TKO Group, the Endeavor-controlled ownership vehicle of MMA promotion UFC and wrestling promotion WWE, has suffered a small drop in revenue for 2025 but saw net income rise significantly following a loss in the previous financial year.
For the full year ending December 31, 2025, TKO delivered revenue of $4.73 billion, down 3%, and adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) of $1.58 billion, a 47% increase.
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Despite the $149 million revenue fall from 2024, this was a notch over the $4.72 billion in revenue that TKO predicted earlier in the year. EBITDA was up a tick from the guidance of $1.580 billion, meanwhile.
Fourth quarter (Q4) earnings for UFC and WWE came in at $1 billion, up 12%, or $110.2 million, over Q4 2024.
TKO said the increase primarily reflected a rise of $57.5 million at UFC, to $401.4 million, and an increase of $61.3 million at WWE, to $359.6 million, partially offset by a decrease of $24.1 million at the IMG heavyweight sports marketing agency, to $247.7 million.
Net income for the period was $800,000, an improvement of $61.7 million from a net loss of $60.9 million in the prior year.
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By GlobalDataThe 3% revenue drop for 2025 was attributed to an increase of $96 million at UFC, to $1.502 billion, and an increase of $311.3 million at WWE, to $1.709 billion, being offset by a decrease of $602.9 million at the IMG segment, to $1.367 billion.
The fall for IMG was primarily attributed to the prior year period covering the 2024 Paris Olympics.
Net income for the year was $546.2 million, an increase of $792 million from a net loss of $245.8 million in the prior year.
For the 2026 financial year, TKO is targeting revenue of between $5.675 billion and $5.775 billion, and Adjusted EBITDA of $2.240 billion to $2.290 billion.
During the reporting period, TKO completed the acquisition of IMG, events and hospitality firm On Location, and bull riding touring competition Professional Bull Riders from its parent company Endeavor. 2025 was the first full year that the three sports properties were added to TKO’s revenue mix.
Ariel Emanuel, executive chair and CEO of TKO, has said: “TKO’s 2025 results reflect meaningful momentum across both UFC and WWE. 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.”
In March, TKO plans to start another $1 billion stock buyback program, after purchasing the same amount through the course of 2025. More than 60% of TKO shares are held by its controlling shareholders at private equity firm Silver Lake and Endeavor.
Mark Shapiro, president and COO of TKO, added: “2025 was a milestone year, underscoring the durability of our premium IP through record-setting live events and transformational global partnerships.
“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.”
The new Zuffa Boxing promotion was created through a multi-year partnership with Saudi Arabian events company Sela and high-profile boxing figurehead Turki Alalshikh.
