Detailed financial statements for TKO Group Holdings, Inc. (TKO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
TKO Group Holdings, Inc. stands as a significant enterprise within the sports and entertainment industries. Its business activities are primarily organized into four core divisions: Media and Content, Live Events, Sponsorships, and Consumer Products Licensing. The company is responsible for creating a diverse range of content, including live spectacles, television programs, and both lengthy and concise video productions.
Analysis Summary
TKO Group Holdings, Inc. reported revenue of $4.74B in the most recent fiscal year, growing at a 5-year CAGR of 37.2%. Net income reached $195.4M, with a 8.2% 5-year CAGR.
Trailing-twelve-month margins: gross margin 54.1%, operating margin 20.0%, net margin 4.3%. Free cash flow grew at 28.6% CAGR over 5 years.
At $187.20 (closing price, November 3, 2026), TKO trades at a P/E of 64.56 and an ROE of 6.41%. Market capitalisation stands at $13.7B, placing it among large-cap names.
Balance sheet quality for TKO: debt-to-equity ratio of 1.46, current ratio of 1.22 over the last 12 months, net debt of $3.23B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.16B represents 593% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $729.2M | $801.0M | $930.2M | $960.4M | $974.2M | $1.10B | $1.14B | $1.67B | $2.80B | $4.74B |
| Cost of Revenue | $453.6M | $559.1M | $634.3M | $672.3M | $592.1M | $649.1M | $385.6M | $679.2M | $1.29B | $2.39B |
| Gross Profit | $275.6M | $241.9M | $295.9M | $288.1M | $382.1M | $446.1M | $754.5M | $995.8M | $1.51B | $2.35B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $219.1M | $160.8M | $181.4M | $171.6M | $173.6M | $190.1M | $209.4M | $409.6M | $736.6M | $1.58B |
| Operating Expenses | $219.1M | $160.8M | $181.4M | $171.6M | $173.6M | $190.1M | $209.4M | $409.6M | $736.6M | $1.39B |
| Operating Income | $56.5M | $81.0M | $114.5M | $116.5M | $208.5M | $256.0M | $545.1M | $586.2M | $775.0M | $961.3M |
| EBITDA | $118.2M | $143.9M | $191.6M | $204.1M | $312.3M | $319.3M | $603.1M | $695.5M | $768.9M | $1.31B |
| Interest Expense | $3.0M | $14.7M | $15.4M | $26.1M | $35.6M | $33.6M | $139.6M | $239.0M | $249.1M | $202.7M |
| Pre-tax Income | $53.2M | $64.1M | $106.0M | $94.7M | $171.1M | $229.9M | $403.3M | $207.2M | $32.1M | $620.1M |
| Income Tax | $19.4M | $31.4M | $6.4M | $17.6M | $39.3M | $52.5M | $14.3M | $31.4M | $25.7M | $73.8M |
| Net Income | $33.8M | $32.6M | $99.6M | $77.1M | $131.8M | $177.4M | $387.3M | -$35.2M | $9.4M | $195.4M |
| EPS | $0.44 | $0.43 | $1.28 | $0.99 | $2.13 | $2.32 | $4.66 | -$0.43 | $0.12 | $2.42 |
| EPS (Diluted) | $0.44 | $0.42 | $1.12 | $0.85 | $2.13 | $2.09 | $4.66 | -$0.43 | $0.05 | $2.26 |
| Shares Outstanding (Diluted) | 77.5 M | 78.5 M | 88.6 M | 90.2 M | 83.2 M | 83.2 M | 83.2 M | 82.8 M | 171.9 M | 194.0 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $1.12B | $1.04B | $1.60B | $1.55B |
| Gross Profit | $551.1M | $462.6M | $862.5M | $991.0M |
| Operating Income | $197.1M | $92.5M | $338.5M | $429.8M |
| EBITDA | $306.9M | $214.3M | $493.2M | $532.9M |
| Net Income | $41.0M | -$2.4M | $89.4M | $101.6M |
| EPS | $0.53 | -$0.03 | $1.16 | $1.36 |
