchase program may be made in the open market, in privately negotiated transactions or otherwise, and the Company is not obligated to acquire any particular amount under the share repurchase program. The share repurchase program has no expiration, and may be modified, suspended, or discontinued at any time. Quarterly Cash Dividend In October 2024, the Company announced that its board of directors approved a quarterly cash dividend program pursuant to which holders of TKO Class A common stock would receive their pro rata share of quarterly distributions to be made by TKO OpCo. No dividends are declared or paid on the TKO Class B common stock, which does not have economic rights. During the three months ended March 31, 2026 and 2025, the Company's board of directors declared quarterly cash dividends of $0.78 and $0.38 per share, respectively. The dividend payments represented TKO’s portion of pro rata distributions from TKO OpCo to its equity holders, which totaled approximately $150 million and $75 million for the three months ended March 31, 2026 and 2025, respectively. TKO Ownership Interests As of March 31, 2026, EGH and its subsidiaries collectively controlled 63.9% of the voting interests in TKO through their ownership of both TKO Class A common stock and TKO Class B common stock.
As of March 31, 2026, the Company owned 39.2% of TKO OpCo and EGH and its subsidiaries owned 60.8% of TKO OpCo. |
NON-CONTROLLING INTERESTS |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| NON-CONTROLLING INTERESTS [Abstract] | |
| NON-CONTROLLING INTERESTS | 10. NON-CONTROLLING INTERESTS Nonredeemable Non-Controlling Interest in TKO OpCo In connection with the business acquisition of WWE on September 12, 2023, the Company became the sole managing member of TKO OpCo and, as a result, consolidates the financial results of TKO OpCo. The Company reports a non-controlling interest representing the economic interest in TKO OpCo held by the other members of TKO OpCo. TKO OpCo’s operating agreement provides that holders of membership interests in TKO OpCo (“Common Units”) may, from time to time, require TKO OpCo to redeem all or a portion of their Common Units (and an equal number of shares of TKO Class B common stock) for shares of TKO Class A common stock on a one-for-one basis or, at the Company’s option, in cash using proceeds received from a qualified offering of TKO Class A common stock. In connection with any redemption or exchange, the Company will receive a corresponding number of Common Units, increasing the total ownership interest in TKO OpCo. Changes in the ownership interest in TKO OpCo while the Company retains its controlling interest in TKO OpCo will be accounted for as equity transactions. As such, future redemptions or direct exchanges of Common Units in TKO OpCo by the other members of TKO OpCo will result in a change in ownership and reduce the amount recorded as non-controlling interest and increase additional paid-in capital. Redeemable Non-Controlling Interest in the UFC In July 2018, the Company received an investment of $9.7 million by third parties (the “Russia Co-Investors”) in a newly formed subsidiary of the Company (the “Russia Subsidiary”) that was formed to expand the Company’s existing UFC business in Russia and certain other countries in the Commonwealth of Independent States. The terms of this investment provide the Russia Co-Investors with a put option to sell their ownership in the Russia Subsidiary. Following an initial five-year and six month holding period which has now lapsed, the put option is exercisable annually during a three-month window commencing six months after each anniversary of the investment's consummation (typically January through March). The purchase price of the put option is the greater of the total investment amount, defined as the Russia Co-Investors’ cash contributions less cash distributions, or fair value. The estimated redemption value was $34.4 million at both March 31, 2026 and December 31, 2025. |
EARNINGS PER SHARE ("EPS") |
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| EARNINGS PER SHARE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EARNINGS PER SHARE ("EPS") | 11. EARNINGS PER SHARE ("EPS") Basic earnings per share is calculated utilizing net income available to common stockholders of the Company during the three months ended March 31, 2026 and 2025, divided by the weighted average number of shares of TKO Class A common stock outstanding during the same period. Diluted earnings per share is calculated by dividing the net income available to common stockholders by the diluted weighted average shares outstanding during the same period.
On March 11, 2026, the Company entered into an ASR Agreement with Morgan Stanley & Co. LLC to repurchase $800.0 million of its Class A common stock. On March 11, 2026, the Company paid $800.0 million and received an initial delivery of 3,136,179 shares, which reduced weighted-average shares outstanding beginning on that date. The shares received were immediately retired. The final number of shares to be repurchased will be based on the volume-weighted average price of the Company’s Class A common stock during the term of the ASR Agreement, which is expected to conclude by June 2026. Refer to Note 9, Stockholders' Equity for further information related to the ASR Agreement.
Based on the Company’s volume weighted average price of TKO Class A common stock for the period from March 11, 2026 to March 31, 2026, the ASR was in a gain position, and the Company would have received approximately 1.0 million additional shares if the contract had settled on March 31, 2026. Since the receipt of these additional shares would have increased basic and diluted earnings per share, such incremental shares were determined to be antidilutive and therefore excluded from the computation of diluted EPS for the three months ended March 31, 2026. The following table presents the computation of basic and diluted net earnings per share and weighted average number of shares of the Company’s common stock outstanding for the periods presented (dollars in thousands, except share and per share data):
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INCOME TAXES |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| INCOME TAXES [Abstract] | |
| INCOME TAXES | 12. INCOME TAXES TKO Group Holdings, Inc. was incorporated as a Delaware corporation in March 2023. As the sole managing member of TKO OpCo, TKO Group Holdings, Inc. ultimately controls the business affairs of TKO OpCo. TKO Group Holdings, Inc. is subject to corporate income taxes on its share of taxable income of TKO OpCo. TKO OpCo is treated as a partnership for U.S. federal income tax purposes and is therefore generally not subject to U.S. corporate income tax. TKO OpCo’s foreign subsidiaries are subject to entity-level taxes. TKO OpCo’s U.S. subsidiaries are subject to withholding taxes on sales in certain foreign jurisdictions which are included as a component of foreign current taxes. TKO OpCo is subject to entity-level income taxes in certain U.S. state and local jurisdictions. In accordance with ASC 740, each interim period is considered integral to the annual period and tax expense is generally determined using an estimate of the annual effective income tax rate (“AETR”). The Company records income tax expense each quarter using the estimated AETR to provide for income taxes on a current year-to-date basis, adjusted for discrete items that are noted in the relevant period. In accordance with the authoritative guidance for accounting for income taxes in interim periods, the Company computed its income tax provision for the three months ended March 31, 2026 and 2025, respectively, adjusted for discrete items as noted. The provision for income taxes for the three months ended March 31, 2026 and 2025 was $34.0 million and $21.2 million, respectively, based on pretax income of $282.1 million and $184.2 million, respectively. The effective tax rate was 12.0% and 11.5% for the three months ended March 31, 2026 and 2025, respectively. The tax provision for the three and three months ended March 31, 2026 differs from tax benefit in the same period in 2025 primarily due to the increase in pretax income. Any tax balances reflected on the Company’s consolidated balance sheets as of March 31, 2026 will be adjusted accordingly to reflect the actual financial results for the year ending December 31, 2026. The Company’s effective tax rate differs from the U.S. federal statutory rate primarily due to state and local income taxes, non-controlling interest, withholding taxes in foreign jurisdictions that are not based on net income, and increased income subject to tax in foreign jurisdictions which differ from the U.S. federal statutory income tax rate. As of March 31, 2026 and December 31, 2025, the Company had unrecognized tax benefits of $43.1 million and $36.7 million, respectively, for which the Company is unable to make a reasonable and reliable estimate of the period in which these liabilities will be settled with the respective tax authorities. We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense (benefit) on the Company's consolidated statement of