{"schemaVersion":1,"research":true,"symbol":"tko","name":"TKO Group Holdings","topic":"moat","path":"/stock/tko/moat","status":"published","version":10,"updatedAt":"2026-10-20T01:19:58.841Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"TKO has a demonstrated intangible-assets advantage centered on UFC and WWE: distinctive content supports substantial licensing revenue, higher renewal fees and repeat commercial commitments. Multiyear contracts support persistence, while piracy, audience substitution, renewal options and litigation constrain durability. Pricing power is demonstrated in sponsorship renewals and contractual media-fee escalations, but equivalent advantages across the acquired service businesses remain unestablished.","advantages":[{"mechanism":"intangible_assets","claim":"UFC and WWE's differentiated intellectual property and established audiences support monetization through media rights, sponsorships, live events and licensing. Actual higher renewal fees and media-fee escalations provide pricing evidence beyond revenue growth alone.","durability":"Multiyear licensing arrangements, substantial remaining contractual obligations and renewed venue commitments support several years of persistence. These commitments do not guarantee successful subsequent renewals or exceptional long-term durability.","risks":"Piracy can impair content economics; audience preferences and athlete popularity can shift. Distributors retain negotiating leverage and some termination options. UFC live-event revenue declined in first-half 2026 despite growth elsewhere, and litigation creates financial and potential operational exposure.","invalidation":"The advantage would weaken materially if successive major media or sponsorship renewals required lower comparable fees, repeat venue commitments failed to renew, or sustained audience deterioration reduced licensing demand. Binding legal restrictions that materially impaired content economics would also invalidate the current durability assessment.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8","e9"],"counterEvidenceIds":["e10","e11","e12","e13","e14"]}],"evidence":[{"id":"e1","location":"2025 Form 10-K, business: WWE content and monetization","sourceId":"filing-1","excerpt":"WWE, the global leader in sports entertainment, produces and distributes unique and creative content through various channels, including content rights agreements with distribution partners including Netflix, ESPN, Versant, and the CW for its weekly programs, Raw, SmackDown and NXT, and Premium Live Events, monetization across social media outlets, live events, and licensing of various WWE themed consumer products."},{"id":"e2","location":"2025 Form 10-K, business: UFC events and distribution reach","sourceId":"filing-1","excerpt":"UFC, the world’s premier professional MMA organization, produces more than 40 live events annually which are broadcast in over 170 countries and territories to over 950 million TV households."},{"id":"e3","location":"June 2026 Form 10-Q, disaggregated revenue","sourceId":"filing-2","excerpt":"Disaggregated Revenue The following table presents the Company’s revenue disaggregated by primary revenue sources (in thousands): For the Three Months Ended June 30, 2026 UFC WWE IMG Corp & Other Total Media rights, production and content $ 325,176 $ 359,758 $ 147,160 $ 3,715 $ 835,809 Live events and hospitality 47,844 152,000 198,503 19,790 418,137 Partnerships and marketing 144,758 63,178 3,514 12,299 223,749 Consumer products licensing and other 17,884 46,014 5,380 12,671 81,949 Eliminations — — — — (12,566 ) Total revenue $ 535,662 $ 620,950 $ 354,557 $ 48,475 $ 1,547,078 For the Six Months Ended June 30, 2026 UFC WWE IMG Corp & Other Total Media rights, production and content $ 600,491 $ 641,431 $ 307,405 $ 12,650 $ 1,561,977 Live events and hospitality 96,337 275,470 666,154 52,801 1,090,762 Partnerships and marketing 211,853 89,412 25,020 28,575 354,860 Consumer products licensing and other 28,202 90,295 11,512 28,355 158,364 Eliminations — — — — (22,009 ) Total revenue $ 936,883 $ 1,096,608 $ 1,010,091 $ 122,381 $ 3,143,954 For the Three Months Ended June 30, 2025 UFC WWE IMG Corp & Other Total Media rights, production and content $ 260,491 $ 278,915 $ 163,397 $ 4,661 $ 707,464 Live events and hospitality 58,478 185,765 132,148 18,465 394,856 Partnerships and marketing 85,730 58,291 7,868 11,650 163,539 Consumer products licensing and other 11,136 33,171 3,177 9,856 57,340 Eliminations — — — — (14,757 ) Total revenue $ 415,835 $ 556,142 $ 306,590 $ 44,632 $ 1,308,442 For the Six Months Ended June 30, 2025 UFC WWE IMG Corp & Other Total Media rights, production and content $ 484,588 $ 530,530 $ 324,703 $ 7,969 $ 1,347,790 Live events and hospitality 117,101 262,044 420,534 51,858 851,537 Partnerships and marketing 150,074 83,868 30,203 23,763 287,908 Consumer products licensing and other 23,819 71,240 7,418 15,419 117,896 Eliminations — — — — (27,889 ) Total revenue $ 775,582 $ 947,682 $ 782,858 $ 99,009 $ 2,577,242 15 Table of Contents Remaining Performance Obligations The transaction price related to the Company’s future performance obligations does not include any variable consideration related to sales or usage-based royalties."},{"id":"e4","location":"2026 proxy, 2025 operating highlights: UFC renewal and media fees","sourceId":"filing-3","excerpt":"This increase was primarily driven by $62.9 million of higher partnership revenue from new sponsors and increases in fees from renewals, as well as $28.3 million of increased media rights, production and content revenue from higher media rights fees."},{"id":"e5","location":"2025 results release, fourth-quarter UFC media-fee escalation","sourceId":"filing-9","excerpt":"The increase in media rights, production and content revenue was primarily related to the contractual escalation of media rights fees compared to the prior year period."},{"id":"e6","location":"2025 results release, fourth-quarter WWE media-fee escalation","sourceId":"filing-9","excerpt":"The increase in media rights, production and content revenue was primarily related to the contractual escalation of media rights fees, notably the impact of WWE’s distribution agreements with Netflix and ESPN."},{"id":"e7","location":"June 2026 Form 10-Q, remaining performance obligations","sourceId":"filing-2","excerpt":"The following table presents the aggregate amount of the transaction price allocated to remaining performance obligations for contracts greater than one year with unsatisfied or partially satisfied performance obligations as of June 30, 2026 (in thousands):\n \n Remainder of 2026\n \n $\n 1,708,428\n \n 2027\n \n \n 3,371,206\n \n 2028\n \n \n 3,147,482\n \n 2029\n \n \n 2,745,179\n \n 2030\n \n \n 1,758,592\n \n Thereafter\n \n \n 3,239,111\n \n Total remaining performance obligations\n \n $\n 15,969,998\n \n \n \nRevenue from Prior Period Performance Obligations"},{"id":"e8","location":"2026 proxy, operating achievements: T-Mobile Arena renewal","sourceId":"filing-3","excerpt":"• In September 2025, extended multi-year partnership with T-Mobile Arena through 2030, which reinforces the venue’s status as the official home for UFC and WWE in Las Vegas; the renewed agreement guarantees a minimum of four annual UFC events and two WWE events at the iconic arena."},{"id":"e9","location":"2026 proxy, operating achievements: repeat Macau partnership","sourceId":"filing-3","excerpt":"• In September 2025, secured a partnership with Galaxy Macau to hold three UFC Fight Nights in Macau over four years from 2026 through 2029, following the success of UFC’s Fight Night held in Macau in 2024."},{"id":"e10","location":"2025 Form 10-K, risk: pirated streaming alternatives","sourceId":"filing-1","excerpt":"The success of our streaming video solutions with respect to both live and video-on-demand content (e.g., UFC FIGHT PASS) is directly threatened by the availability and use of pirated alternatives, which we may not detect, or be able to prevent or take down in real time, including the streaming of our events on social media and other platforms."},{"id":"e11","location":"2025 Form 10-K, risk: piracy and distributor willingness to pay","sourceId":"filing-1","excerpt":"The value that streaming services are willing to pay for content that we develop may be reduced if piracy prevents these services from realizing adequate revenues."