| EPS (Diluted) | $0.47 | -$0.03 | $1.12 | $1.34 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $212.0M | $137.7M | $167.5M | $90.4M | $462.1M | $874.7M | $180.6M | $235.8M | $525.6M | $831.1M |
| Short-term Investments | $55.2M | $159.7M | $191.7M | $160.0M | $131.3M | 0 | 0 | 0 | 0 | 0 |
| Receivables | $53.2M | $65.2M | $78.9M | $124.8M | $52.0M | $59.3M | $45.4M | $147.0M | $221.4M | $558.3M |
| Inventory | $6.5M | $8.3M | $7.8M | $8.3M | $8.4M | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $349.3M | $391.0M | $474.0M | $404.3M | $726.9M | $948.3M | $268.3M | $492.4M | $869.6M | $2.33B |
| Property, Plant & Equipment | $132.6M | $131.3M | $148.1M | $485.5M | $485.9M | $193.2M | $198.3M | $899.6M | $805.0M | $926.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | $2.60B | $2.60B | $7.67B | $7.66B | $8.44B |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | $522.3M | $475.8M | $3.56B | $3.26B | $3.33B |
| Total Assets | $606.1M | $614.5M | $705.3M | $1.01B | $1.32B | $4.30B | $3.58B | $12.69B | $12.70B | $15.50B |
| Accounts Payable | $10.1M | $12.7M | $12.2M | $9.3M | $7.3M | $11.6M | $16.8M | $42.0M | $29.7M | $194.8M |
| Short-term Debt | $6.1M | $4.6M | $188.2M | $206.8M | $308.6M | $22.9M | $24.5M | $22.4M | $26.5M | $78.4M |
| Total Current Liabilities | $133.1M | $138.2M | $357.5M | $344.3M | $497.5M | $187.3M | $230.2M | $472.1M | $670.7M | $1.85B |
| Long-term Debt | $196.6M | $208.9M | $25.7M | $22.1M | $21.7M | $2.81B | $2.74B | $2.71B | $2.73B | $3.98B |
| Total Liabilities | $366.3M | $361.5M | $389.1M | $738.7M | $934.9M | $3.04B | $3.00B | $3.84B | $3.98B | $6.25B |
| Retained Earnings | -$167.3M | -$172.4M | -$101.3M | -$133.7M | -$56.3M | 0 | 0 | -$135.2M | -$291.7M | -$797.3M |
| Total Equity | $239.7M | $253.0M | $316.2M | $275.3M | $384.0M | $1.25B | $568.9M | $4.11B | $4.09B | $3.74B |
| Total Debt | $202.7M | $213.5M | $213.9M | $578.9M | $720.0M | $2.85B | $2.78B | $3.03B | $3.04B | $4.06B |
| Net Debt | -$64.4M | -$83.9M | -$145.2M | $328.5M | $126.6M | $1.98B | $2.60B | $2.79B | $2.51B | $3.23B |
| Working Capital | $216.2M | $252.8M | $116.5M | $60.0M | $229.4M | $760.9M | $38.1M | $20.3M | $198.9M | $482.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $861.4M | $831.1M | $1.73B | $1.55B |
| Total Assets | $15.55B | $15.50B | $16.02B | $16.26B |
| Total Liabilities | $6.10B | $6.25B | $7.50B | $7.90B |
| Total Equity | $3.82B | $3.74B | $3.38B | $3.40B |
| Total Debt | $4.04B | $4.06B | $4.96B | $4.95B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $33.8M | $32.6M | $99.6M | $77.1M | $178.3M | $273.6M | $389.0M | $143.0M | -$245.7M | $546.3M |
| Depreciation & Amortization | $62.0M | $65.1M | $70.2M | $83.3M | $105.6M | $63.2M | $60.0M | $249.0M | $485.4M | $485.0M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | $31.7M | $63.9M | $23.7M | $64.5M | $103.5M | $117.6M |
| Change in Working Capital | -$68.5M | -$49.4M | -$25.8M | -$95.3M | $6.1M | $24.9M | -$2.1M | -$200.5M | $183.2M | $52.2M |
| Operating Cash Flow | $56.6M | $96.6M | $186.7M | $121.0M | $351.2M | $441.2M | $501.7M | $266.2M | $586.1M | $1.29B |
| Capital Expenditure | -$29.9M | -$24.7M | -$32.3M | -$69.1M | -$21.7M | -$11.1M | -$12.4M | -$93.8M | -$118.8M | -$127.0M |
