TKO Group Holdings announced its fourth quarter and full year 2025 financial results, highlighting strong growth in WWE revenue despite an overall company decline. WWE generated $1.709 billion in revenue, surpassing UFC's $1.502 billion. Executives expressed optimism for future expansion through media deals and new ventures.
TKO Group Holdings, Inc. released its financial results for the fourth quarter and full year ended December 31, 2025, on February 25, 2026. The company reported full year revenue of $4.735 billion, a 3% decrease from the prior year, primarily due to a $602.9 million drop in the IMG segment following the absence of 2024 Paris Olympics revenue.
WWE led the growth, achieving $1.709 billion in revenue, an increase of $311.3 million or 22% year-over-year. Key drivers included media rights, production, and content revenue of $1.0006 billion, up $135.1 million, fueled by deals with Netflix and ESPN, now representing 59% of WWE's revenue. Live events and hospitality brought in $412.8 million, up $74.3 million, boosted by international premium live events. Partnerships and marketing revenue rose to $159.6 million, an increase of $76.6 million, while consumer products licensing and other revenue reached $136.4 million, up $25.3 million.
UFC revenue grew to $1.502 billion, up $96 million, with adjusted EBITDA of $851 million. WWE's adjusted EBITDA increased 32% to $896.5 million, contributing to TKO's overall adjusted EBITDA of $1.585 billion, a 47% jump. Net income for the year was $546.2 million.
In the fourth quarter, TKO revenue rose 12% to $1.038 billion, with WWE at $359.6 million and UFC at $401.4 million. During the conference call, Ariel Emanuel, Executive Chair and CEO, stated, “TKO’s 2025 results reflect meaningful momentum across both UFC and WWE.” Mark Shapiro, President and COO, added, “2025 was a milestone year, underscoring the durability of our premium IP through record-setting live events and transformational global partnerships.”
Executives discussed future plans, including 2026 guidance targeting revenue of $5.675 billion to $5.775 billion and adjusted EBITDA of $2.240 billion to $2.290 billion. They highlighted WWE's highest-ever arena gross for John Cena’s retirement match and introduced “financial incentive packages” for events. TKO also launched Zuffa Boxing, signing Conor Benn for a reported $15 million superfight, and plans a UFC event at the White House on June 14 costing at least $60 million to expand viewership on Paramount+.
Shapiro noted lessons from the Royal Rumble in Saudi Arabia for upcoming WrestleMania there, emphasizing operational improvements. The company returned over $1.3 billion to shareholders through repurchases and dividends.