TKO Group Holdings, Inc.

Previous wording

The following is a discussion and analysis of, and a comparison between, our results of operations for the three and six months ended June 30, 2026 and 2025. Certain prior period amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.

Current wording

The following is a discussion and analysis of, and a comparison between, our results of operations for the three and nine months ended September 30, 2026 and 2025. Certain prior period amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations.

Previous wording

The following is a discussion of our consolidated results of operations for the three and six months ended June 30, 2026 and 2025. This information is derived from our accompanying consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Current wording

The following is a discussion of our consolidated results of operations for the three and nine months ended September 30, 2026 and 2025. This information is derived from our accompanying consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Previous wording

UFC revenue increased by $119.8 million, or 29%. This increase was primarily due to $64.7 million of increased media rights, production and content revenue from higher media rights fees resulting from increases in contractual revenues, including the new content distribution agreement with Paramount that became effective in January 2026, partially offset by the impact of one fewer Numbered Event compared to the prior year. Additionally, UFC generated $59.0 million of higher partnerships revenue, largely driven by the UFC Freedom 250 event held at the White House, as well as revenue from new sponsors and increases in fees from renewals. The increase in revenue was also attributable to higher consumer products licensing revenue of $6.8 million, primarily due to higher royalties on UFC-branded products, including collectibles and event merchandise. These increases were partially offset by a $10.7 million decrease in live event revenue which was driven by lower ticket revenue due to the absence of ticket sales for UFC Freedom 250 and one fewer Numbered Event, partially offset by increased financial incentive packages and having one incremental event overall compared to the prior year.

Current wording

UFC revenue increased by $194.0 million, or 60%. This increase was primarily due to $132.3 million of increased media rights, production and content revenue from higher media rights fees resulting from increases in contractual revenues, including the new content distribution agreement with Skydance that became effective in January 2026 as well as the impact of one additional Numbered Event and one additional Fight Night, compared to the prior year. This increase was also driven by $36.0 million of higher live event revenue primarily due to higher ticket sales driven by UFC 329, which generated the highest gross gate for a Numbered Event in UFC's history, as well as the impact of two additional events and higher financial incentive packages. Additionally, UFC generated $20.5 million of higher partnerships revenue, largely driven by revenue from new sponsors and increases in fees from renewals as well as the benefit of two additional events compared to the prior year. The increase in revenue was also attributable to higher consumer products licensing revenue of $5.2 million, primarily due to higher royalties on UFC-branded products, most notably from the release of the UFC 6 video game by EA Sports.

Previous wording

Revenue increased by $566.8 million, or 22%, to $3,144.0 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025.

Current wording

Revenue increased by $807.0 million, or 22%, to $4,504.1 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.

Previous wording

UFC revenue increased by $161.3 million, or 21%. This increase was primarily due to $115.9 million of increased media rights, production and content revenue from higher media rights fees resulting from increases in contractual revenues, including the new content distribution agreement with Paramount that became effective in January 2026, partially offset by the impact of one fewer Numbered Event compared to the prior year. Additionally, UFC generated $61.8 million of higher partnerships revenue, largely driven by the UFC Freedom 250 event held at the White House, as well as revenue from new sponsors and increases in fees from renewals. The increase in revenue was also attributable to higher consumer products licensing revenue of $4.4 million, primarily due to higher royalties on UFC-branded products, most notably collectibles. These increases were partially offset by a $20.8 million decrease in live event revenue, primarily from lower ticket revenue due to the absence of ticket sales for UFC Freedom 250 and one fewer Numbered Event.

Current wording

UFC revenue increased by $355.3 million, or 32%. This increase was primarily due to $248.2 million of increased media rights, production and content revenue from higher media rights fees resulting from increases in contractual revenues, including the new content distribution agreement with Skydance that became effective in January 2026 as well as the impact of one additional Fight Night compared to the prior year. Additionally, UFC generated $82.3 million of higher partnerships revenue driven by the UFC Freedom 250 event held at the White House, as well as revenue from new sponsors and increases in fees from renewals. The increase was also driven by $15.2 million of higher live event revenue, primarily due to higher ticket sales driven by UFC 329, which generated the highest gross gate for a Numbered Event in UFC history as well as increases in financial incentive packages, partially offset by the absence of ticket sales for UFC Freedom 250. Revenue also benefited from $9.6 million of higher consumer products licensing revenue, primarily due to higher royalties on UFC-branded products, most notably from the release of the UFC 6 video game by EA Sports.

