TKO Group Holdings reported a slight revenue decline for full-year 2025 but exceeded guidance and delivered a sharp turnaround in profitability, driven by continued momentum at Ultimate Fighting Championship (UFC) and World Wrestling Entertainment (WWE).
For the year ended December 31, 2025, TKO posted revenue of $4.73 billion, down 3% year-over-year. However, the figure narrowly topped the company’s prior guidance of $4.72 billion. Adjusted EBITDA surged 47% to $1.58 billion, slightly above projections.
Q4 2025: Strong Finish to the Year
Fourth-quarter performance highlighted the strength of TKO’s core fight properties.
Combined Q4 revenue for UFC and WWE reached $1 billion, up 12% compared to Q4 2024.
- UFC revenue increased by $57.5 million to $401.4 million
- WWE revenue rose by $61.3 million to $359.6 million
- Partially offset by a $24.1 million decline at sports marketing agency IMG
Net income for the quarter totaled $800,000, improving by $61.7 million compared to a $60.9 million net loss in the prior-year quarter.
Full-Year Breakdown: IMG Drag Weighs on Overall Revenue
While UFC and WWE delivered annual gains, those increases were offset by a steep revenue drop at IMG.
- UFC: $1.502 billion (+$96 million YoY)
- WWE: $1.709 billion (+$311.3 million YoY)
- IMG: $1.367 billion (–$602.9 million YoY)
The decline at IMG was largely attributed to the prior-year comparison including the 2024 Paris Olympic Games cycle.
Despite the revenue dip, TKO posted net income of $546.2 million, a dramatic turnaround from a $245.8 million loss in 2024 — representing a $792 million year-over-year improvement.
2026 Outlook: Aggressive Growth Targets
Looking ahead, TKO is guiding for significant expansion in 2026:
- Revenue target: $5.675 billion to $5.775 billion
- Adjusted EBITDA target: $2.240 billion to $2.290 billion
The company completed the acquisition of IMG, On Location, and Professional Bull Riders from Endeavor during the reporting period, making 2025 the first full fiscal year reflecting all three assets in TKO’s portfolio.
Executive Chairman and CEO Ariel Emanuel emphasized the company’s “long-term media rights agreements” and operational strength across both UFC and WWE as key drivers of sustainable shareholder value.
Capital Return and Zuffa Boxing Expansion
TKO also announced plans to initiate another $1 billion share buyback program in March, following $1 billion in repurchases during 2025. Over 60% of TKO shares remain held by controlling shareholders Silver Lake and Endeavor.
Additionally, the launch of Zuffa Boxing — formed through a multi-year partnership with Saudi events company Sela and boxing figure Turki Alalshikh — signals further expansion into global combat sports.