The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the information set forth in our unaudited consolidated financial statements and related notes included in this Quarterly Report and with our audited financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2025 (“2025 Annual Report”). This discussion contains forward-looking statements based upon management’s current plans, expectations and beliefs that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various known and unknown factors, including those set forth under Part I, Item 1A. “Risk Factors” of our 2025 Annual Report or in other sections of the 2025 Annual Report and this Quarterly Report. On February 28, 2025, TKO Operating Company, LLC, a Delaware limited liability company (“TKO OpCo”), and TKO Group Holdings, Inc., a Delaware corporation (together with TKO OpCo, the “TKO Parties”), completed the Endeavor Asset Acquisition, acquiring the IMG business, including certain businesses operating under the IMG brand, On Location, and Professional Bull Riders (“PBR”) (collectively, the “Acquired Businesses”), pursuant to a transaction agreement, dated as of October 23, 2024 (as amended, the “Endeavor Asset Acquisition Agreement”), by and among the TKO Parties, Endeavor OpCo, IMG Worldwide, LLC, a Delaware limited liability company (“IMG Worldwide” and, together with Endeavor OpCo, the “EGH Parties”), and Trans World International, LLC, a Delaware limited liability company and subsidiary of EGH (“TWI”). The Endeavor Asset Acquisition was treated as a merger between entities under common control, due to EGH’s control of both TKO and the Acquired Businesses. 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. The following is a discussion and analysis of, and a comparison between, our results of operations for the three and six months ended June 30, 2026 and 2025. Certain prior period amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. Overview TKO is a premium sports and entertainment company which operates leading combat sports and sports entertainment companies. The Company monetizes its brands through four principal activities: (i) Media rights, production and content, (ii) Live events and hospitality, (iii) Partnerships and marketing, and (iv) Consumer products licensing. TKO was formed through the combination of Zuffa Parent, LLC (n/k/a TKO Operating Company, LLC) which owns and operates the Ultimate Fighting Championship (“UFC”), a preeminent combat sports brand, and World Wrestling Entertainment, Inc. (n/k/a World Wrestling Entertainment, LLC) (“WWE”), a renowned sports entertainment business (the “TKO Transactions”). The TKO Transactions unite two complementary sports and sports entertainment properties in a single company. Endeavor Asset Acquisition In connection with the Endeavor Asset Acquisition Agreement, the TKO Parties acquired the Acquired Businesses for total consideration of approximately $3.25 billion plus a $50 million purchase price adjustment (based on the volume-weighted average sales price of TKO Class A common stock for the twenty five trading days ending on October 23, 2024). The EGH Parties received approximately 26.54 million common units of TKO OpCo and subscribed for an equivalent number of corresponding shares of TKO’s Class B common stock. With respect to the historical financial data of the Acquired Businesses for the periods prior to the completion of the Endeavor Asset Acquisition, the historical financial data has been derived from the combined financial statements and accounting records of Endeavor Group Holdings, Inc. and were prepared on a standalone basis in accordance with U.S. generally accepted accounting principles (“GAAP”) and may not be indicative of what they would have been had the Acquired Businesses been independent standalone companies, nor are they necessarily indicative of the Acquired Businesses’ future financial data. With respect to the historical combined financial statements of the Company, they include all revenues and costs directly attributable to the Acquired Businesses and reflect allocations of certain Endeavor Group Holdings, Inc.'s corporate, infrastructure and shared services expenses, including centralized research, legal, human resources, payroll, finance and accounting, employee benefits, real estate, insurance, information technology, telecommunications, treasury, and other expenses. Where possible, these charges were allocated based on direct usage, with the remainder allocated on a pro rata basis of headcount and gross profit, or other allocation methodologies that are considered to be a reasonable reflection of the utilization of services provided or the benefit received by the Acquired Businesses during the periods presented. The allocations may not, however, reflect the expense the Acquired Businesses would have incurred as standalone companies for the periods presented. These costs also may not be indicative 31 Table of Contents of the expenses that the Acquired Businesses will incur in the future or would have incurred if the Acquired Businesses had obtained these services from a third party. Accordingly, as discussed above, the historical financial data presented within this discussion and analysis of our financial condition and results of operations includes the consolidated historical financial data of TKO and the Acquired Businesses for all periods presented. Segments As of June 30, 2026, we operated our business under three reportable segments, UFC, WWE and IMG. In addition, we also report results for the “Corporate and Other” group, which incurs revenue and expenses that are not allocated to the business segments. Refer to Note 15, Segment Information, within the unaudited consolidated financial statements included within this Quarterly Report on Form 10-Q. UFC The UFC segment reflects the business operations of UFC. Revenue from our UFC segment principally consists of media rights fees associated with the distribution of its programming content; ticket sales and financial incentive packages associated with the business’s global live events; partnerships and marketing; and consumer products licensing agreements of UFC-branded products. WWE The WWE segment reflects the business operations of WWE. Revenue from our WWE segment principally consists of media rights fees associated with the distribution of its programming content; ticket sales and financial incentive packages associated with the business’s global live events; partnerships and marketing; and consumer products licensing agreements of WWE-branded products. IMG The IMG segment reflects the operations of the following businesses: •The IMG business is a leading global sports marketing company, specializing in media rights management and sales, multi-channel content production and distribution, brand partnerships, strategic consulting, digital services, and event management. •On Location is a premium experiential