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Side-by-side financial comparison of TKO Group Holdings (TKO) and WATSCO INC (WSO). Click either name above to swap in a different company.
WATSCO INC is the larger business by last-quarter revenue ($1.6B vs $1.0B, roughly 1.5× TKO Group Holdings). WATSCO INC runs the higher net margin — 4.5% vs -0.2%, a 4.8% gap on every dollar of revenue. On growth, TKO Group Holdings posted the faster year-over-year revenue change (61.6% vs -10.0%). Over the past eight quarters, TKO Group Holdings's revenue compounded faster (28.4% CAGR vs 0.4%).
TKO Group Holdings, Inc. (TKO) is an American sports and sports entertainment company. Established on September 12, 2023, the public company was formed by a merger between Endeavor subsidiary Zuffa—the parent company of the Ultimate Fighting Championship (UFC), a mixed martial arts promotion—and the professional wrestling promotion World Wrestling Entertainment (WWE).
Watsco, Inc. is a distributor of air conditioning, heating and refrigeration equipment, and related parts and supplies (HVAC/R) in the United States. Watsco was founded more than 60 years ago as a manufacturer of parts, components, and tools used in the HVAC/R industry. In 1989, the company shifted from manufacturing to distribution, by acquiring Gemaire Distributors Inc., a South Florida-based Rheem distributor.
TKO vs WSO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $1.0B | $1.6B |
| Net Profit | $-2.4M | $71.7M |
| Gross Margin | — | 27.1% |
| Operating Margin | 5.5% | 6.4% |
| Net Margin | -0.2% | 4.5% |
| Revenue YoY | 61.6% | -10.0% |
| Net Profit YoY | -107.7% | -25.9% |
| EPS (diluted) | $-0.07 | $1.82 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $1.0B | $1.6B | ||
| Q3 25 | $1.1B | $2.1B | ||
| Q2 25 | $1.3B | $2.1B | ||
| Q1 25 | $1.3B | $1.5B | ||
| Q4 24 | $642.2M | $1.8B | ||
| Q3 24 | $681.3M | $2.2B | ||
| Q2 24 | $851.2M | $2.1B | ||
| Q1 24 | $629.7M | $1.6B |
| Q4 25 | $-2.4M | $71.7M | ||
| Q3 25 | $41.0M | $161.6M | ||
| Q2 25 | $98.4M | $183.6M | ||
| Q1 25 | $58.4M | $80.1M | ||
| Q4 24 | $31.0M | $96.8M | ||
| Q3 24 | $23.1M | $171.0M | ||
| Q2 24 | $59.1M | $181.4M | ||
| Q1 24 | $-103.8M | $87.0M |
| Q4 25 | — | 27.1% | ||
| Q3 25 | — | 27.5% | ||
| Q2 25 | — | 29.3% | ||
| Q1 25 | — | 28.1% | ||
| Q4 24 | — | 26.7% | ||
| Q3 24 | — | 26.2% | ||
| Q2 24 | — | 27.1% | ||
| Q1 24 | — | 27.5% |
| Q4 25 | 5.5% | 6.4% | ||
| Q3 25 | 15.4% | 11.4% | ||
| Q2 25 | 28.1% | 13.2% | ||
| Q1 25 | 18.7% | 7.3% | ||
| Q4 24 | 15.9% | 7.8% | ||
| Q3 24 | 20.0% | 11.6% | ||
| Q2 24 | 30.0% | 12.6% | ||
| Q1 24 | -33.4% | 8.1% |
| Q4 25 | -0.2% | 4.5% | ||
| Q3 25 | 3.7% | 7.8% | ||
| Q2 25 | 7.5% | 8.9% | ||
| Q1 25 | 4.6% | 5.2% | ||
| Q4 24 | 4.8% | 5.5% | ||
| Q3 24 | 3.4% | 7.9% | ||
| Q2 24 | 6.9% | 8.5% | ||
| Q1 24 | -16.5% | 5.6% |
| Q4 25 | $-0.07 | $1.82 | ||
| Q3 25 | $0.47 | $3.98 | ||
| Q2 25 | $1.17 | $4.52 | ||
| Q1 25 | $0.69 | $1.93 | ||
| Q4 24 | $0.28 | $2.42 | ||
| Q3 24 | $0.28 | $4.22 | ||
| Q2 24 | $0.72 | $4.49 | ||
| Q1 24 | $-1.26 | $2.17 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $831.1M | $733.3M |
| Total DebtLower is stronger | $3.8B | $361.6M |
