TKO is gearing up for a knockout 2026.
The owner of UFC, WWE and IMG reported its fourth quarter and 2025 earnings Wednesday, and released 2026 guidance that delivers the benefits of its recent rights deals with Paramount and Disney.
The company reported revenues of $1.04 billion in Q4, net income of $0.8 million, and adjusted EBITDA of $281.2 million
But the real story is in TKO’s 2026 guidance, which shows sharp increases in revenue and adjusted EBITDA. The company is targeting revenues of between $5.675 billion to $5.775 billion (up from $4.375 billion in 2025) and adjusted EBITDA of between $2.240 billion to $2.290 billion (up from $1.585 billion).
Those increases are thanks in no small point to the new rights deals that TKO inked for WWE (with Netflix and Disney) and the new UFC rights del with Paramount, and at IMG’s On Location business, which will benefit from the 2026 Winter Olympics and the FIFA World Cup.
As for Q4, UFC revenue rose 17 percent to $401.4 million, with partnerships and marketing revenue helping to drive that higher, with adjusted EBITDA rising 20 percent to $213.2 million.
WWE revenue rose 21 percent to $359.6 million driven by a boost in media rights and production revenue, with adjusted EBITDA rising 44 percent to $165 million.
At IMG revenue fell 9 percent to $247.7 million, due to the timing of some events in the prior year. Adjusted EBITDA fell to a loss of $3.9 million.
TKO also announced that intends to continue offering its dividend, while also launching a $1 billion share repurchase program.
“TKO’s 2025 results reflect meaningful momentum across both UFC and WWE,” said Ari Emanuel, executive chair and CEO of TKO. “Having concluded our second full year since forming TKO, we are extremely well positioned with long-term media rights agreements in place and operational strength across the business. We intend to initiate the next phase of our capital return program, underpinning our commitment to deliver long-term, sustainable value for shareholders.”
“2025 was a milestone year, underscoring the durability of our premium IP through record-setting live events and transformational global partnerships,” added Mark Shapiro, president and COO of TKO. “The successful launch of Zuffa Boxing last month sets the table for even further long term value creation. With growing revenue, expanding margins, and an increasingly global fan base, TKO is a high-quality execution story with multiple avenues for outperformance.”