Previous wording

WWE revenue increased by $148.9 million, or 16%. This increase was primarily due to $110.9 million of higher media rights, production and content revenue from media rights fees resulting from increases in contractual revenues, including the content distribution agreements with Netflix and ESPN. Additionally, WWE generated $19.0 million of increased consumer products licensing revenue related to the sale of WWE-branded products, including mobile games and collectibles, compared to the prior year. The increase in revenue was also attributable to $13.5 million of higher live event revenue driven by the impact of financial incentive packages associated with an additional premium live event in Saudi Arabia, which was offset by lower ticket sales revenue primarily due to WrestleMania in Las Vegas, which was revisited for a second consecutive year. WWE also generated $5.5 million of higher partnerships revenue from new sponsors and increase in fees from renewals.

Current wording

WWE revenue increased by $146.1 million, or 11%. This increase was primarily due to $117.8 million of higher media rights, production and content revenue from media rights fees resulting from increases in contractual revenues, including the content distribution agreements with Netflix and ESPN. The increase was also driven by $23.0 million of higher consumer products licensing revenue, reflecting higher sales of WWE-branded products, including mobile games and trading cards, as well as increased partnerships revenue of $16.6 million, driven by new sponsors and increase in fees from renewals, partially offset by having three fewer Main Roster Premium Live Events, compared to the prior year. These increases were partially offset by an $11.3 million decline in live event revenue, as lower ticket sales revenue related to WrestleMania and SummerSlam and the impact of having three fewer Main Roster Premium Live Events was partially offset by the impact of higher financial incentive packages associated with an additional Main Roster Premium Live Event in Saudi Arabia.

Previous wording

IMG segment revenue increased by $227.2 million, or 29%. This increase was primarily attributable to $245.6 million of higher live events and hospitality revenue primarily driven by hospitality related sales from the 2026 Milano Cortina Olympics and the FIFA World Cup 2026 at On Location. This increase was partially offset by lower media rights, production and content revenue of $17.3 million, primarily driven by the IMG business, as the loss of a contract for professional cycling was partially offset by increased demand for Stars on Ice, the touring figure skating show, following the Winter Olympics, as well as growth in Sport24, our live sports channel for airlines and cruise ships.

Current wording

IMG segment revenue increased by $281.8 million, or 25%. This increase was primarily attributable to $256.9 million of higher live events and hospitality revenue primarily driven by hospitality related sales from the 2026 Milano Cortina Olympics and the FIFA World Cup 2026 at On Location. Additionally, the IMG segment generated $29.1 million of higher partnerships revenue, largely driven by new commission deals at the IMG business for tennis and soccer. These increases were partially offset by lower media rights, production and content revenue of $8.2 million, primarily driven by the IMG business, as the loss of a contract for professional cycling was partially offset by new distribution deals for FIFA World Cup, tennis and soccer as well as growth in Sport24, our live sports channel for airlines and cruise ships.

Previous wording

UFC direct operating costs increased by $75.9 million, or 65%. This increase was due to $77.2 million of higher production, athlete, and event-related costs, which were primarily associated with the UFC Freedom 250 event held at the White House with no such comparable event in the prior year, partially offset by the impact of one fewer Numbered Event compared to the prior year.

Current wording

UFC direct operating costs increased by $68.1 million, or 65%. This increase was due to $63.4 million of higher athlete, production, and event-related costs, which were primarily associated with having two additional events compared to the prior year, as well as the impact of UFC 329 which had a higher cost profile compared to other Numbered Events and aligns with the increased revenue from the event.

Previous wording

IMG segment direct operating costs decreased by $14.2 million, or 7%. This decrease was primarily driven by the end of a contract for professional cycling at the IMG business compared to the prior year.

Current wording

IMG segment direct operating costs decreased by $1.8 million, or 1%. This decrease was primarily driven by the absence of expenses related to the biennial Ryder Cup event, compared to the prior year.

Previous wording

Corporate and Other direct operating costs decreased by $1.8 million, or 6%. This decrease was primarily driven by $2.4 million of lower event-related costs at PBR from holding ten fewer events due to a strategic review to remove non-core events compared to the prior year.

Current wording

Corporate and Other direct operating costs decreased by $4.7 million, or 15%. This decrease was primarily driven by lower event-related costs at PBR from holding three fewer events due to a strategic review to remove non-core events compared to the prior year.

