TKO Group Holdings, Inc.
TKO · NYSE
Next quarter
Reports Nov 4, 2026.
Consensus is $1.42 EPS for Sep 2026 across 5 estimates, ranging $0.56 to $2.15.
TKO Jun 2026
- 17.79%
- +0.33%
- $1.63
- $1.34
- —
- $1.55B
Reported results
- $1.55B
- $429.81M
- 27.78%
- $101.58M
- $1.34
Highlights
- Revenue was $1,547.1 million, up 18% year over year, while net income attributable to TKO Group Holdings was $101.6 million versus $98.3 million in the prior-year quarter.
- UFC revenue increased 29% to $535.7 million and Adjusted EBITDA rose to $280.5 million from $244.8 million, despite one fewer Numbered Event and $77.2 million of higher production, athlete and event-related costs.
- WWE revenue increased 12% to $621.0 million and Adjusted EBITDA reached $368.3 million versus $329.7 million, supported by higher ESPN and Netflix media-rights revenue but hurt by a $33.7 million decline in live-event revenue.
- IMG revenue increased 16% to $354.6 million and Adjusted EBITDA rose to $78.5 million from $29.0 million, driven by $66.4 million of higher live-events and hospitality revenue tied primarily to FIFA World Cup 2026.
- Total Adjusted EBITDA increased to $649.9 million from $526.5 million, while Corporate and Other posted a $(77.4) million contribution, including $61.4 million of higher litigation-related legal fees.
- The supplied material gives no revenue, Adjusted EBITDA, margin, subscriber or unit, or capex guidance for upcoming periods.
Analysis
With no consensus figures on file, the quarter is best judged against the prior year: revenue rose 18% to $1,547.1 million and net income attributable to TKO increased to $101.6 million from $98.3 million. WWE and UFC carried the result, growing revenue 12% and 29%, respectively, while IMG grew 16% on event and hospitality demand. Segment Adjusted EBITDA increased to $727.3 million from $603.5 million, led by WWE at $368.3 million and UFC at $280.5 million. IMG also improved sharply to $78.5 million from $29.0 million as the Olympics and FIFA World Cup boosted On Location. Profitability faced significant cost pressure: direct operating costs rose 17% and SG&A rose 27%, with UFC event costs and Corporate and Other litigation expenses the main contributors. Corporate and Other SG&A increased 67%, including $61.4 million of higher legal fees. Growth was slower than the six-month revenue increase of 22%.
Guidance
No formal forward guidance is provided in the supplied filing. Management gives no ranges for revenue, Adjusted EBITDA, margins, subscribers, units or capital expenditures, so there is no current guide to compare with a prior guide. The discussion does identify operating assumptions and timing factors: UFC benefits from higher contractual media-rights revenue under the Paramount agreement, while IMG's 2026 Olympics and FIFA World Cup hospitality activity is a major revenue driver. The filing also cautions that results may differ materially from forward-looking expectations because of known and unknown risks, but it does not quantify those expectations for future periods.
What drove it
- UFC media rights — UFC media-rights, production and content revenue increased $64.7 million in the quarter, including the Paramount agreement effective January 2026.
- WWE media rights — WWE media-rights, production and content revenue increased $80.8 million, driven notably by its ESPN and Netflix content distribution agreements.
- IMG hospitality — IMG live-events and hospitality revenue increased $66.4 million, primarily from FIFA World Cup 2026 hospitality sales at On Location.
- Corporate litigation — Corporate and Other SG&A increased $79.9 million, including $61.4 million of higher legal fees tied to litigation matters.
Watch items
- UFC live-event revenue declined $10.7 million in the quarter because of the absence of UFC Freedom 250 ticket sales and one fewer Numbered Event, while UFC direct operating costs rose 65% to $192.2 million.
- WWE live-event revenue fell $33.7 million, almost entirely associated with lower ticket sales for WrestleMania in Las Vegas for a second consecutive year.
- IMG media-rights, production and content revenue declined $16.2 million after the loss of a professional-cycling contract, partially offsetting its hospitality growth.
- Corporate and Other legal fees rose $61.4 million, including a $30.0 million estimated litigation loss net of probable insurance recoveries and $25.6 million of professional fees related to WWE stockholder litigation.
