On this page of StockholderLetter.com we present the latest annual shareholder letter from TKO Group Holdings, Inc. — ticker symbol TKO. Reading current and past TKO letters to shareholders can bring important insights into the investment thesis.

04 2025 ANNUAL REPORT FROM OUR EXECUTIVE CHAIR & CEO 2025 was a landmark year for TKO. We secured long term media rights deals for UFC and WWE, delivered record setting live events and premium experiences around the globe, activated new global brand partnerships, integrated IMG, On Location, and PBR into our portfolio, and prepared for the launch of Zuffa Boxing. We also demonstrated our commitment to a robust capital return strategy by returning more than $1 billion to shareholders during the year through our quarterly cash dividend which we initiated in the first quarter and subsequently doubled in the third quarter as well as share repurchases. Building on this strong operating performance and disciplined capital allocation, we enter 2026 with significant momentum. 2025 marked a step change in our long term media rights. WWE debuted in January on Netflix, kicking off a landmark 10 year, $5.2 billion global agreement. Right out of the gate, the response from fans was remarkable, and Raw finished the year as a mainstay in Netflix s weekly Top 10 in the U.S. and in more than 30 other countries worldwide. Off the back of that success, we signed a five year, $1.625 billion agreement with ESPN to become the exclusive home of WWE s Premium Live Events in the U.S. The deal brings marquee events including WrestleMania and SummerSlam to ESPN, positioning WWE to grow awareness, stretch our audience, and pursue new global partnership opportunities. We also signed a historic seven year, $7.7 billion UFC domestic media rights agreement with Paramount, representing a significant increase in value over our prior agreement. In addition to driving meaningful economics for investors, the deal unlocks deeper engagement for UFC s passionate fanbase in the U.S. bringing all 43 annual events to Paramount+ and select events to CBS. We now have more than $15 billion of long term media rights secured across UFC, WWE, PBR, and Zuffa Boxing. This high margin revenue, with annual escalators, provides strong visibility and predictability for years to come. Our focus now is on execution translating expanded reach into fan engagement and global partnership growth. Fans showed up in record numbers and our events delivered. UFC events sold out and notched arena records in markets around the world from Los Angeles and Sydney to Montreal and Chicago. Responding to global demand for UFC events and the passion of our fan base, we also entered new markets, highlighted by first ever Fight Nights in Baku and Doha. WWE s record-setting slate of events showcased the power of this incredible brand. WrestleMania 41 at Allegiant Stadium in Las Vegas welcomed more than 118,000 fans across two nights and became WWE s most successful event ever, breaking its all time records in gate, viewership, premium hospitality, partnerships, merchandise, and social engagement. Events like these generate significant economic impact for host markets, which is why governments, tourism boards, and venues compete to host us.
05 In 2025, approximately half of our marquee events were supported by meaningful financial incentive packages ( FIPs ), underscoring that demand. Securing these FIPs remains a key priority, and we are targeting a range of $380 million to $420 million of annual value from FIPs by 2030. Global brand partnerships had a breakout year. In 2025, we generated well over $450 million in global partnerships revenue across UFC and WWE. Growth was underpinned by a healthy mix of renewals with market leading brands and new, category defining alliances. Across UFC and WWE, we expanded relationships with key partners such as Monster Energy, Meta, and IBM, while adding new partners including Polymarket, DoorDash, and Ram Trucks. These deals increasingly span multiple TKO properties and leverage our expertise integrating brands authentically into live events and premium content. Looking ahead, we see a long runway to grow partnerships across our portfolio, leveraging our reach, relevance, and popularity among passionate, hard to reach audiences. With these positive tailwinds and new broadcast commercial inventory, we recently raised our 2030 brand partnerships revenue target across all of TKO from $1 billion to $1.2 billion. We significantly exhanced our capabilities and our competitive position in the global sports ecosystem. Through the 2025 acquisition of IMG, On Location, and PBR, and the formation of our Zuffa Boxing joint venture with Sela, we added global media rights expertise, premium experiential hospitality, and new sports properties that power our core IP and strengthen TKO s position at the intersection of sports, media, and live experiences. IMG s scale and network are unmatched. Over the course of the year, we delivered thousands of hours of live coverage for clients including Saudi Pro League, Major League Soccer, and Open Championship at Royal Portrush. In addition to advising on media rights deals for UFC, WWE, and Zuffa Boxing, IMG also secured long term renewals or extensions with partners including CONMEBOL and Euroleague Basketball. On Location capitalized on fan enthusiasm for UFC and WWE, providing premium experiential hospitality at more than 65 events across both properties in 2025. We also extended our long standing relationship with the NFL across the Super Bowl, Pro Bowl, Draft, and international games. That momentum continues into 2026, with On Location delivering premium sports hospitality at two of the world s biggest events: the Olympic Winter Games Milano Cortina 2026 and FIFA World Cup 2026TM. PBR recorded record-breaking regular season attendance across both its Unleash The Beast and Velocity Tours, while the PBR Teams league closed the year with strong viewership, boosted by expanded distribution on Fox Nation, The CW, and CBS. We also laid the groundwork for Zuffa Boxing, our newest sports venture, securing a significant multi territory media rights deal with Paramount+ and signing a compelling group of boxers. We are excited to leverage our playbook to build Zuffa Boxing into another core asset within our portfolio and to unlock its long-term potential. Looking ahead, TKO enters 2026 from a position of operational and financial strength. Our priorities for 2026 are clear: growing and engaging our global audiences, expanding our media and brand partnerships, scaling financial incentive packages around live events, and building Zuffa Boxing. We will also continue returning capital to shareholders through our quarterly dividend and plans to repurchase up to $1 billion of additional shares under our previously announced repurchase program. With a portfolio of iconic sports assets, a focused strategy, and an exceptional team, we are confident in our ability to continue delivering. 2025 validated the industrial logic of TKO; we see 2026 as a year of execution as we continue to innovate, grow, and lead at the intersection of sports and entertainment. Thank you. ARIEL EMANUEL EXECUTIVE CHAIR AND CEO
 • shareholder letter icon 4/23/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/24/2024 TKO Stockholder Letter
 • stockholder letter icon 4/25/2025 TKO Stockholder Letter
 • stockholder letter icon More "Entertainment" Category Stockholder Letters
 • Benford's Law Stocks icon TKO Benford's Law Stock Score = 83