Previous wording

UFC direct operating costs increased by $84.9 million, or 41%. This increase was due to $85.2 million of higher athlete, production, and event-related costs primarily associated with the UFC Freedom 250 event held at the White House and UFC 324, which was the inaugural event under the new content distribution agreement with Paramount, partially offset by the impact of one fewer Numbered Event compared to the prior year.

Current wording

UFC direct operating costs increased by $153.0 million, or 49%. This increase was due to $148.6 million of higher athlete, production, and event-related costs primarily associated with the UFC Freedom 250 event held at the White House, UFC 324 which was the inaugural event under the new content distribution agreement with Skydance, and UFC 329 which had a higher cost profile compared to other Numbered Events and aligns with the increased revenues from the event.

Previous wording

WWE direct operating costs increased by $32.1 million, or 12%. This increase was primarily driven by $31.9 million of higher talent, production, and event-related costs associated with WWE's weekly television programming and premium live events, including WrestleMania 42 in Las Vegas and higher logistics costs for additional international events, including Royal Rumble in Saudi Arabia compared to the prior year.

Current wording

WWE direct operating costs increased by $23.0 million, or 6%. This increase was primarily driven by $22.5 million of higher production, talent, and event-related costs associated with WWE's weekly television programming and premium live events, including WrestleMania 42 in Las Vegas and the impact of an additional event in Saudi Arabia, as well as higher logistics costs for additional international events, including Royal Rumble and Night of Champions in Saudi Arabia, partially offset by having three fewer Main Roster Premium Live Events compared to the prior year.

Previous wording

IMG segment direct operating costs increased by $124.0 million, or 23%. This increase was primarily driven by incremental costs related to the impact of the 2026 Milano Cortina Olympics and the FIFA World Cup 2026 at On Location, partially offset by the end of a contract for professional cycling at the IMG business compared to the prior year.

Current wording

IMG segment direct operating costs increased by $122.2 million, or 17%. This increase was primarily driven by incremental costs related to the impact of the 2026 Milano Cortina Olympics and the FIFA World Cup 2026 at On Location, partially offset by the end of a contract for professional cycling and the absence of expenses related to the biennial Ryder Cup event at the IMG business compared to the prior year.

Previous wording

Corporate and Other direct operating costs decreased by $4.3 million, or 6%. This decrease was primarily driven by service fees paid to EGH in the prior year for various operational functions that support revenue generating activities pursuant to the Services Agreement. The Services Agreement was terminated during the first quarter of 2025. Direct operating costs also declined $1.0 million driven by lower event-related costs at PBR from holding fewer events due to a strategic review to remove non-core events compared to the prior year.

Current wording

Corporate and Other direct operating costs decreased by $9.0 million, or 9%. This decrease was primarily driven by service fees paid to EGH in the prior year for various operational functions that support revenue generating activities pursuant to the Services Agreement. The Services Agreement was terminated during the first quarter of 2025. Direct operating costs also declined $4.1 million driven by lower event-related costs at PBR from holding fewer events due to a strategic review to remove non-core events compared to the prior year.

Previous wording

UFC selling, general and administrative expenses increased by $14.9 million, or 13%. This increase was primarily driven by $15.1 million of higher personnel and travel costs compared to the prior year, including costs associated with the staging of the UFC Freedom 250 event at the White House with no such comparable event in the prior year.

Current wording

UFC selling, general and administrative expenses increased by $23.3 million, or 13%. This increase was primarily driven by $26.8 million of higher personnel and travel costs compared to the prior year, including costs associated with the staging of the UFC Freedom 250 event at the White House with no such comparable event in the prior year.

Previous wording

WWE selling, general and administrative expenses increased by $4.5 million, or 5%. The increase is primarily attributable to $10.3 million of higher travel costs driven by the increase in number of international events compared to the prior year, partially offset by $6.1 million of lower personnel costs.

Current wording

WWE selling, general and administrative expenses increased by $17.7 million, or 7%. The increase is primarily attributable to $13.4 million of higher travel costs driven by the increase in the number of international events compared to the prior year.

Previous wording

IMG segment selling, general, and administrative expenses increased by $24.1 million, or 14%. This increase was primarily driven by $16.9 million of higher personnel and travel costs, as well as other costs associated with the 2026 Milano Cortina Olympics and the FIFA World Cup 2026 at On Location.

