TKO earnings: guidance and next results
MyStockButler's October 2026 analysis: TKO's next results are expected on November 4, 2026. Watch whether TKO releases World Cup cash after its obligations are satisfied.
What has TKO guided for 2026?
TKO expects strong operating results in 2026, but its main profit target is not the money shareholders receive.
Adjusted EBITDA is a management-created measure of operating performance. TKO starts with net income and adds back interest, taxes, depreciation, stock compensation, acquisition costs and certain legal expenses. It is like judging a restaurant before loan interest, taxes, depreciation and selected adjustments: useful for comparing operations, but not a measure of final profit or cash.
| the period guided | low | high | the date it was given | |
|---|---|---|---|---|
| Revenue | Year to Dec 2026 | 5,775,000 | 5,825,000 | Aug 3, 2026 |
| Adjusted EBITDA | Year to Dec 2026 | 2,275,000 | 2,305,000 | Aug 3, 2026 |
Has TKO kept its capital-return promise?
TKO promised a capital-return program in October 2024 and reported returning more than $1.3 billion during 2025 through repurchases, dividends and related distributions. By August 2026 it had completed its latest announced $1 billion repurchase initiative. Those actions show execution, but alignment is strongest when rewards follow durable results per share.
What is TKO's eight-quarter revenue and profit trend?
The last eight quarters show why specialists compare like events. Revenue fell after the Olympic comparison, then reached $1.5 billion in June 2026 as new media agreements and World Cup hospitality contributed. The result is growth underneath a volatile surface.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1,547,078 | 1,596,876 | 1,037,995 | 1,119,914 | 1,308,442 | 1,268,800 | 927,919 | 1,540,683 |
| Gross margin | 64.1% | 54.0% | 59.6% | 60.7% | 63.6% | 55.3% | 55.2% | 34.3% |
| Operating income | 429,806 | 338,479 | 57,383 | 171,963 | 368,305 | 237,364 | 55,037 | 34,633 |
| Net income | 101,575 | 89,351 | -2,375 | 41,005 | 98,365 | 58,408 | 31,005 | 23,136 |
| EPS, diluted | 1.34 | 1.12 | -0.08 | 0.47 | 1.17 | 0.69 | 0.28 | 0.28 |
| = Free cash flow | 349,449 | 674,563 | 249,434 | 398,924 | 374,875 | 135,539 | 28,480 | 150,995 |
What this means. The December 2025 and December 2024 cash-from-operations and capital-spending figures are not reported three-month amounts; they are the full-year totals minus the first nine months.
What should TKO investors watch next?
The next results should show whether the World Cup delivered more than management’s earlier approximately $75 million full-year Adjusted EBITDA estimate. The key evidence is not the initial accounting contribution but the collection and release of cash after contractual obligations are satisfied.