},{"id":"e12","location":"2025 Form 10-K, risk: consumer preferences and popularity","sourceId":"filing-1","excerpt":"Our ability to generate revenues is highly sensitive to rapidly changing consumer preferences and industry trends, as well as the popularity of our brand, events, and the athletes that participate in our events."},{"id":"e13","location":"2024 Form 10-K, business: Netflix agreement term and options","sourceId":"filing-4","excerpt":"The agreement has an initial 10-year term, with an option for Netflix to extend for an additional 10 years and to opt out after the initial five years."},{"id":"e14","location":"June 2026 Form 10-Q, legal proceedings: Davis injunctive relief","sourceId":"filing-2","excerpt":"The Davis case does not seek monetary damages and instead seeks injunctive relief."},{"id":"e15","location":"2024 Form 10-K, business: typical media-license durations","sourceId":"filing-4","excerpt":"License agreements with broadcasters and distributors have various terms typically ranging from three to five years, although certain of our most significant agreements are longer and range from seven to 10 years."},{"id":"e16","location":"2024 Form 10-K, business: negotiated renewal horizons","sourceId":"filing-4","excerpt":"We negotiate agreements with a renewal horizon that reflects the growing popularity of our programming."},{"id":"e17","location":"June 2026 Form 10-Q, segment revenue and profitability reconciliation","sourceId":"filing-2","excerpt":"27 Table of Contents Revenue Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 UFC $ 535,662 $ 415,835 $ 936,883 $ 775,582 WWE 620,950 556,142 1,096,608 947,682 IMG 354,557 306,590 1,010,091 782,858 Total revenue from reportable segments $ 1,511,169 $ 1,278,567 $ 3,043,582 $ 2,506,122 Corporate and Other 48,475 44,632 122,381 99,009 Eliminations (12,566 ) (14,757 ) (22,009 ) (27,889 ) Total revenue $ 1,547,078 $ 1,308,442 $ 3,143,954 $ 2,577,242 Reconciliation of segment profitability Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 UFC $ 280,454 $ 244,792 $ 534,925 $ 472,185 WWE 368,325 329,739 624,371 523,679 IMG 78,527 28,994 175,928 102,455 Total Adjusted EBITDA from reportable segments 727,306 603,525 1,335,224 1,098,319 Corporate and Other (77,426 ) (77,037 ) (135,588 ) (154,453 ) Total Adjusted EBITDA 649,880 526,488 1,199,636 943,866 Reconciling items: Equity loss (earnings) of affiliates 4,436 (7,310 ) 2,801 (9,834 ) Interest expense, net (70,619 ) (48,207 ) (131,184 ) (92,972 ) Depreciation and amortization (98,500 ) (99,397 ) (242,302 ) (199,932 ) Equity-based compensation expense (1) (40,396 ) (32,996 ) (79,982 ) (63,267 ) Merger, acquisition and earn out costs (2) (6,973 ) (4,268 ) (9,369 ) (44,040 ) Certain legal costs (3) (71,055 ) (9,693 ) (94,270 ) (16,151 ) Restructuring, severance and impairment (4) (747 ) (4,305 ) (1,098 ) (5,824 ) Debt transaction costs (5) (2,455 ) — (2,455 ) — Foreign exchange gains and (losses) (6) (699 ) (10,101 ) 2,594 (14,978 ) Other adjustments (7) (1,267 ) 2,048 (626 ) (395 ) Income before income taxes and equity earnings of affiliates $ 361,605 $ 312,259 $ 643,745 $ 496,473 (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 Holdings, Inc.’s 2021 Plan."},{"id":"e18","location":"June 2026 Form 10-Q, operating cash flows","sourceId":"filing-2","excerpt":"These dividend payments represented TKO’s portion of the pro rata distributions from TKO OpCo to its equity holders Cash Flows Overview Six Months Ended June 30, 2026 2025 Net cash provided by operating activities $ 1,068.5 $ 559.0 Net cash used in investing activities $ (47.9 ) $ (49.7 ) Net cash used in financing activities $ (651.0 ) $ (346.0 ) Operating activities increased from $559.0 million of cash provided in the six months ended June 30, 2025 to $1,068.5 million of cash provided in the six months ended June 30, 2026."},{"id":"e19","location":"June 2026 Form 10-Q, operating cash-flow drivers and restricted cash","sourceId":"filing-2","excerpt":"Cash provided in the six months ended June 30, 2026 was primarily due to net income for the period of $553.7 million, which included certain non-cash items, including depreciation and amortization of $242.3 million and equity-based compensation of $80.0 million, as well as an increase in restricted cash of $604.8 million related to On Location for the FIFA World Cup 2026."