Notes from TKO Group’s 2025 Fiscal 4th Quarter & Fiscal Year Report

Feb 25, 2026

TKO Group held an investor’s meeting on Wednesday discussing the results from their fiscal 2025 fourth quarter and fiscal 2025 year report.

It was stated that these results cover the time period of January 1 through December 31, 2025.

In regards to fiscal quarter revenues, TKO generated $1.038 billion in net revenues for the fiscal quarter with the split being $401.4 million from UFC, $359.6 million from WWE, and $247.4 million from IMG. Operating income for the fiscal quarter was $57.4 million

TKO generated a net income of $0.8 million for the fiscal quarter.

In regards to other financial areas, TKO’s Adjusted EIBDA for the fiscal quarter was $281.2 million. WWE’s events revenue for the fiscal quarter was $68.3 million. WWE’s consumer revenue for the fiscal quarter was $34.3 million.

In regards to the 2025 fiscal year, TKO generated $4.735 billion in net revenues for the fiscal year, down compared to 2024 fiscal year’s $4.884 billion. It was stated that the reason for the decline was due to IMG’s overall net revenues were down for the fiscal year. Net income was stated to be $546 million, up compared to 2024 fiscal year’s $245.8 million loss. Adjusted EIBDA was stated to be $1.583 billion for the fiscal year, up compared to 2024 fiscal year’s $1.081 billion. Operating income was stated to be $835 million, up compared to 2024 fiscal year’s $30.9 million.

In an interesting note, this was the first time that WWE’s total net revenues were higher than UFC’s for a fiscal year since the two companies merged together to form TKO Group. WWE generated $1,709.4 billion and UFC generated $1,502.2 in total net revenues for the 2025 fiscal year.

Official press release:

TKO Reports Fourth Quarter and Full Year 2025 Results
Intends to Launch Up to $1 Billion in Share Repurchases in March 2026
Acquired Businesses
On February 28, 2025, TKO Group Holdings, Inc. (“TKO”) completed the acquisition of certain businesses operating under the IMG brand (“IMG”), On Location, and Professional Bull Riders (“PBR”) (collectively referred to as the “Acquired Businesses”). As a common control acquisition, reported results presented in this earnings release reflect the Acquired Businesses as if they had been part of TKO during the historical periods presented. (See “Basis of Presentation” for further details.)
Fourth Quarter 2025 Financial Highlights¹
* Revenue of $1.038 billion; Net income of $0.8 million; Adjusted EBITDA² of $281.2 million
Full Year 2025 Financial Highlights
* Revenue of $4.735 billion; Net income of $546.2 million; Adjusted EBITDA of $1.585 billion
* Returned in excess of $1.3 billion of capital to equity holders through share repurchases and dividend payments and related distributions
Full Year 2026 Guidance
* The Company is targeting revenue of $5.675 billion to $5.775 billion
* The Company is targeting Adjusted EBITDA of $2.240 billion to $2.290 billion
NEW YORK–(BUSINESS WIRE)– TKO Group Holdings, Inc. (“TKO” or the “Company”) (NYSE: TKO) today announced financial results for its fourth quarter and full year ended December 31, 2025.
“TKO’s 2025 results reflect meaningful momentum across both UFC and WWE,” said Ariel Emanuel, Executive Chair and CEO of TKO. “Having concluded our second full year since forming TKO, we are extremely well positioned with long-term media rights agreements in place and operational strength across the business. We intend to initiate the next phase of our capital return program, underpinning our commitment to deliver long-term, sustainable value for shareholders.”
“2025 was a milestone year, underscoring the durability of our premium IP through record-setting live events and transformational global partnerships,” said Mark Shapiro, President and COO of TKO. “The successful launch of Zuffa Boxing last month sets the table for even further long term value creation. With growing revenue, expanding margins, and an increasingly global fan base, TKO is a high-quality execution story with multiple avenues for outperformance.”
Consolidated Results
Fourth Quarter 2025
Revenue increased 12%, or $110.2 million, to $1.038 billion. The increase primarily reflected an increase of $57.5 million at UFC, to $401.4 million, and an increase of $61.3 million at WWE, to $359.6 million, partially offset by a decrease of $24.1 million at the IMG segment, to $247.7 million.
Net Income was $0.8 million, an improvement of $61.7 million from a net loss of $60.9 million in the prior year period. The improvement reflected the increase in revenue partially offset by an increase in operating expenses. The increase in operating expenses primarily reflected an increase in selling, general and administrative expenses of $49.8 million and an increase in depreciation and amortization of $54.0 million, principally driven by the acceleration of expense for WWE intangible assets related to a media rights revenue arrangement.
Adjusted EBITDA² increased 30%, or $65.2 million, to $281.2 million, due primarily to an increase of $34.8 million at UFC, and an increase of $50.7 million at WWE, partially offset by a decrease of $20.0 million at the IMG segment.
Cash flows generated by operating activities were $309.9 million, an increase of $253.8 million from $56.1 million, primarily due to the improved operating performance and the timing of working capital.
Free Cash Flow³ was $249.4 million, an increase of $220.9 million from $28.5 million, due to the increase in cash flows generated by operating activities, partially offset by an increase in capital expenditures.
Cash and cash equivalents were $831.1 million as of December 31, 2025.
Gross debt was $3.783 billion as of December 31, 2025
Full Year 2025
Revenue decreased 3%, or $149.0 million, to $4.735 billion. Results primarily reflected an increase of $96.0 million at UFC, to $1.502 billion, and an increase of $311.3 million at WWE, to $1.709 billion, more than offset by a decrease of $602.9 million at the IMG segment, to $1.367 billion. The decrease at the IMG segment was primarily attributable to revenue recorded in the prior year period for the 2024 Paris Olympics.
Net Income was $546.2 million, an increase of $792.0 million from a net loss of $245.8 million in the prior year period. The increase reflected a decrease in operating expenses partially offset by the decrease in revenue. The decrease in operating expenses reflected a decrease in direct operating costs of $720.7 million, and a decrease in selling, general and administrative expenses of $259.5 million, partially offset by an increase in depreciation and amortization of $27.1 million. The decrease in operating expenses was primarily due to expenses recorded in the prior year period at the IMG segment for the 2024 Paris Olympics.
Adjusted EBITDA increased 47%, or $503.4 million, to $1.585 billion, due to an increase of $50.0 million at UFC, an increase of $215.4 million at WWE, an increase of $208.0 million at the IMG segment, and an increase of $30.0 million at Corporate and Other.
Cash flows generated by operating activities were $1.286 billion, an increase of $699.6 million from $586.1 million, primarily due to the increase in net income, partially offset by the timing of working capital.
Free Cash Flow was $1.159 billion, an increase of $691.4 million from $467.3 million, due to the increase in cash flows generated by operating activities, partially offset by an increase in capital expenditures.

