TKO Group Holdings, Inc. (TKO) Cash Flow Statement
Where TKO’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $1.29B +119.4% vs 2024
- Capital expenditures
- $127.0M 2.7% of revenue
- Free cash flow
- $1.16B 24.5% margin
- Returned to shareholders
- $1.51B 130% of free cash flow
- Change in cash
- $507.9M cash at year-end $1.19B
Drawn to scale: where the cash came from and how it was used. Hover for values.
TKO operating cash flow, capex and free cash flow
TKO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $56.6M2016 | $1.29B2025 | +41.5%/yr | |
| Capital expenditures | $29.9M2016 | $127.0M2025 | +17.4%/yr | |
| Free cash flow | $26.7M2016 | $1.16B2025 | +52.0%/yr | |
| Free cash flow margin | 3.7%2016 | 24.5%2025 | +20.8 pts | |
| Operating cash flow / net income | 1.672016 | 2.352025 | +0.68 | |
| Stock-based compensation | −$240.5M2019 | $117.6M2025 | — | |
| Dividends paid | $36.6M2016 | $640.7M2025 | +37.5%/yr | |
| Share buybacks (net) | $83.4M2019 | $866.8M2025 | +47.7%/yr | |
| Capex / revenue | 4.1%2016 | 2.7%2025 | −1.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TKO cash flow by activity
TKO net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TKO cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $546.3M | −$245.7M | $143.0M | $389.0M | $273.6M | $178.3M | $77.1M | $99.6M | $32.6M | $33.8M |
| Depreciation & amortization | $485.0M | $485.4M | $249.0M | $60.0M | $63.2M | $105.6M | $83.3M | $70.2M | $65.1M | $62.0M |
| Stock-based compensation | $117.6M | $103.5M | $64.5M | $23.7M | $63.9M | $31.7M | −$240.5M | — | — | — |
| Change in working capital | $52.2M | $183.2M | −$200.5M | −$2.1M | $24.9M | $6.1M | −$95.3M | −$25.8M | −$49.4M | −$68.5M |
| Other non-cash items | $84.7M | $59.7M | $10.1M | $31.0M | $15.6M | $29.5M | $296.5M | $42.8M | $48.2M | $29.3M |
| Cash from operating activities | $1.29B | $586.1M | $266.2M | $501.7M | $441.2M | $351.2M | $121.0M | $186.7M | $96.6M | $56.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$127.0M | −$118.8M | −$93.8M | −$12.4M | −$11.1M | −$21.7M | −$69.1M | −$32.3M | −$24.7M | −$29.9M |
| Investments (net) | $1.9M | −$59.0M | $12.3M | −$13.3M | −$11.5M | −$21.9M | — | — | — | — |
| Acquisitions & other investing | −$21.8M | $60.6M | $45.5M | −$152.3M | −$170.5M | $55.5M | $33.3M | −$33.8M | −$109.0M | $5.8M |
| Cash from investing activities | −$146.9M | −$117.2M | −$36.0M | −$177.9M | −$193.1M | $11.9M | −$35.8M | −$66.1M | −$133.7M | −$24.1M |
| Financing activities | ||||||||||
| Dividends paid | −$640.7M | −$67.3M | −$296.6M | −$1.10B | −$269.1M | −$312.3M | −$37.4M | −$37.2M | −$36.9M | −$36.6M |
| Share repurchases & issuance (net) | −$866.8M | −$165.0M | −$100.0M | −$2.9M | −$2.9M | −$2.9M | −$83.4M | — | — | — |
| Net borrowing (repayment) | $982.0M | $7.5M | −$33.4M | −$82.6M | $386.4M | $123.7M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$110.2M | $69.8M | $255.9M | $0 | $48.1M | −$8.1M | −$41.3M | −$53.6M | −$271,000 | $178.0M |
| Cash from financing activities | −$635.7M | −$155.0M | −$174.1M | −$1.18B | $162.5M | −$199.6M | −$162.2M | −$90.9M | −$37.1M | $141.4M |
| Summary | ||||||||||
| Net change in cash | $507.9M | $306.2M | $55.8M | −$694.1M | $592.5M | $129.8M | −$77.0M | $29.8M | −$74.3M | $174.0M |
| Cash at end of period | $1.19B | $678.1M | $371.8M | $180.6M | $874.7M | $282.2M | $90.4M | $167.5M | $137.7M | $212.0M |
| Free cash flow | $1.16B | $467.3M | $172.4M | $489.3M | $430.1M | $329.6M | $51.9M | $154.4M | $71.9M | $26.7M |
| Free cash flow margin | 24.5% | 16.7% | 10.3% | 42.9% | 39.3% | 33.8% | 5.4% | 16.6% | 9.0% | 3.7% |
| Capex / revenue | 2.7% | 4.2% | 5.6% | 1.1% | 1.0% | 2.2% | 7.2% | 3.5% | 3.1% | 4.1% |
| Operating cash flow / net income | 2.35 | — | 1.86 | 1.29 | 1.61 | 1.97 | 1.57 | 1.87 | 2.96 | 1.67 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $303.9M | $249.8M | $847,000 | $106.8M | $273.1M | $165.6M | $47.5M | $3.4M | $46.2M | −$234.5M | −$16.1M | $22.0M |
| Depreciation & amortization | $105.1M | $150.5M | $161.2M | $136.5M | $106.8M | $106.7M | $63.5M | $121.1M | $126.3M | $130.4M | $89.0M | $45.4M |
