What TKO Group Holdings, Inc. told the SEC could break it.

One customer (a media-rights distributor spanning the UFC and WWE segments) accounted for more than 10% of TKO's total revenue in 2025 (two such customers in 2024); loss of a major media-rights partner would materially affect revenue.

“For the year ended December 31, 2025, there was one customer included within the UFC and WWE segments who accounted for more than 10% of the Company's revenue. For the year ended December 31, 2024, there were two customers, one included within the UFC segment and one included within the WWE segment, who accounted for more than 10% of the Company's revenue.”

TKO's results depend on substantial content-distribution agreements with US and international carriers and PPV providers; failure to enter new distribution deals on favorable terms (or to renew existing ones) could adversely affect the business.

“We regularly engage in negotiations relating to substantial agreements covering the distribution of our content by carriers located in the United States and abroad. We have agreements with multiple PPV providers globally and distribute a portion of our events through PPV, including certain events that are sold exclusively through PPV.”

TKO has operations in foreign currencies (principally the British Pound); a 10% appreciation of the US dollar against those currencies in 2025 would have reduced revenues by ~$68.8M and operating income by ~$2.9M.

“Holding other variables constant (such as interest rates and debt levels), if the U.S. dollar appreciated by 10% against the foreign currencies used by TKO's operations in the year ended December 31, 2025, revenues would have decreased by approximately $68.8 million and operating income would have decreased by approximately $2.9 million.”