},{"id":"e20","location":"June 2026 Form 10-Q, financing cash uses","sourceId":"filing-2","excerpt":"Cash used in the six months ended June 30, 2026 primarily reflects payments for share repurchases of $967.6 million, distributions to EGH and its subsidiaries of $408.0 million, dividends paid to holders of TKO Class A common stock of $117.3 million, and net payments of $78.5 million to repay our outstanding debt and refinance our existing first lien term loan."},{"id":"e21","location":"June 2026 Form 10-Q, financing proceeds","sourceId":"filing-2","excerpt":"These payments were partially offset by proceeds of $929.9 million received from the upsizing and repricing of\n \n46\n Table of Contents\n \n the Company's existing first lien term loan."},{"id":"e22","location":"June 2026 Form 10-Q, increased debt and interest expense","sourceId":"filing-2","excerpt":"This increase was driven primarily by incremental interest expense from higher debt levels maintained during the current year as compared to the prior year due to the $1.0 billion and $900.0 million incremental first lien term loans entered in September 2025 and March 2026, respectively, partially offset by the impact of lower interest rates effective May 28, 2026 associated with the debt repricing transaction which repriced the facility."},{"id":"e23","location":"2025 Form 10-K, completed acquisition consideration and equity issuance","sourceId":"filing-1","excerpt":"The transaction was valued at approximately $3.25 billion plus a $50 million purchase price adjustment (based on the volume-weighted average sales price of TKO’s Class A common stock for the twenty-five trading days ending on October 23, 2024), and was satisfied through the issuance of 26.54 million common units of TKO OpCo and an equivalent number of corresponding shares of TKO Class B common stock to the EGH Parties."},{"id":"e24","location":"2026 proxy, stock ownership policy","sourceId":"filing-3","excerpt":"• Stock Ownership Policy: Our Stock Ownership Policy requires each of our directors who receive equity awards pursuant to our non-employee director compensation policy and each of our named executive officers to maintain beneficial ownership of a certain value of shares of our Class A common stock during their tenure at the Company."},{"id":"e25","location":"2026 proxy, actual January 2026 RSU grant and vesting schedule","sourceId":"filing-3","excerpt":"As such, in January 2026, Mr. Schleimer received 38,377 RSUs that vest in three equal annual installments on January 1, 2027, January 1, 2028 and January 1, 2029."},{"id":"e26","location":"2026 proxy, actual 2025 bonuses and performance basis","sourceId":"filing-3","excerpt":"The following table reflects the target bonus applicable for fiscal year 2025 and the actual amounts paid to the named executive officers: Annual Bonuses Name Annual Target Bonus ($) Actual Financial Performance Annual Bonus (1) (a) ($) Actual Qualitative Discretionary Bonus (b) ($) Total Actual Annual Bonus Payout (a) + (b) ($) Ariel Emanuel $ 7,000,000 $ 8,120,000 $ 11,880,000 $ 20,000,000 Andrew Schleimer $ 2,000,000 $ 2,500,000 $ 4,500,000 $ 7,000,000 Mark Shapiro $ 6,000,000 $ 7,500,000 $ 5,000,000 $ 12,500,000 Seth Krauss $ 2,000,000 $ 2,500,000 $ 1,500,000 $ 4,000,000 (1) Based upon Adjusted EBITDA of the UFC and WWE segments, without regard for corporate costs, as described above."},{"id":"e27","location":"June 2026 Form 10-Q, controlling stockholder voting interests","sourceId":"filing-2","excerpt":"As of June 30, 2026, EGH and its subsidiaries collectively controlled 64.1% of the voting interests in TKO through their ownership of both TKO Class A common stock and TKO Class B common stock."},{"id":"e28","location":"2026 proxy, controlled-company protections","sourceId":"filing-3","excerpt":"Accordingly, holders of our Class A common stock will not have the same protections afforded to stockholders of companies that are subject to all of the rules and corporate governance standards of NYSE, and the ability of our independent directors to influence its business policies and affairs may be reduced."},{"id":"e29","location":"2026 proxy, audit committee independence","sourceId":"filing-3","excerpt":"Tellem, Ms. Wheeler and Ms. Medina qualifies as “independent” under NYSE’s additional standards applicable to audit committee members and Rule 10A-3 of the Exchange Act."