Other notable highlights from TKO’s investor’s meeting:

TKO CEO Ari Emanuel talked about how excited they are to work with ESPN for WWE PLEs and brought up how it is still early in WWE’s deal with ESPN.
Emanuel also praised the launch of Zuffa Boxing for TKO.
TKO CCO Mark Shapiro praised all of the media rights deal they locked in for UFC, WWE, and Zuffa Boxing over the past fiscal year. Shapiro also praised WWE’s deal with ESPN stating that it was an 1.8x increase and it represents what they can build with ESPN as being the first stop for premium sports content.
Shapiro also stated that they believe they can have double digit growth in sponsorships for live events in 2026.
Shapiro also stated that John Cena’s retirement match at the December 13, 2025 WWE Saturday Night’s Main Event show in Washington, D.C. was the highest grossing WWE arena gate of all time.
On the topic of site fees for TKO events, Shapiro stated that he believes site fees will be a key grower for their future strategy. Shapiro also stated that they want them for all of their WWE main roster events, Pro Bull Riding, UFC, and Zuffa Boxing events. Shapiro also stated that they are getting roughly double what they were reciveing in site fees when TKO was formed in 2023 and currently expect $380 million to $420 million by 2030. Shapiro also stated that going forward, they will be referring to site fees as “financial incentive packages.”
On the topic of who they want to win the acquisition deal for Warner Bros Discovery between Netflix and Paramount, they praised each side and they have no input or control as to what happens. They also stated that they are happy to work with each company.
On the topic of UFC’s upcoming event this June at the White House, Shapiro stated “At the moment, the UFC event at the White House is slated to cost upwards of $60 million dollars. By the time all is said and done, and what we pay the fighters and the fanfest, that could move north, it’s definitely not moving south. It’s still a moving target. We’re working to determine, on a parallel track, a package of inventory in and around the weekend of events that we can monetize, primarily with corporate partners, which will offset half of the spending. Even if that 60 goes up, we believe we can offset half of the spend. Today, we see it as 60 offsetting 30. We have several interperspective partners that are pursuing multi-year partnerships with TKO assets that will likely be inclusive of the White House event. They are inquiring about inventory as part of their greater partnership deals that they either already have or are negotiating in the future. We will not profit from the White House event independently. We will not be making money on America’s 250th Anniversary. This is an investment for the long term. This is about earned media, sampling new fans and casual viewers, a spectacle on a stage that will ultimately expand our audience, our viewership, and our success on Paramount+.“
On the topic of their plans for the company’s future, they stated that they are well ahead of their plans for 2030 and brought up WWE’s recent sponsorship deal with Dude Wipes as an example to their claim there is no end to the opportunities.
On the topic of the current plans for Zuffa Boxing in 2026, they stated that they may be as many as 16 Zuffa Boxing events taking place this year.
On the topic of the lessons learned from WWE holding this past January’s Royal Rumble event in Riyadh, Saudi Arabia leading into WrestleMania 42, WWE President Nick Khan stated that this was the first ever event at the Riyadh Season Stadium and there was a lot of things you learn as an operator and venue. Khan also stated that when WrestleMania 43 is held in 2027, it will be at the same place as the AFC Asian Cup soccer tournament and they will be sending a team there to get all the production nuances down for WrestleMania.

Source: PWInsider.com, Fightful.com