operations. Accrued interest and penalties of $15.8 million and $14.4 million are included as a component of the related tax liabilities on the Company's consolidated balance sheets as of March 31, 2026 and December 31, 2025, respectively. Of the $58.9 million combined unrecognized tax benefits and accrued interest and penalties as of March 31, 2026, $43.2 million is subject to an offsetting indemnity asset, as set forth in the Endeavor Asset Acquisition Agreement, which is included as a component of Other assets on the Company's consolidated balance sheets. The Company records valuation allowances against its net deferred tax assets when it is more likely than not that all, or a portion, of a deferred tax asset will not be realized. The Company evaluates the realizability of its deferred tax assets by assessing the likelihood that its deferred tax assets will be recovered based on all available positive and negative evidence, including historical results, reversals of deferred tax liabilities, estimates of future taxable income, tax planning strategies and results of operations. Other Matters In December 2022, the Organization for Economic Co-operation and Development (“OECD”) proposed Global Anti-Base Erosion Rules, which provides for changes to numerous long-standing tax principles including the adoption of a global minimum tax rate of 15% for multinational enterprises ("GloBE rules"). Various jurisdictions have adopted or are in the process of enacting legislation to adopt GloBE rules and other countries are expected to adopt GloBE rules in the future. While changes in tax laws in the various countries in which the Company operates can negatively impact the Company’s results of operations and financial position in future periods, the Company’s impact related to the adoption of the GloBE rules was not material to the Company’s consolidated financial position. Recent G7 Country (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) statements released a side-by-side (SbS) safe harbor that exempts certain U.S.-parented groups from these rules. The side-by-side Safe Harbor provides that Multinational Enterprise Groups with an Ultimate Parent Entity (UPE) in a jurisdiction with qualified SbS regime will not be subject to the Income Inclusion Rule and Undertaxed Profits Rule if they elect the SbS Safe Harbor, applicable as of the beginning of 2026. The Company continues to monitor United States and global legislative actions as well as administrative guidance related to Pillar Two for potential impacts. |
COMMITMENTS AND CONTINGENCIES |
3 Months Ended |
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Mar. 31, 2026 | |
| COMMITMENTS AND CONTINGENCIES [Abstract] | |
| COMMITMENTS AND CONTINGENCIES | 13. COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is involved in legal proceedings, claims and governmental investigations arising in the normal course of business. The types of allegations that arise in connection with such legal proceedings vary in nature, but can include, among others, contract, employment, tax and intellectual property matters. The Company evaluates all cases and records liabilities for losses from legal proceedings when the Company determines that it is probable that the outcome will be unfavorable and the amount, or potential range, of loss can be reasonably estimated. While any outcome related to litigation or such governmental proceedings cannot be predicted with certainty, management believes that the outcome of these matters, except as otherwise may be discussed below, individually or in the aggregate, will not have a material adverse effect on the Company’s financial position, results of operations or cash flows. UFC Legal Proceedings Five related class-action lawsuits were filed against Zuffa between December 2014 and March 2015 by a total of eleven former UFC fighters. These substantially identical lawsuits, were transferred to the United States District Court for the District of Nevada and consolidated into a single action in June 2015, captioned Le et al. v. Zuffa, LLC, No. 2:15-cv-1045-RFB-BNW (D. Nev.) (the “Le” case). The Le case alleged that Zuffa violated Section 2 of the Sherman Act by monopsonizing an alleged market for the services of elite professional MMA athletes. The fighter plaintiffs claimed that Zuffa’s alleged conduct injured them by artificially depressing their compensation for their services. On September 26, 2024, following the court’s denial of an earlier proposed settlement agreement, the parties agreed to settle all claims asserted in the Le case for an aggregate amount of $375.0 million payable in installments over an agreed-upon period of time by the Company (the “Updated Settlement Agreement”). The district court approved the Updated Settlement Agreement on February 6, 2025. In connection with the Updated Settlement Agreement, the Company recorded charges of $375.0 million during the year ended December 31, 2024, which are included as a component of selling, general and administrative expenses in the consolidated statements of operations, and completed payment of the settlement amount in June 2025. On June 24, 2021, another lawsuit, Johnson et al. v. Zuffa, LLC et al., No. 2:21-cv-1189-RFB-BNW (D. Nev.) (the “Johnson” case), was filed by a putative class of former UFC fighters and covering the period from July 1, 2017, to the present. The Johnson case alleges substantially similar claims to the Le case and seeks both damages and injunctive relief. No trial date has been set in the Johnson action and the parties are in the midst of the discovery process. On May 23, 2025, Cirkunovs v. Zuffa, LLC et al., No. 2:25-cv-00914-RFB-BNW (D. Nev.) (the “Cirkunovs” case), was filed by a putative class of former UFC fighters who signed contracts with arbitration clauses and class action waiver agreements during the period July 1, 2017, to the present. The complaint in Cirkunovs contains nearly identical allegations to Johnson and further alleges that the arbitration clauses and class action waivers contained in the fighters’ contracts are unenforceable. The Cirkunovs complaint seeks injunctive relief invalidating these arbitration clauses and class action waivers, as well as treble damages under the antitrust laws and attorneys’ fees and costs. Zuffa filed a motion to compel arbitration, and the Court has allowed Plaintiffs to seek discovery regarding the arbitration clause before ruling on Zuffa’s motion. Defendants appealed the district court’s order permitting discovery rather than ruling on Zuffa’s motion to compel arbitration. No trial date has been set in Cirkunovs. On May 29, 2025, a similar complaint was filed by a current Professional Fighters League fighter, Phil Davis. Davis v. Zuffa, LLC et al., No. 2:25-cv-00946-RFB-BNW (D. Nev.) (the “Davis” case). The Davis complaint also asserts nearly identical allegations as in Johnson and Cirkunovs, except Davis seeks to represent a class of fighters who competed in U.S.-bouts for non-UFC promotions from May 29, 2021, onward, excluding all currently contracted UFC fighters, as well as the Johnson and Cirkunovs class members. The Davis case alleges UFC’s alleged anticompetitive conduct impairs the ability of non-UFC fighters to advance their careers and artificially suppresses non-UFC fighter pay. The Davis case does not seek monetary damages and instead seeks injunctive relief. On March 31, 2026, the district court denied Zuffa’s motion to dismiss Davis. No trial date has been set in Davis. On February 26, 2026, two plaintiffs who allegedly paid to view UFC broadcasts filed a putative antitrust class action against Zuffa, TKO Group Holdings, Inc., TKO OpCo, and EGH, Costantino, et al. v. Zuffa, LLC, et al., No. 2:26-cv-00539-RFB-EJY (D. Nev) (the “Costantino” case). The complaint alleges, like the complaints in Le, Johnson, Cirkunovs, and Davis, that the defendants monopsonized the market for professional MMA fighter services and monopolized the market for professional MMA bouts in the United States. The Costantino plaintiffs allege that this resulted in increased prices for consumers who purchased (i) UFC pay-per-view events and (ii) the Paramount+ streaming service that now televises UFC bouts. The plaintiffs assert claims under Section 2 of the Sherman Act and certain state laws and seek unspecified damages on behalf of classes of persons and entities in relevant states that either (i) purchased UFC pay per view events through January 1, 2026, or (ii) subscribed to Paramount+ from January 1, 2026 to the present. They also seek to assert equitable relief claims on behalf of a purported nationwide class of Paramount+ subscribers. WWE Legal Proceedings As announced in June 2022, a Special Committee of independent members of WWE’s board of directors (the “Special Committee”) was formed to investigate alleged misconduct by WWE’s then-Chief Executive Officer, Vincent K. McMahon (the “Special Committee investigation”). The Special Committee investigation is complete and, in January 2024, Mr. McMahon resigned from his position as Executive Chair and member of the Company's board of directors, as well as other positions, employment and otherwise, at TKO and its subsidiaries. No charges have been