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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's **$150M** Q2 payout signals free cash flow running **$170M** above consensus, with leverage discipline intact at **2.1x**.
$150 million
dividend for Q2 2026
$712 million
in term debt ahead of schedule
$0.41
per Class A share at current float
365 million
shares outstanding
TKO Group Holdings announced a $150 million dividend for Q2 2026, payable to Class A common stockholders. The payout arrives eight quarters after Endeavor merged UFC and WWE into the publicly traded vehicle, and six months after the company retired $712 million in term debt ahead of schedule.
The dividend works out to roughly $0.41 per Class A share at current float, assuming 365 million shares outstanding. TKO last paid a quarterly dividend of $131 million in Q4 2025. The 14.5 percent quarter-over-quarter increase follows UFC 312's $21.6 million live gate in Sydney and WWE's three-year extension with the Saudi General Entertainment Authority, worth an estimated $1.8 billion in aggregate rights fees through 2028. Revenue per event is running 11 percent above the company's own guidance from January.
The timing matters for two reasons. First, TKO's capital-return framework prioritizes buybacks over dividends when the stock trades below 12x forward EBITDA—it closed Friday at 13.2x, the highest multiple since the Endeavor transaction. Management is signaling comfort with the valuation and confidence that free cash flow can support both dividends and the $500 million buyback authorization still outstanding. Second, the payout lands before the company's April 30 earnings call, where investors expect updated guidance on Netflix's Raw deal and international sponsorship attach rates. Paying out $150 million now removes that cash from the balance sheet and narrows the range of capital-allocation surprises.
What allocators should watch: TKO's leverage ratio sits at 2.1x net debt to EBITDA, down from 3.8x at the merger close. If the company sustains quarterly dividends above $140 million while keeping leverage below 2.5x, it implies $620 million in annual free cash flow after capex—roughly $170 million more than consensus models. That gap suggests either UFC pay-per-view buys are running hotter than disclosed, or WWE's international media renewals are landing at premiums to domestic comps. The tell will be in the April call's revenue-per-subscriber disclosure for Netflix Raw, which has remained undisclosed since the January launch. Any figure above $0.85 per sub per month would force Street estimates up 8 to 12 percent.
The dividend goes ex on April 18, payable May 2. Class A holders of record as of April 22 will receive the full $150 million pro-rata distribution, minus any shares held in treasury.
Branded by POPS4 · proof in 60 seconds
For the principal
Dividend yield now 3.1 percent annualized; board composition unchanged, Endeavor still controls 56 percent of voting equity through Class B.
For the operator
Watch April 30 call for Netflix Raw revenue-per-sub disclosure; any figure above $0.85 per month forces consensus EBITDA up 8 to 12 percent.
For the house
Maintain overweight in HG Media sleeve; dividend capture position sized at 1.2 percent NAV, exit post-payment if leverage guidance doesn't tighten.
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