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Sentiment · FY2026 Q2
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brandon Ross | LightShed Partners | 16 (13%) |
| Stephen Laszczyk | Goldman Sachs | 14 (7%) |
| Peter Supino | Wolfe Research | 9 (0%) |
| Ben Swinburne | Morgan Stanley | 8 (0%) |
| Ryan Gravett | UBS | 8 (0%) |
| David Karnovsky | JPMorgan | 8 (0%) |
| Brent Navon | Bank of America | 3 (33%) |
| Eric Handler | ROTH Capital Partners | 3 (0%) |
| Sean Diffley | Morgan Stanley | 2 (0%) |
| Vikram Kesavabhotla | Robert W. Baird | 2 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| LightShed Partners | 1 | 16 (13%) |
| Goldman Sachs | 1 | 14 (7%) |
| Morgan Stanley | 2 | 10 (0%) |
| Wolfe Research | 1 |
| 9 (0%) |
| JPMorgan | 1 | 8 (0%) |
| UBS | 1 | 8 (0%) |
| ROTH Capital Partners | 1 | 3 (0%) |
| Bank of America | 1 | 3 (33%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $642M | +4.6% | $0.18 | +212.5% | 16.4% | 4.8% | $37M |
| FY2025 Q1 | $1.27B | +3.8% | $0.69 | +154.8% | 22.5% | 4.6% | $136M |
| FY2025 Q2 | $1.31B | +9.7% | $1.17 | +62.5% | 29.5% | 7.5% | $375M |
| FY2025 Q3 | $1.12B | -27.3% | $0.47 | +67.9% | 17.6% | 3.7% | $399M |
| FY2025 Q4 | $1.04B | +61.6% | $-0.03 | -116.8% | 8.9% | -0.2% | $249M |
| FY2026 Q1 | $1.60B | +25.9% | $1.12 | +62.3% | 21.2% | 5.6% | $675M |
| FY2026 Q2 | $1.55B | +18.2% | $1.34 | +14.5% | 27.8% | 6.6% | $349M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Revenue grew 26% with adjusted EBITDA reaching $550 million as live events continued selling out with record attendance across both UFC and WWE. Zuffa Boxing exceeded its internal growth plan while the financial incentive packages pipeline expanded. Management reaffirmed FY2026 guidance of $5.675-5.775 billion revenue and $2.24-2.29 billion EBITDA, noting the expected UFC Freedom 250 loss of approximately $30 million and an aggressive capital return program.
Revenue Growth | Competitive Dynamics | Margin | Innovation & R&D | Geographic Expansion | Subscriber Growth | Demand | Capital Allocation | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 2 | 2 | 2 | 2 | 2 | 2 | 1 |
| 2025Q1 | 7 | 3 | 2 | 2 | 3 | 2 | ||
| 2025Q2 | 6 | 6 | 3 | 2 | 1 | |||
| 2025Q3 | 5 | 5 | 1 | 1 | 2 | 3 | 1 | |
| 2025Q4 | 5 | 2 | 1 | 2 | 1 | 1 | 2 | 2 |
| 2026Q1 | 3 | 4 | 1 | 1 | 2 | 3 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 7 | 7 | 6 | 5 | 5 | 3 |
| Competitive Dynamics | 2 | 3 | 6 | 5 | 2 | 4 |
| Margin | 2 | 2 | 3 | 1 | 1 | 1 |
| Innovation & R&D | 2 | 2 | 2 | 1 | 2 | |
| Geographic Expansion | 2 | 3 | 2 | 1 | 1 | |
| Subscriber Growth | 2 | 1 | 3 | 1 | 2 | |
| Demand | 2 | 1 | 2 | 3 | ||
| Capital Allocation | 1 | 2 | 2 | 1 |
What TKO and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I would like to thank Nick Khan and his team at TKO for their unwavering support and partnership as we continue to evolve this series further for fans of the game.”
Take-Two credits its WWE licensing partnership with TKO's Nick Khan for the success of WWE 2K26.
“following the news of PIF withdrawing its funding in LIV Golf, our partners in Saudi Arabia have confirmed that will not be the case with TKO.”
TKO contrasts itself with LIV Golf, whose Saudi PIF funding was reportedly withdrawn, saying its own Saudi partners remain committed, an implied negative read-through for LIV Golf.
“a $22 million decrease in costs related to the absence of allocations of Endeavor corporate expenses under its ownership of IMG, On Location and PBR.”
Following TKO's acquisition of IMG, On Location and PBR from Endeavor, Endeavor corporate expense allocations have fallen away, a $22M cost decrease.
“Similar to what you've heard on the earnings calls with Live Nation and the Walt Disney Company, we have seen no consumer pullback whatsoever.”
TKO cites the Walt Disney Company's earnings commentary alongside its own, noting neither has seen a consumer pullback in experiential demand.
“Similar to what you've heard on the earnings calls with Live Nation and the Walt Disney Company, we have seen no consumer pullback whatsoever.”
TKO benchmarks its resilient consumer demand against Live Nation's commentary, both reporting no consumer pullback in live/experiential spending.
“we've secured a multiyear deal with Sky Sports for the U.K. and Ireland, two of the most pivotal and important boxing markets in the world.”
Zuffa Boxing secured a multiyear media-rights deal with Sky Sports for the U.K. and Ireland, a boxing-content win for the Sky (Comcast) platform.
“we're excited about this Paramount WBD combination”
TKO is enthusiastic about the pending Paramount/Warner Bros. Discovery combination and the expanded platforms it would put behind UFC and Zuffa Boxing.
“we are powering Apple's debut season as the U.S. broadcaster of Formula 1, integrating every feed to their platform”
TKO's IMG is producing and integrating feeds for Apple's debut season as U.S. broadcaster of Formula 1, a services read-through for Apple's sports-streaming push.
“At WWE, our ESPN partnership is gaining traction.”
WWE's media-rights partnership with ESPN is gaining traction, with strong WrestleMania and Elimination Chamber viewership on ESPN platforms.
“Early in Q1, Netflix became the official U.S. home of WWE's archive, which comprises decades of WrestleMania, SummerSlam and Royal Rumble content.”
Netflix licensed WWE's archive as its official U.S. home, expanding a relationship TKO says was driven by Netflix's early success with WWE premium content and the Unreal docuseries.
“UFC's Paramount+ debut on January 24 set the bar, reaching more homes than any UFC events in nearly a decade”
UFC's new media-rights deal with Paramount drove its Paramount+ debut to the widest UFC reach in nearly a decade, a positive read-through for Paramount's sports-streaming engagement.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
TKO TKO Group Holdings | 7 | +25.9% | |
| DIS The Walt Disney Company | 6 | +6.5% | |
| FOX Fox Corporation (Class B) | 5 | -8.6% | |
| LYV Live Nation Entertainment | 7 | +12.2% | |
| NFLX Netflix, Inc. | 8 | +16.2% | |
| NWS News Corp (Class B) | 7 | +8.8% | |
| PSKY Paramount Skydance Corp | 6 | +2.2% | |
| ROKU Roku, Inc. | 9 | +22.4% | |
| WBD Warner Bros. Discovery | 4 | -1.0% |