brought against the Company. On January 25, 2024, a former WWE employee filed a lawsuit against WWE, Mr. McMahon and another former WWE executive, John Laurinaitis, in the United States District Court for the District of Connecticut alleging, among other things, that she was sexually assaulted by Mr. McMahon and Mr. Laurinaitis and asserting claims under the Trafficking Victims Protection Act. On May 30, 2025, Mr. Laurinaitis was dismissed from the matter with prejudice pursuant to a stipulation of dismissal. WWE has moved to compel the matter to arbitration, and its motion is pending. On October 23, 2024, five unnamed plaintiffs filed a lawsuit against Mr. McMahon, Linda McMahon, WWE, and TKO in Maryland court, alleging sexual abuse by a former World Wrestling Federation ring announcer during the 1980s. On April 28, 2025, plaintiffs filed an amended complaint adding three unnamed plaintiffs, but no new defendants. On December 10, 2025, the court dismissed the claims asserted by one of the unnamed plaintiffs (and certain other claims asserted against Ms. McMahon) but otherwise denied defendants' motions to dismiss. In April 2026, the court permitted the Attorney General of Maryland to intervene for purposes of briefing defendants’ constitutional challenges to the state law on which the plaintiffs’ claims are premised. On November 17, 2023, a purported former stockholder of WWE, Laborers’ District Council and Contractors’ Pension Fund of Ohio, filed a verified class action complaint on behalf of former WWE stockholders in the Court of Chancery of the State of Delaware (“Delaware Court”). On November 20, 2023, another purported former WWE stockholder, Dennis Palkon, filed a substantially similar verified class action complaint. Both complaints allege breach of fiduciary duty claims against former WWE directors Mr. McMahon, Nick Khan, Paul Levesque, George A. Barrios, Steve Koonin, Michelle D. Wilson, and Frank A. Riddick III (collectively, the “Individual Defendants”), arising out of the TKO Transactions. On April 24, 2024, the City of Pontiac Reestablished General Employees’ Retirement System, a third purported former WWE stockholder, filed another verified class action complaint, which similarly alleges breach of fiduciary duty claims against the Individual Defendants and added claims against WWE and TKO for denying stockholders their appraisal rights under DGCL § 262, as well as claims against EGH for aiding and abetting the alleged breaches of fiduciary duties and for civil conspiracy to violate DGCL § 262. On May 2, 2024, the Court entered an order consolidating all actions under the caption In re World Wrestling Entertainment, Inc. Merger Litigation, C.A. No. 2023-1166-JTL (“Consolidated Action”). Lead plaintiffs subsequently designated the Palkon complaint as operative. As a result, WWE, TKO and EGH are no longer defendants. On October 24, 2024, the Delaware Court entered a stipulation dismissing all claims against Messrs. Koonin and Riddick, who, therefore, are no longer defendants. The remaining Individual Defendants filed answers to the complaint on October 28, 2024. Fact discovery closed on December 19, 2025, and expert discovery closed on April 10, 2026. Trial is scheduled for June 2026. IMG Legal Proceedings As set forth in the Endeavor Asset Acquisition Agreement and pursuant to other agreements between the Company and Endeavor Group Holdings, Inc., Endeavor Group Holdings, Inc. is obligated to indemnify the Company for, and pay directly, any judgment entered against IMG or settlement entered into with respect to IMG, including with respect to claims or actions brought by other parties related to the proceedings described below. In July 2017, the Italian Competition Authority (“ICA”) issued a decision opening an investigation into alleged breaches of competition law in Italy, involving inter alia IMG, and relating to bidding for certain media rights of the Serie A and Serie B football leagues. In April 2018, the European Commission conducted on-site inspections at a number of companies that are involved with sports media rights, including IMG. The inspections were part of an ongoing investigation into the sector and into potential violations of certain antitrust laws that may have taken place within it. IMG investigated these ICA matters, as well as other regulatory compliance matters. In May 2019, the ICA completed its investigation and fined IMG approximately EUR 0.3 million. As part of its decision, the ICA acknowledged IMG's cooperation and ongoing compliance efforts since the investigation commenced. In July 2019, three football clubs (the “Original Plaintiffs”) and in June 2020, the Serie A football league (Lega Nazionale Professionisti Serie A or “Lega Nazionale,” and together with the Original Plaintiffs, the “Plaintiffs”) each filed separate claims against IMG and certain other unrelated parties in the Court of Milan, Italy, alleging that IMG engaged in anti-competitive practices with regard to bidding for certain media rights of the Serie A and Serie B football leagues. The Plaintiffs seek damages from all defendants deriving from the lower value of the media rights in amounts totaling EUR 554.6 million in the aggregate relating to the Original Plaintiffs and EUR 1,750 million relating to Lega Nazionale, along with attorneys’ fees and costs. Since December 2020, four additional clubs have each filed requests to intervene in the Lega Nazionale proceedings and individually seek to claim damages deriving from the lower value of the media rights and totaling EUR 251.5 million. The Original Plaintiffs and these four additional clubs are also seeking additional damages relating to alleged lost profits and additional charges, totaling EUR 1,675 million. Ten other clubs also filed requests to intervene in support of Lega Nazionale’s claim or alternatively to individually claim damages deriving from the lower value of the media rights totaling EUR 284.9 million, in the case of five clubs, and unspecified amounts (to be quantified as a percentage of the total amount sought by Lega Nazionale) in the other five cases. Collectively, the interventions of these 14 clubs are the “Interventions.” By judgment issued on May 8, 2024, the Court of Milan ruled that the clubs have a concurrent right to bring a claim, and Lega Nazionale is entitled to retain only 10% of the aggregate loss suffered (if any) by the clubs deriving from the lower value of the media rights. IMG reserved the right to appeal the partial ruling. In December 2022, one further football club filed a separate claim against IMG and certain other unrelated parties seeking damages from all defendants deriving from the lower value of the media rights totaling EUR 326.9 million, in addition to EUR 513.5 million in alleged additional damages relating to lost profits and additional charges. During April to June 2025, two additional clubs intervened in the proceedings in support of Lega Nazionale’s claims, but did not bring new claims. During December 2025 to January 2026, two additional clubs intervened in the proceedings in support of Lega Nazionale’s claims or alternatively to individually claim damages deriving from the lower value of the media rights in the amount of EUR 277.8 million. Currently, the total number of Interventions amounts to 18 clubs. At the end of April 2026, the parties agreed to settle all claims asserted in the above-described litigation. The settlement, which includes any obligations of IMG, will be paid directly by a subsidiary of Endeavor Group Holdings, Inc. pursuant to its indemnification obligations. IMG may also be subject to regulatory and other claims and actions with respect to these ICA and other regulatory matters. Endeavor Asset Acquisition Litigation On March 27, 2026, a purported stockholder of TKO, Jonathan Jordan, filed a verified stockholder derivative complaint on behalf of TKO in the Court of Chancery of the State of Delaware, captioned Jordan v. Endeavor Group Holdings, Inc., et al., C.A. No. 2026-0422-LWW (the “Jordan” case). Jordan alleges breach of fiduciary duty and unjust enrichment claims arising out of the Endeavor Asset Acquisition against Endeavor Group Holdings, Inc.; Silver Lake Group, L.L.C. and various affiliate funds; TKO directors Ariel Emanuel, Egon Durban, Dwayne Johnson, Nick Khan, Mark Shapiro, Peter Bynoe, Steven Koonin, Nancy Tellem, Carrie Wheeler, Bradley Keywell, Jonathan Kraft, and Sonya Medina; and TKO officers Ariel Emanuel, Seth R. Krauss, Andrew Schleimer, and Mark Shapiro. Jordan also alleges claims against Moelis & Company LLC for aiding and abetting the alleged breaches of fiduciary duties. Among other things, Jordan seeks equitable relief and monetary damages. The defendants have not yet appeared in the case, and no trial date has been set. |
SEGMENT INFORMATION |
