TKO has put out its third quarter 2026 financial report.
The company reported a revenue of $1.360 billion and a net income of $277.9 million. Revenue at UFC increased $194.0 million to $519.2 million, but WWE revenue decreased $2.8 million to $399.3 million.
Full Highlights:
Third Quarter 2026 Financial Highlights
Revenue of $1.360 billion
Net income of $277.9 million
Adjusted EBITDA1 of $555.7 million
Year-to-date, the Company has returned in excess of $1.6 billion of capital to equity holders through share repurchases and dividend payments and related distributions
Full Year 2026 Guidance
The Company increased its target for revenue to $5.790 billion to $5.830 billion
The Company increased its target for Adjusted EBITDA to $2.295 billion to $2.315 billion
NEW YORK–(BUSINESS WIRE)– TKO Group Holdings, Inc. (“TKO” or the “Company”) (NYSE: TKO) today announced financial results for its third quarter ended September 30, 2026.
“Our third quarter performance reflects the secular tailwinds powering live events and experiences around the world, and TKO’s assets sit front and center of that premium ecosystem,” said Mark Shapiro, President and COO of TKO. “As we close out what we’ve called our year of execution, our decision to raise full-year guidance for the second time this year is the clearest expression of our conviction across the entire portfolio. Our business is durable and our fundamentals are solid, with the vast majority of our existing revenues locked in for the next five to seven years. Macro trends are firmly in our favor, every facet of sports consumption is pointing north, and we see substantial runway ahead.”
Consolidated Results2
Third Quarter 2026
Revenue increased 21%, or $240.2 million, to $1.360 billion. The increase primarily reflected an increase of $194.0 million at UFC, to $519.2 million, a decrease of $2.8 million at WWE, to $399.3 million, and an increase of $54.6 million at the IMG segment, to $391.3 million.
Net Income was $277.9 million, an increase of $171.1 million from $106.8 million in the prior year period. The improvement reflected the increase in revenue partially offset by an increase in operating expenses. The increase in operating expenses primarily reflected an increase in direct operating costs of $49.3 million and an increase in selling, general and administrative expenses of $21.4 million, partially offset by a decrease in depreciation and amortization of $36.1 million.
Adjusted EBITDA1 increased 54%, or $195.5 million, to $555.7 million, due primarily to an increase of $119.7 million at UFC, to $285.3 million, an increase of $9.4 million at WWE, to $217.2 million, and an increase of $54.5 million at the IMG segment, to $115.9 million.
Adjusted EBITDA margin increased to 41% from 32%.
Cash flows generated by operating activities were $472.1 million, an increase of $55.3 million from $416.8 million, primarily due to the improved operating performance and the timing of working capital.
Free Cash Flow3 was $449.9 million, an increase of $51.0 million from $398.9 million, due to the increase in cash flows generated by operating activities, partially offset by an increase in capital expenditures.
Cash and cash equivalents were $630.9 million as of September 30, 2026. Gross debt was $4.647 billion as of September 30, 2026.
Fightful will have coverage of the financial call at 5 PM ET.
