TKO Group Holdings once again delivered a knockout to Wall Street estimates in Q2, with the owner of UFC and WWE once again raising guidance for the year.
TKO delivered revenue of $1.5 billion (up 18 percent), net income of $303.9 million and adjusted EBITDA of $649.9 million (up 23 percent), while raising its 2026 target for revenue to between $5.775 billion and $5.825 billion and its target for adjusted EBITDA to between $2.275 billion and $2.305 billion.
All of its segments were up compared to Q2 a year ago.
At UFC, the Freedom 250 event was reflected in the company’s financials, with marketing and partnership revenue up substantially, though costs and expenses also rose. TKO executives confirmed on the company’s earnings call that it lost about $30 million on the event, though they suggested that it will pay benefits over time.
“This event was a roaring success for our company, the UFC brand and the sport of mixed martial arts,” TKO CEO Ari Emanuel said.
“Beyond the audience numbers, the event generated more than $1 billion in earned media value — the kind of exposure only a handful of events in the world can command,” added TKO president and COO Mark Shapiro. “It also deepened our commercial relationships, adding 25 new marketing partners to our roster, many signing multiyear or multi-event deals.”
UFC executives previously said that the event would cost north of $60 million, with UFC footing the bill for construction of the temporary arena on the South Lawn of the White House, and the fan fest in the Ellipse nearby.
No tickets were sold to the event, with President Donald Trump getting the lion’s share of tickets, and Dana White and TKO CEO Ari Emanuel splitting the remainder.
UFC revenue was $535.7 million, driven largely by the substantial increase in partnerships revenue, as well as a rise in media rights revenue thanks to the new Paramount TV deal. Live events and hospitality revenue declined slightly, due to one fewer numbered event, and the fact that UFC did not sell tickets to the White House event.
WWE revenue was $620.9 million, with media rights leading the charge, with consumer products and partnerships also up slightly. Live events and hospitality also declined slightly due to the comparison to las year’s Wrestlemania in the quarter.
IMG revenue was $354.7 million with live events and hospitality driving the largest gains, thanks to On Location’s work during the 2026 FIFA World Cup. Media rights declined slightly due to the loss of a cycling event in Europe.
Just don’t expect another White House bout.
“While we won’t hold another event in the backyard of the White House, we will continue to be bold and creative, on the hunt for new audiences, new venues and new experiences that make the UFC truly singular,” Shapiro told Wall Street analysts.
Source: Hollywood Reporter
