TKO Reports Strong Q1 2025 Financial Results – TKO Group Holdings has officially released its financial results for the first quarter of 2025, showcasing a strong start to the year for both WWE and UFC. The company announced a total quarterly revenue of $1.269 billion and a net income of $165.5 million, rebounding from a net loss of $234.5 million in the same period last year. The boost was largely driven by notable gains in both WWE and UFC divisions.
WWE generated $391.5 million in Q1 2025, up from $316.7 million in Q1 2024. UFC followed closely behind with $359.7 million in revenue, also up from $313 million in the previous year’s first quarter. Adjusted EBITDA for WWE surged by 38% to $193.9 million, while UFC saw a 17% increase, reaching $227.4 million.
TKO’s Executive Chair and CEO, Ariel Emanuel, stated in the press release:
“TKO is off to a good start in 2025 with both UFC and WWE delivering solid financial results. Given the strength and momentum of these businesses and no material change to our overall business outlook, we are raising our guidance.”
TKO has also updated its full-year 2025 financial guidance. Excluding recently acquired businesses (IMG, On Location, and PBR), the company raised its revenue projection to a range of $3.005 billion to $3.075 billion, with adjusted EBITDA targeted between $1.390 billion and $1.430 billion. Including these acquisitions, TKO now expects total revenue of $4.490 billion to $4.560 billion and adjusted EBITDA of $1.490 billion to $1.530 billion.
Breakdown by Division
WWE
Revenue increased 24% year-over-year. The primary drivers included a $30.5 million rise in media rights and content—fueled by SmackDown’s format expansion and Netflix’s global distribution deal—and a $26.1 million bump in live events and hospitality. Partnerships and marketing revenue also climbed by $11.8 million, while consumer products and licensing rose by $6.4 million, thanks in part to increased video game and collectibles sales.
UFC
UFC saw a 15% rise in revenue, helped by stronger live event and hospitality income—especially from a major event in Saudi Arabia—as well as higher ticket sales and new partnerships. Media rights and production income increased due to contractual fee escalations. Adjusted EBITDA margin improved from 62% to 63%.
Other Key Figures
- Adjusted EBITDA across all segments was $417.4 million, up 23%.
- Free cash flow rose to $135.5 million, compared to just $7.5 million in Q1 2024.
- Operating cash flow reached $162.8 million, up from $44.9 million.
- TKO reported $470.9 million in cash and $2.776 billion in gross debt as of March 31, 2025.
- A $125 million payment was made relating to the UFC antitrust lawsuit, which had impacted 2024 results.
The quarterly success reflects the company’s emphasis on global expansion, new partnerships, and aggressive media rights negotiations. With international tours, major events, and streaming deals continuing to drive revenue, both WWE and UFC appear poised for sustained growth under the TKO umbrella.
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TKO Reports Strong Q1 2025 Financial Results