hospitality business, offering ticketing, curated guest experiences, live event production and travel management services. Revenue from our IMG segment principally consists of media rights sales, commissions, production services and studio fees; ticket and premium experience sales; and partnerships and marketing. Corporate and Other Corporate and Other reflects operations not allocated to the UFC, WWE or IMG segments and primarily consists of general and administrative expenses as well as operations of PBR and boxing. PBR owns the Professional Bull Riders brand, which organizes bull riding competitions, promotes the sport and its athletes through live events and broadcasts. Boxing includes the joint venture with Sela for the Zuffa Boxing brand as well as promotional services TKO provides for boxing events. Revenue from our Corporate and Other group principally consists of media rights fees associated with the distribution of PBR's programming content; ticket sales and financial incentive packages associated with live events; partnerships and marketing; and consumer products licensing agreements of PBR-branded products. Revenue also consists of management and promotional fees for services primarily related to boxing. General and administrative expenses relate largely to corporate activities, including information technology, facilities, legal, human resources, finance and accounting, treasury, investor relations, corporate communications, community relations and compensation to TKO’s management and board of directors, which support all reportable segments. Corporate and Other expenses also include service fees paid by the Company to Endeavor Group Holdings, Inc. under the Services Agreement, inclusive of fees paid for revenue producing services related to the segments. On the closing date of the Endeavor Asset Acquisition, the Services Agreement between EGH and TKO OpCo was terminated and the Transition Services Agreement was entered into between the EGH Parties, TWI and the TKO Parties. 32 Table of Contents Components of Our Operating Results Revenue TKO primarily generates revenue via domestic and international media rights fees, production services and studio fees, ticket sales at live events, hospitality sales and financial incentive packages, partnerships and marketing, and consumer products licensing. Direct Operating Costs TKO’s direct operating costs primarily include costs associated with our athletes and talent, marketing, venue costs related to live events, expenses associated with the production of events and experiences, event ticket sales and fees for media rights. These costs include required payments related to media sales agency contracts when minimum sales guarantees are not met, materials and related costs associated with consumer product merchandise sales, commissions and direct costs with distributors, as well as certain service fees paid to Endeavor Group Holdings, Inc. under the Services Agreement and Transition Services Agreement. Selling, General and Administrative TKO’s selling, general and administrative expenses primarily include personnel costs as well as rent, travel, professional service costs, overhead required to support operations, and certain service fees paid to Endeavor Group Holdings, Inc. under the Services Agreement and Transition Services Agreement. Provision for Income Taxes TKO Group Holdings, Inc. was incorporated as a Delaware corporation in March 2023. As the sole managing member of TKO OpCo, TKO Group Holdings, Inc. ultimately controls the business affairs of TKO OpCo. TKO Group Holdings, Inc. is subject to corporate income taxes on its share of taxable income of TKO OpCo. TKO OpCo is treated as a partnership for U.S. federal income tax purposes and is therefore generally not subject to U.S. corporate income tax. TKO OpCo’s foreign subsidiaries are subject to entity-level taxes. TKO OpCo’s U.S. subsidiaries are subject to withholding taxes on sales in certain foreign jurisdictions which are included as a component of foreign current taxes. TKO OpCo is subject to entity-level income taxes in certain U.S. state and local jurisdictions. For the periods prior to the Endeavor Asset Acquisition, the Acquired Businesses primarily consisted of U.S. flow through entities that are not themselves subject to U.S. federal income taxes as well as some foreign subsidiaries and U.S. regarded corporations subject to entity level taxes. Income taxes related to the Acquired Businesses reflected in the consolidated tax provision are attributable to U.S. regarded entities and foreign entities subject to tax in their respective jurisdictions. 33 Table of Contents RESULTS OF OPERATIONS (dollars in millions, except where noted) The following is a discussion of our consolidated results of operations for the three and six months ended June 30, 2026 and 2025. This information is derived from our accompanying consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenue $ 1,547.1 $ 1,308.4 $ 3,144.0 $ 2,577.2 Operating expenses: Direct operating costs 556.1 476.4 1,290.5 1,044.0 Selling, general and administrative expenses 462.7 364.3 842.9 727.6 Depreciation and amortization 98.5 99.4 242.3 199.9 Total operating expenses 1,117.3 940.1 2,375.7 1,971.5 Operating income 429.8 368.3 768.3 605.7 Other expenses: Interest expense, net (70.6 ) (48.2 ) (131.2 ) (93.0 ) Other income (expense), net 2.3 (7.8 ) 6.6 (16.2 ) Income before income taxes and equity earnings of affiliates 361.5 312.3 643.7 496.5 Provision for income taxes 53.2 46.5 87.2 67.7 Income before equity earnings of affiliates 308.3 265.8 556.5 428.8 Equity (loss) earnings of affiliates, net of tax (4.4 ) 7.3 (2.8 ) 9.8 Net income 303.9 273.1 553.7 438.6 Less: Net income attributable to non-controlling interests 202.3 174.8 362.7 281.9 Net income attributable to TKO Group Holdings, Inc. $ 101.6 $ 98.3 $ 191.0 $ 156.7 Revenue Revenue increased by $238.7 million, or 18%, to $1,547.1 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. •UFC revenue increased by $119.8 million, or 29%. This increase was primarily due to $64.7 million of increased media rights, production and content revenue from higher media rights fees resulting from increases in contractual revenues, including the new content distribution agreement with Paramount that became effective in January 2026, partially offset by the impact of one fewer Numbered Event compared to the prior year. Additionally, UFC generated $59.0 million of higher partnerships revenue, largely driven by the UFC Freedom 250 event held at the White House, as well as revenue from new sponsors and increases in fees from renewals. The increase in revenue was also attributable to higher consumer products licensing revenue of $6.8 million, primarily due to higher royalties on UFC-branded products, including collectibles and event merchandise. These increases were partially offset by a $10.7 million decrease in live