TKO Reports $1.12 Billion in Q3 2025 Revenue, WWE Up 23% as UFC Dips 8% – TKO Group Holdings, Inc. — the parent company of WWE and UFC — has officially announced its financial results for the third quarter of 2025, covering the period ending September 30. The company reported total revenue of $1.120 billion, representing a 27% decline compared to the second quarter, though both WWE and UFC continued to show strong individual performance.
According to TKO’s release, WWE generated $402.1 million in revenue, a 23% increase from the previous period, while UFC’s revenue declined by 8% to $325.2 million. The IMG segment, which includes On Location and Professional Bull Riders (PBR), saw a significant decrease due to the absence of 2024 Paris Olympics-related income, totaling $336.7 million this quarter.
Overall, TKO reported a net income of $106.8 million, up from $3.4 million in the same period last year. Adjusted EBITDA increased by 59% to $360.2 million, with the margin rising to 32%. The company cited reduced operating costs and continued strength in WWE’s live event business as key factors behind the improvement.
In a statement, Ariel Emanuel, Executive Chair and CEO of TKO, highlighted the company’s progress and raised outlook:
“TKO delivered solid third quarter financial results, and with UFC and WWE’s sustained momentum, we are once again raising our full-year guidance. Having secured landmark multiyear media rights deals for UFC, WWE, and Zuffa Boxing, our conviction in TKO has never been stronger. We remain focused on operational execution, including preparing for UFC’s launch with Paramount, further integrating and unlocking synergies with IMG, On Location, and PBR, and maximizing shareholder value.”
TKO also raised its full-year 2025 guidance, targeting total revenue between $4.69 billion and $4.72 billion, and Adjusted EBITDA between $1.57 billion and $1.58 billion.
For WWE, growth was driven by higher ticket sales, new site fees from major events like the two-night SummerSlam and Wrestlepalooza, and increased media rights revenue due to additional premium live events.
Meanwhile, UFC’s slight revenue drop was attributed to hosting one fewer numbered event compared to last year, as well as the absence of a major spectacle like UFC 306 at Sphere, which was its highest-grossing event in history.
As of September 30, 2025, TKO held $861.4 million in cash and $3.76 billion in gross debt, with free cash flow up to $398.9 million, a substantial increase from $151 million the year before.
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TKO Reports $1.12 Billion in Q3 2025 Revenue, WWE Up 23% as UFC Dips 8%