| Stock-based compensation | $40.4M | $39.6M | $34.4M | $19.9M | $33.0M | $30.3M | $20.0M | $22.2M | $26.8M | $32.2M | $21.0M | $24.6M |
| Change in working capital | −$116.1M | $236.2M | $120.0M | $122.6M | −$36.9M | −$153.6M | −$37.8M | $63.7M | $19.5M | $126.4M | $100.3M | −$26.3M |
| Other non-cash items | $40.6M | $18.4M | −$6.6M | $31.0M | $20.2M | $13.8M | −$36.4M | −$32.5M | $88.4M | −$9.6M | $26.5M | $1.3M |
| Cash from operating activities | $373.9M | $694.5M | $309.9M | $416.8M | $396.2M | $162.8M | $56.8M | $178.0M | $307.1M | $44.9M | $220.7M | $67.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$24.5M | −$20.0M | −$60.5M | −$17.9M | −$21.3M | −$27.3M | −$20.3M | −$27.0M | −$26.9M | −$37.4M | −$36.1M | −$3.4M |
| Investments (net) | −$392,000 | $392,000 | $412,000 | −$24.0M | −$18.7M | −$31.0M | $6.1M | −$16.8M | −$12.0M | −$36.2M | −$35.3M | $56.8M |
| Acquisitions & other investing | −$1.6M | −$1.9M | −$13.2M | $17.9M | $21.3M | $27.3M | $20.3M | $10.9M | $10.7M | $18.5M | $36.1M | $324.4M |
| Cash from investing activities | −$26.4M | −$21.5M | −$73.2M | −$24.0M | −$18.7M | −$31.0M | $6.1M | −$32.9M | −$28.2M | −$55.1M | −$35.3M | $377.8M |
| Financing activities | ||||||||||||
| Dividends paid | −$32.0M | −$149.3M | −$202.4M | −$209.6M | −$153.4M | −$75.4M | −$25.5M | −$29.4M | −$11.7M | −$644,000 | −$36.1M | −$99.0M |
| Share repurchases & issuance (net) | −$129.3M | −$838.3M | −$40.7M | −$826.1M | $0 | $0 | −$165.0M | −$165.0M | −$165.0M | — | −$100.0M | $59.9M |
| Net borrowing (repayment) | −$16.8M | $883.0M | $17.3M | $985.5M | −$9.8M | −$11.0M | $41.1M | −$11.4M | — | — | — | −$8.2M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$345.4M | −$22.9M | $0 | −$13.7M | $2.8M | −$99.2M | $156.7M | $266.1M | −$68.3M | −$12.6M | −$3.1M | −$59.9M |
| Cash from financing activities | −$523.5M | −$127.5M | −$225.8M | −$63.9M | −$160.4M | −$185.7M | $7.3M | $60.3M | −$245.0M | −$13.3M | −$139.2M | −$107.2M |
| Summary | ||||||||||||
| Net change in cash | −$174.1M | $540.3M | $12.7M | $314.8M | $229.1M | −$48.6M | $68.1M | $206.8M | $35.8M | −$27.3M | $47.2M | $15.8M |
| Cash at end of period | $1.55B | $1.73B | $1.19B | $1.17B | $858.5M | $629.4M | $525.6M | $587.2M | $380.4M | $344.5M | $235.8M | $188.6M |
| Free cash flow | $349.4M | $674.6M | $249.4M | $398.9M | $374.9M | $135.5M | $36.5M | $151.0M | $280.3M | $7.5M | $184.7M | $63.6M |
| Free cash flow margin | 22.6% | 42.2% | 24.0% | 35.6% | 28.7% | 10.7% | 5.7% | 9.8% | 23.5% | 0.6% | 30.1% | 14.2% |
| Capex / revenue | 1.6% | 1.3% | 5.8% | 1.6% | 1.6% | 2.2% | 3.2% | 1.8% | 2.3% | 3.1% | 5.9% | 0.7% |
| Operating cash flow / net income | 1.23 | 2.78 | 365.89 | 3.90 | 1.45 | 0.98 | 1.20 | 51.90 | 6.65 | — | — | 3.04 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TKO cash generation
In fiscal 2025 (ended December 31, 2025), TKO Group generated $1.3 billion of cash from operations (up 119.4%) and spent $127.0 million on capital expenditures, leaving free cash flow of $1.2 billion, 24.5% of revenue. It returned $1.5 billion to shareholders through dividends ($640.7 million) and net share buybacks ($866.8 million). Cash and equivalents rose by $507.9 million over the year.
Related: TKO income statement, TKO balance sheet, TKO dividend history. See the TKO stock overview for the latest quote and news.
TKO cash flow FAQ
What is TKO Group's free cash flow?
TKO Group's free cash flow was $1.2 billion in fiscal 2025: $1.3 billion of operating cash flow minus $127.0 million of capital expenditures It was $467.3 million a year earlier..
How much cash does TKO Group generate from operations?
TKO Group generated $1.3 billion of cash from operating activities in fiscal 2025, 2.35 times its net income of $546.3 million.
How much does TKO Group spend on capital expenditures?
TKO Group spent $127.0 million on capital expenditures in fiscal 2025, 2.7% of revenue, compared with $118.8 million the year before.
How much stock does TKO Group buy back?
TKO Group spent $866.8 million on net share repurchases in fiscal 2025.
How much does TKO Group pay in dividends?
TKO Group paid $640.7 million in dividends in fiscal 2025, 55.3% of free cash flow.