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| SEGMENT INFORMATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENT INFORMATION | 14. SEGMENT INFORMATION The Company has three reportable segments: UFC, WWE and IMG to align with how the Company’s CODM manages the businesses, evaluates financial results, and makes key operating decisions. The UFC segment consists entirely of the operations of the Company's UFC business and the WWE segment consists entirely of the operations of the Company's WWE business. The IMG segment consists of the operations of the IMG business and On Location. The Company also reports the results for the “Corporate and Other” group. The Corporate and Other group reflects operations not allocated to the UFC, WWE or IMG segments and primarily consists of general and administrative expenses as well as operations of PBR and boxing. Boxing includes the joint venture with Sela Company for the Zuffa Boxing brand as well as promotional services TKO provides for boxing events. Revenue from our Corporate and Other group principally consists of media rights fees associated with the distribution of PBR's programming content; ticket sales and financial incentive packages associated with live events; partnerships and marketing; and consumer products licensing agreements of PBR-branded products. Revenue also consists of management and promotional fees for services primarily related to boxing. General and administrative expenses relate largely to corporate activities, including information technology, facilities, legal, human resources, finance and accounting, treasury, investor relations, corporate communications, community relations and compensation to TKO’s management and board of directors, which support all reportable segments. Corporate and Other expenses also include service fees paid by the Company to EGH and its subsidiaries under the Services Agreement, inclusive of fees paid for revenue producing services related to the segments. On the closing date of the Endeavor Asset Acquisition, the Services Agreement between EGH and TKO OpCo was terminated and the Transition Services Agreement was entered into between the EGH Parties, TWI and the TKO Parties. As disclosed within Note 2, Summary of Significant Accounting Policies, the historical financial data includes the recast combined results of TKO and the Acquired Businesses for all periods prior to February 28, 2025. All prior period amounts related to the segment change have been retrospectively reclassified to conform to the new presentation. The profitability measure employed by the Company’s CODM for allocating resources and assessing operating performance is Adjusted EBITDA. The Company defines Adjusted EBITDA as net income, excluding income taxes, net interest expense, depreciation and amortization, equity-based compensation, merger, acquisition and earnout costs, certain legal costs, restructuring, severance and impairment charges, foreign exchange (gains) losses, and certain other items when applicable. Adjusted EBITDA includes amortization expenses directly related to supporting the operations of the Company’s segments, including content production asset amortization. The Company’s CODM considers budget-to-actual and quarter-over-quarter variances when making decisions about allocating capital and personnel to the segments. The Company believes the presentation of Adjusted EBITDA is relevant and useful for investors because it allows investors to view the Company’s segment performance in the same manner as the Company’s CODM to evaluate segment performance and make decisions about allocating resources. Additionally, the Company believes that Adjusted EBITDA is a primary measure used by media investors, analysts and peers for comparative purposes. The Company does not disclose assets by segment information. The Company does not provide assets by segment information to the Company’s CODM, as that information is not typically used in the determination of resource allocation and assessing business performance of each reportable segment. A significant portion of the Company’s assets following the TKO Transactions are comprised of goodwill and intangible assets arising from the TKO Transactions and the Endeavor Asset Acquisition. The following tables present summarized financial information for each of the Company’s reportable segments (in thousands):
(1) Direct operating costs and selling, general and administrative expenses included in the measure of Adjusted EBITDA for each segment exclude reconciling items included in the reconciliation of segment profitability below. Revenue
Reconciliation of segment profitability
(1) Equity-based compensation represents non-cash compensation expense for various awards issued under the TKO 2023 Incentive Award Plan, awards assumed in connection with the acquisition of WWE in September 2023, and awards issued under Endeavor Group Holdings, Inc.’s 2021 Plan. (2) Includes (i) certain costs of professional advisors related to strategic transactions, primarily the Endeavor Asset Acquisition and (ii) certain costs related to integration initiatives resulting from the Endeavor Asset Acquisition. (3) Includes costs, net of insurance recoveries, related to certain litigation matters including antitrust lawsuits for UFC and stockholder litigation related to WWE and Endeavor. (4) Includes costs resulting from the Company’s cost reduction programs. (5) Includes gains and losses on foreign exchange transactions. (6) Includes other miscellaneous nonoperating gains and losses. During the three months ended March 31, 2025, other adjustments includes a net loss of $4.7 million on the sale of certain equity method investments, partially offset by a gain of $1.3 million on the sale of PBR’s former headquarters. |
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RELATED PARTY TRANSACTIONS |
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| RELATED PARTY TRANSACTIONS [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY TRANSACTIONS | 15. RELATED PARTY TRANSACTIONS EGH and its subsidiaries EGH and its subsidiaries (collectively, the “Group”), which collectively own approximately 63.9% of the voting interest in TKO as of March 31, 2026, provide various services to the Company and, upon consummation of the TKO Transactions, such services were provided pursuant to the Services Agreement which was terminated upon consummation of the Endeavor Asset Acquisition. Additionally, the Company and EGH entered into the Transition Services Agreement effective February 28, 2025. Revenue and expenses associated with such services are as follows (in thousands):
(1) These expenses primarily consist of production and consulting services as well as commissions paid to the Group. (2) These expenses primarily consist of service fees paid to the Group. These service fees are costs related to representation, executive leadership, back-office and corporate functions and other management services provided by the Group. Beginning in March 2025 expenses associated with the Transition Services Agreement primarily consist of pass through expenses related to the Acquired Businesses and back-office and corporate function costs. (3) The interest expense (income) relate to loans due to or from the Group.
Outstanding amounts due to and from the Group were as follows (in thousands):
Prior to February 28, 2025, the Company reimbursed the Group for third-party costs incurred on the Company’s behalf under the Services Agreement, which was terminated effective that date. During the three months ended March 31, 2025, the Company reimbursed $0.1 million under the prior agreement. Under the Transition Services Agreement, during the three months ended March 31, 2026, the Company reimbursed the Group $15.4 million for third-party costs incurred on the Company’s behalf and received $1.6 million in cash payments from the Group related to the transition services provided to the Group.
Corporate Allocations in Recast Historical Combined Periods
In connection with the Company’s common control acquisition of the Acquired Businesses from Endeavor Group Holdings, Inc. and its subsidiaries on February 28, 2025, the historical financial statements have been retrospectively recast to include the combined results of TKO and the Acquired Businesses. During these historical combined periods, $21.7 million of general corporate expenses incurred by EGH and its subsidiaries were allocated to the Acquired Businesses. These expenses related to centralized support functions provided by EGH and its subsidiaries, such as finance, human resources, information technology, facilities, and legal services (collectively, “General Corporate Expenses”) and are included as a component of selling, general and administrative expenses in our consolidated statements of operations. The General Corporate Expenses were allocated to the Acquired Businesses using reasonable methodologies, including pro rata measures based on headcount, gross profit, or other relevant drivers.
While management believes the allocation methodologies used for the historical combined periods are reasonable, the amounts may not reflect the actual costs that would have been incurred had the Acquired Businesses operated as standalone companies.
General Corporate Expense allocations apply to periods prior to the Endeavor Asset Acquisition on February 28, 2025. These allocations, which totaled $21.7 million for the three months ended March 31, 2025, are primarily classified within Selling, general and administrative expenses in the consolidated statements of operations.
