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TKO$TKO · filed: saw revenue fall 3.1% in FY2025 to $4.7BSound shipTrillion Score 582Fall Risk MediumNext year $3.5B–$10.0B sealedCheck ▾Close ▴
What TKO filed
Saw revenue fall 3.1% in FY2025 to $4.7 billion, operating margin 17.6% against a 1.6% median for amusement & recreation services, equity 24.1% of assets. Every figure links to the filing it came from on TKO’s card. Sound ship: one warning sign. Trillion Score 582, #2 of 12 in its field; Fall Risk Medium (how it is measured).
What the house said in advance
Revenue for the fiscal year after 2025-12-31 between $3.5B and $10.0B, an 80% range sealed on 26 Sept 2026 · receipt #076422 · graded in public by the revenue in TKO’s next annual report.
Figures as filed with the SEC. Ranges, scores and boats are statistical descriptions of past filings, not ratings or recommendations. Reporting, not advice.
In plain words
TKO shifts from capex to yield with **$150M** Q2 dividend, pressuring Endeavor's debt stack and signaling live sports IP as a distribution asset.
$150 million
cash dividend for the second quarter of 2026
4.2%
of TKO's current market capitalization and follows a fiscal…
$2.8 billion
in consolidated revenue across live events
$21 billion
rights deal for WWE content and UFC's broadcast agreements…
TKO Group Holdings announced a $150 million cash dividend for the second quarter of 2026, payable to holders of Class A common stock. The distribution marks the company's largest single-quarter return since the UFC-WWE combination closed in September 2023 under majority owner Endeavor Group Holdings.
The dividend represents approximately 4.2% of TKO's current market capitalization and follows a fiscal year in which the company generated $2.8 billion in consolidated revenue across live events, media rights, and sponsorship. TKO has not disclosed the per-share amount or payment date, but the payout will bypass Class B shares held by Endeavor, which retain super-voting rights but carry no economic distribution under the dual-class structure. The announcement arrives three weeks before the company's May 8 earnings call, where management is expected to update full-year free cash flow guidance currently pegged at $850 million to $900 million.
The move signals a structural pivot. TKO has completed the bulk of its post-merger integration work—centralizing backend operations, renegotiating venue contracts, and harmonizing sponsorship inventory across UFC and WWE properties. With Saudi Arabia's Public Investment Fund locked into a ten-year, $21 billion rights deal for WWE content and UFC's broadcast agreements running through 2028, the company now operates with revenue visibility that supports predictable capital allocation. The Q2 dividend follows a $550 million buyback authorization announced in December 2025, of which $210 million had been deployed by March 31.
Allocators should note two second-order effects. First, the payout confirms TKO's transition from a levered growth vehicle to a yield instrument within the live sports ecosystem, competing directly with Liberty Media's Formula One Group and WWE's pre-merger shareholder base, both of which prioritize distributions over reinvestment. Second, the timing pressures Endeavor's own capital structure: the parent company holds 51% of TKO's economic interest but has yet to monetize beyond periodic secondary sales, and this dividend drains $76.5 million in cash that could otherwise service Endeavor's $5.3 billion in corporate debt. If TKO sustains quarterly dividends at this scale, Endeavor may accelerate a full separation or secondary offering to crystalize value without further dilution.
Watch for three catalysts in the next six months. TKO's May 8 earnings will clarify whether the $150 million represents a one-time distribution or the start of a regularized yield policy. UFC's next broadcast renewal negotiation begins in earnest by September 2026, and any upward revision to rights fees would expand the dividend capacity. Finally, Endeavor's own refinancing window opens in Q4 2026, and any covenant renegotiation could either liberate or constrain TKO's distribution schedule depending on cash sweep provisions.
The company has now returned $360 million to shareholders in the trailing twelve months, a figure that exceeds its $310 million in cumulative capital expenditures over the same period. The ratio speaks for itself.
Branded by POPS4 · proof in 60 seconds
For the principal
Consider TKO exposure as a levered play on PIF's Saudi content commitments with predictable quarterly cash yield now established.
For the operator
Model TKO as a 3-4% quarterly yield vehicle; watch May 8 earnings for dividend sustainability guidance and free cash flow revision.
For the house
Initiate 2.5% position in TKO across named accounts; hedge Endeavor credit exposure through UFC broadcast renewal window in Q3.
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