| Stockholders' EquityBook value | $3.7B | $2.8B |
| Total Assets | $15.5B | $4.4B |
| Debt / EquityLower = less leverage | 1.01× | 0.13× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $831.1M | $733.3M | ||
| Q3 25 | $861.4M | $524.3M | ||
| Q2 25 | $535.1M | $293.0M | ||
| Q1 25 | $470.9M | $431.8M | ||
| Q4 24 | $525.6M | $781.9M | ||
| Q3 24 | $457.4M | $550.0M | ||
| Q2 24 | $277.5M | $424.9M | ||
| Q1 24 | $245.8M | $478.9M |
| Q4 25 | $3.8B | $361.6M | ||
| Q3 25 | $3.7B | $340.8M | ||
| Q2 25 | $2.7B | $338.7M | ||
| Q1 25 | $2.8B | $346.4M | ||
| Q4 24 | $2.8B | $337.2M | ||
| Q3 24 | $2.7B | $321.0M | ||
| Q2 24 | $2.7B | $307.1M | ||
| Q1 24 | $2.7B | $306.3M |
| Q4 25 | $3.7B | $2.8B | ||
| Q3 25 | $3.8B | $2.8B | ||
| Q2 25 | $4.3B | $2.8B | ||
| Q1 25 | $4.2B | $2.7B | ||
| Q4 24 | $4.1B | $2.7B | ||
| Q3 24 | $4.0B | $2.7B | ||
| Q2 24 | $4.0B | $2.6B | ||
| Q1 24 | $4.0B | $2.5B |
| Q4 25 | $15.5B | $4.4B | ||
| Q3 25 | $15.5B | $4.6B | ||
| Q2 25 | $15.3B | $4.7B | ||
| Q1 25 | $15.0B | $4.5B | ||
| Q4 24 | $12.7B | $4.5B | ||
| Q3 24 | $12.8B | $4.5B | ||
| Q2 24 | $12.7B | $4.4B | ||
| Q1 24 | $12.7B | $4.4B |
| Q4 25 | 1.01× | 0.13× | ||
| Q3 25 | 0.98× | 0.12× | ||
| Q2 25 | 0.64× | 0.12× | ||
| Q1 25 | 0.66× | 0.13× | ||
| Q4 24 | 0.67× | 0.13× | ||
| Q3 24 | 0.67× | 0.12× | ||
| Q2 24 | 0.68× | 0.12× | ||
| Q1 24 | 0.68× | 0.12× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $309.9M | $399.8M |
| Free Cash FlowOCF − Capex | — | $388.5M |
| FCF MarginFCF / Revenue | — | 24.6% |
| Capex IntensityCapex / Revenue | — | 0.7% |
| Cash ConversionOCF / Net Profit | — | 5.57× |
| TTM Free Cash FlowTrailing 4 quarters | — | $535.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $309.9M | $399.8M | ||
| Q3 25 | $416.8M | $354.9M | ||
| Q2 25 | $396.2M | $-7.4M | ||
| Q1 25 | $162.8M | $-177.6M | ||
| Q4 24 | $56.8M | $378.9M | ||
| Q3 24 | $236.5M | $232.8M | ||
| Q2 24 | $230.7M | $57.7M | ||
| Q1 24 | $59.3M | $103.7M |
| Q4 25 | — | $388.5M | ||
| Q3 25 | — | $346.1M | ||
| Q2 25 | — | $-14.3M | ||
| Q1 25 | — | $-185.2M | ||
| Q4 24 | — | $370.9M | ||
| Q3 24 | — | $223.0M | ||
| Q2 24 | — | $51.3M | ||
| Q1 24 | — | $97.9M |
| Q4 25 | — | 24.6% | ||
| Q3 25 | — | 16.7% | ||
| Q2 25 | — | -0.7% | ||
| Q1 25 | — | -12.1% | ||
| Q4 24 | — | 21.1% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 2.4% | ||
| Q1 24 | — | 6.3% |
| Q4 25 | — | 0.7% | ||
| Q3 25 | — | 0.4% | ||
| Q2 25 | — | 0.3% | ||
| Q1 25 | — | 0.5% | ||
| Q4 24 | — | 0.5% | ||
| Q3 24 | — | 0.5% | ||
| Q2 24 | — | 0.3% | ||
| Q1 24 | — | 0.4% |
| Q4 25 | — | 5.57× | ||
| Q3 25 | 10.16× | 2.20× | ||
| Q2 25 | 4.03× | -0.04× | ||
| Q1 25 | 2.79× | -2.22× | ||
| Q4 24 | 1.83× | 3.91× | ||
| Q3 24 | 10.22× | 1.36× | ||
| Q2 24 | 3.90× | 0.32× | ||
| Q1 24 | — | 1.19× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
TKO
| World Wrestling Entertainment Segment | $359.6M | 35% |
| IMG Segment | $247.6M | 24% |
| Media Rights Production And Content | $222.6M | 21% |
| Partnerships And Marketing | $93.3M | 9% |
| Live Events And Hospitality | $72.2M | 7% |
| Other | $29.4M | 3% |
| Consumer Products Licensing And Other | $13.2M | 1% |
WSO
Segment breakdown not available.