TKO Shareholder/Stockholder Letter Transcript:




04
2025 ANNUAL REPORT
FROM OUR
EXECUTIVE
CHAIR & CEO
2025 was a landmark year for TKO.
We secured long   term media rights deals for UFC
and WWE, delivered record   setting live events and
premium experiences around the globe, activated
new global brand partnerships, integrated IMG, On
Location, and PBR into our portfolio, and prepared for
the launch of Zuffa Boxing.
We also demonstrated our commitment to a robust
capital return strategy by returning more than $1
billion to shareholders during the year through our
quarterly cash dividend   which we initiated in the
first quarter and subsequently doubled in the third
quarter   as well as share repurchases.
Building on this strong operating performance and
disciplined capital allocation, we enter 2026 with
significant momentum.
2025 marked a step   change in our
long   term media rights.
WWE debuted in January on Netflix, kicking off a
landmark 10   year, $5.2 billion global agreement.
Right out of the gate, the response from fans was
remarkable, and Raw finished the year as a mainstay
in Netflix   s weekly Top 10 in the U.S. and in more than
30 other countries worldwide.
Off the back of that success, we signed a five   year,
$1.625 billion agreement with ESPN to become the
exclusive home of WWE   s Premium Live Events in
the U.S. The deal brings marquee events including
WrestleMania and SummerSlam to ESPN, positioning
WWE to grow awareness, stretch our audience, and
pursue new global partnership opportunities.
We also signed a historic seven   year, $7.7 billion UFC
domestic media rights agreement with Paramount,
representing a significant increase in value over our
prior agreement. In addition to driving meaningful
economics for investors, the deal unlocks deeper
engagement for UFC   s passionate fanbase in the
U.S.   bringing all 43 annual events to Paramount+
and select events to CBS.
We now have more than $15 billion of long   term
media rights secured across UFC, WWE, PBR, and
Zuffa Boxing. This high   margin revenue, with annual
escalators, provides strong visibility and predictability
for years to come. Our focus now is on execution   
translating expanded reach into fan engagement and
global partnership growth.
Fans showed up in record numbers   and
our events delivered.
UFC events sold out and notched arena records in
markets around the world   from Los Angeles and
Sydney to Montreal and Chicago. Responding to
global demand for UFC events and the passion of our
fan base, we also entered new markets, highlighted
by first   ever Fight Nights in Baku and Doha.
WWE   s record-setting slate of events showcased the
power of this incredible brand. WrestleMania 41 at
Allegiant Stadium in Las Vegas welcomed more than
118,000 fans across two nights and became WWE   s
most successful event ever, breaking its all   time
records in gate, viewership, premium hospitality,
partnerships, merchandise, and social engagement.
Events like these generate significant economic
impact for host markets, which is why governments,
tourism boards, and venues compete to host us.

