AEW All In 2025 predictions roundtable: 5 biggest questions for the loaded wrestling weekend
As we head into one of the most stacked wrestling weekends of the year, it's full steam ahead into the second half of 2025. In the world of sports entertainment, the dog days of summer are nonexistent. Thanks, Paul Levesque and Tony Khan.
After offering up their takes on what has already transpired in the wrestling world this year, the Uncrowned Horsemen — Robert Jackman, Raj Prashad, Drake Riggs and Anthony Sulla-Heffinger — are gathering once again to examine what is yet to come, particularly AEW's All-In Texas event and WWE's Atlanta doubleheader with Saturday Night's Main Event and Evolution.
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Let's ride!
1. After Double or Nothing, AEW has undeniable momentum. Is it an overstatement or understatement to say Tony Khan's company can win 2025 with another excellent PPV this weekend?
Jackman: That's certainly my assessment. Obviously we should preface this with the obligatory reminder of what an uneven year that AEW had in 2024 and also the inescapable fact that WWE is by far the bigger and more important product as a cultural phenomenon. But if you're looking at who has the momentum in terms of their overall product right now, then AEW has the edge.
Obviously there's still half of the year to go, and there's the very real possibility that WWE puts the whole John Cena heel turn to bed and delivers the kind of retirement run that has us giving them a misty-eyed standing ovation come December. If they can get that right then AEW is going to need a spectacular run to maintain their edge in the second half of 2025.
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Sulla-Heffinger: I am going to go with understatement here, with the caveat that it all depends on how you define 'win' for 2025.
Look, WWE is an absolute juggernaut, a force of nature across sports, entertainment and any medium that intersects with it, so just because AEW might 'win' 2025, doesn't mean WWE necessarily 'lost.' Tony Khan and AEW are coming off of perhaps the best show in the company's history with Double or Nothing and you have a card for All In Texas that could surpass even that. All of that has contributed to a palpable excitement around the promotion, and its shows that was missing for a little while before eventually finding its footing again midway through last year.
As much as we love to compare the promotions — we're all guilty of it — what this boils down to for me goes beyond pure financials. I'm looking at this from a perspective of asking what will fans and wrestling/combat sports media be talking about not just on Monday, but five months or a year from now when we look back. If All In Texas delivers like it should, it's going to be AEW.
Prashad: Overstatement. AEW has had an outstanding first half of 2025. WWE had a fast start, retaining an element of shocking moments throughout the first few months of the year. But what followed has been a mixed bag for sure, especially when it comes to both of the men's major championships.
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AEW feels like it found its footing throughout 2024 and launched into 2025 with a blend of the right stories, top talent hitting their stride, and leaning on its exceptional in-ring product. AEW has all the momentum heading into its biggest show of the year, but that's half the battle. To me, it's more about whether Tony Khan's promotion can continue to build off the success of its largest North American show to date rather than what WWE can do to recover ground.
Riggs: Understatement. AEW won the first half of 2025 and has a solid lead regarding overall quality. Additionally, WWE has put more pressure on itself by scheduling multiple events this weekend against "AEW's WrestleMania." There's a very real possibility that both WWE PLEs combined fall short against AEW All In. That would be a tough look, depending on how much better one is over the other, considering, again, AEW All-In is the company's biggest show of the year.
However, because this is midway point of the year, with the way both companies' calendars are aligned, the fallout that can come down from AEW All In may only give fans even more to look forward to.
Kazuchika Okada and Kenny Omega go back to the NJPW days.
(Etsuo Hara via Getty Images)
2. Which match on the All-In Texas card are you most excited for?
Riggs: The obvious answer here for most will — and probably should be — Kazuchika Okada vs. Kenny Omega. Why?
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The feels, man.
The moments.
These are the types of settings fans live for, and what you hope to see out of a show this big. It's one of those matches where even if it doesn't feel quite the same at this moment in time, or like it's possible to live up to the history Okada and Omega share, none of that will matter once they're in the ring together, soaking in the atmosphere. It's going to be electric.
Prashad: From a purely wrestling standpoint, Kenny Omega vs. Kazuchika Okada is going to be surreal to see under the AEW umbrella. But I'm a sucker for exceptional stories, and watching 'Hangman' Adam Page navigate the ups and downs of the past few years and find himself in the main event feels poetic. Jon Moxley, whether fans have agreed with his current championship run alongside the Death Riders or not, has been a glue guy since essentially All In last year.
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Their showdown in Texas has all the feels, drama, a great story, and should be a vicious Texas Deathmatch. It's going to be bloody, brutal — and potentially another defining moment on AEW's biggest stage.
Jackman: Omega vs. Okada for sure. That's both for the obvious reasons — the fact that the competitors are generational talents and just happen to be the closest thing we've seen to wrestling soulmates — but also some of the more sentimental vibes surrounding this match. Kenny Omega's return after his horrendous health battle has been one of those genuinely uplifting moments in pro-wrestling, and this feels like the perfect way to cap off that particular story.
I also think it's significant that Omega vs. Okada 5 will be their first outing under the AEW umbrella. Tony Khan's fanboy tendencies can be pretty transparent at times (hey, that's no bad thing) and it's visible from outer space how highly he thinks of these two. By giving them both big roles in AEW, he's helped introduce their work to a whole new strata of more casual wrestling fans, so it's fitting that their biggest match yet will take place under his patronage.
Sulla-Heffinger: All due respect to Kenny Omega and Kazuchika Okada, but the answer here for me is "Timeless" Toni Storm vs. Mercedes Moné.
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These two women are at the peak of their respective careers, with the top women's prize in AEW on the line in one of the biggest matches — men's or women's — in the company's history. The stakes here are immense.