event revenue which was driven by lower ticket revenue due to the absence of ticket sales for UFC Freedom 250 and one fewer Numbered Event, partially offset by increased financial incentive packages and having one incremental event overall compared to the prior year. •WWE revenue increased by $64.7 million, or 12%. This increase was primarily due to $80.8 million of higher media rights, production and content revenue from media rights fees resulting from increases in contractual revenues, most notably the content distribution agreements with ESPN and Netflix. Additionally, WWE generated $12.7 million of increased consumer products licensing revenue related to the sale of WWE-branded products, including trading cards and other collectibles, as well as $4.9 million of higher partnerships revenue from new sponsors and increases in fees from renewals, compared to the prior year. These increases were partially offset by a $33.7 million decline in live event revenue due to lower ticket sales revenue almost exclusively associated with WrestleMania in Las Vegas, which was revisited for a second consecutive year. •IMG segment revenue increased by $48.1 million, or 16%. This increase was attributable to $66.4 million of higher live events and hospitality revenue primarily driven by hospitality sales from the FIFA World Cup 2026 at On Location. This increase was partially offset by lower media rights, production and content revenue of $16.2 million, primarily driven by the IMG business, as the loss of a contract for professional cycling was partially offset by increased demand for Stars on Ice, the touring figure skating show, following the Winter Olympics, as well as growth in Sport24, our live sports channel for airlines and cruise ships. 34 Table of Contents •Corporate and Other revenue increased by $3.9 million, or 9%. This increase was primarily driven by $2.9 million of higher management fees for services primarily related to boxing. Additionally, PBR revenue increased by $1.0 million, or 2%, primarily due to higher live event revenue driven by the financial incentive package associated with the PBR Space Cowboys event at the U.S. Air Force Academy. Revenue increased by $566.8 million, or 22%, to $3,144.0 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. •UFC revenue increased by $161.3 million, or 21%. This increase was primarily due to $115.9 million of increased media rights, production and content revenue from higher media rights fees resulting from increases in contractual revenues, including the new content distribution agreement with Paramount that became effective in January 2026, partially offset by the impact of one fewer Numbered Event compared to the prior year. Additionally, UFC generated $61.8 million of higher partnerships revenue, largely driven by the UFC Freedom 250 event held at the White House, as well as revenue from new sponsors and increases in fees from renewals. The increase in revenue was also attributable to higher consumer products licensing revenue of $4.4 million, primarily due to higher royalties on UFC-branded products, most notably collectibles. These increases were partially offset by a $20.8 million decrease in live event revenue, primarily from lower ticket revenue due to the absence of ticket sales for UFC Freedom 250 and one fewer Numbered Event. •WWE revenue increased by $148.9 million, or 16%. This increase was primarily due to $110.9 million of higher media rights, production and content revenue from media rights fees resulting from increases in contractual revenues, including the content distribution agreements with Netflix and ESPN. Additionally, WWE generated $19.0 million of increased consumer products licensing revenue related to the sale of WWE-branded products, including mobile games and collectibles, compared to the prior year. The increase in revenue was also attributable to $13.5 million of higher live event revenue driven by the impact of financial incentive packages associated with an additional premium live event in Saudi Arabia, which was offset by lower ticket sales revenue primarily due to WrestleMania in Las Vegas, which was revisited for a second consecutive year. WWE also generated $5.5 million of higher partnerships revenue from new sponsors and increase in fees from renewals. •IMG segment revenue increased by $227.2 million, or 29%. This increase was primarily attributable to $245.6 million of higher live events and hospitality revenue primarily driven by hospitality related sales from the 2026 Milano Cortina Olympics and the FIFA World Cup 2026 at On Location. This increase was partially offset by lower media rights, production and content revenue of $17.3 million, primarily driven by the IMG business, as the loss of a contract for professional cycling was partially offset by increased demand for Stars on Ice, the touring figure skating show, following the Winter Olympics, as well as growth in Sport24, our live sports channel for airlines and cruise ships. •Corporate and Other revenue increased by $23.4 million, or 24%. This increase was primarily driven by $12.9 million of higher management fees for services primarily related to boxing. Additionally, PBR revenue increased by $10.5 million, or 11%, due to higher media rights fees primarily driven by the content distribution agreement with Paramount that became effective in November 2025, as well as higher partnerships revenue from new sponsors and increases in fees from renewals. Direct Operating Costs Direct operating costs increased by $79.7 million, or 17%, to $556.1 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. •UFC direct operating costs increased by $75.9 million, or 65%. This increase was due to $77.2 million of higher production, athlete, and event-related costs, which were primarily associated with the UFC Freedom 250 event held at the White House with no such comparable event in the prior year, partially offset by the impact of one fewer Numbered Event compared to the prior year. •WWE direct operating costs increased by $15.5 million, or 11%. This increase was primarily driven by $14.9 million of higher talent, production, and event-related costs associated with WWE's weekly television programming and premium live events, including WrestleMania 42 in Las Vegas and higher logistics costs for additional international events compared to the prior year. •IMG segment direct operating costs decreased by $14.2 million, or 7%. This decrease was primarily driven by the end of a contract for professional cycling at the IMG business compared to the prior year. •Corporate and Other direct operating costs decreased by $1.8 million, or 6%. This decrease was primarily driven by $2.4 million of lower event-related costs at PBR from holding ten fewer events due to a strategic review to remove non-core events compared to the prior year. 35 Table of Contents Direct operating costs increased by $246.5 million, or 