TKO Group Holdings exceeded guidance figures with its year-end results while making bold projections for 2026.
TKO’s fourth-quarter and year-end results were released on Wednesday, with the company posting revenues of more than $4.7 billion, mainly through the performances by the UFC and WWE.
WWE surpassed UFC in overall revenue for the year, with the pro wrestling company achieving $1,709,400,000 for the year and a 22% increase from its 2024 amount. The UFC grew its revenues from $1,406,200,000 last year to $1,502,200,000.
TKO’s overall revenues dropped by three percent this year, mainly due to IMG seeing a shortfall of over $602 million due to the timing of the Summer Olympics in 2024 and not having a comparable event this past year. It is expected that IMG will see a big year coming up due to the combination of the Winter Olympics and the World Cup.
TKO posted a net income of $546.2 million after reporting a $245.8 million loss last year.
Both WWE and UFC saw growth among its media rights, with UFC reporting $907.7 million and WWE surpassing $1 billion under its Netflix agreement throughout 2025. WWE’s increase included the fourth-quarter launch of the ESPN deal for its premium live events in the U.S. and grew by $64.4 million over Q4 of 2024. UFC’s media rights will expand significantly this year with the start of its Paramount+ deal, worth an average annual value of $1.1 billion.
WWE’s live events grew from $338.5 million to $412.8 million through higher ticket pricing and additional site fees. The fourth quarter did experience a $24.8 million decline in live events compared to 2024, which featured a Crown Jewel event in Saudi Arabia. Q4 of 2025 saw WWE hold events in Western Australia for Crown Jewel, Survivor Series in San Diego, and John Cena’s final match in Washington, D.C. In 2026, WWE will hold three events in Saudi Arabia, the most in one calendar year since the start of its relationship with the General Entertainment Authority in 2018.
UFC still dominates WWE in partnerships and marketing, expanding its revenues from $251.4 million to $314.3 million this past year. WWE did show significant growth from $83.0 million in 2024 to $159.6, but this remains an area where UFC is significantly more mature.
WWE reported $136.4 million in consumer products and licensing for the year while UFC reported $47.3 million, the latter figure representing a decrease of $7.7 million for the MMA promotion.
TKO underwent a sixth refinancing of its 2016 loan when Endeavor purchased the UFC, which coincides with the announcements of another $1 billion stock repurchasing program beginning next month. TKO’s overall debt grew from $2.46 billion to $3.76 billion in 2025.
The impact of the UFC’s new deal on Paramount, WWE’s first full year with Disney/ESPN, three events in Saudi Arabia, and IMG’s On Location business concerning the Olympics & World Cup led to a sizable increase in its guidance for the forthcoming year. TKO is projecting a target revenue of $5.675 and $5.775 billion and Adjusted EBITDA between $2.240 and $2.290 billion this year.