The character and storytelling that Storm brings into this build and match are perhaps the only thing that overshadows her in-ring ability and reigns as AEW Women's Champion. On the other side, there's an argument that Moné is the best women's wrestler on the planet right now and she hasn't missed on a major AEW show since her in-ring debut at Double or Nothing 2024.
I genuinely believe these two will deliver a Match of the Year performance on Saturday.
Will Jon Moxley's reign of terror finally end?
(Icon Sportswire via Getty Images)
3. We've been collectively wrong about this before, but why is it time for Jon Moxley's AEW World Championship reign to end?
Prashad: Ok, seriously this is the time. I felt it with Swerve Strickland and almost every time Moxley has defended the belt this year. But there's no better story than Hangman Page's redemption arc leading to this moment. Each time Moxley was faced with a challenge, the timing to swap the title never quite felt as justified as this one.
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Like Bryan Danielson last year at Wembley, the moment has been built almost to a level where anything other than Page riding off with the title over his shoulder feels like blatantly ignoring what the collective audience is yearning for.
Riggs: Let me start with maybe a low-key reason it's time: For the sake of Moxley. There have been moments throughout this Deathriders era of Mox that have been good, of course. But his work as a fearless, solo madman before the alliance is what has made him special, and where he's his very best. He also no longer needs the title (which has been hidden away), and this version of himself has suffered for it. Simultaneously, he's become AEW's ultra-villain, almost Roman Reigns-like, who will elevate his successor. He's hit the ceiling of that villainhood and did so a while ago. It's overdue in every sense.
Jackman: Yes, absolutely. There's a lot of performative anger towards Moxley out there (which is odd — do you really think a guy who willingly takes metal spikes into his spine is going to be thin-skinned?) but that doesn't change the fact that this big title run just hasn't really worked for AEW. I was rewatching his title victory against Bryan Danielson at WrestleDream the other day and you just felt all of the air go out of the room the minute that Moxley won.
I still think there's a big role for the man in AEW but this latest run just hasn't been it. We all know there's a fine balance between having a heel champion and someone that the audiences actively dislike (what they used to call 'go home heat'). At times, Moxley's title run has felt like a scientific experiment to see how far Tony Khan can push that line.
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Sulla-Heffinger: Is it too easy to just say we need to see the championship belt on television again?
All kidding aside, Moxley's reign has been polarizing and a completely different direction from anything we've seen in recent memory in pro wrestling. Has it been the best? No. Has it been as awful as some people think? Also no, but it's time for Mox and the Death Riders to shake things up. Everyone involved becomes far more compelling with a major loss, as we've seen cracks begin to sprout in the foundation of the group's dominance recently.
For Page to be the one to dethrone Moxley would be incredibly fitting, because he's shown a tendency for violence that matches Mox's and he'll always have a bit of that anti-hero charm, even as the babyface and an AEW OG entering the match.
Goldberg and Gunther face off at WWE Saturday Night's Main Event.
(WWE via Getty Images)
4. WWE is leaning into its legends for two high-profile matches this weekend. Which — if any — should dethrone the champion they are facing?
Jackman: Neither. Having Trish Stratus win would totally pull the rug from underneath the upcoming Women's Championship match at WWE SummerSlam (Tiffany Stratton vs. Jade Cargill), which currently looks like one of the most exciting title matches on the horizon.
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In all honesty, I just can't see any plausible reason why Stratus should even be considered as a top-level champion right now. Yes, her feud with Becky Lynch in 2023 was great, but she had zero chemistry with Stratton when they appeared together at Elimination Chamber. I cannot for the life of me see how anyone looked at that match and thought they needed to go one-on-one.
As for Goldberg, I just don't see it happening. The match has had minimal buildup (despite all those excited reports a few weeks ago about how Goldberg would be appearing on 'WWE Raw' every week) and all signs point to this being a predictable passing of the torch rather than a serious contest.
Prashad: Oof, this one is difficult. In theory, the answer is neither. Saturday's match against Gunther has been billed as Goldberg's final match. There's no positive momentum I can draw from Goldberg taking the belt off Gunther, who was at one time an absolute monster but has since been relegated to getting choked out at WrestleMania and putting on a competitive match against WWE commentator Pat McAfee. As a character, having Gunther drop the title to Goldberg feels almost inexcusable.
The Tiffany Stratton vs. Trish Stratus dilemma is interesting. SummerSlam is right around the corner and what happens with the WWE Women's Championship could be fascinating. Jade Cargill is in line for a shot at the title, and Naomi holds the Money in the Bank briefcase, almost certainly lining up for a title change (or two) at the two-night show. If one legend was going to take a title, my pick would be Stratus as a way to feed Cargill as her star continues to rise.
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Riggs: Nope. Nope, nope, no and nope again. I understand the Trish Stratus utilization purely to the extent of the event it's a part of. And Goldberg going against Gunther is totally fine, considering they laid that foundation earlier this year, regardless of how loosely. But the title being on the line is completely ridiculous, especially when you consider that freaking pre-release R-Truth had a match against the WWE Champion John Cena, also on a Saturday Night's Main Event.
Sulla-Heffinger: Trish Stratus should beat Tiffany Stratton at Evolution on Sunday. I don't want to overlook the PLE, but it's hard not to with SummerSlam less than a month away and the big-money match of Naomi vs. Jade Cargill kind of staring us in the face for MetLife Stadium. After her No Holds Barred match against Cargill earlier in the night, Naomi should threaten a cash-in, distracting Stratton and allowing Stratus to pick up the win and an abbreviated celebration as the only woman to hold the old WWE Women's Championship and the current iteration. As Stratus celebrates, then Naomi cashes in and walks out as champion with nuclear heat.
