Today in Sports - Serena Williams joins Steffi Graf as the only women to complete the Golden Slam
1936 — American athlete Jesse Owens wins his 2nd gold medal at the Berlin Olympics; beats German Luz Long in the long jump final with an Olympic record.
1945 — Byron Nelson wins his 11th consecutive PGA Tour event, beating Herman Barron by four strokes. Nelson finishes the year with a record for most tournament wins (18) in a season.
1982 — Joel Youngblood becomes the only player in major league history to play and get hits for two different teams in two different cities on the same day. In the afternoon, his hit drives in the winning run for the New York Mets in a 7-4 victory at Chicago. After the game, he's traded to the Montreal Expos and plays that night in Philadelphia. He enters the game in right field in the fourth inning and later gets a single.
1984 — Carl Lewis wins the 100-meter dash in 9.99 seconds at the Los Angeles Summer Games. US teammate Sam Graddy wins the silver in 10.19 and Canada's Ben Johnson gets the bronze with a time of 10.22.
1985 — Tom Seaver, 40, becomes the 17th 300-game winner in major league history with a six-hitter — all singles — as the Chicago White Sox beat the New York Yankees 4-1.
1985 — Rod Carew of the California Angels gets his 3,000th hit in a 6-5 win over the Minnesota Twins, his first major league team.
1996 — Laura Davies shoots a 6-under 66 for a two-stroke victory over Nancy Lopez and Karrie Webb in the du Maurier Classic.
1996 — The Atlanta Olympic Games end with U.S. boxer David Reid's stunning gold-medal knockout, and the women Dream Team's romp over Brazil. Reid captures America's only boxing gold, knocking down Cuban Alfredo Duvergel, while the U.S. women roll to a 111-87 victory behind Lisa Leslie's 29 points. A record 11,000 athletes from 197 countries make it the biggest Olympics.
2007 — 32-year-old Alex Rodriguez becomes the youngest player in MLB history to hit 500 home runs.
2011 — Cappie Pondexter scores 15 points to lead New York past Chicago 59-49, and the Liberty hold the Sky to a WNBA-record one point in the fourth quarter.
2012 — Michael Phelps wins another gold medal as the United States wins the medley relay at the London Olympics. Phelps leaves the sport with a record 18 golds and 22 medals overall. At these games, he wins four golds and two silvers.
2012 — Serena Williams beats Maria Sharapova 6-0, 6-1 to join Steffi Graf as the only women to complete the Golden Slam — winning the Olympics and the four majors. In a men's semifinal match, Roger Federer outlasts Juan Martin del Potro in a 19-17 final set and clinches his first Olympic singles medal. Canadian equestrian Ian Millar rides into Olympic history by competing in his 10th games — the most of any athlete.
2013 — Missy Franklin claims her record sixth gold medal on the final day of the world championships in Barcelona, becoming the most successful female swimmer ever at a world meet. Franklin eclipses the record shared by Tracy Caulkins — who won five times in 1978 — and Libby Trickett, who did it in 2007.
2013 — Stacy Lewis wins the Women's British Open after a marathon final day. Lewis finishes with a pair of birdies on the Old Course at St. Andrews and closes with an even-par 72. It's her second major on the LPGA Tour, and it ends a record streak of 10 straight majors won by Asian players. Forced to play 36 holes, Lewis is the only player at par or better from the last 21 groups that tee off.
2018 — British swimmer Adam Peaty improves his own world record in the 100-meter breaststroke to 57.1 seconds at the European Championships in Glasgow, Scotland.
2021 — Sydney McLaughlin sets a world record in in the women's 400m hurdles, 51.46s, for a gold medal at the Tokyo Olympics.
2024 — At the Paris Olympics Noah Lyles becomes the first American sprinter to win the 100m gold medal in 20 years; his time 9.784s edges Jamaica's Kishane Thompson by 0.005s
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'For much of the past 45 years, ESPN has been the institution of record in the world of sports,' said Mark Shapiro, President and COO, TKO. 'We are proud WWE will now take a prominent seat at its table during such a transformational juncture. As we look to the second half of 2025, we remain focused on delivering the next UFC domestic media rights deal, integrating industry leaders IMG, On Location, and PBR fully into TKO, and executing on our capital return initiatives.' Consolidated Results Second Quarter 2025 Revenue increased 10%, or $115.2 million, to $1.308 billion. The increase primarily reflected an increase of $21.5 million at UFC, to $415.9 million, and an increase of $99.4 million at WWE, to $556.2 million, partially offset by a decrease of $13.0 million at IMG, to $306.6 million. Net Income was $273.1 million, an increase of $226.9 million from $46.2 million in the prior year period. 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Adjusted EBITDA was a loss of $77.1 million, an improvement of $14.1 million from a loss of $91.2 million in the prior year period. Results primarily reflected a decrease of $23.7 million in expenses related to the allocation of Endeavor corporate costs. (See 'Basis of Presentation' for further details.) Full Year 2025 Guidance In May, the Company issued revenue and Adjusted EBITDA guidance of $4.490 billion - $4.560 billion and $1.490 billion - $1.530 billion, respectively, for the full year 2025. These amounts included the expected activity for the Acquired Businesses (consisting of IMG, On Location, PBR, and the associated transactional impacts). Based on outperformance through the first six months of the year and our anticipated performance for the remainder of the year, the Company is raising its guidance and now expects full year 2025 revenue of $4.630 billion - $4.690 billion and Adjusted EBITDA of $1.540 billion - $1.560 billion. 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
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Thomas Müller ends 17-year Bayern stint with MLS move
Legendary Bayern Munich attacker Thomas Müller has put an end to a lucrative 17-year senior career at Allianz Arena, putting pen to paper on a two-year deal with MLS outfit Vancouver Whitecaps. The German made his debut for the club in 2008 and has since racked up a staggering tally of 250 goals and 276 assists in over 700 games with the Bundesliga giants. In the nearly two decades with Bayern, the 35-year-old won 13 Bundesliga titles, two Champions Leagues, six German Cups, and eight German Supercups. Müller joins a Vancouver side in need of stardust after their red-hot start to the 2025 MLS campaign cooled off significantly in the early months of summer. Speaking after the signing was announced, Whitecaps FC CEO and sporting director Axel Schuster said, "Thomas is a world-class player – the ultimate Raumdeuter; interpreter of space – known for his elite chance creation, unmatched spatial awareness, and relentless off-the-ball movement. "He not only brings a winning pedigree and exceptional football intelligence, but also a tireless work ethic that will elevate the entire team. Thomas is a natural leader whose passion for the game is infectious. "This is a statement signing by our club and our ownership – a transformative moment for our club and our city. We are proud to welcome Thomas to Vancouver." 📸 Alexander Hassenstein - 2022 Getty Images