Non-Controlling Interests Prior to the Endeavor Asset Acquisition on February 28, 2025, all significant related party transactions between the Acquired Businesses and Endeavor Group Holdings, Inc. and its subsidiaries were included in the historical combined financial statements of the Acquired Businesses and were considered to be effectively settled for cash when the transactions were recorded. Accordingly, the net effect of the settlement of these related party transactions was reflected as a financing activity in the historical combined statements of cash flows and as a component of nonredeemable non-controlling interest in the historical combined balance sheets. In the historical combined financial statements, nonredeemable non-controlling interests and net transfers from parent represented EGH's historical investment in the Acquired Businesses and included the Acquired Businesses' net earnings (loss) after taxes, the net effect of these transactions with and cost allocations from EGH and its subsidiaries, and parent contributions. Following the Endeavor Asset Acquisition on February 28, 2025, this historical combined presentation ceased to apply. Amounts reflected for the three months ended March 31, 2025 relate only to the period prior to February 28, 2025. The following table summarizes the components of the net transfers to parent in nonredeemable non-controlling interests for the three months ended March 31, 2025 (for the applicable for periods prior to the Endeavor Asset Acquisition on February 28, 2025):
(1) The nature of activities includes financing activities for capital transfers, cash sweeps, and other treasury services. As part of this activity, certain cash balances are swept to Endeavor Group Holdings, Inc. on a daily basis under the Endeavor Group Holdings, Inc. Treasury function and the Acquired Businesses receive capital from Endeavor Group Holdings, Inc. for its cash needs. (2) Compensation costs associated with the Company’s employees’ participation in Endeavor Group Holdings, Inc. incentive plans have been identified for employees who exclusively support the Company’s operations. Amounts allocated to the Company from the Parent for shared services are reported within total allocated costs in the General Corporate Expenses table above.
Other Related Parties
During the third quarter of 2025, the Company divested its equity-method investment in Euroleague Ventures S.A. (“Euroleague”). Accordingly, related-party transactions connected with Euroleague are presented through the date of divestiture. For the three months ended March 31, 2025, the Company recognized revenue of $9.6 million and incurred direct operating costs of $0.1 million, respectively, for a management fee to compensate it for representation and technical services it provides to Euroleague in relation to the distribution of media rights as well as production services. These revenue and costs are reported within the IMG segment. Following the divestiture, Euroleague is no longer a related party; however, the Company continues to maintain a commercial relationship with Euroleague to provide representation, technical, and other services in the ordinary course of business. |
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
3 Months Ended |
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Mar. 31, 2026 | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
| Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, certain information and note disclosures normally included in the annual financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's 2025 Annual Report. In the opinion of management, the accompanying unaudited interim consolidated financial statements reflect all adjustments, consisting solely of normal and recurring adjustments, necessary for a fair statement of the Company's financial position, results of operations and cash flows for the interim periods presented. The results of operations of any interim period are not necessarily indicative of the results of operations for the full year. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.
Combined Financial Statements for Historical Recast Periods On February 28, 2025, the Company completed the Endeavor Asset Acquisition, pursuant to which the Company acquired the IMG business, including certain businesses operating under the IMG brand, On Location, and PBR (collectively, the “Acquired Businesses”) from EGH and its subsidiaries in a transaction between entities under common control. As such, the financial statements for periods prior to the acquisition reflect the combined results of the Company and the Acquired Businesses as if they had been part of the Company during the historical periods under common control. For periods prior to the February 28, 2025 acquisition date, the historical financial information of the Acquired Businesses was derived from the historical combined financial statements and accounting records of Endeavor Group Holdings, Inc. and presented on a historical cost basis. Such historical financial information may not be indicative of the results that would have been achieved had the Acquired Businesses operated as a separate stand-alone entity during the periods presented, nor is it necessarily indicative of future results. See the Company’s 2025 Annual Report for additional information regarding the transaction and the related retrospective recast. |
| Principles of Consolidation | Principles of Consolidation TKO is the sole managing member of TKO OpCo and maintains a controlling financial interest in TKO OpCo. As sole managing member, the Company ultimately controls the business affairs of TKO OpCo. As a result, the Company is the primary beneficiary and thus consolidates the financial results of TKO OpCo and reports a non-controlling interest representing the economic interest in TKO OpCo held by the other members of TKO OpCo. As of March 31, 2026, the Company owned 39.2% of TKO OpCo. |
| Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported and disclosed in the consolidated financial statements and the accompanying disclosures. Significant accounting policies that contain subjective management estimates and assumptions include those related to revenue recognition, the allowance for doubtful accounts, recoverability of deferred costs, content cost amortization and impairment, the fair value of acquired assets and liabilities associated with acquisitions, the fair value of the Company’s reporting units and the assessment of goodwill, other intangible assets and long-lived assets for impairment, determination of useful lives of intangible assets and long-lived assets acquired, the fair value of equity-based compensation, leases, income taxes and contingencies. Management evaluates these estimates using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management's best judgment at a point in time and as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company's control could be material and would be reflected in the Company's consolidated financial statements in future periods. |
RECENT ACCOUNTING PRONOUNCEMENTS (Policies) |
3 Months Ended |
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Mar. 31, 2026 | |
| RECENT ACCOUNTING PRONOUNCEMENTS [Abstract] | |
| Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements
In July 2025, the Financial Accounting Standards Board (the “FASB”) issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The ASU amends ASC 326-20 to provide a practical expedient (for all entities) which permits an entity to assume the current conditions do not change with respect to the estimation of expected credit losses for current accounts receivable and current contract assets that arise from transactions accounted for under ASC 606, Revenue from Contracts with Customers. The ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those fiscal years. Early adoption is permitted, and the amendments should be applied prospectively. The Company adopted this guidance on January 1, 2026 and elected the practical expedient with no material effect on the Company's financial position or results of operation. Recently Issued Accounting Pronouncements In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative. This ASU amends the ASC to incorporate certain disclosure requirements from SEC Release No. 33-10532, Disclosure Update and Simplification, which was issued in 2018. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. If, by June 30, 2027, the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K, the pending content of the related amendment will be removed from the ASC and will not become effective. