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AI核心结论
TKO delivered strong Q1 FY2026 results with revenue surging 25.9% YoY to $1.60B and net income jumping 53.0% to $89.4M, driven by robust operating leverage, though long-term debt rose sharply by 68.4% to $4.64B.
营业收入
$1.6B
同比 ++25.86%
每股收益（基本）
$1.16
同比 ++61.11%
营业利润
$338.48M
同比 ++42.60%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
TKO Group Holdings (TKO) Q1 FY2026 营收 $1.6B，同比增长 25.9%。 净利润 $89.35M，同比增长 53.0%，稀释每股收益 $1.12。
TKO's revenue grew 25.9% YoY from $1.27B to $1.60B in Q1 FY2026, reflecting strong momentum across its live sports and entertainment properties, including WWE and UFC events.
来源: Source: 10-Q Income Statement
Operating income rose 42.6% YoY to $338.5M, with operating margin expanding approximately 250 basis points to 21.2%, indicating that revenue growth is outpacing cost increases and driving meaningful profitability improvement.
来源: Source: 10-Q Income Statement
Operating cash flow surged 326.6% YoY from $162.8M to $694.5M, a dramatic improvement that signals significantly stronger cash generation from core business operations in Q1 FY2026.
来源: Source: 10-Q Cash Flow Statement
SG&A expenses grew only 4.7% YoY to $380.2M despite 25.9% revenue growth, demonstrating strong cost discipline and contributing to the meaningful margin expansion seen in the quarter.
来源: Source: 10-Q Income Statement
Long-term debt rose 68.4% YoY to $4.64B, while the company also repurchased $838.3M in shares, reflecting an aggressive capital allocation strategy that has increased financial leverage and reduced stockholders' equity by 18.9% to $3.38B.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
Long-term debt surged 68.4% YoY to $4.64B, pushing the debt-to-equity ratio to 2.22x. This elevated leverage increases TKO's sensitivity to interest rate changes and could constrain financial flexibility in a downturn or if operating performance weakens.
来源: Source: 10-Q Balance Sheet
Stockholders' equity fell 18.9% YoY to $3.38B, partly driven by the $838.3M in share buybacks. While buybacks can signal management confidence, the combination of rising debt and shrinking equity materially increases financial risk for the company.
来源: Source: 10-Q Balance Sheet & Cash Flow Statement
TKO's revenue is heavily dependent on live sports events (UFC and WWE) and associated media rights deals. Any disruption to event scheduling, athlete availability, or renegotiation of key media contracts could significantly impact revenue.
来源: Source: 10-Q Income Statement
Despite a 21.2% operating margin, TKO's net margin is only 5.6%, suggesting significant below-the-line costs such as interest expense, amortization of intangibles, or non-operating charges that compress profitability and could worsen if debt levels rise further.
来源: Source: 10-Q Income Statement
Total assets grew 6.7% YoY to $16.0B, a figure that likely includes substantial goodwill and intangible assets from the TKO merger. Any impairment of these assets could result in large non-cash charges that would significantly impact reported earnings.
来源: Source: 10-Q Balance Sheet
Q1 FY2026 实际 EPS $1.12，分析师一致预期 $1.20，不及预期 -6.7%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $1.6B | $1.27B | +25.86% |
营业利润 | $338.48M | $237.36M | +42.60% |
净利润 | $89.35M | $58.41M | +52.98% |
每股收益（基本） | $1.16 | $0.72 | +61.11% |
每股收益（稀释） | $1.12 | $0.69 | +62.32% |
销售及管理费用 | $380.24M | $363.29M | +4.67% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $16.02B | $15.01B | +6.75% |
流动资产 | $2.93B | $1.52B | +93.18% |
总负债 | $7.5B | $4.82B | +55.68% |
流动负债 | $2.19B | $1.22B | +79.78% |
股东权益 | $3.38B | $4.16B | -18.89% |
现金及等价物 | $788.89M | $470.86M | +67.54% |
长期债务 | $4.64B | $2.76B | +68.39% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $694.54M | $162.82M | +326.56% |
投资活动现金流 | $-21.48M | $-30.99M | +30.69% |
筹资活动现金流 | $-127.54M | $-185.67M | +31.31% |
股票回购 | $838.31M | — | — |
折旧及摊销 | $143.8M | $100.53M | +43.04% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 21.2% | 18.7% | +2.49% |
净利率 | 5.6% | — | — |
净资产收益率 | 2.6% | — | — |
总资产收益率 | 0.6% | — | — |
流动比率 | $1.339 | — | — |
资产负债率 | $2.22 | — | — |
TKO's revenue grew 25.9% YoY to $1.60B in Q1 FY2026, up from $1.27B in the prior year period. This growth reflects strong performance across its live sports and entertainment portfolio, including UFC and WWE events.
The key takeaways from TKO's Q1 FY2026 earnings include a 25.9% revenue increase to $1.60B, a 53.0% jump in net income to $89.4M, and a remarkable 326.6% surge in operating cash flow to $694.5M. However, long-term debt rose sharply by 68.4% to $4.64B, partly due to $838.3M in share buybacks, raising leverage concerns.
Yes, TKO is profitable in Q1 FY2026, reporting net income of $89.4M and an operating income of $338.5M. However, the net margin of 5.6% is well below the 21.2% operating margin, suggesting significant interest and non-operating expenses are weighing on bottom-line results.
Based on the financial data, key risks include TKO's elevated leverage with long-term debt rising 68.4% to $4.64B and a debt-to-equity ratio of 2.22x, as well as declining stockholders' equity of $3.38B (down 18.9% YoY) driven by aggressive share buybacks. The company's large intangible asset base also poses potential goodwill impairment risk.
TKO's near-term liquidity appears adequate with a current ratio of 1.34x and cash of $788.9M, and operating cash flow is very strong at $694.5M. However, the longer-term financial health is tempered by a high debt-to-equity ratio of 2.22x and long-term debt of $4.64B, which investors should watch closely given the company's aggressive capital allocation strategy.