Current wording

IMG segment selling, general, and administrative expenses increased by $24.6 million, or 10%. This increase was driven by $11.7 million of higher personnel and travel costs, as well as other costs associated with the 2026 Milano Cortina Olympics and the FIFA World Cup 2026 at On Location.

Previous wording

Corporate and Other selling, general and administrative expenses increased by $72.5 million, or 27%. This increase was primarily driven by $78.1 million of higher legal fees associated with certain litigation matters, including the Company's estimated loss of $30.0 million reflecting the Company’s liability net of probable insurance recoveries and

Current wording

Corporate and Other selling, general and administrative expenses increased by $75.3 million, or 18%. This increase was primarily driven by $93.5 million of higher legal costs associated with certain litigation matters including the

Previous wording

$42.0 million of professional fees associated with stockholder litigation related to WWE, as well as $50.8 million of higher personnel and other operating expenses. These increases were partially offset by $34.7 million of lower professional fees associated with strategic transactions, primarily the Endeavor Asset Acquisition, and the impact of $21.7 million of lower corporate allocated costs from EGH to the Acquired Businesses, compared to the prior year.

Current wording

$32.4 million settlement reflecting the Company’s liability net of insurance recoveries, and $3.5 million of higher personnel and other operating costs, compared to the prior year. These increases were partially offset by $21.7 million of lower corporate allocated costs from EGH to the Acquired Businesses.

Previous wording

Depreciation and amortization increased $42.4 million, or 21%, to $242.3 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily driven by a $40.8 million increase in amortization expense attributable to the acceleration of WWE customer relationship assets following the modification of a related media revenue arrangement during the third quarter of 2025.

Current wording

Depreciation and amortization increased $6.3 million, or 2%, to $335.3 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. The increase was primarily driven by a $12.2 million increase in amortization expense attributable to the accelerated amortization of WWE customer relationship assets following the modification of a related media revenue arrangement during the third quarter of 2025.

Previous wording

Interest expense, net increased by $22.4 million, or 46%, to $70.6 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. This increase was driven primarily by incremental interest expense from higher debt levels maintained during the current year as compared to the prior year due to the $1.0 billion and $900.0 million incremental first lien term loans entered in September 2025 and March 2026, respectively, partially offset by the impact of lower interest rates effective May 28, 2026 associated with the debt refinancing transaction which repriced the facility.

Current wording

Interest expense, net increased by $19.1 million, or 38%, to $69.9 million for the three months ended September 30, 2026 compared to the three months ended September 30, 2025. This increase was driven primarily by incremental interest expense from higher debt levels maintained during the current year as compared to the prior year due to the $1.0 billion and $900.0 million incremental first lien term loans entered into in September 2025 and March 2026, respectively, partially offset by the impact of lower interest rates effective May 28, 2026 associated with the debt refinancing transaction which repriced the facility.

Previous wording

Interest expense, net increased by $38.2 million, or 41%, to $131.2 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. This increase was driven primarily by incremental interest expense from higher debt levels maintained during the current year as compared to the prior year due to the $1.0 billion and $900.0 million incremental first lien term loans entered in September 2025 and March 2026, respectively, partially offset by the impact of lower interest rates effective May 28, 2026 associated with the debt repricing transaction which repriced the facility.

Current wording

Interest expense, net increased by $57.3 million, or 40%, to $201.1 million for the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025. This increase was driven primarily by incremental interest expense from higher debt levels maintained during the current year as compared to the prior year due to the $1.0 billion and $900.0 million incremental first lien term loans entered into in September 2025 and March 2026, respectively, partially offset by the impact of lower interest rates effective May 28, 2026 associated with the debt repricing transaction which repriced the facility.

Previous wording

Other income (expense), net for the three and six months ended June 30, 2026 and 2025 includes net gains and losses on foreign currency transactions and other miscellaneous nonoperating gains and losses. During the three months ended June 30, 2025, other income (expense), net also includes a net gain of $2.2 million related to the sale of certain equity method investments. During the six months ended June 30, 2025, other income (expense), net also includes a net loss of $2.5 million on the sale of certain equity method investments, partially offset by a gain of $1.3 million on the sale of PBR’s former headquarters.