},{"id":"e30","location":"June 2026 Form 10-Q, recognized stockholder litigation loss and professional fees","sourceId":"filing-2","excerpt":"For the three and six months ended June 30, 2026, these costs include an estimated loss of $30.0 million reflecting the Company’s liability net of probable insurance recoveries, as well as $25.6 million and $42.0 million, respectively, of professional fees, associated with stockholder litigation related to WWE."},{"id":"e31","location":"June 2026 Form 10-Q, common-control acquisition and historical recasting","sourceId":"filing-2","excerpt":"As a result of the common control acquisition, the net assets of the Acquired Businesses were combined with those of TKO at their historical carrying amounts, and the financial statements have been retrospectively recast on a combined basis for historical periods prior to February 28, 2025, because they were under common control for all periods presented."},{"id":"e32","location":"2025 results release, fourth-quarter WWE sponsorship renewals","sourceId":"filing-9","excerpt":"The increase in partnerships and marketing revenue was primarily related to new partners and an increase in fees from renewals compared to the prior year period."}],"changes":["Retain the narrow verdict after reassessing the current catalog; the advantage remains concentrated in UFC and WWE.","Add realized_pricing at grade 3: disclosed higher sponsorship renewal fees and actual contractual media-fee escalations establish observed pricing outcomes. The previous summary's emphasis on first-half 2026 revenue alone understated this evidence.","Retain the other criterion grades with current catalog citations, while explicitly recognizing Netflix's disclosed opt-out and the limits of group contractual obligations as evidence for individual businesses."],"limitations":["The catalog does not identify named operating competitors for a defensible competitive comparison. Distributors, sponsors, venues and related parties are not classified as competitors merely because they are named.","Evidence consists of issuer filings and issuer releases. Reported operating results and contractual disclosures support numerical assessments, while leadership claims and forecasts do not establish exceptional performance.","Revenue growth combines pricing, volume, event timing and mix. Disclosed fee escalations and renewal increases demonstrate pricing outcomes, but comparable ticket-price trends and price elasticity are absent.","Group remaining performance obligations are not allocated here to UFC, WWE or individual counterparties and do not establish customer switching costs.","No direct fan or distributor retention rate is supplied. Retention is assessed from actual repeat commercial commitments and renewal activity.","The catalog supplies compensation and control disclosures, but does not establish ownership-policy compliance, subsequent vesting of scheduled awards or acquisition returns on consideration.","Historical results were recast for the common-control acquisition; pre-acquisition comparisons do not demonstrate returns earned from TKO's purchase price.","Source dates are treated as filing dates, retaining dateKind filed; they are not inferred publication or retrieval dates."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Distinctive UFC and WWE programming generates substantial media, sponsorship and licensing revenue, with actual higher renewal fees supporting commercial differentiation. This establishes an intangible-assets advantage without proving network effects, cost leadership or a similar advantage throughout the acquired businesses.","evidenceIds":["e1","e2","e3","e4"]},{"criterion":"durability","grade":3,"rationale":"Multiyear media-license terms, remaining contractual obligations and the venue renewal through 2030 support persistence across several years. Netflix's disclosed five-year opt-out and the need for future renewals limit confidence beyond contractual horizons.","evidenceIds":["e7","e8","e13","e15"]},{"criterion":"customer_dependency","grade":2,"rationale":"Repeat venue commitments and substantial contracted revenue demonstrate customer value. They do not establish that distributors or fans lack substitutes, and