TKO Group Holdings reported revenue of $1.12 billion ($360 million Adjusted EBITDA) for the third quarter of 2025, a 27 percent decrease in comparison to the same time period a year prior.
The decrease can mainly be attributed to a significant dip in revenue on the IMG side of the business, as well as a slight decrease in the UFC. Somewhat offsetting these losses was WWE’s business, which saw significant gains in the third quarter.
Significant IMG decrease is due to 2024 Olympics, TKO says
International Management Group (IMG), a management company TKO acquired earlier this year, announced a 59 percent decrease in revenue for the third quarter of 2025. While the company raked in $829 million in the third quarter of 2024, just $336 million was accounted for this time.
The loss was almost entirely in the “Live events and hospitality” sector of the business. The press release noted that the larger revenue in 2024 came due to the company’s work surrounding the 2024 Paris Olympics.
UFC was down 8 percent in the third quarter of 2025, bringing in $325 million over a three-month time period.
The decrease was attributed to UFC hosting one less numbered event during the time period in 2025 compared to the year prior. This caused a slight decrease in the media rights and ticket sales sectors of the business.
WWE up 23 percent in Q3
While losses were reflected on the UFC and IMG portions of the business, WWE recorded a significant 23 percent increase. The professional wrestling company brought in $402 million in revenue during the third quarter.
An extra $31 million was recorded in the live events and hospitality category of the company’s revenue. This was tied to higher ticket sale revenue along with site fees for Summerslam and Wrestlepalooza, the company said this week.
A substantial increase was also seen in the Partnerships and marketing portion of WWE’s business, which went from $21 million in Q3 2024 to nearly $40 million this time around. The company noted that a mix of new partnerships and renewed deals with existing partners caused the increase.
TKO CEO Ari Emanuel expressed optimism in the press release, specifically mentioning the multi-year media deal UFC has with Paramount, which will begin next year.
“Having secured landmark multiyear media rights deals for UFC, WWE, and Zuffa Boxing, our conviction in TKO has never been stronger. We remain focused on operational execution, including preparing for UFC’s launch with Paramount, further integrating and unlocking synergies with IMG, On Location, and PBR, and maximizing shareholder value.”