24%, to $1,290.5 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. •UFC direct operating costs increased by $84.9 million, or 41%. This increase was due to $85.2 million of higher athlete, production, and event-related costs primarily associated with the UFC Freedom 250 event held at the White House and UFC 324, which was the inaugural event under the new content distribution agreement with Paramount, partially offset by the impact of one fewer Numbered Event compared to the prior year. •WWE direct operating costs increased by $32.1 million, or 12%. This increase was primarily driven by $31.9 million of higher talent, production, and event-related costs associated with WWE's weekly television programming and premium live events, including WrestleMania 42 in Las Vegas and higher logistics costs for additional international events, including Royal Rumble in Saudi Arabia compared to the prior year. •IMG segment direct operating costs increased by $124.0 million, or 23%. This increase was primarily driven by incremental costs related to the impact of the 2026 Milano Cortina Olympics and the FIFA World Cup 2026 at On Location, partially offset by the end of a contract for professional cycling at the IMG business compared to the prior year. •Corporate and Other direct operating costs decreased by $4.3 million, or 6%. This decrease was primarily driven by service fees paid to EGH in the prior year for various operational functions that support revenue generating activities pursuant to the Services Agreement. The Services Agreement was terminated during the first quarter of 2025. Direct operating costs also declined $1.0 million driven by lower event-related costs at PBR from holding fewer events due to a strategic review to remove non-core events compared to the prior year. Selling, General and Administrative Expenses Selling, general and administrative expenses increased by $98.4 million, or 27%, to $462.7 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. •UFC selling, general and administrative expenses increased by $9.4 million, or 15%. This increase was primarily driven by $6.1 million of higher travel costs largely associated with the staging of the UFC Freedom 250 event at the White House and additional international events compared to the prior year. •WWE selling, general and administrative expenses increased by $4.5 million, or 5%. The increase is primarily attributable to $10.3 million of higher travel costs driven by the increase in number of international events compared to the prior year, partially offset by $6.1 million of lower personnel costs. •IMG segment selling, general, and administrative expenses increased by $6.5 million, or 8%. This increase was primarily driven by higher personnel and travel costs compared to the prior year. •Corporate and Other selling, general and administrative expenses increased by $79.9 million, or 67%. This increase was primarily driven by $61.4 million of higher legal fees associated with certain litigation matters, including the Company's estimated loss of $30.0 million reflecting the Company’s liability net of probable insurance recoveries and $25.6 million of professional fees associated with stockholder litigation related to WWE, as well as $18.5 million of higher personnel and other operating expenses compared to the prior year. Selling, general and administrative expenses increased by $115.3 million, or 16%, to $842.9 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. •UFC selling, general and administrative expenses increased by $14.9 million, or 13%. This increase was primarily driven by $15.1 million of higher personnel and travel costs compared to the prior year, including costs associated with the staging of the UFC Freedom 250 event at the White House with no such comparable event in the prior year. •WWE selling, general and administrative expenses increased by $7.7 million, or 4%. The increase is primarily attributable to $13.9 million of higher travel costs driven by the increase in number of international events compared to the prior year, partially offset by $8.5 million of lower personnel costs. •IMG segment selling, general, and administrative expenses increased by $24.1 million, or 14%. This increase was primarily driven by $16.9 million of higher personnel and travel costs, as well as other costs associated with the 2026 Milano Cortina Olympics and the FIFA World Cup 2026 at On Location. •Corporate and Other selling, general and administrative expenses increased by $72.5 million, or 27%. This increase was primarily driven by $78.1 million of higher legal fees associated with certain litigation matters, including the Company's estimated loss of $30.0 million reflecting the Company’s liability net of probable insurance recoveries and 36 Table of Contents $42.0 million of professional fees associated with stockholder litigation related to WWE, as well as $50.8 million of higher personnel and other operating expenses. These increases were partially offset by $34.7 million of lower professional fees associated with strategic transactions, primarily the Endeavor Asset Acquisition, and the impact of $21.7 million of lower corporate allocated costs from EGH to the Acquired Businesses, compared to the prior year. Depreciation and Amortization Depreciation and amortization decreased by $0.9 million, or 1%, to $98.5 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. Depreciation and amortization increased $42.4 million, or 21%, to $242.3 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. The increase was primarily driven by a $40.8 million increase in amortization expense attributable to the acceleration of WWE customer relationship assets following the modification of a related media revenue arrangement during the third quarter of 2025. Interest Expense, Net Interest expense, net increased by $22.4 million, or 46%, to $70.6 million for the three months ended June 30, 2026 compared to the three months ended June 30, 2025. 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 refinancing transaction which repriced the facility. Interest expense, net increased by $38.2 million, or 41%, to $131.2 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025. 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. Other Income (Expense), Net Other income (expense), net for the three and six months ended June 30, 2026 and 2025 includes net gains and losses on foreign currency transactions and other miscellaneous nonoperating gains and losses. During the three months ended June 30, 2025, other income (expense), net also includes a net gain of $2.2 million related to the sale of certain equity method investments. During the six months ended June 30, 2025, other income (expense), net also includes a net loss of $2.5 million on the sale of certain equity method investments, partially offset by a gain of $1.3 million on the sale of PBR’s former headquarters. Provision for Income Taxes For the three months ended June 30, 2026, TKO recorded a provision for income taxes of $53.2 million compared to a provision of $46.5 million for the three months ended June 30, 2025. This change was primarily related to increased pretax income for the three months ended June 30, 2026. For the six months ended June 30, 2026, TKO recorded a provision for income taxes of $87.2 million compared to a provision of $67.7 million for the six months ended June 30, 2025. This change was primarily related to increased pretax income for the six months ended June 30, 2026. 