TKO Q3 2026 Financial Results – TKO Group Holdings delivered a third-quarter performance that exceeded internal projections, prompting executive leadership to raise the company’s full-year 2026 financial outlook for the second consecutive quarter.
In its official Q3 2026 financial report released on November 4, 2026, TKO generated $1.360 billion in revenue and posted a net income of $277.9 million. Adjusted EBITDA for the period reached $555.7 million, boosting the company’s adjusted EBITDA margin from 32% up to 41%.
Financial Overview & Segment Breakdown
Year-over-year operational metrics showed significant top-line and bottom-line expansion across primary business units.
| Metric / Segment | Q3 2026 Result | YoY Change | Key Drivers |
| Total Revenue | $1.360 Billion | +21% (+$240.2M) | Strong growth in UFC and IMG segments |
| Net Income | $277.9 Million | +160% (+$171.1M) | Expanded operational margins |
| UFC Revenue | $519.2 Million | +$194.0M | Increased live event and media rights monetization |
| UFC Adj. EBITDA | $285.3 Million | +$119.7M | Enhanced margin efficiency |
| WWE Revenue | $399.3 Million | -$2.8M | Event scheduling shifts |
| WWE Adj. EBITDA | $217.2 Million | +$9.4M | Higher operational margin efficiency |
| IMG Revenue | $391.3 Million | +$54.6M | Continued momentum across live experiences |
| IMG Adj. EBITDA | $115.9 Million | +$54.5M | Expansion of representation & licensing operations |
While WWE revenue experienced a slight contraction of $2.8 million during the quarter due to event scheduling nuances, the brand managed to expand its adjusted EBITDA by $9.4 million, underscoring cost control and premium event profitability.
Upgraded 2026 Guidance & Cash Flow
Driven by momentum across UFC and IMG, TKO management officially revised its full-year targets upward for 2026:
- Full-Year 2026 Revenue: Upgraded to $5.790 billion – $5.830 billion
- Full-Year 2026 Adjusted EBITDA: Upgraded to $2.295 billion – $2.315 billion
Cash & Capital Structure
- Operating Cash Flow: $472.1 Million (Q3)
- Free Cash Flow: $449.9 Million (Q3)
- Cash & Cash Equivalents: $630.9 Million (as of Sept 30, 2026)
- Gross Debt: $4.647 Billion
- Capital Returned in 2026: Over $1.6 billion returned to equity holders via dividends, stock buybacks, and distributions.
Executive Commentary
TKO President and COO Mark Shapiro highlighted the durability of the company’s business model and its multi-year revenue visibility:
“Our third quarter performance reflects the secular tailwinds powering live events and experiences around the world, and TKO’s assets sit front and center of that premium ecosystem.
As we close out what we’ve called our year of execution, our decision to raise full-year guidance for the second time this year is the clearest expression of our conviction across the entire portfolio.
Our business is durable and our fundamentals are solid, with the vast majority of our existing revenues locked in for the next five to seven years. Macro trends are firmly in our favor, every facet of sports consumption is pointing north, and we see substantial runway ahead.”
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