Current wording

Other income (expense), net for the three and nine months ended September 30, 2026 and 2025 includes net gains and losses on foreign currency transactions and other miscellaneous nonoperating gains and losses. During the three months ended September 30, 2025, other income (expense), net also includes a net loss of $7.1 million related to the sale of certain equity method investments. During the nine months ended September 30, 2025, other income (expense), net also includes a net loss of $9.6 million from the sale of certain equity method investments, partially offset by a gain of $1.3 million on the sale of PBR’s former headquarters.

Previous wording

For the three months ended June 30, 2026, TKO recorded a provision for income taxes of $53.2 million compared to a provision of $46.5 million for the three months ended June 30, 2025. This change was primarily related to increased pretax income for the three months ended June 30, 2026.

Current wording

For the three months ended September 30, 2026, the Company's provision for income taxes was $36.6 million compared to a provision of $12.7 million for the three months ended September 30, 2025. This change was primarily related to increased pretax income for the three months ended September 30, 2026.

Previous wording

For the six months ended June 30, 2026, TKO recorded a provision for income taxes of $87.2 million compared to a provision of $67.7 million for the six months ended June 30, 2025. This change was primarily related to increased pretax income for the six months ended June 30, 2026.

Current wording

For the nine months ended September 30, 2026, the Company's provision for income taxes was $123.8 million compared to a provision of $80.4 million for the nine months ended September 30, 2025. This change was primarily related to increased pretax income for the nine months ended September 30, 2026.

Previous wording

The following tables set forth Revenue and Adjusted EBITDA for each of our segments for the three and six months ended June 30, 2026 and 2025:

Current wording

The following tables set forth Revenue and Adjusted EBITDA for each of our segments for the three and nine months ended September 30, 2026 and 2025:

Previous wording

The following table sets forth our UFC segment results for the three and six months ended June 30, 2026 and 2025:

Current wording

The following table sets forth our UFC segment results for the three and nine months ended September 30, 2026 and 2025:

Previous wording

The following table sets forth our WWE segment results for the three and six months ended June 30, 2026 and 2025:

Current wording

The following table sets forth our WWE segment results for the three and nine months ended September 30, 2026 and 2025:

Previous wording

The following table sets forth our IMG segment results for the three and six months ended June 30, 2026 and 2025:

Current wording

The following table sets forth our IMG segment results for the three and nine months ended September 30, 2026 and 2025:

Previous wording

Corporate and Other revenue primarily relates to media rights fees associated with the distribution of PBR's programming content; ticket sales and financial incentive packages associated with live events; partnerships and marketing; and consumer products licensing agreements of PBR-branded products. Revenue also consists of management and promotional fees for services primarily related to boxing. Corporate and Other expenses relate to direct operating costs and general and administrative expenses attributable to PBR as well as general and administrative expenses largely related to corporate activities, including information technology, facilities, legal, human resources, finance and accounting, treasury, investor relations, corporate communications, community relations and compensation to TKO’s management and board of directors, which support each of the reportable segments. Corporate and Other expenses also include service fees paid by the Company to Endeavor related to corporate activities as well as revenue generating activities under the Services Agreement, prior to its termination on February 28, 2025. As discussed above, on the closing date of the Endeavor Asset Acquisition, the Services Agreement between TKO OpCo and Endeavor was terminated and a Transition Services Agreement has been entered into between the EGH Parties, TWI and the TKO Parties.

Current wording

Corporate and Other revenue primarily relates to media rights fees associated with the distribution of PBR's programming content; ticket sales and financial incentive packages associated with live events; partnerships and marketing; and consumer products licensing agreements of PBR-branded products. Revenue also consists of management and promotional fees for services primarily related to boxing. Corporate and Other expenses relate to direct operating costs and general and administrative expenses attributable to PBR as well as general and administrative expenses largely related to corporate activities, including information technology, facilities, legal, human resources, finance and accounting, treasury, investor relations, corporate communications, community relations and compensation to TKO’s management and board of directors, which support each of the reportable segments. Corporate and Other expenses also include service fees paid by the Company to Endeavor related to corporate activities as well as revenue generating activities under the Services Agreement, prior to its termination on February 28, 2025. As discussed above, on the closing date of the Endeavor Asset Acquisition, the Services Agreement between TKO OpCo and Endeavor was terminated and a Transition Services Agreement was entered into between the EGH Parties, TWI and the TKO Parties.