37 Table of Contents Segment Results of Operations As described above, the following discussion and analysis of our financial condition and results of operations presents three reportable segments as of June 30, 2026: UFC, WWE and IMG, which were determined to be our reportable segments following the close of the Endeavor Asset Acquisition. Our chief operating decision maker evaluates the performance of our segments based on segment Revenue and segment Adjusted EBITDA. Management believes segment Adjusted EBITDA is indicative of operational performance and ongoing profitability, and Adjusted EBITDA is used to evaluate the operating performance of our segments and for planning and forecasting purposes, including the allocation of resources and capital. Segment operating results reflect earnings before corporate expenses. These segment results of operations should be read in conjunction with our discussion of the Company’s consolidated results of operations included above. The following tables set forth Revenue and Adjusted EBITDA for each of our segments for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenue: UFC $ 535.7 $ 415.9 $ 936.9 $ 775.6 WWE 620.9 556.2 1,096.6 947.7 IMG 354.7 306.6 1,010.1 782.9 Total revenue from reportable segments 1,511.3 1,278.7 3,043.6 2,506.2 Corporate and Other 48.5 44.6 122.4 99.0 Eliminations (12.7 ) (14.9 ) (22.0 ) (28.0 ) Total Revenue $ 1,547.1 $ 1,308.4 $ 3,144.0 $ 2,577.2 Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Adjusted EBITDA: UFC $ 280.4 $ 244.8 $ 534.9 $ 472.2 WWE 368.3 329.8 624.4 523.7 IMG 78.6 29.0 175.9 102.5 Total Adjusted EBITDA from reportable segments 727.3 603.6 1,335.2 1,098.4 Corporate and Other (77.4 ) (77.1 ) (135.5 ) (154.5 ) Total Adjusted EBITDA $ 649.9 $ 526.5 $ 1,199.7 $ 943.9 38 Table of Contents UFC The following table sets forth our UFC segment results for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenue: Media rights, production and content $ 325.2 $ 260.5 $ 600.5 $ 484.6 Live events and hospitality 47.8 58.5 96.3 117.1 Partnerships and marketing 144.8 85.8 211.9 150.1 Consumer products licensing and other 17.9 11.1 28.2 23.8 Total Revenue $ 535.7 $ 415.9 $ 936.9 $ 775.6 Direct operating costs $ 192.2 $ 116.3 $ 290.8 $ 206.0 Selling, general and administrative expenses $ 63.1 $ 54.8 $ 111.2 $ 97.4 Adjusted EBITDA $ 280.4 $ 244.8 $ 534.9 $ 472.2 Adjusted EBITDA margin 52 % 59 % 57 % 61 % UFC Operating Metrics: Number of events Numbered events 3 4 6 7 Fight Nights 9 7 15 15 Total events 12 11 21 22 Location of events United States 8 9 14 16 International 4 2 7 6 Total events 12 11 21 22 39 Table of Contents WWE The following table sets forth our WWE segment results for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenue: Media rights, production and content $ 359.7 $ 278.9 $ 641.4 $ 530.5 Live events and hospitality 152.0 185.7 275.5 262.0 Partnerships and marketing 63.2 58.3 89.4 83.9 Consumer products licensing and other 46.0 33.3 90.3 71.3 Total Revenue $ 620.9 $ 556.2 $ 1,096.6 $ 947.7 Direct operating costs $ 159.0 $ 142.6 $ 297.6 $ 264.7 Selling, general and administrative expenses $ 93.6 $ 83.8 $ 174.6 $ 159.3 Adjusted EBITDA $ 368.3 $ 329.8 $ 624.4 $ 523.7 Adjusted EBITDA margin 59 % 59 % 57 % 55 % WWE Operating Metrics: Number of events Premium live events 7 8 10 11 Televised events 45 40 89 80 Non-televised events 28 12 61 30 Total events 80 60 160 121 Location of events United States 58 58 117 105 International 22 2 43 16 Total events 80 60 160 121 40 Table of Contents IMG The following table sets forth our IMG segment results for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenue: Media rights, production and content $ 147.2 $ 163.4 $ 307.4 $ 324.7 Live events and hospitality 198.5 132.1 666.2 420.6 Partnerships and marketing 3.5 7.9 25.0 30.2 Consumer products licensing and other 5.5 3.2 11.5 7.4 Total Revenue $ 354.7 $ 306.6 $ 1,010.1 $ 782.9 Direct operating costs $ 188.6 $ 202.8 $ 651.8 $ 527.8 Selling, general and administrative expenses $ 87.5 $ 74.8 $ 182.4 $ 152.6 Adjusted EBITDA $ 78.6 $ 29.0 $ 175.9 $ 102.5 Adjusted EBITDA margin 22 % 9 % 17 % 13 % IMG Business Operating Metrics: Number of clients with events (1) Rights 80 77 97 97 Studios 58 91 80 118 Event management 16 18 25 27 Total 154 186 202 242 (1) Represents unique clients generating revenue in the period; quarterly counts may include repeats. Three Months Ended Six Months Ended On Location Operating Metrics (1) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Number of Events Packages Sold Number of Events Packages Sold Number of Events Packages Sold Number of Events Packages Sold NFL 1 1,772 1 1,211 25 35,086 27 33,536 Collegiate Sports 5 33,436 5 46,960 55 105,296 63 118,961 Combat Sports 14 3,420 20 9,449 25 5,330 35 14,138 Other Sports 12 8,822 8 7,077 22 22,677 17 17,101 (1) On Location metrics do not include non-recurring events (e.g., Olympics, FIFA, etc.). 41 Table of Contents Corporate and Other Corporate and Other revenue primarily relates to media rights fees associated with the distribution of PBR's programming content; ticket sales and financial incentive packages associated with live events; partnerships and marketing; and consumer products licensing agreements of PBR-branded products. Revenue also consists of management and promotional fees for services primarily related to boxing. Corporate and Other expenses relate to direct operating costs and general and administrative expenses attributable to PBR as well as general and administrative expenses largely related to corporate activities, including information technology, facilities, legal, human resources, finance and accounting, treasury, investor relations, corporate communications, community relations and compensation to TKO’s management and board of directors, which support each of the reportable segments. Corporate and Other expenses also include service fees paid by the Company to Endeavor related to corporate activities as well as revenue generating activities under the Services Agreement, prior to its termination on February 28, 2025. As discussed above, on the closing date of the Endeavor Asset Acquisition, the Services Agreement between TKO OpCo and Endeavor was terminated and a Transition Services Agreement has been entered into between the EGH Parties, TWI and the TKO Parties. The following