| Acquisitions | 0 | 0 | 0 | 0 | -$250,000 | -$499,000 | -$875,000 | $380.9M | -$35.1M | -$39.3M |
| Stock Repurchased | 0 | 0 | 0 | -$83.4M | -$2.9M | 0 | 0 | -$100.0M | -$165.0M | -$866.8M |
| Dividends Paid | -$36.6M | -$36.9M | -$37.2M | -$37.4M | -$312.3M | -$269.1M | -$1.10B | 0 | 0 | -$640.7M |
| Free Cash Flow | $26.7M | $71.9M | $154.4M | $51.9M | $329.6M | $430.1M | $489.3M | $172.4M | $467.3M | $1.16B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $416.8M | $309.9M | $694.5M | $373.9M |
| Capital Expenditure | -$17.9M | -$60.5M | -$20.0M | -$24.5M |
| Free Cash Flow | $398.9M | $249.4M | $674.6M | $349.4M |
| Dividends Paid | -$209.6M | -$202.4M | -$149.3M | $32.0M |
| Stock-based Compensation | $19.9M | $34.4M | $39.6M | $40.4M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.8% | +16.1% | +3.3% | +1.4% | +12.4% | +4.1% | +46.9% | +67.4% | +68.9% | |
| Net Income Growth (YoY) | -3.5% | +205.1% | -22.6% | +71.0% | +34.6% | +118.3% | -109.1% | +126.7% | +1,977.0% | |
| EPS Growth (YoY) | -2.3% | +197.7% | -22.7% | +115.2% | +8.9% | +100.9% | -109.2% | +127.9% | +1,916.7% | |
| Shares Change (YoY) | +1.2% | +12.9% | +1.8% | -7.8% | +0.0% | +0.0% | -0.4% | +107.6% | +12.9% | |
| FCF Growth (YoY) | +169.0% | +114.9% | -66.4% | +535.0% | +30.5% | +13.8% | -64.8% | +171.0% | +148.0% | |
| Gross Margin | 37.8% | 30.2% | 31.8% | 30.0% | 39.2% | 40.7% | 66.2% | 59.4% | 53.9% | 49.6% |
| Operating Margin | 7.7% | 10.1% | 12.3% | 12.1% | 21.4% | 23.4% | 47.8% | 35.0% | 27.6% | 20.3% |
| EBITDA Margin | 16.2% | 18.0% | 20.6% | 21.2% | 32.1% | 29.2% | 52.9% | 41.5% | 27.4% | 27.6% |
| Net Margin | 4.6% | 4.1% | 10.7% | 8.0% | 13.5% | 16.2% | 34.0% | -2.1% | 0.3% | 4.1% |
| FCF Margin | 3.7% | 9.0% | 16.6% | 5.4% | 33.8% | 39.3% | 42.9% | 10.3% | 16.7% | 24.5% |
| Effective Tax Rate | 36.4% | 49.0% | 6.1% | 18.6% | 23.0% | 22.8% | 3.5% | 15.2% | 80.1% | 11.9% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $0.34 | $0.92 | $1.74 | $0.58 | $3.96 | $5.17 | $5.88 | $2.08 | $2.72 | $5.97 |
| Dividends Per Share | $0.47 | $0.47 | $0.42 | $0.41 | $3.76 | $3.24 | $13.18 | $0.00 | $0.00 | $3.30 |
| Shares Outstanding (Basic) | 76.1 M | 76.7 M | 77.5 M | 78.2 M | 83.2 M | 83.2 M | 83.2 M | 82.8 M | 81.3 M | 80.8 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 6.41% |
| Return on Invested Capital | 6.70% |
| Return on Assets | 1.41% |
| Gross Margin | 54.08% |
| Operating Margin | 19.95% |
| Net Margin | 4.33% |
Financial Health
| Debt / Equity | 1.46 |
| Current Ratio | 1.22 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 2.10 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 41.82 | 71.12 | 58.38 | 65.53 | 22.56 | 21.27 | 14.70 | -189.72 | 1,184.25 | 86.36 |
| P/B | 5.84 | 9.28 | 18.32 | 18.41 | 10.41 | 3.29 | 10.02 | 1.64 | 2.83 | 4.52 |
| P/S | 1.92 | 2.93 | 6.23 | 5.28 | 4.10 | 3.75 | 5.00 | 4.03 | 4.12 | 3.57 |
| Gross Margin | 37.8% | 30.2% | 31.8% | 30.0% | 39.2% | 40.7% | 66.2% | 59.4% | 53.9% | 49.6% |
| Operating Margin | 7.7% | 10.1% | 12.3% | 12.1% | 21.4% | 23.4% | 47.8% | 35.0% | 27.6% | 20.3% |
| Net Margin | 4.6% | 4.1% | 10.7% | 8.0% | 13.5% | 16.2% | 34.0% | -2.1% | 0.3% | 4.1% |
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