A loss to Stratus, especially with outside interference, won't hurt Stratton's character as much as it seems and it puts us on a collision course for the trilogy Naomi vs. Cargill match with the title at stake at SummerSlam.
On the men's side, a Goldberg win doesn't really advance anything in terms of the World Heavyweight Championship, but a loss adds a major — if unnecessary — notch on the belt of Gunther, who should insufferably bring up 'I retired Goldberg' any time he needs instant heat.
Rhea Ripley and Iyo Sky are back at it again for Sunday's WWE Evolution main event.
(WWE via Getty Images)
5. It's been almost seven years since WWE held an all-women's PLE. Do you expect the second edition of Evolution to be better, worse or about the same as the first one? Should this PLE happen annually?
Riggs: First of all, it's insane that the first Evolution PLE was in 2018. Somewhat spring-boarding off of that, the only memorable match from that event was Becky Lynch vs. Charlotte Flair. I'm not sure whether that's a personal issue or an event-quality issue. Still, with that in mind, and considering the upcoming lineup and current landscape, Evolution 2025 will be better.
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As for an annual affair, I'm not sure how I feel about that. Maybe biannually, but it shouldn't feel like something forced, right? Think akin to the Hell In a Cell PLE, or any that is titled after a match stipulation. My philosophy has always been that if it's named after that, every match should be under that stipulation. Otherwise, don't force it for the sake of doing it. Put on those match types when it makes sense for the story. I'm looking at you, Hell In a Cell 2019.
Sulla-Heffinger: I'm going to say Evolution 2025 will be a better show than the inaugural one from 2018. Echoing Riggs, Lynch and Flair's match was an instant classic, but the rest of the show was somewhat run-of-the-mill.
This year we'll have a Women's World Championship match between Iyo Sky and Rhea Ripley, a Women's Intercontinental Championship match between Lynch, Bayley and Lyra Valkyria, and don't sleep on the NXT title match between Jacy Jayne and Jordynne Grace.
All of that said, I do think there are a few factors working against this year's installment. First, it's tucked into an absolutely loaded weekend on not just the WWE front, but it's running quasi-against AEW All In as well. Second, the injury to Liv Morgan appears to have definitely altered some plans for the event, leading to some scrambling and stalled hype. Finally, there has to be a little PLE fatigue at this point. Once Evolution airs Sunday, it will be the ninth PLE WWE has held since WrestleMania 41 in April.
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As far as Evolution becoming an annual occurrence, I would like to see it happen, maybe later in the year around where Survivor Series/War Games is the only true WWE tentpole.
Jackman: I don't want to sound too kumbaya here, but I think the ultimate proof of the success of women's wrestling is the fact that it has become completely integrated into the product. The likes of Iyo Sky, Rhea Ripley, Toni Storm, Becky Lynch, Naomi, etc., aren't 'women wrestlers'; they're top-tier wrestlers who have consistently proven their ability to steal the show on your typical card. Ring-fencing their big matches on a separate PLE arguably undermines them, rather than helps them.
To state the obvious, 2018 was a very different time to now. While the Divas era was practically dead by that point, Evolution served as the most visible milestone in the transition away from Vince McMahon's titillation stuff to a much more professional product. In that way, Evolution was very much a product of its time.
Then there's the more cynical reason why WWE might have held an all-women's event. Let's not forget that, back in 2018, they'd just held their first major Saudi Arabia event in which (back then) women were not allowed to appear on the show. I suspect that having a U.S.-based show in which the female talents were front and center was a way of trying to blunt the edge of that particular PR nightmare.
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Prashad: The card certainly looks significantly better this time around than the first Evolution. As much as this event feels thrown together, there's plenty of stories to be invested in. Rhea Ripley and Iyo Sky are certified stars, with huge performances almost a given. The Tiffany Stratton vs. Trish Stratus match provides the WWE Women's Champion another chance for the future to test an all-time great. Jade Cargill and Naomi could be a show-stealer, and the triple-threat match between Bayley, Becky Lynch and Lyra Valkyria has the chance to set the tone for the entire women's division.
I'm not against Evolution being an annual show, but I feel like WWE should lean further into partnerships for this event in a way AEW currently thrives. It's not that WWE's women's roster is lacking, it's just the matches feel relatively recycled and not special in a way the Evolution card could be built.
Trish Stratus, Tiffany Stratton and Jade Cargill speak during "WWE SmackDown."
(WWE via Getty Images)
Bonus: We'll get into the picks later on, but what is your one slam-dunk prediction for this weekend?
Sulla-Heffinger: I alluded to this earlier, but I am doubling down on Trish Stratus beating Tiffany Stratton and winning the WWE Women's Championship. Stratus is such an important figure in the history of WWE women's wrestling that she deserves this moment, as fleeting as it may be, assuming Naomi cashes in.
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Jackman: Becky Lynch walks out of Atlanta still holding that Intercontinental Championship. I'd bet the house on it. Why the confidence? Well, I actually rewatched the original Evolution this weekend, and Michael Cole makes an explicit reference to Lynch making her WWE debut on July 13, 2015 — meaning that WWE Evolution 2025 will come 10 years after that very day.
Given those circumstances, do we really think they're going to have her drop the belt? That's before we get to the fact that Lynch vs. Valkyria 3 (tagline: Triumph of the Babyface) has to be one of the most anticipated likely matches for this year's SummerSlam. Why make the switch now when it will have a way bigger impact in a trilogy closing match in New Jersey?