Previous wording

The following table sets forth results for Corporate and Other for the three and six months ended June 30, 2026 and 2025:

Current wording

The following table sets forth results for Corporate and Other for the three and nine months ended September 30, 2026 and 2025:

Previous wording

The following table sets forth our operating metrics for PBR for the three and six months ended June 30, 2026 and 2025:

Current wording

The following table sets forth our operating metrics for PBR for the three and nine months ended September 30, 2026 and 2025:

Previous wording

Adjusted EBITDA for the three months ended June 30, 2026 decreased by $0.3 million compared to the three months ended June 30, 2025. This decrease was primarily driven by $7.9 million of higher personnel and other operating expenses compared to the prior year. Partially offsetting these costs were $2.9 million of incremental revenue from higher management fees for services primarily related to boxing. Additionally, PBR revenue increased by $1.0 million due to higher live event revenue, while expenses at PBR declined by $3.7 million primarily due to lower event-related costs from holding fewer events.

Current wording

Adjusted EBITDA for the three months ended September 30, 2026 increased by $11.9 million, or 16%, compared to the three months ended September 30, 2025. This increase was primarily driven by $4.9 million of lower expenses at PBR primarily due to lower event-related costs from holding fewer events and $7.0 million of lower personnel and other operating expenses compared to the prior year.

Previous wording

Adjusted EBITDA for the six months ended June 30, 2026 increased by $19.0 million, or 12%, compared to the six months ended June 30, 2025. This increase was primarily driven by the impact of $21.7 million of lower corporate allocated costs from Endeavor Group Holdings, Inc. to the Acquired Businesses and incremental revenue from $12.9 million of higher management fees for services primarily related to boxing. Additionally, PBR revenue increased by $10.5 million due to higher media rights fees and partnerships revenue, while expenses at PBR declined by $2.9 million primarily due to lower event-related costs from holding fewer events. These increases were partially offset by $29.0 million of higher personnel and other operating expenses compared to the prior year.

Current wording

Adjusted EBITDA for the nine months ended September 30, 2026 increased by $30.9 million, or 13%, compared to the nine months ended September 30, 2025. This increase was primarily driven by the impact of $21.7 million of lower corporate allocated costs from Endeavor Group Holdings, Inc. to the Acquired Businesses and incremental revenue from $9.4 million of higher revenue related to the Company's boxing initiatives. Additionally, PBR revenue increased by $11.3 million due to higher media rights fees and partnerships revenue, while expenses at PBR declined by $8.6 million primarily due to lower event-related costs from holding fewer events. These increases were partially offset by $20.1 million of higher other operating expenses compared to the prior year.

Previous wording

Includes costs, net of insurance recoveries, related to certain litigation matters including antitrust lawsuits for UFC and stockholder litigation related to WWE and Endeavor. For the three and six months ended June 30, 2026, these costs include an estimated loss of $30.0 million reflecting the Company’s liability net of probable insurance recoveries, as well as $25.6 million and $42.0 million, respectively, of professional fees, associated with stockholder litigation related to WWE.

Current wording

Includes costs, net of insurance recoveries, related to certain litigation matters including antitrust lawsuits for UFC and stockholder litigation related to WWE and Endeavor. For the three and nine months ended September 30, 2026, these costs include an estimated loss of $2.4 million and $32.4 million, respectively, reflecting the Company’s liability net of insurance recoveries, as well as $4.0 million and $46.0 million, respectively, of professional fees, associated with stockholder litigation related to WWE.

Previous wording

Includes costs resulting from the Company’s cost reduction programs.

Current wording

Includes certain impairment charges as well as costs resulting from the Company’s cost reduction programs. For the three and nine months ended September 30, 2026, these costs included asset impairment charges totaling $4.9 million, related to the WWE and IMG segments. For the three and nine months ended September 30, 2025, these costs included asset impairment charges of $3.6 million within the IMG segment. Refer to Note 5, Supplementary Data, for further information.

Previous wording

For the three months ended June 30, 2026, the Company recognized $2.5 million of third-party transactions costs associated with the Company's debt refinancing transactions as described in Note 8, Debt.

Current wording

Includes third-party transaction costs associated with the Company's debt refinancing transactions as described in Note 8, Debt.