05
In 2025, approximately half of our marquee events
were supported by meaningful financial incentive
packages (   FIPs   ), underscoring that demand.
Securing these FIPs remains a key priority, and we are
targeting a range of $380 million to $420 million of
annual value from FIPs by 2030.
Global brand partnerships had a
breakout year.
In 2025, we generated well over $450 million in
global partnerships revenue across UFC and WWE.
Growth was underpinned by a healthy mix of
renewals with market   leading brands and new,
category   defining alliances. Across UFC and WWE,
we expanded relationships with key partners such
as Monster Energy, Meta, and IBM, while adding new
partners including Polymarket, DoorDash, and Ram
Trucks. These deals increasingly span multiple TKO
properties and leverage our expertise integrating
brands authentically into live events and
premium content.
Looking ahead, we see a long runway to grow
partnerships across our portfolio, leveraging our
reach, relevance, and popularity among passionate,
hard   to   reach audiences. With these positive
tailwinds and new broadcast commercial inventory,
we recently raised our 2030 brand partnerships
revenue target across all of TKO from $1 billion to
$1.2 billion.
We significantly exhanced our capabilities
and our competitive position in the global
sports ecosystem.
Through the 2025 acquisition of IMG, On Location,
and PBR, and the formation of our Zuffa Boxing joint
venture with Sela, we added global media rights
expertise, premium experiential hospitality, and
new sports properties that power our core IP and
strengthen TKO   s position at the intersection of
sports, media, and live experiences.
IMG   s scale and network are unmatched. Over the
course of the year, we delivered thousands of hours of
live coverage for clients including Saudi Pro League,
Major League Soccer, and Open Championship
at Royal Portrush. In addition to advising on media
rights deals for UFC, WWE, and Zuffa Boxing, IMG
also secured long   term renewals or extensions with
partners including CONMEBOL and
Euroleague Basketball.
On Location capitalized on fan enthusiasm for UFC
and WWE, providing premium experiential hospitality
at more than 65 events across both properties
in 2025. We also extended our long   standing
relationship with the NFL across the Super Bowl,
Pro Bowl, Draft, and international games. That
momentum continues into 2026, with On Location
delivering premium sports hospitality at two of the
world   s biggest events: the Olympic Winter Games
Milano Cortina 2026 and FIFA World Cup 2026TM.
PBR recorded record-breaking regular season
attendance across both its Unleash The Beast and
Velocity Tours, while the PBR Teams league closed the
year with strong viewership, boosted by expanded
distribution on Fox Nation, The CW, and CBS.
We also laid the groundwork for Zuffa Boxing,
our newest sports venture, securing a significant
multi   territory media rights deal with Paramount+ and
signing a compelling group of boxers. We are excited
to leverage our playbook to build Zuffa Boxing into
another core asset within our portfolio and to unlock
its long-term potential.
Looking ahead, TKO enters 2026 from
a position of operational and
financial strength.
Our priorities for 2026 are clear: growing and
engaging our global audiences, expanding our media
and brand partnerships, scaling financial incentive
packages around live events, and building
Zuffa Boxing.
We will also continue returning capital to shareholders
through our quarterly dividend and plans to
repurchase up to $1 billion of additional shares under
our previously announced repurchase program.
With a portfolio of iconic sports assets, a focused
strategy, and an exceptional team, we are confident
in our ability to continue delivering. 2025 validated
the industrial logic of TKO; we see 2026 as a year of
execution as we continue to innovate, grow, and lead
at the intersection of sports and entertainment.
Thank you.
ARIEL EMANUEL
EXECUTIVE CHAIR AND CEO


shareholder letter icon 4/23/2026 Letter Continued (Full PDF)
 

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