Prashad: Kenny Omega against Kazuchika Okada will be head and shoulders above every match of the weekend. As two guys who have unbelievable chemistry, Omega and Okada are going to pull out all the stops in Arlington on arguably the promotion's most stacked card.
After a year on the shelf, Omega's return to AEW All In certainly has all the makings of a match that should be great — and with the right environment, could be an all-timer. The expectations for this one are sky high.
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Riggs: Hangman one million percent has to dethrone Moxley. He has to. The AEW World Championship cannot go unseen at that event. If you want to single-handedly ruin the entire event, the one way to do it would be to end without that high note. Everyone would remember that more than anything that comes before it.
For an honorable mention, I do believe the late "no world title match for a year" stipulation added to Swerve and Ospreay vs. The Young Bucks gives away the outcome of that one. It would be promotional malpractice to keep either of Strickland or Ospreay out of the world title picture for any period of time.
Predictions
All-In Texas
AEW World Championship match: Jon Moxley vs. Hangman Adam Page (Jackman, Prashad, Riggs, Sulla-Heffinger)
AEW Women's Championship match: Timeless Toni Storm (Jackman, Riggs, Sulla-Heffinger) vs. Mercedes Moné (Prashad)
AEW Unified Championship match: Kazuchika Okada (Riggs, Sulla-Heffinger) vs. Kenny Omega (Jackman, Prashad)
TNT Championship match: Adam Cole (Prashad) vs. Kyle Fletcher (Jackman, Riggs, Sulla-Heffinger)
AEW World Tag Team Championship match: The Hurt Syndicate (Jackman, Riggs, Sulla-Heffinger) vs. Jet Speed, The Patriarchy (Prashad)
The Young Bucks (Jackman) vs. Swerve Strickland and Will Ospreay (Prashad, Riggs)
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WWE Saturday Night's Main Event
World Heavyweight Championship match: Gunther (Jackman, Prashad, Riggs, Sulla-Heffinger) def. Goldberg
U.S. Championship match: Solo Sikoa (Jackman, Prashad, Riggs, Sulla-Heffinger) vs. Jimmy Uso
Seth Rollins (Jackman, Prashad) vs. LA Knight (Riggs, Sulla-Heffinger)
Randy Orton (Riggs) vs. Drew McIntyre (Jackman, Prashad, Sulla-Heffinger)
WWE Evolution
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As previously disclosed, the Acquired Businesses will be accounted for as a merger between entities under common control due to Endeavor's control of TKO as well as IMG, On Location, and PBR. Therefore, these targets include activity from the Acquired Businesses for the twelve month period from January 1 through December 31, 2025. (See 'Acquired Businesses' and 'Basis of Presentation' for further details.) The Company intends to provide additional detail related to its 2025 guidance on today's earnings call. Other Matters Acquired Businesses As previously disclosed, on February 28, 2025, the Company closed on its agreement with Endeavor Group Holdings, Inc. ('Endeavor') to acquire certain businesses operating under the IMG brand ('IMG'), On Location, and Professional Bull Riders ('PBR') (collectively referred to as the 'Acquired Businesses') in an equity transaction valued at $3.25 billion. The transaction included $50 million of additional consideration related to certain customary purchase price adjustments that was settled at closing in equity. In aggregate, Endeavor received approximately 26.54 million common units of TKO OpCo and subscribed for an equal number of shares of TKO Class B common stock in connection with the transaction. Return of Capital Program As previously disclosed, on October 24, 2024, the Company announced that its board of directors authorized a share repurchase program of up to $2.0 billion of its Class A common stock. The share repurchase program is expected to commence in the third quarter of 2025 and is expected to be completed within approximately three to four years thereafter. The Company also announced that its board of directors authorized a quarterly cash dividend program pursuant to which holders of the Company's Class A common stock will receive their pro rata share of quarterly distributions to be made by TKO Operating Company, LLC. The Company commenced its quarterly cash dividend program with its inaugural quarterly cash dividend from its pro rata share of approximately $75 million, which was paid on March 31, 2025. In addition, on June 30, 2025, the Company paid a quarterly cash dividend from its pro rata share of approximately $75 million. Legal Matters As previously disclosed, on September 26, 2024, the Company announced that it had reached an agreement to settle all claims asserted in the Le UFC antitrust lawsuit for an aggregate amount of $375.0 million. On February 6, 2025, the court issued a ruling granting the motion for final approval of the settlement agreement. The settlement was payable in three equal installments. The Company made one payment of $125.0 million into escrow in October 2024, subsequently made a second payment of $125.0 million into escrow in February 2025, and made a third and final payment of $125.0 million into escrow in June 2025. Notes (1) As the acquisition of the Acquired Businesses was accounted for as a merger between entities under common control, reported results presented in this earnings release reflect the results of the Acquired Businesses as if they had been part of TKO during the historical periods presented herein. See the 'Basis of Presentation' discussion on page 10 for further details. (2) The definition of Adjusted EBITDA can be found in the Non-GAAP Financial Measures section of the release on page 9. A reconciliation of Net Income (Loss) to Adjusted EBITDA for the three and six months ended June 30, 2025 and 2024 can be found in the Supplemental Information in this release on page 17. (3) Full Year 2025 Guidance amounts reflect the expected performance for the Company's UFC and WWE businesses, as well as the Acquired Businesses (consisting of IMG, On Location, and PBR). See the 'Full Year 2025 Guidance' discussion on page 6 as well as the 'Basis of Presentation' discussion on page 10 for further details. (4) The definition of Free Cash Flow and Free Cash Flow Conversion can be found in the Non-GAAP Financial Measures section of the release on page 9. A reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow for the three and six months ended June 30, 2025 and 2024 can be found in the Supplemental Information in this release on page 18. (5) An explanation of the basis of presentation can be found in this release on page 10. Expand Non-GAAP Financial Measures The Company refers to certain financial measures that are not recognized under United States generally accepted accounting principles ('GAAP'). This press release includes financial measures that are not calculated in accordance with GAAP, including Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow and Free Cash Flow Conversion. Please see the definitions below and the reconciliation tables included in this release for additional information and a reconciliation of the Non-GAAP financial measures to the most comparable GAAP financial measures. The Company defines Adjusted EBITDA as net income excluding income taxes, net interest expense, depreciation and amortization, equity-based compensation, merger and acquisition costs, certain legal costs, restructuring, severance and impairment charges, and certain other items when applicable. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue. TKO management believes that Adjusted EBITDA and Adjusted EBITDA margin are useful to investors as these measures eliminate the significant level of non-cash depreciation and amortization expense that results from its capital investments and intangible assets, and improve comparability by eliminating the significant level of interest expense associated with TKO's debt facilities, as well as income taxes which may not be comparable with other companies based on TKO's tax and corporate structure. Adjusted EBITDA and Adjusted EBITDA margin are used as the primary bases to evaluate TKO's consolidated operating performance. Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of TKO's results as reported under GAAP. Some of these limitations are: they do not reflect every cash expenditure, future requirements for capital expenditures, or contractual commitments; Adjusted EBITDA does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payments on TKO's debt; although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and Adjusted EBITDA and Adjusted EBITDA margin do not reflect any cash requirement for such replacements or improvements; and they are not adjusted for all non-cash income or expense items that are reflected in TKO's statements of cash flows. TKO management compensates for these limitations by using Adjusted EBITDA and Adjusted EBITDA margin along with other comparative tools, together with GAAP measurements, to assist in the evaluation of TKO's operating performance. Adjusted EBITDA and Adjusted EBITDA margin should not be considered substitutes for the reported results prepared in accordance with GAAP and should not be considered in isolation or as alternatives to net income as indicators of TKO's financial performance, as measures of discretionary cash available to it to invest in the growth of its business or as measures of cash that will be available to TKO to meet its obligations. Although TKO uses Adjusted EBITDA and Adjusted EBITDA margin as financial measures to assess the performance of its business, such use is limited because it does not include certain material costs necessary to operate TKO's business. TKO's presentation of Adjusted EBITDA and Adjusted EBITDA margin should not be construed as indications that its future results will be unaffected by unusual or nonrecurring items. These non-GAAP financial measures, as determined and presented by TKO, may not be comparable to related or similarly titled measures reported by other companies. Set forth below are reconciliations of TKO's most directly comparable financial measures calculated in accordance with GAAP to these non-GAAP financial measures on a consolidated basis. The Company defines Free Cash Flow as net cash provided by operating activities less cash used for capital expenditures. TKO views net cash provided by operating activities as the most directly comparable GAAP measure. Free Cash Flow Conversion is defined as Free Cash Flow divided by Adjusted EBITDA. Although they are not recognized measures of liquidity under U.S. GAAP, Free Cash Flow and Free Cash Flow Conversion provide useful information regarding the amount of cash TKO's continuing business generates after capital expenditures and is available for reinvesting in the business, debt service, share repurchases and payment of dividends. Free Cash Flow and Free Cash Flow Conversion have certain limitations in that they do not represent the total increase or decrease in the cash balance for the period, nor do they represent the residual cash flow for discretionary expenditures. Reconciliations of the Company's Non-GAAP financial measure guidance to the most directly comparable GAAP financial measures cannot be provided without unreasonable efforts and are not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations and certain other items reflected in our reconciliation of historical Non-GAAP financial measures, the amounts of which could be material. Basis of Presentation As a result of the February 28, 2025 closing of the Company's agreement with Endeavor to acquire IMG, On Location, and PBR (the 'Acquired Businesses') in a common control transaction, TKO's consolidated financial information presented herein reflect the combined results of TKO and the Acquired Businesses as if they had been part of TKO during the historical periods presented under common control. TKO's financial information presented herein for the periods that it did not own the Acquired Businesses were prepared by Endeavor Group Holdings, Inc. and include allocations for corporate expenses to the businesses based on Endeavor Group Holdings, Inc.'s corporate expense profile. These expenses consisted of certain support functions that were provided on a centralized basis, such as expenses related to finance, human resources, information technology, facilities, and legal, among others and were allocated to the Acquired Businesses. Endeavor Group Holdings, Inc. allocated these corporate expenses on a pro rata basis of headcount, gross profit, and other allocation methodologies. Corporate allocations were $21.7 million for the six months ended June 30, 2025 representing allocations from January 1 through February 28, 2025. Corporate allocations were $23.7 million and $54.5 million, respectively, for the three and six months ended June 30, 2024 representing allocations from January 1, 2024 through June 30, 2024. Under TKO ownership effective February 28, 2025, such corporate allocations will no longer occur. Effective February 28, 2025, the Company operates its business under three reportable segments, UFC, WWE, and IMG. The