table sets forth results for Corporate and Other for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Revenue $ 48.5 $ 44.6 $ 122.4 $ 99.0 Adjusted EBITDA $ (77.4 ) $ (77.1 ) $ (135.5 ) $ (154.5 ) The following table sets forth our operating metrics for PBR for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 PBR Operating Metrics: Number of events: Unleash The Beast ("UTB") 4 5 17 18 Teams — — — — Velocity/Challenger 3 6 24 33 Other 5 11 7 18 Total events 12 22 48 69 Location of events: United States 9 18 43 63 International 3 4 5 6 Total events 12 22 48 69 Adjusted EBITDA for the three months ended June 30, 2026 decreased by $0.3 million compared to the three months ended June 30, 2025. This decrease was primarily driven by $7.9 million of higher personnel and other operating expenses compared to the prior year. Partially offsetting these costs were $2.9 million of incremental revenue from higher management fees for services primarily related to boxing. Additionally, PBR revenue increased by $1.0 million due to higher live event revenue, while expenses at PBR declined by $3.7 million primarily due to lower event-related costs from holding fewer events. Adjusted EBITDA for the six months ended June 30, 2026 increased by $19.0 million, or 12%, compared to the six months ended June 30, 2025. This increase was primarily driven by the impact of $21.7 million of lower corporate allocated costs from Endeavor Group Holdings, Inc. to the Acquired Businesses and incremental revenue from $12.9 million of higher management fees for services primarily related to boxing. Additionally, PBR revenue increased by $10.5 million due to higher media rights fees and partnerships revenue, while expenses at PBR declined by $2.9 million primarily due to lower event-related costs from holding fewer events. These increases were partially offset by $29.0 million of higher personnel and other operating expenses compared to the prior year. 42 Table of Contents NON-GAAP FINANCIAL MEASURES Adjusted EBITDA is a non-GAAP financial measure and is defined as net income, excluding income taxes, net interest expense, depreciation and amortization, equity-based compensation, merger, acquisition and earnout costs, certain legal costs, restructuring, severance and impairment charges, foreign exchange (gains) losses, and certain other items when applicable. Adjusted EBITDA margin is a non-GAAP financial measure defined as Adjusted EBITDA divided by Revenue. TKO management believes that Adjusted EBITDA and Adjusted EBITDA margin are useful to investors as these measures eliminate the significant level of non-cash depreciation and amortization expense that results from its capital investments and intangible assets, and improve comparability by eliminating the significant level of interest expense associated with TKO’s debt facilities, as well as income taxes which may not be comparable with other companies based on TKO’s tax and corporate structure. Adjusted EBITDA and Adjusted EBITDA margin are used as the primary bases to evaluate TKO’s consolidated operating performance. Adjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of TKO’s results as reported under GAAP. Some of these limitations are: •they do not reflect every cash expenditure, future requirements for capital expenditures, or contractual commitments; •Adjusted EBITDA does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payments on TKO’s debt; •although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and Adjusted EBITDA and Adjusted EBITDA margin do not reflect any cash requirement for such replacements or improvements; and •they are not adjusted for all non-cash income or expense items that are reflected in TKO’s statements of cash flows. TKO management compensates for these limitations by using Adjusted EBITDA and Adjusted EBITDA margin along with other comparative tools, together with GAAP measurements, to assist in the evaluation of TKO’s operating performance. Adjusted EBITDA and Adjusted EBITDA margin should not be considered substitutes for the reported results prepared in accordance with GAAP and should not be considered in isolation or as alternatives to net income as indicators of TKO’s financial performance, as measures of discretionary cash available to it to invest in the growth of its business or as measures of cash that will be available to TKO to meet its obligations. Although TKO uses Adjusted EBITDA and Adjusted EBITDA margin as financial measures to assess the performance of its business, such use is limited because it does not include certain material costs necessary to operate TKO’s business. TKO’s presentation of Adjusted EBITDA and Adjusted EBITDA margin should not be construed as indications that its future results will be unaffected by unusual or nonrecurring items. These non-GAAP financial measures, as determined and presented by TKO, may not be comparable to related or similarly titled measures reported by other companies. Set forth below are reconciliations of TKO’s most directly comparable financial measures calculated in accordance with GAAP to these non-GAAP financial measures on a consolidated basis. 43 Table of Contents Adjusted EBITDA and Adjusted EBITDA Margin Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 Reconciliation of Net Income to Adjusted EBITDA Net income $ 303.9 $ 273.1 $ 553.7 $ 438.6 Provision for income taxes 53.2 46.5 87.2 67.7 Interest expense, net 70.6 48.2 131.2 93.0 Depreciation and amortization 98.5 99.4 242.3 199.9 Equity-based compensation expense (1) 40.4 33.0 80.0 63.3 Merger, acquisition and earnout costs (2) 7.0 4.2 9.4 44.0 Certain legal costs (3) 71.1 9.7 94.3 16.2 Restructuring, severance and impairment (4) 0.7 4.3 1.1 5.8 Debt transaction costs (5) 2.5 — 2.5 — Foreign exchange (gains) and losses (6) 0.7 10.1 (2.6 ) 15.0 Other adjustments (7) 1.3 (2.0 ) 0.6 0.4 Total Adjusted EBITDA $ 649.9 $ 526.5 $ 1,199.7 $ 943.9 Net income margin 20 % 21 % 18 % 17 % Adjusted EBITDA margin 42 % 40 % 38 % 37 % (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. (2)Includes (i) certain costs of professional advisors related to strategic transactions, primarily the Endeavor Asset Acquisition and (ii) certain costs related to integration initiatives resulting from the Endeavor Asset Acquisition. (3)Includes costs, net of insurance recoveries, related to certain litigation matters including antitrust lawsuits for UFC and stockholder litigation related to WWE and Endeavor. 