Previous wording

Includes other miscellaneous nonoperating gains and losses. During the three and six months ended June 30, 2026, other adjustments include a $4.4 million impairment of an equity method investment, partially offset by miscellaneous nonoperating income. During the three months ended June 30, 2025, other adjustments include a net gain of $2.2 million related to the sale of certain equity method investments. During the six months ended June 30, 2025, other adjustments includes a net loss of $2.5 million on the sale of certain equity method investments, partially offset by a gain of $1.3 million on the sale of PBR’s former headquarters.

Current wording

Includes other miscellaneous nonoperating gains and losses. During the three and nine months ended September 30, 2026, other adjustments include a $2.1 million and $6.5 million, respectively, of impairment charges related to equity method investments. During the three months ended September 30, 2025, other adjustments include a net loss of $7.1 million related to the sale of certain equity method investments. During the nine months ended September 30, 2025, other adjustments include a net loss of $9.6 million from the sale of certain equity method investments, partially offset by a gain of $1.3 million on the sale of PBR's former headquarters building.

Previous wording

Lien Credit Agreement to, among other things, (i) refinance and replace the outstanding Prior Term Loans with a new class of first lien secured term loans (the “New Term Loans”), the aggregate principal amount of which was unchanged at $4.6 billion, (ii) reduce the applicable interest margin on the New Term Loans by 25 basis points, (iii) reduce the applicable interest rate margin on the Revolving Credit Facility by 25 basis points and (iv) make certain other changes to the First Lien Credit Agreement. In connection with the Credit Agreement Refinancing Amendment, approximately $29.9 million of Prior Term Loans held by lenders that did not participate in the modified syndication was repaid and replaced with an equal amount funded by new lenders. The Credit Facilities are secured by liens on substantially all of the assets of TKO Guarantor and TKO Worldwide Holdings and certain subsidiaries thereof.

Current wording

On May 28, 2026, TKO Worldwide Holdings entered into the Seventh Refinancing Amendment to the First Lien Credit Agreement (the “Credit Agreement Refinancing Amendment”). The Credit Agreement Refinancing Amendment amended the First Lien Credit Agreement to, among other things, (i) refinance and replace the outstanding Prior Term Loans with a new class of first lien secured term loans (the “New Term Loans”), the aggregate principal amount of which was unchanged at $4.6 billion, (ii) reduce the applicable interest margin on the New Term Loans by 25 basis points, (iii) reduce the applicable interest rate margin on the Revolving Credit Facility by 25 basis points and (iv) make certain other changes to the First Lien Credit Agreement. In connection with the Credit Agreement Refinancing Amendment, approximately $29.9 million of Prior Term Loans held by lenders that did not participate in the modified syndication was repaid and replaced with an equal amount funded by new lenders. The Credit Facilities are secured by liens on substantially all of the assets of TKO Guarantor and TKO Worldwide Holdings and certain subsidiaries thereof.

Previous wording

Following the Credit Agreement Refinancing Amendment, the New Term Loans bear interest at a variable interest rate equal to either, at the option of TKO Worldwide Holdings, Term SOFR or the ABR plus, in each case, an applicable margin. SOFR term loans accrue interest at a rate equal to Term SOFR plus 1.75%, with a SOFR floor of 0.00%. The New Term Loans' interest rate totaled 5.41% as of June 30, 2026. ABR term loans accrue interest at a rate equal to (i) the highest of (a) the Federal Funds Effective Rate plus 0.5%, (b) the prime rate in effect for such day, and (c) Term SOFR for a one-month interest period plus (ii) 0.75%, with an ABR floor of 1.00%. The New Term Loans have the same amortization schedule as the Prior Term Loans they replaced, amortizing at 1% per annum, and maturing on November 21, 2031.

Current wording

Following the Credit Agreement Refinancing Amendment, the New Term Loans bear interest at a variable interest rate equal to either, at the option of TKO Worldwide Holdings, Term SOFR or the ABR plus, in each case, an applicable margin. SOFR term loans accrue interest at a rate equal to Term SOFR plus 1.75%, with a SOFR floor of 0.00%. The New Term Loans' interest rate totaled 5.51% as of September 30, 2026. ABR term loans accrue interest at a rate equal to (i) the highest of (a) the Federal Funds Effective Rate plus 0.5%, (b) the prime rate in effect for such day, and (c) Term SOFR for a one-month interest period plus (ii) 0.75%, with an ABR floor of 1.00%. The New Term Loans have the same amortization schedule as the Prior Term Loans they replaced, amortizing at 1% per annum, and maturing on November 21, 2031.