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. Additionally, in January 2025, the FASB issued ASU 2025-01, Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date, to clarify the effective date of ASU 2024-03. This ASU improves expense disclosures by requiring disclosure of additional information about specific expense categories in the notes to the financial statements at interim and annual reporting periods. The amendments in this update, as clarified, are effective for public business entities for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity ("VIE"). This ASU clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a VIE that meets the definition of a business. The ASU is effective for annual reporting periods beginning after December 15, 2026, including interim periods within those fiscal years. Early adoption is permitted, and the ASU is to be applied prospectively to acquisitions after the adoption date. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. In September 2025, the FASB issued ASU 2025‑06, Targeted Improvements to the Accounting for Internal‑Use Software (ASC 350‑40). The update eliminates references to development stages throughout ASC 350-40 and introduces a new capitalization threshold requiring (1) management authorization with funding commitment and (2) a determination that it is probable the project will be completed and used as intended. Additionally, the ASU aligns disclosures with ASC 360‑10 - Property, Plant, and Equipment for all capitalized software. The ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those fiscal years. Early adoption permitted, and entities may adopt using a retrospective, prospective, or modified transition approach. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establishes authoritative guidance for the recognition, measurement, and disclosure of government grants to business entities. The ASU provides a single model for determining when a grant is within the scope of Topic 832, when to recognize grant income (based on satisfaction of eligibility requirements), and how to present grant-related assets, liabilities, and income in the financial statements. The amendments also introduce new qualitative and quantitative disclosure requirements regarding the nature, terms, and financial statement effects of government grants. The ASU is effective for fiscal years beginning after December 15, 2028, and interim periods within those fiscal years. Early adoption permitted and the amendments in this update can be applied using a modified prospective approach, a modified retrospective approach, or on a retrospective basis. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which makes targeted amendments to interim reporting requirements. The ASU is intended to improve the consistency, clarity, and decision usefulness of interim financial information by refining certain disclosure requirements, clarifying the application of existing guidance, and enhancing alignment between interim and annual reporting requirements. The ASU is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and the amendments in this update can be applied either (1) prospectively or (2) retrospectively to any or all prior periods presented in the financial statements. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. In December 2025, the FASB issued ASU 2025-12, Codification Improvements. The ASU addresses multiple technical corrections, clarifications, and minor improvements to existing guidance in the Codification to correct unintended application issues and improve the usability of guidance without making substantial changes to existing standards. The ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within those fiscal years. Early adoption permitted and the amendments in this update can be applied prospectively or retrospectively. The Company is in the process of assessing the impact of this ASU on its consolidated financial statements. |
REVENUE (Tables) |
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| REVENUE [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Company's Revenue Disaggregated by Primary Revenue Sources | The following table presents the Company’s revenue disaggregated by primary revenue sources (in thousands):
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| Summary of Remaining Performance Obligation for Contracts Greater Than One Year | The following table presents the aggregate amount of the transaction price allocated to remaining performance obligations for contracts greater than one year with unsatisfied or partially satisfied performance obligations as of March 31, 2026 (in thousands):
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SUPPLEMENTARY DATA (Tables) |
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| Summary of Other Current Assets | The following is a summary of other current assets (in thousands):
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| Summary of Accrued Liabilities | The following is a summary of accrued liabilities (in thousands):
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| Summary of Other Current Liabilities | The following is a summary of other current liabilities (in thousands):
(1)
Collections due to third parties represents amounts collected in advance for future event-related services and other contractual obligations, most of which is payable to third-party rights holders under contractual agreements. |
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INVESTMENTS (Tables) |
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Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| INVESTMENTS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Company's Investments | The following is a summary of the Company’s investments (in thousands):
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DEBT (Tables) |
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| Summary of Outstanding Debt | The following is a summary of the Company’s outstanding debt (in thousands):
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EARNINGS PER SHARE ("EPS") (Tables) |
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| Schedule of Basic and Diluted Earnings Per Share and Weighted Average Shares Outstanding | The following table presents the computation of basic and diluted net earnings per share and weighted average number of shares of the Company’s common stock outstanding for the periods presented (dollars in thousands, except share and per share data):
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SEGMENT INFORMATION (Tables) |
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| SEGMENT INFORMATION [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Adjusted EBITDA | The following tables present summarized financial information for each of the Company’s reportable segments (in thousands):
(1)
Direct operating costs and selling, general and administrative expenses included in the measure of Adjusted EBITDA for each segment exclude reconciling items included in the reconciliation of segment profitability below. |
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| Schedule of Revenue |
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| Schedule of Reconciliation of Segment Profitability |
(1) Equity-based compensation represents non-cash compensation expense for various awards issued under the TKO 2023 Incentive Award Plan, awards assumed in connection with the acquisition of WWE in September 2023, and awards issued under Endeavor Group Holdings, Inc.’s 2021 Plan. (2) Includes (i) certain costs of professional advisors related to strategic transactions, primarily the Endeavor Asset Acquisition and (ii) certain costs related to integration initiatives resulting from the Endeavor Asset Acquisition. (3) Includes costs, net of insurance recoveries, related to certain litigation matters including antitrust lawsuits for UFC and stockholder litigation related to WWE and Endeavor. (4) Includes costs resulting from the Company’s cost reduction programs. (5) Includes gains and losses on foreign exchange transactions. (6)
Includes other miscellaneous nonoperating gains and losses. During the three months ended March 31, 2025, other adjustments includes a net loss of $4.7 million on the sale of certain equity method investments, partially offset by a gain of $1.3 million on the sale of PBR’s former headquarters. |
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RELATED PARTY TRANSACTIONS (Tables) |
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| RELATED PARTY TRANSACTIONS [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Transactions | Revenue and expenses associated with such services are as follows (in thousands):
(1) These expenses primarily consist of production and consulting services as well as commissions paid to the Group. (2) These expenses primarily consist of service fees paid to the Group. These service fees are costs related to representation, executive leadership, back-office and corporate functions and other management services provided by the Group. Beginning in March 2025 expenses associated with the Transition Services Agreement primarily consist of pass through expenses related to the Acquired Businesses and back-office and corporate function costs. (3) The interest expense (income) relate to loans due to or from the Group. Outstanding amounts due to and from the Group were as follows (in thousands):