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. (4)Includes costs resulting from the Company’s cost reduction programs. (5)For the three months ended June 30, 2026, the Company recognized $2.5 million of third-party transactions costs associated with the Company's debt refinancing transactions as described in Note 8, Debt. (6)Includes gains and losses on foreign exchange transactions. (7)Includes other miscellaneous nonoperating gains and losses. During the three and six months ended June 30, 2026, other adjustments include a $4.4 million impairment of an equity method investment, partially offset by miscellaneous nonoperating income. During the three months ended June 30, 2025, other adjustments include a net gain of $2.2 million related to the sale of certain equity method investments. During the six months ended June 30, 2025, other adjustments includes a net loss of $2.5 million on the sale of certain equity method investments, partially offset by a gain of $1.3 million on the sale of PBR’s former headquarters. Liquidity and Capital Resources Sources and Uses of Cash Cash flows from operations are used to fund TKO’s day-to-day operations, revenue-generating activities, and routine capital expenditures, as well as service its long-term debt, and are expected to be used to fund our capital return programs. First Lien Term Loan (due November 2031) As of June 30, 2026 and December 31, 2025, we had $4.6 billion and $3.7 billion, respectively, outstanding under a credit agreement dated August 18, 2016 (as amended and/or restated, the “First Lien Credit Agreement”). On March 10, 2026, TKO Worldwide Holdings entered into an amendment to the First Lien Credit Agreement to, among other things, (i) provide for an additional $900.0 million incremental first lien secured term loan (“Incremental Term Loan”) as a fungible increase to the existing first lien secured term loans of $3.7 billion (collectively, the “Prior Term Loans”), (ii) upsize the revolving credit facility under the existing credit agreement from $205.0 million to $350.0 million (the “Revolving Credit Facility” and together with term loans provided under the First Lien Credit Agreement, the “Credit Facilities”), and (iii) make certain other changes to the First Lien Credit Agreement. On May 28, 2026, TKO Worldwide Holdings entered into the Seventh Refinancing Amendment to the First Lien Credit Agreement (the “Credit Agreement Refinancing Amendment”). The Credit Agreement Refinancing Amendment amended the First 44 Table of Contents Lien Credit Agreement to, among other things, (i) refinance and replace the outstanding Prior Term Loans with a new class of first lien secured term loans (the “New Term Loans”), the aggregate principal amount of which was unchanged at $4.6 billion, (ii) reduce the applicable interest margin on the New Term Loans by 25 basis points, (iii) reduce the applicable interest rate margin on the Revolving Credit Facility by 25 basis points and (iv) make certain other changes to the First Lien Credit Agreement. In connection with the Credit Agreement Refinancing Amendment, approximately $29.9 million of Prior Term Loans held by lenders that did not participate in the modified syndication was repaid and replaced with an equal amount funded by new lenders. The Credit Facilities are secured by liens on substantially all of the assets of TKO Guarantor and TKO Worldwide Holdings and certain subsidiaries thereof. Following the Credit Agreement Refinancing Amendment, the New Term Loans bear interest at a variable interest rate equal to either, at the option of TKO Worldwide Holdings, Term SOFR or the ABR plus, in each case, an applicable margin. SOFR term loans accrue interest at a rate equal to Term SOFR plus 1.75%, with a SOFR floor of 0.00%. The New Term Loans' interest rate totaled 5.41% as of June 30, 2026. ABR term loans accrue interest at a rate equal to (i) the highest of (a) the Federal Funds Effective Rate plus 0.5%, (b) the prime rate in effect for such day, and (c) Term SOFR for a one-month interest period plus (ii) 0.75%, with an ABR floor of 1.00%. The New Term Loans have the same amortization schedule as the Prior Term Loans they replaced, amortizing at 1% per annum, and maturing on November 21, 2031. The loans made pursuant to the upsized Revolving Credit Facility bear interest at a variable interest rate equal to either, at the option of TKO Worldwide Holdings, Term SOFR or the ABR plus, in each case, an applicable margin. Following the Credit Agreement Refinancing Amendment, the leverage-based step-down mechanism previously applicable to the Revolving Credit Facility was eliminated. SOFR revolving loans accrue interest at a rate equal to Term SOFR plus 1.50%, with a SOFR floor of 0.00%. ABR revolving loans accrue interest at a rate equal to (i) the highest of (a) the Federal Funds Effective Rate plus 0.5%, (b) the prime rate in effect for such day, and (c) Term SOFR for a one-month interest period plus (ii) 0.50%, with an ABR floor of 1.00%. The Revolving Credit Facility matures on September 15, 2030. As of June 30, 2026 and December 31, 2025, there were no borrowings outstanding under the Revolving Credit Facility. The Company capitalized $14.8 million in transaction costs related to the First Lien Credit Agreement amendment during the six months ended June 30, 2026. Of these amounts, $11.0 million was capitalized as a component of long-term debt related to the Incremental Term Loan and $3.8 million was capitalized as a component of other assets related to increasing the borrowing capacity of the Revolving Credit Facility. In addition, in connection with the Credit Agreement Refinancing Amendment, the Company incurred transaction costs of approximately $2.5 million during the three and six months ended June 30, 2026. Substantially all of these costs related to debt modification and were expensed as incurred, with an immaterial amount capitalized as a component of long-term debt related to new term loan lenders and the modification of the Revolving Credit Facility. Other Secured Loans As of June 30, 2026 and December 31, 2025, the Company had $61.3 million and $63.1 million, respectively, of other secured loans outstanding, which were entered into in order to finance the purchase of certain assets. Principal amortization is payable in monthly installments with any remaining balance payable on the final maturity dates of November 1, 2028 and January 1, 2031. Covenants and Restrictions on Dividends The First Lien Credit Agreement contains a financial covenant that requires the Company to maintain, commencing with the fiscal quarter ended June 30, 2025, a First Lien Leverage Ratio of Consolidated First Lien Debt to Consolidated EBITDA of 8.25-to-1; however, the Company is only required to comply with this covenant if outstanding borrowings under the Revolving Credit Facility, excluding letters of credit, exceed specified thresholds. In addition, one of the Company’s other secured loans contains a financial covenant that requires the Company to maintain a Debt Service Coverage Ratio of no less than 1.15-to-1, as defined in the applicable loan agreement. The Credit Facilities also restrict the ability of certain subsidiaries of the Company to make distributions and other payments to the Company, subject to various exceptions, including amounts necessary to make tax payments, a limited