preference sensitivity prevents treating content demand as strong switching friction.","evidenceIds":["e7","e8","e9","e12"]},{"criterion":"erosion_resilience","grade":2,"rationale":"First-half 2026 media and licensing growth weighs against broad realized erosion, although UFC live-event revenue declined. Piracy and preference risks remain prospective threats, while disclosed injunctive litigation adds uncertainty without establishing an adverse ruling.","evidenceIds":["e3","e10","e11","e12","e14"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"Actual increases in sponsorship renewal fees and contractual media-rights escalations demonstrate realized pricing gains at UFC and WWE. Revenue totals also include new partners and changing content or event mix, so these disclosures do not establish uniform pricing power across every offering.","evidenceIds":["e4","e5","e6","e32"]},{"criterion":"retention","grade":3,"rationale":"The T-Mobile Arena extension, repeat Macau partnership and sponsorship renewals demonstrate renewed commercial demand. This assesses retention through commercial relationships rather than a measured fan or distributor retention rate; portfolio-wide retention remains unquantified.","evidenceIds":["e8","e9","e4","e32"]},{"criterion":"margin_resilience","grade":2,"rationale":"First-half 2026 WWE Adjusted EBITDA grew faster than revenue, while UFC profitability grew more slowly than revenue. Consolidated profitability improved despite increased legal costs, but the adjusted measure excludes material expenses. These mixed outcomes support resilience without independently proving pricing power.","evidenceIds":["e17","e30"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Negotiated renewal horizons and actual fee escalations show an ability to secure favorable terms. Multiyear license commitments and Netflix's disclosed opt-out constrain flexibility; unilateral price-reset rights are not established.","evidenceIds":["e15","e16","e5","e6","e13"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Actual cash generation and capital returns provide assessable outcomes, but first-half 2026 repurchases of $967.6 million accompanied substantial financing proceeds and higher interest expense. Restricted event prepayments limit interpretation of operating cash generation. The equity-funded acquisition is completed, but its return on consideration remains unproven.","evidenceIds":["e18","e19","e20","e21","e22","e23","e31"]},{"criterion":"incentive_alignment","grade":2,"rationale":"An adopted ownership policy and an actual RSU grant with future vesting support alignment. Large discretionary bonuses and financial bonuses based on UFC and WWE Adjusted EBITDA excluding corporate costs weaken the connection to comprehensive shareholder outcomes. Scheduled vesting is not treated as completed vesting, and policy compliance is unverified.","evidenceIds":["e24","e25","e26"]},{"criterion":"execution","grade":3,"rationale":"UFC, WWE and IMG delivered first-half 2026 revenue and Adjusted EBITDA growth, alongside completed repeat venue agreements. These operating and contractual outcomes support execution; attribution to management is indirect, and they do not establish acquisition investment returns or eliminate litigation burdens.","evidenceIds":["e17","e8","e9","e30","e31"]},{"criterion":"governance","grade":1,"rationale":"Actual 64.1% voting control and disclosed reduced controlled-company protections leave minority influence fragile. Independent audit committee membership provides a counterweight. Recognized stockholder litigation costs add a demonstrated burden without proving the underlying