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| Components of Net Transfers to Parent in Nonredeemable Non-Controlling Interests | The following table summarizes the components of the net transfers to parent in nonredeemable non-controlling interests for the three months ended March 31, 2025 (for the applicable for periods prior to the Endeavor Asset Acquisition on February 28, 2025):
(1) The nature of activities includes financing activities for capital transfers, cash sweeps, and other treasury services. As part of this activity, certain cash balances are swept to Endeavor Group Holdings, Inc. on a daily basis under the Endeavor Group Holdings, Inc. Treasury function and the Acquired Businesses receive capital from Endeavor Group Holdings, Inc. for its cash needs. (2)
Compensation costs associated with the Company’s employees’ participation in Endeavor Group Holdings, Inc. incentive plans have been identified for employees who exclusively support the Company’s operations. Amounts allocated to the Company from the Parent for shared services are reported within total allocated costs in the General Corporate Expenses table above. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Variable Interest Entity, Primary Beneficiary [Member] | TKO OpCo [Member] | |
| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |
| Variable interest entity owned | 39.20% |
REVENUE (Narrative) (Details) - USD ($) |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| REVENUE [Abstract] | |||
| Revenue from prior period performance obligations | $ 0 | $ 0 | |
| Contract assets | 156,800,000 | $ 71,300,000 | |
| Deferred revenue | 610,500,000 | $ 703,200,000 | |
| Deferred revenue recognized as revenue | $ 430,100,000 | ||
SUPPLEMENTARY DATA (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Property, Plant and Equipment [Line Items] | |||
| Property, buildings and equipment | $ 1,026.1 | $ 1,011.2 | |
| Accumulated depreciation | 391.3 | $ 371.3 | |
| Depreciation expense | 22.8 | $ 23.0 | |
| Impairment charge | $ 0.0 | $ 0.0 | |
SUPPLEMENTARY DATA (Summary of Other Current Assets) (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| SUPPLEMENTARY DATA [Abstract] | ||
| Prepaid sign-on fee for hospitality rights | $ 100,000 | $ 100,000 |
| Other current receivables | 55,684 | 36,341 |
| Prepaid event and production-related costs | 50,242 | 33,406 |
| Prepaid taxes | 39,819 | 56,882 |
| Amounts due from the Group (Note 15) | 17,306 | 7,259 |
| Prepaid insurance | 11,214 | 8,983 |
| Inventory | 8,634 | 57,126 |
| Other | 47,164 | 50,021 |
| Total | $ 330,063 | $ 350,018 |
SUPPLEMENTARY DATA (Summary of Accrued Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| SUPPLEMENTARY DATA [Abstract] | ||
| Event and production-related costs | $ 161,916 | $ 147,628 |
| Legal and professional fees | 73,029 | 45,775 |
| Payroll-related costs | 72,831 | 200,373 |
| Accrued customer refunds | 28,576 | 32,702 |
| Interest | 24,566 | 24,815 |
| Accrued capital expenditures | 4,683 | 8,724 |
| Other | 63,488 | 66,286 |
| Total accrued liabilities | $ 429,089 | $ 526,303 |
SUPPLEMENTARY DATA (Summary of Other Current Liabilities) (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
||
|---|---|---|---|---|
| SUPPLEMENTARY DATA [Abstract] | ||||
| Collections due to third parties (1) | [1] | $ 859,417 | $ 333,550 | |
| Amounts due to the Group (Note 15) | 22,917 | 31,890 | ||
| Other | 26,466 | 19,148 | ||
| Total | $ 908,800 | $ 384,588 | ||
| ||||
GOODWILL AND INTANGIBLE ASSETS (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Finite-Lived Intangible Assets [Line Items] | ||
| Amortization of finite-lived intangible assets | $ 114.2 | $ 71.9 |
| Goodwill impairment loss | 0.0 | $ 0.0 |
| Customer Relationships [Member] | World Wrestling Entertainment Segment [Member] | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Accelerated amortization expenses | $ 44.1 | |
INVESTMENTS (Summary of Investments) (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| INVESTMENTS [Abstract] | ||
| Equity method investments | $ 105,238 | $ 103,056 |
| Nonmarketable equity investments without readily determinable fair values | 28,458 | 28,423 |
| Nonmarketable equity investments with readily determinable fair values | 76 | 76 |
| Total investment securities | $ 133,772 | $ 131,555 |
INVESTMENTS (Narrative) (Details) - USD ($) |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| INVESTMENTS [Line Items] | |||
| Equity earnings (losses) from equity method investments | $ 1,635,000 | $ 2,524,000 | |
| Impairment charges on investments | 0 | 0 | |
| Observable price change upward price adjustment | $ 0 | 0 | |
| Sports News Television Limited, EverPass, LLC And Boxing, LLC [Member] | Maximum [Member] | |||
| INVESTMENTS [Line Items] | |||
| Company's ownership interest percentage | 50.00% | ||
| Sports News Television Limited, EverPass, LLC And Boxing, LLC [Member] | Minimum [Member] | |||
| INVESTMENTS [Line Items] | |||
| Company's ownership interest percentage | 7.00% | ||
| EverPass, LLC, Sela Company and Ruby PR [Member] | |||
| INVESTMENTS [Line Items] | |||
| Equity earnings (losses) from equity method investments | $ 1,600,000 | 2,500,000 | |
| Distributions received from other equity method investments | 900,000 | 3,700,000 | |
| Net loss on sale of equity method investments | $ 0 | 4,700,000 | |
| Proceeds from equity method investments | $ 1,500,000 | ||
DEBT (Summary of Outstanding Debt) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Dec. 31, 2025 |
|
| DEBT [Line Items] | ||
| Total principal | $ 4,671,154 | $ 3,783,188 |
| Unamortized discount | (11,637) | (9,761) |
| Unamortized debt issuance cost | (19,597) | (11,303) |
| Total debt | 4,639,920 | 3,762,124 |
| Less: Current portion of long-term debt | (45,887) | (38,061) |
| Total long-term debt | 4,594,033 | 3,724,063 |
| First Lien Term Loan (due November 2031) [Member] | ||
| DEBT [Line Items] | ||
| Total principal | $ 4,605,967 | 3,717,569 |
| Line of credit maturity date | November 2031 | |
| Other Secured Loans [Member] | ||
| DEBT [Line Items] | ||
| Total principal | $ 62,285 | 63,067 |
| Total debt | 62,300 | 63,100 |
| Notes Payable [Member] | ||
| DEBT [Line Items] | ||
| Total principal | $ 2,902 | $ 2,552 |
NON-CONTROLLING INTERESTS (Narrative) (Details) $ in Millions |
1 Months Ended | 3 Months Ended | |
|---|---|---|---|
|
Jul. 31, 2018
USD ($)
|
Mar. 31, 2026
USD ($)
|
Dec. 31, 2025
USD ($)
|
|
| Noncontrolling Interest [Line Items] | |||
| Temporary equity, estimated redemption value | $ 34.4 | $ 34.4 | |
| TKO OpCo [Member] | |||
| Noncontrolling Interest [Line Items] | |||
| Common units, convertible, conversion ratio | 1 | ||
| Conversion description | TKO OpCo to redeem all or a portion of their Common Units (and an equal number of shares of TKO Class B common stock) for shares of TKO Class A common stock on a one-for-one basis | ||
| Russia Subsidiary [Member] | |||
| Noncontrolling Interest [Line Items] | |||
| Investment term | 5 years 6 months | ||
| Proceeds from noncontrolling interests | $ 9.7 |
EQUITY-BASED COMPENSATION (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Equity-based compensation | $ 39,586 | $ 30,271 | |
| Common Class A [Member] | |||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
| Common stock, shares issued | 74,962,325 | 77,767,155 | |
EQUITY-BASED COMPENSATION (Schedule of Equity-Based Compensation Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
| Equity-based compensation expense | $ 39,586 | $ 30,271 |
EARNINGS PER SHARE ("EPS") (Narrative) (Details) - Accelerated Share Repurchase Agreement [Member] - USD ($) $ in Millions |
1 Months Ended | |
|---|---|---|
Mar. 11, 2026 |
Mar. 31, 2026 |
|
| Share Repurchase Program [Line Items] | ||
| Cash paid to dealer | $ 800.0 | |
| Shares received and retired | 3,136,179 | 1,000,000 |
INCOME TAXES (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Operating Loss Carryforwards [Line Items] | |||
| Effective tax rate | 12.00% | 11.50% | |
| Unrecognized tax benefits | $ 43,100 | $ 36,700 | |
| Interest and penalties related to uncertain tax benefits | 15,800 | $ 14,400 | |
| Combined unrecognized tax benefits and accrued interest | 58,900 | ||
| Asset acquisition agreement | 43,200 | ||
| Pretax income | 282,140 | $ 184,214 | |
| Provision for income taxes | $ 33,982 | $ 21,182 | |
SEGMENT INFORMATION (Narrative) (Details) |
3 Months Ended |
|---|---|
|
Mar. 31, 2026
Segment
| |
| SEGMENT INFORMATION [Abstract] | |
| Number of reportable segments | 3 |
| Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description | The profitability measure employed by the Company’s CODM for allocating resources and assessing operating performance is Adjusted EBITDA. The Company defines Adjusted EBITDA as net income, excluding income taxes, net interest expense, depreciation and amortization, equity-based compensation, merger, acquisition and earnout costs, certain legal costs, restructuring, severance and impairment charges, foreign exchange (gains) losses, and certain other items when applicable. Adjusted EBITDA includes amortization expenses directly related to supporting the operations of the Company’s segments, including content production asset amortization. The Company’s CODM considers budget-to-actual and quarter-over-quarter variances when making decisions about allocating capital and personnel to the segments. The Company believes the presentation of Adjusted EBITDA is relevant and useful for investors because it allows investors to view the Company’s segment performance in the same manner as the Company’s CODM to evaluate segment performance and make decisions about allocating resources. Additionally, the Company believes that Adjusted EBITDA is a primary measure used by media investors, analysts and peers for comparative purposes. |
SEGMENT INFORMATION (Schedule of Revenue) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Revenue, Major Customer [Line Items] | ||
| Total revenue | $ 1,596,876 | $ 1,268,800 |
| UFC Segment [Member] | ||
| Revenue, Major Customer [Line Items] | ||
| Total revenue | 401,221 | 359,747 |
| WWE Segment [Member] | ||
| Revenue, Major Customer [Line Items] | ||
| Total revenue | 475,658 | 391,540 |
| IMG Segment [Member] | ||
| Revenue, Major Customer [Line Items] | ||
| Total revenue | 655,534 | 476,268 |
| Eliminations [Member] | ||
| Revenue, Major Customer [Line Items] | ||
| Total revenue | (9,443) | (13,132) |
| Operating Segments [Member] | ||
| Revenue, Major Customer [Line Items] | ||
| Total revenue | 1,532,413 | 1,227,555 |
| Operating Segments [Member] | UFC Segment [Member] | ||
| Revenue, Major Customer [Line Items] | ||
| Total revenue | 401,221 | 359,747 |
| Operating Segments [Member] | WWE Segment [Member] | ||
| Revenue, Major Customer [Line Items] | ||
| Total revenue | 475,658 | 391,540 |
| Operating Segments [Member] | IMG Segment [Member] | ||
| Revenue, Major Customer [Line Items] | ||
| Total revenue | 655,534 | 476,268 |
| Corporate Non Segment [Member] | ||
| Revenue, Major Customer [Line Items] | ||
| Total revenue | $ 73,906 | $ 54,377 |
SEGMENT INFORMATION (Schedule of Reconciliation of Segment Profitability) (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||
| Adjusted EBITDA | $ 549,756 | $ 417,378 | ||||||||||||
| Equity earnings of affiliates | (1,635) | (2,524) | ||||||||||||
| Depreciation and amortization | (143,802) | (100,535) | ||||||||||||
| Foreign exchange gains and (losses) | [1] | 3,293 | (4,877) | |||||||||||
| Other adjustments | 4,226 | (8,385) | ||||||||||||
| Income before income taxes and equity earnings of affiliates | 282,140 | 184,214 | ||||||||||||
| Corporate and Other [Member] | ||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||
| Adjusted EBITDA | (58,162) | (77,416) | ||||||||||||
| Operating Segments [Member] | ||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||
| Adjusted EBITDA | 607,918 | 494,794 | ||||||||||||
| Operating Segments [Member] | UFC Segment [Member] | ||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||
| Adjusted EBITDA | 254,471 | 227,393 | ||||||||||||
| Operating Segments [Member] | WWE Segment [Member] | ||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||
| Adjusted EBITDA | 256,046 | 193,940 | ||||||||||||
| Operating Segments [Member] | IMG Segment [Member] | ||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||
| Adjusted EBITDA | 97,401 | 73,461 | ||||||||||||
| Reconciling Items [Member] | ||||||||||||||
| Segment Reporting Information [Line Items] | ||||||||||||||
| Equity earnings of affiliates | (1,635) | (2,524) | ||||||||||||
| Interest expense, net | (60,565) | (44,765) | ||||||||||||
| Depreciation and amortization | (143,802) | (100,535) | ||||||||||||
| Equity-based compensation expense | [2] | (39,586) | (30,271) | |||||||||||
| Merger, acquisition and earn out costs | [3] | (2,396) | (39,772) | |||||||||||
| Certain legal costs | [4] | (23,215) | (6,458) | |||||||||||
| Restructuring, severance and impairment | [5] | $ (351) | $ (1,519) | |||||||||||
| Restructuring Charges, Statement of Income or Comprehensive Income [Extensible Enumeration] | Selling, General and Administrative Expense | Selling, General and Administrative Expense | ||||||||||||
| Other adjustments | [6] | $ 641 | $ (2,443) | |||||||||||
| ||||||||||||||
SEGMENT INFORMATION - Schedule of Reconciliation of Segment Profitability (Parenthetical) (Details) $ in Millions |
3 Months Ended |
|---|---|
|
Mar. 31, 2025
USD ($)
| |
| Segment Reporting Information [Line Items] | |
| Losses on sale of certain equity method investments transactions | $ 4.7 |
| Gain on sale of PBR's former headquarters | $ 1.3 |
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |
|---|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
Dec. 31, 2025 |
|
| Related Party Transaction [Line Items] | |||
| Selling, general and administrative expenses | $ 380,238 | $ 363,285 | |
| Other current liabilities | 908,800 | $ 384,588 | |
| Equity-based compensation | 39,586 | 30,271 | |
| Revenues | 1,596,876 | 1,268,800 | |
| Deferred revenue | 552,116 | 663,015 | |
| Direct operating costs | 734,357 | 567,616 | |
| EGH And Its Subsidiaries [Member] | |||
| Related Party Transaction [Line Items] | |||
| Reimbursed costs | 15,400 | 100 | |
| Other current liabilities | $ 22,917 | 31,890 | |
| EGH And Its Subsidiaries [Member] | Acquired Businesses from Endeavor Group Holdings, Inc. [Member] | |||
| Related Party Transaction [Line Items] | |||
| General corporate expenses | $ 21,700 | ||
| Selling, general and administrative expenses | 21,700 | ||
| EGH And Its Subsidiaries [Member] | TKO Group Holdings, Inc. [Member] | |||
| Related Party Transaction [Line Items] | |||
| Company's ownership interest percentage | 63.90% | ||
| Euroleague [Member] | Technical Services [Member] | |||
| Related Party Transaction [Line Items] | |||
| Revenues | 9,600 | ||
| Direct operating costs | $ 100 | ||
RELATED PARTY TRANSACTIONS (Summary of Provided Services) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
|---|---|---|
Mar. 31, 2026 |
Mar. 31, 2025 |
|
| Related Party Transaction [Line Items] | ||
| Revenues | $ 1,596,876 | $ 1,268,800 |
| Direct operating costs | 734,357 | 567,616 |
| Selling, general and administrative expenses | 380,238 | 363,285 |
| Interest expense (income) | 60,565 | 44,765 |
| Net income (loss) | 89,351 | 58,408 |
| Income (Expense) Included within Net Income [Member] | ||
| Related Party Transaction [Line Items] | ||
| Net income (loss) | (8,002) | (9,676) |
| EGH And Its Subsidiaries [Member] | Event And Other Licensing Revenues Earned From The Group [Member] | ||
| Related Party Transaction [Line Items] | ||
| Revenues | 40 | 1,369 |
| EGH And Its Subsidiaries [Member] | Expenses Incurred with the Group Included in Direct Operating Costs [Member] | ||
| Related Party Transaction [Line Items] | ||
| Direct operating costs | 1,686 | 5,442 |
| EGH And Its Subsidiaries [Member] | Expenses Incurred with the Group Included in Selling, General and Administrative Expenses [Member] | ||
| Related Party Transaction [Line Items] | ||
| Selling, general and administrative expenses | 6,402 | 9,520 |
| EGH And Its Subsidiaries [Member] | Interest Expense with the Group [Member] | ||
| Related Party Transaction [Line Items] | ||
| Interest expense (income) | $ (46) | $ (3,917) |
RELATED PARTY TRANSACTIONS (Outstanding Amounts due to and from Related Party) (Details) - USD ($) $ in Thousands |
Mar. 31, 2026 |
Dec. 31, 2025 |
|---|---|---|
| Related Party Transaction [Line Items] | ||
| Other current assets | $ 330,063 | $ 350,018 |
| Other current liabilities | (908,800) | (384,588) |
| EGH And Its Subsidiaries [Member] | ||
| Related Party Transaction [Line Items] | ||
| Other current assets | 17,306 | 7,259 |
| Other assets | 42,937 | 42,255 |
| Other current liabilities | $ (22,917) | $ (31,890) |
RELATED PARTY TRANSACTIONS (Components of Net Transfers to Parent in Nonredeemable Non-Controlling Interests) (Details) $ in Thousands |
3 Months Ended |
|---|---|
|
Mar. 31, 2025
USD ($)
| |
| Related Party Transaction [Line Items] | |
| Cash pooling and general financing activities | $ (242,698) |
| Corporate allocations | 21,688 |
| Net transfers from/(to) parent per the Combined Statements of Equity | (221,010) |
| Equity based compensation expense | (1,250) |
| Currency translation adjustments on intracompany transactions | 1,940 |
| Taxes deemed settled with Parent | 3,309 |
| Distributions not settled in cash | 586 |
| Contract balances retained by Parent and other | 93,900 |
| Net transfers from/(to) parent per the Combined Statements of Cash Flows | $ (122,525) |