annual amount for employee equity repurchases, distributions required to fund certain parent entities and a general restricted payment basket that generally provides for no restrictions as long as the Total Leverage Ratio (as defined in the First Lien Credit 45 Table of Contents Agreement) is less than 5.0x. As of June 30, 2026, the Company was not subject to the financial covenant under the First Lien Credit Agreement and was in compliance with the financial covenant under its other secured loan. For additional information regarding the Company's debt arrangements, see Note 8, Debt, to the accompanying interim consolidated financial statements. Capital Return Program On May 6, 2026, the Company announced that its board of directors has authorized up to an additional $1.0 billion of repurchases of its Class A common stock. This authorization is incremental to the Company's previously announced $2.0 billion share repurchase program. During the three and six months ended June 30, 2026, we continued to return capital to shareholders through share repurchases and dividends. From January 1, 2026 through February 26, 2026, we repurchased 187,819 shares for $38.3 million under our previously existing Rule 10b5-1 trading plan, which expired on February 26, 2026. We entered into a new Rule 10b5-1 trading plan on March 10, 2026 for up to $200.0 million of additional repurchases. This plan was subsequently amended on May 11, 2026 to change the commencement date to May 14, 2026. During the period from May 14, 2026 through June 30, 2026, we repurchased 648,919 shares for $129.3 million under the new Rule 10b5-1 trading plan. The new 10b5-1 Plan was completed on July 22, 2026, with the repurchase of 373,515 shares of TKO Class A common stock for an aggregate purchase price of $70.7 million occurring during July 2026. On March 10, 2026, we entered into an accelerated share repurchase agreement (the “ASR Agreement”) to repurchase $800.0 million of our Class A common stock, and received an initial delivery of 3,136,179 shares on March 11, 2026. The valuation period under the ASR Agreement ended on June 30, 2026, and we received final delivery of 1,031,119 shares on July 1, 2026. For the three months ended June 30, 2026 and 2025, the Company's board of directors declared quarterly cash dividends of $0.79 per share and $0.38 per share, respectively. For the six months ended June 30, 2026 and 2025, aggregate cash dividends declared were $1.57 per share and $0.76 per share, respectively. 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. 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. These increases were partially offset by the timing of revenue recognition in advance of cash collections from customers as well as the timing of annual bonus payments. Cash provided in the six months ended June 30, 2025 was primarily due to net income for the period of $438.6 million, which included certain non-cash items, including depreciation and amortization of $199.9 million and equity-based compensation of $63.3 million, as well as an increase in restricted cash of $265.1 million related to On Location for the FIFA World Cup 2026. This increase was partially offset by a decline in accounts payable and accrued liabilities primarily driven by the $250.0 million payments under the settlement agreement in the UFC antitrust lawsuits and the timing of bonus payments. Investing activities decreased from $49.7 million of cash used in the six months ended June 30, 2025 to $47.9 million of cash used in the six months ended June 30, 2026. Cash used in the six months ended June 30, 2026 primarily reflects payments for property, buildings and equipment of $44.4 million and investments in affiliates of $4.0 million. Cash used in the six months ended June 30, 2025 primarily reflects payments for property, buildings and equipment of $48.6 million and investments in affiliates of $13.8 million, partially offset by proceeds from the sale of assets of $5.8 million and infrastructure improvement incentives received of $5.4 million. Financing activities increased from $346.0 million of cash used in the six months ended June 30, 2025 to $651.0 million of cash used in the six months ended June 30, 2026. 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. These payments were partially offset by proceeds of $929.9 million received from the upsizing and repricing of 46 Table of Contents the Company's existing first lien term loan. Cash used in the six months ended June 30, 2025 primarily reflects distributions to EGH and its subsidiaries of $166.7 million, net transfers to Endeavor Group Holdings, Inc. of $122.5 million, dividends paid to holders of TKO Class A common stock of $62.1 million and net payments on debt of $20.8 million. These decreases were partially offset by contributions of $26.5 million from Endeavor Group Holdings, Inc. in connection with the Endeavor Asset Acquisition. Future Sources and Uses of Liquidity TKO’s sources of liquidity are (1) unrestricted cash on hand, (2) cash flows from operations and (3) available borrowings under the Credit Facilities (which borrowings would be subject to certain restrictive covenants contained therein). Based on our current expectations, we believe that these sources of liquidity will be sufficient to fund our working capital requirements and to meet our commitments, including long-term debt service, for at least the next 12 months. TKO expects that its primary liquidity needs will be cash to (1) provide capital to facilitate organic growth of its business, (2) pay operating expenses, including cash compensation to its employees, athletes and talent, (3) fund capital expenditures and strategic investments, (4) pay interest and principal when due on the Credit Facilities, (5) pay income taxes, (6) reduce its outstanding indebtedness under the Credit Facilities, (7) fund share repurchases as authorized by the Board and (8) make distributions to members and, in accordance with the Company’s cash management policy, to TKO stockholders, including the planned quarterly dividend when declared by the Board. Recent Accounting Pronouncements See Note 3, Recent Accounting Pronouncements, to our unaudited consolidated financial statements included in this Quarterly Report for further information on certain accounting standards that have been recently adopted or that have not yet been required to be implemented and may be applicable to our future operations. Critical Accounting Estimates For a description of our policies regarding our critical accounting estimates, see “Critical Accounting Estimates” in our 2025 Annual Report. During the six months ended June 30, 2026, there were no significant changes in our critical accounting policies and estimates or the application or the results of the application of those policies to our unaudited consolidated financial statements from those previously disclosed in the 2025 Annual Report.