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This afternoon, TKO Group (WWE and UFC) published through a note on its official website the financial results of the company for the fourth quarter of 2025, as well as the total results for the fiscal year. Of note is a 21% increase in revenue generated solely by WWE. Below is a summary of the most important data and figures:
NEW YORK–(BUSINESS WIRE)– TKO Group Holdings, Inc. ("TKO" or the "Company") (NYSE: TKO) announced today its financial results for the fourth quarter and full year ended December 31, 2025.
"TKO's 2025 results reflect significant momentum in both UFC and WWE", stated Ariel Emanuel, CEO of TKO. "After completing our second full year since the creation of TKO, we are extremely well positioned with long-term audiovisual rights agreements already in place and a strong operational foundation throughout the business. We intend to initiate the next phase of our capital return program, reinforcing our commitment to delivering sustainable long-term value to shareholders."
"2025 was a historic year that underscored the strength of our premium intellectual property through record-breaking live events and transformative global partnerships", declared Mark Shapiro, President and COO of TKO. "The successful launch of Zuffa Boxing last month sets the stage for even greater long-term value creation. With growing revenues, expanding margins, and an increasingly global fan base, TKO represents a high-quality execution story with multiple avenues to exceed expectations."
Revenue increased by 12%, or $110.2 million, to $1.038 billion. The increase primarily reflected a $57.5 million increase in UFC, to $401.4 million, and a $61.3 million increase in WWE, to $359.6 million, partially offset by a $24.1 million decrease in the IMG segment, to $247.7 million.
Net income was $0.8 million, an improvement of $61.7 million compared to a net loss of $60.9 million in the same period of the previous year. The improvement reflected the revenue increase, partially offset by an increase in operating expenses. The increase in operating expenses was mainly due to a $49.8 million increase in selling, general, and administrative expenses, and a $54.0 million increase in depreciation and amortization, primarily driven by accelerated spending related to WWE intangible assets linked to an audiovisual rights revenue agreement.
Adjusted EBITDA increased by 30%, or $65.2 million, to $281.2 million, mainly due to a $34.8 million increase in UFC and a $50.7 million increase in WWE, partially offset by a $20.0 million decrease in the IMG segment.
Cash flows generated from operating activities were $309.9 million, an increase of $253.8 million compared to $56.1 million, mainly due to operational performance improvement and working capital timing.
Free cash flow was $249.4 million, an increase of $220.9 million compared to $28.5 million, due to increased operating cash flows, partially offset by higher capital investments.
Cash and cash equivalents amounted to $831.1 million as of December 31, 2025. Gross debt was $3.783 billion at the same date.
Revenue decreased by 3%, or $149.0 million, to $4.735 billion. The results mainly reflected a $96.0 million increase in UFC, to $1.502 billion, and a $311.3 million increase in WWE, to $1.709 billion, more than offset by a $602.9 million decrease in the IMG segment, to $1.367 billion. The decrease in IMG was mainly due to revenue recognized in the previous year corresponding to the 2024 Paris Olympics.
Net income was $546.2 million, an increase of $792.0 million compared to a net loss of $245.8 million in the previous year. The increase reflected a decrease in operating expenses, partially offset by the revenue decline. The reduction in operating expenses was mainly due to lower direct operating costs and lower selling, general, and administrative expenses, largely related to expenses recorded in the IMG segment during the previous period for the 2024 Paris Olympics.
Adjusted EBITDA increased by 47%, or $503.4 million, to $1.585 billion, driven by increases in UFC, WWE, the IMG segment, and corporate and others.
Revenue increased by 17%, or $57.5 million, to $401.4 million, mainly driven by higher revenues from partnerships and marketing, audiovisual rights, and live events and hospitality.
Adjusted EBITDA increased by 20% to $213.2 million. The adjusted EBITDA margin increased to 53% from 52%.
Revenue increased by 7% to $1.502 billion. Adjusted EBITDA increased by 6% to $851.0 million. The adjusted EBITDA margin was 57% in both periods.
Revenue increased by 21% to $359.6 million, mainly driven by higher revenues from audiovisual rights, partnerships and marketing, partially offset by lower live event revenues.
Adjusted EBITDA increased by 44% to $165.0 million. The adjusted EBITDA margin increased to 46% from 38%.
Revenue increased by 22% to $1.709 billion. Adjusted EBITDA increased by 32% to $896.5 million. The adjusted EBITDA margin increased to 52% from 49%.