UFC and WWE segments consist entirely of the operations of these businesses, while the IMG segment consists entirely of the operations of IMG and On Location. In addition, the Company reports results for the 'Corporate and Other' group, which includes the operations of PBR, management fees for services provided to certain equity method investments as well as general and administrative expenses that are not allocated to the business segments. These expenses largely relate to corporate activities, including information technology, facilities, legal, human resources, finance, accounting, treasury, investor relations, corporate communications, community relations and compensation to TKO's management and board of directors, which support both reportable segments. All prior period amounts related to the segment change have been retrospectively reclassified to conform to the new presentation. The profitability measure employed by the Company in assessing operating performance, including that of its segments, is Adjusted EBITDA. The Company defines Adjusted EBITDA as net income, excluding income taxes, net interest expense, depreciation and amortization, equity-based compensation, merger and acquisition costs, certain legal costs, restructuring, severance and impairment charges, and certain other items when applicable. Adjusted EBITDA includes amortization expenses directly related to supporting the operations of the Company's segments, including content production asset amortization. Additional Information As previously announced, TKO will host a conference call at 5:00 p.m. ET on August 6, 2025, to discuss its second quarter 2025 results. All interested parties are welcome to listen to a live webcast that will be hosted through the Company's website at Participants can access the conference call by dialing 1-833-470-1428 (conference ID: 381252). Please reserve a line 5-10 minutes prior to the start time of the conference call. Any accompanying materials referenced during the call will be made available on August 6, 2025, at A replay of the call will be available approximately two hours after the conference call concludes and can be accessed on the Company's website. About TKO TKO Group Holdings, Inc. (NYSE: TKO) is a premium sports and entertainment company. TKO owns iconic properties including UFC, the world's premier mixed martial arts organization; WWE, the global leader in sports entertainment; and PBR, the world's premier bull riding organization. Together, these properties reach 1 billion households across 210 countries and territories and organize more than 500 live events year-round, attracting more than three million fans. TKO also services and partners with major sports rights holders through IMG, an industry-leading global sports marketing agency; and On Location, a global leader in premium experiential hospitality. Website Disclosure Investors and others should note that TKO announces material financial and operational information to its investors using press releases, SEC filings and public conference calls and webcasts, as well as its Investor Relations site at TKO may also use its website as a distribution channel of material information about the Company. In addition, you may automatically receive email alerts and other information about TKO when you enroll your email address by visiting the 'Investor Email Alerts' option under the Resources tab on Forward-Looking Statements: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding TKO's business strategy and plans, financial outlook, integration of IMG, On Location and Professional Bull Riders, capital return program and TKO's financial condition, and anticipated financial and operational performance. The words 'believe,' 'may,' 'will,' 'estimate,' 'potential,' 'continue,' 'anticipate,' 'intend,' 'expect,' 'could,' 'would,' 'project,' 'plan,' 'target,' and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These forward-looking statements are based on management's current expectations. These statements are neither promises nor guarantees and involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from what is expressed or implied by the forward-looking statements, including, but not limited to: TKO's ability to generate revenue from discretionary and corporate spending on events; TKO's dependence on key relationships with television and cable networks, satellite providers, digital streaming partners and other distribution partners; TKO's ability to adapt to or manage new content distribution platforms or changes in consumer behavior; the realization of benefits of the Acquired Businesses; TKO's success in its strategic acquisitions, investments and commercial agreements; adverse publicity concerning the Company or its key personnel; the highly competitive, rapidly changing and increasingly fragmented nature of the markets in which TKO operates; TKO's dependence on the continued services of executive management and other key employees; changes in public and consumer tastes and preferences and industry trends; financial risks with owning and managing events for which TKO sells media and partnership and marketing rights, ticketing and hospitality; the Company's substantial indebtedness; and other important factors discussed in the section entitled 'Risk Factors' in TKO's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed by TKO, as any such factors may be updated from time to time in TKO's other filings with the SEC, accessible on the SEC's website at and TKO's investor relations site at Forward-looking statements speak only as of the date they are made and, except as may be required under applicable law, TKO undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. TKO Group Holdings, Inc. Consolidated Balance Sheets (In millions) (Unaudited) As of June 30, December 31, 2025 2024 Assets Current assets: Cash and cash equivalents $ 535.1 $ 619.8 Restricted cash 323.4 58.3 Accounts receivable, net 633.5 423.0 Deferred costs 140.8 179.3 Other current assets 280.1 248.1 Total current assets 1,912.9 1,528.5 Property, buildings and equipment, net 606.5 629.9 Intangible assets, net 3,527.6 3,649.9 Finance lease right-of-use assets, net 237.1 248.6 Operating lease right-of-use assets, net 62.2 64.6 Goodwill 8,442.5 8,442.0 Investments 123.0 101.2 Other assets 429.9 447.1 Total assets $ 15,341.7 $ 15,111.8 Liabilities, Non-controlling Interests and Stockholders' Equity Current liabilities: Accounts payable $ 283.9 $ 246.4 Accrued liabilities 393.9 670.2 Current portion of long-term debt 27.0 27.0 Current