TKO Group Holdings: Staying a Beat and Raise Story

研报英文原文证据摘录

TKO Group Holdings: Staying a Beat and Raise Story

J P M O R G A N North America Equity Research

04 August 2026

TKO Group Holdings Overweight

TKO, TKO US

Staying a Beat and Raise Story Price (03 Aug 26):$183.91

Price Target (Dec-27):$222.00

TKO Q2 revenue/adj. EBITDA of $1.547b/$650m was a modest beat to our Media, Entertainment and

$1.540b/$638m and slightly greater to consensus. Guidance at the midpoints was Advertising

raised $75m/$25m, or around 1%, based on results to date and visibility for the rest David Karnovsky, CFA AC

of the year. Heading into the quarter we hadn’t expected an increase to the outlook, (1-212) 622-1206

while we think buyside views were mixed on this. The company completed a prior david.karnovsky@jpmorgan.com

$1b repurchase ($800m ASR and $200m 10b5-1) in July, and announced an Douglas Wardlaw

intention to buyback additional shares, with a little over $1b available in the (1-212) 622 4885

authorization. douglas.wardlaw@jpmchase.com

Alexey Philippov, CFA

Looking closely at the results, the main source of better top-line and EBITDA was (1-212) 622-0810

alexey.philippov@jpmorgan.com

UFC, where UFC White House boosted Partnership revenue. Management noted

Kiscada A Hastings$1b in earned media value and 25 new partners, with many signing multi-year or

(1-212) 622-0226

multi-event deals. Margin declined on the associated event costs, though would’ve kiscada.hastings@jpmchase.com

grown y/y absent this; TKO further noted that the Paramount era had allowed the J.P. Morgan Securities LLC

promotion to level set fighter pay without margin dilution, while ongoing growth

drivers would enable enhanced margins in 2026 and beyond. IMG EBITDA in the

quarter was also ahead, with $45m from FIFA On Location, and expectations to Quarterly Forecasts (FYE Dec)