allegations.","evidenceIds":["e27","e28","e29","e30"]}]}],"financialAssessments":[],"qualityPolicy":"quality-scores-3","sourcePolicy":"issuer-evidence-8","basisHash":"e7bbcc9e97486556edbbd08a98f7e6a73b833d8310963e88ba3b4fcc85da0fbd","updatedAt":"2026-10-20T01:19:58.841Z","sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1973266/000119312526071651/tko-20251231.htm","publishedAt":"2026-02-25","sha256":"3b82258c00da813bde3ef45ad9a00956972b8281b533d89b834c7102af453bfe","dateKind":"filed","citationPolicy":"numeric-blocks-2"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1973266/000119312526330592/tko-20260630.htm","publishedAt":"2026-08-03","sha256":"e39a536d548a9fe92917426e9a786e40c9cb3113e31f8a8a0154e984e28aa6a7","dateKind":"filed","citationPolicy":"numeric-blocks-2"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1973266/000119312526173833/d913980ddef14a.htm","publishedAt":"2026-04-23","sha256":"9f2874d964c29de69f04fe2e9e68bd22b471e390ac517c51f49813a037d8c764","dateKind":"filed","citationPolicy":"numeric-blocks-2"},{"id":"filing-4","url":"https://www.sec.gov/Archives/edgar/data/1973266/000095017025027778/tko-20241231.htm","publishedAt":"2025-02-26","sha256":"aa90de5b48f8af433f24e1c79e9014d3daf73eecb2b7e1733707ea3c16849380","dateKind":"filed","citationPolicy":"numeric-blocks-2"},{"id":"filing-5","url":"https://www.sec.gov/Archives/edgar/data/1973266/000119312526330561/tko-ex99_1.htm","publishedAt":"2026-08-03","sha256":"15ba5225711884441852e94559a6ffb08b39ebdb65c2bd4e1649d670f69c951f","citationPolicy":"numeric-blocks-2","dateKind":"filed"},{"id":"filing-6","url":"https://www.sec.gov/Archives/edgar/data/1973266/000119312526330561/tko-ex99_2.htm","publishedAt":"2026-08-03","sha256":"c3a99d05bb54ef175acd50070c465b167c8256f1c362a06b91e0676db56fe6ea","citationPolicy":"numeric-blocks-2","dateKind":"filed"},{"id":"filing-7","url":"https://www.sec.gov/Archives/edgar/data/1973266/000119312526208955/tko-ex99_1.htm","publishedAt":"2026-05-06","sha256":"bcecf81063e30b7d53cef656cff2b101ceb47e655acb511e843ede6fce528e11","citationPolicy":"numeric-blocks-2","dateKind":"filed"},{"id":"filing-8","url":"https://www.sec.gov/Archives/edgar/data/1973266/000119312526208955/tko-ex99_2.htm","publishedAt":"2026-05-06","sha256":"35fd4f93b1df8a4e3bca1004059609bfa8613078e4255f222c52e4c6ef9adb9d","citationPolicy":"numeric-blocks-2","dateKind":"filed"},{"id":"filing-9","url":"https://www.sec.gov/Archives/edgar/data/1973266/000119312526071552/tko-ex99_1.htm","publishedAt":"2026-02-25","sha256":"58de53dccb7ee774e1e96fd912fbf619091da352e5bf2defa3ecda79e14c8eb1","citationPolicy":"numeric-blocks-2","dateKind":"filed"},{"id":"filing-10","url":"https://www.sec.gov/Archives/edgar/data/1973266/000119312526071552/tko-ex99_2.htm","publishedAt":"2026-02-25","sha256":"860e750f1af4bf1c6ee7b270fb444b341f8b95b5c9cd1f6ba3ffdbf386d755e3","citationPolicy":"numeric-blocks-2","dateKind":"filed"},{"id":"filing-11","url":"https://www.sec.gov/Archives/edgar/data/1973266/000119312526269552/d80456d8k.htm","publishedAt":"2026-06-12","sha256":"38d758234f72cd1e69a0fca98749b76854556a598f7356b41a748462d9ef96ba","citationPolicy":"numeric-blocks-2","dateKind":"filed"}],"model":"gpt-6.1-sol","providerId":"codex:0ef7abb5fe07a2213433a807e6faf97666fb04e9dc5c502269265a82371199b8","usage":{"input_tokens":107545,"cached_input_tokens":0,"cache_write_input_tokens":0,"output_tokens":3364,"reasoning_output_tokens":95}},"signals":[{"period":"2023","end":"2023-12-31","values":{"gross_margin":null,"operating_margin":26.66695721948121,"roic":null,"fcf_margin":null,"sbc_revenue":3.409557675131704},"issues":{"pe":"Trailing earnings is zero or negative, so this ratio is undefined.","peg":"The matching period one year earlier is unavailable.","pfcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","pfcf_growth":"The matching period one year earlier is unavailable.","fcf_yield":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","software_capex":"Separately disclosed software and intangible investment is unavailable in the extracted statements for this period.","sbc_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","gross_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","fcf_margin":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","capex_intensity":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","roic":"The matching period one year earlier is unavailable.","roce":"The matching period one year earlier is unavailable.","roiic":"The matching period one year earlier is unavailable.","roe":"The matching period one year earlier is unavailable.","roa":"The matching period one year earlier is unavailable.","roic_wacc":"Enter a WACC assumption from 0 to 100%.","debt_fcf":"The reported inputs required for this metric are unavailable in the extracted statements for this period.","dilution":"The matching period one year earlier is 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