portion of finance lease liabilities 20.2 15.6 Current portion of operating lease liabilities 18.0 17.0 Deferred revenue 439.5 416.7 Other current liabilities 294.0 20.9 Total current liabilities 1,476.5 1,413.8 Long-term debt 2,722.3 2,735.3 Long-term finance lease liabilities 223.9 236.0 Long-term operating lease liabilities 48.4 52.5 Deferred tax liabilities 337.2 360.5 Other long-term liabilities 170.7 170.8 Total liabilities 4,979.0 4,968.9 Commitments and contingencies Redeemable non-controlling interests 21.9 21.9 Stockholders' equity: Class A common stock — — Class B common stock — — Additional paid-in capital 4,410.9 4,385.3 Accumulated other comprehensive loss (15.6) (2.6) Accumulated deficit (130.0) (291.7) Total TKO Group Holdings, Inc. stockholders' equity 4,265.3 4,091.0 Nonredeemable non-controlling interests 6,075.5 6,030.0 Total stockholders' equity 10,340.8 10,121.0 Total liabilities, nonredeemable non-controlling interests and stockholders' equity $ 15,341.7 $ 15,111.8 Expand TKO Group Holdings, Inc. Consolidated Statements of Cash Flows (In millions) (Unaudited) Six Months Ended June 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $ 438.6 $ (188.3 ) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 199.9 241.0 Amortization and impairments of content costs 13.6 15.7 Amortization of original issue discount and deferred financing cost 1.3 5.4 Impairment charges — 24.3 Loss on sale of investments 1.1 — Equity-based compensation 63.3 59.0 Income taxes 41.0 (28.0 ) Equity earnings of affiliates, net of dividends received (4.7 ) (1.1 ) Loss on disposal of assets — 83.0 Net (gain) loss on foreign currency transactions (6.2 ) 2.4 Other, net 1.6 (7.2 ) Changes in operating assets and liabilities, net of acquisition: Accounts receivable (208.2 ) (190.5 ) Other current assets (74.6 ) (93.2 ) Other noncurrent assets 31.4 (84.8 ) Accounts payable and accrued liabilities 21.2 423.9 Deferred revenue 37.7 58.9 Other liabilities 2.0 31.5 Net cash provided by operating activities 559.0 352.0 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, buildings and equipment and other assets (48.6 ) (64.2 ) Investment in affiliates, net (13.8 ) (16.4 ) Due from parent — (2.7 ) Proceeds from the sale of assets 5.8 0.1 Proceeds from infrastructure improvement incentives 5.4 — Proceeds from sales of investments and other 1.5 — Net cash (used in) provided by investing activities (49.7 ) (83.2 ) CASH FLOWS FROM FINANCING ACTIVITIES: Repayment of long-term debt (20.8 ) (172.1 ) Proceedings from borrowings — 150.0 Repurchase of Class A common stock — (165.0 ) Payments of contingent consideration related to acquisitions — (0.6 ) Net transfers to parent (122.5 ) (70.2 ) Contributions from parent 26.5 — Distributions to members (166.7 ) — Dividends paid (62.1 ) — Distributions of non-controlling interests (0.4 ) (0.4 ) Net cash used in financing activities (346.0 ) (258.3 ) Effects of exchange rate movements on cash 17.1 (1.9 ) NET DECREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 180.4 8.6 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF PERIOD 678.1 371.8 CASH AND CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD $ 858.5 $ 380.4 SUPPLEMENTAL CASH FLOW INFORMATION: Cash paid for interest 103.2 130.1 Cash payments for income taxes 31.3 16.6 NON-CASH INVESTING AND FINANCING TRANSACTIONS: Capital expenditures included in current liabilities 2.7 21.5 Capital contribution from parent 49.9 4.6 Accretion of redeemable non-controlling interests (4.9 ) — Principal stockholder contributions — 1.5 Excise taxes on repurchases of common stock — 1.5 Expand TKO Group Holdings, Inc. Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin (In millions, except percentages) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Net income (loss) $ 273.1 $ 46.2 $ 438.6 $ (188.3) Provision for income taxes 46.5 6.6 67.7 0.9 Interest expense, net 48.2 63.0 93.0 124.2 Depreciation and amortization 99.4 118.9 199.9 241.0 Equity-based compensation expense (1) 33.0 26.8 63.3 59.0 Merger and acquisition costs (2) 4.2 2.4 44.0 2.9 Certain legal costs (3) 9.7 6.0 16.2 351.2 Restructuring, severance and impairment (4) 4.3 30.4 5.8 39.9 Other adjustments (5) 8.1 0.5 15.4 8.9 Total Adjusted EBITDA $ 526.5 $ 300.8 $ 943.9 $ 639.7 Net income (loss) margin 21 % 4 % 17 % (8) % Adjusted EBITDA margin 40 % 25 % 37 % 26 % Expand (1) Equity-based compensation represents non-cash compensation expense for various awards issued under the TKO 2023 Incentive Award Plan, awards assumed in connection with the acquisition of WWE in September 2023, and awards issued under Endeavor Group Holding, Inc.'s 2021 Plan. For the three and six months ended June 30, 2025 and June 30, 2024, equity-based compensation includes $1.0 million and $6.7 million, and $2.0 million and $15.7 million, respectively, of expense associated with certain services provided by an independent contractor in the WWE segment. For the three and six months ended June 30, 2024, equity-based compensation includes $0.9 million and $3.3 million, respectively, of expense associated with accelerated vesting of the Replacement Awards related to the workforce reduction of certain employees in the WWE segment and Corporate and Other. (2) Includes certain costs of professional advisors related to strategic transactions, primarily the Acquired Businesses. (3) Includes costs related to certain litigation matters including antitrust lawsuits for UFC and WWE and matters where Mr. McMahon has agreed to make future payments to certain counterparties personally. For the six months ended June 30, 2024, these costs include the preliminary legal settlement of the UFC antitrust lawsuit for $335.0 million. (4) Includes costs resulting from the Company's cost reduction program. For the three and six months ended June 30, 2024, the Company recorded an impairment charge of $24.3 million as a result of reducing the carrying value of WWE assets held for sale to their fair value less cost to sell. (5) For the three months ended June 30, 2025, other adjustments primarily reflect losses on foreign exchange transactions, partially offset by a net gain of $2.2 million related to the sale of certain equity method investments. For the six months ended June 30, 2025, other adjustments primarily reflect losses on foreign exchange transactions as well as a net loss of $2.5 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. Other adjustments for three and six months ended June 30, 2024 primarily reflects losses on foreign exchange transactions. Expand (1) Net cash provided by operating activities for the three and six months ended June 30, 2025 includes approximately $164.8 million and $265.1 million, respectively, of pre-payments held in escrow related to the 2026 FIFA World Cup. (2) Purchases of property, buildings and equipment and other assets for the three and six months ended June 30, 2024 includes approximately $7.3 million and $26.9 million, respectively, of capital expenditures related to WWE's new headquarter facility. Expand
Newsweek
20 minutes ago
- Newsweek
WWE Star Reportedly Removed From Internal Roster
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. An update has been provided on the status of injured WWE Raw superstar Austin Theory. According to a new report from the former United States Champion has been removed from the company's internal active roster. This move comes after Theory was written off television with a storyline injury two weeks ago. The removal from the active roster is a standard procedural step for a performer who is sidelined for an extended period. Removed From The Active Roster The PWInsider report, citing WWE sources, confirms that Theory is no longer on the internal list of talent available to be booked for television or live events. It is important to note that this does not mean he has been released from his WWE contract. Wrestlers recovering from legitimate, long-term injuries are typically taken off the active roster list until they are medically cleared to return to action. The specific nature and severity of Theory's injury, and a potential timeline for his return, have not yet been publicly disclosed. Fightful Select reports that he's listed with the other injured talent like Zoey Stark and Ilja Dragunov. An Abrupt End To A-Town Down Under Theory's injury has been woven into a major new storyline. On the July 21st episode of Monday Night Raw, his tag team partner, Grayson Waller, announced that their team, A-Town Down Under, was officially "done" due to Theory being on the shelf. HOUSTON, TEXAS - MARCH 11: A general stadium view during WWE Monday Night RAW at Toyota Center on March 11, 2024 in Houston, Texas. HOUSTON, TEXAS - MARCH 11: A general stadium view during WWE Monday Night RAW at Toyota Center on March 11, 2024 in Houston, Texas. Waller showed no sympathy for his partner. He has since been seen on Raw attempting to form new alliances and has cut a scathing social media promo, claiming he "wasted two years" of his career making Theory relevant. This on-screen betrayal sets up a major grudge feud for when Theory is eventually cleared to return. A Career of Highs and Lows Austin Theory's WWE career has been a rollercoaster. He was initially pushed as the hand-picked protégé of Vince McMahon and became the youngest United States Champion and Mr. Money in the Bank in WWE history. However, his momentum stalled after an infamous failed cash-in attempt and a brutal promo from John Cena on the road to WrestleMania 39. He was successfully repackaged alongside Grayson Waller, and the arrogant duo captured the SmackDown Tag Team Championship at WrestleMania 40. This latest injury and the split from Waller mark another major turning point in the career of the talented 28-year-old. More WWE News: For more on WWE, head to Newsweek Sports.
Newsweek
2 hours ago
- Newsweek
Jelly Roll Makes Surprising Admission About WWE SummerSlam Match
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. In a shocking and respectful gesture, country music superstar Jelly Roll has revealed that he personally pitched the idea to lose his debut match at this past weekend's SummerSlam. On a new podcast appearance, the musician explained his surprising reasoning, which was rooted in his deep respect for the wrestling business. The revelation provides a fascinating new insight into the finish of the celebrity tag team match on Night One of SummerSlam. The bout saw Jelly Roll and Randy Orton lose to Drew McIntyre and Logan Paul. "I Want To Lose" Speaking on What Do You Wanna Talk About With Cody Rhodes, Jelly Roll disclosed that he went directly to WWE's Chief Content Officer, Triple H, with his request. He explained that he wanted to break from the tradition of celebrities always winning in WWE. "I told, I told Triple H, I want to lose SummerSlam," Jelly Roll said. "Just because no celebrity's ever got took a L, yeah, always put them over, yeah. And if you don't put me over, I always have a reason. Yeah, there's always just something lingering here. I can pop up anytime." A Last-Minute Change Explained Jelly Roll's comments now explain a previous report from Fightful Select. That report, which came out just before SummerSlam, stated that a last-minute change had been made to the match's finish and that the original plan was for Randy Orton and Jelly Roll to win. It is now clear that this change was made at the request of the celebrity competitor himself. EAST RUTHERFORD, NEW JERSEY - AUGUST 02: Randy Orton and Jelly Roll make their entrance before a tag team match against Logan Paul and Drew McIntyre during the WWE 2025 SummerSlam at MetLife Stadium on... EAST RUTHERFORD, NEW JERSEY - AUGUST 02: Randy Orton and Jelly Roll make their entrance before a tag team match against Logan Paul and Drew McIntyre during the WWE 2025 SummerSlam at MetLife Stadium on August 02, 2025 in East Rutherford, New Jersey. More This is a rare, if not unprecedented, move. It shows a deep, insider-level understanding of wrestling culture and the importance of "putting over" full-time talent. More news: WWE Superstar Announces Retirement Match Respecting The Business For decades, the unwritten rule in WWE has been that the visiting celebrity wins their match. This booking trope is designed to generate positive mainstream press and protect the celebrity's brand. From Lawrence Taylor at WrestleMania XI to Bad Bunny at WrestleMania 37, the celebrity almost always gets their hand raised. Jelly Roll's selfless decision to take the pinfall loss to United States Champion Logan Paul is a massive sign of his respect for the industry. It follows months of reports about his intensive training at the WWE Performance Center and his incredible physical transformation, all of which have earned him high praise from WWE officials and his fellow superstars. His request to lose further solidifies his reputation as a celebrity who is "doing it the right way." By losing, he also created a perfect storyline reason for a future return, as he now has a score to settle with Logan Paul and Drew McIntyre. More WWE News: For more on WWE, head to Newsweek Sports.
