TKO Group Holdings has officially dropped its fourth quarter and full year 2025 financial results — and WWE had a massive year.
While overall TKO revenue dipped 3% year-over-year due to a sharp decline at IMG, both WWE and UFC posted significant gains, helping power strong EBITDA growth and record-setting operational performance.
For full year 2025, WWE revenue jumped 22%, increasing $311.3 million to $1.709 billion. UFC also saw growth, rising 7% to $1.502 billion. The drop in overall TKO revenue was largely driven by a $602.9 million decrease at IMG, primarily tied to revenue recorded during the 2024 Paris Olympics in the prior year.
Despite that drag, TKO still generated $4.735 billion in total revenue for 2025, along with net income of $546.2 million and adjusted EBITDA of $1.585 billion. Executive Chair and CEO Ariel Emanuel framed the year as a turning point for the company’s long-term positioning. He continued, pointing to the company’s structure and media rights foundation.
“TKO’s 2025 results reflect meaningful momentum across both UFC and WWE.”
“Having concluded our second full year since forming TKO, we are extremely well positioned with long-term media rights agreements in place and operational strength across the business.”
President and COO Mark Shapiro echoed that sentiment while emphasizing live event performance and global partnerships. Shapiro also referenced the launch of Zuffa Boxing as a future growth driver.
“2025 was a milestone year, underscoring the durability of our premium IP through record-setting live events and transformational global partnerships.”
“The successful launch of Zuffa Boxing last month sets the table for even further long term value creation.”
Breaking it down further, WWE’s fourth quarter alone saw revenue climb 21% to $359.6 million, driven primarily by increased media rights fees, including the impact of distribution agreements with Netflix and ESPN.
Full year WWE adjusted EBITDA rose 32% to $896.5 million, with margins expanding from 49% to 52%. UFC wasn’t far behind. The promotion posted $401.4 million in Q4 revenue, up 17%, and finished the year at $1.502 billion. UFC’s full year adjusted EBITDA came in at $851 million, maintaining a 57% margin.
TKO also returned more than $1.3 billion to shareholders in 2025 through buybacks and dividends, while closing the year with $831.1 million in cash and $3.783 billion in gross debt.
Looking ahead, the company is projecting 2026 revenue between $5.675 billion and $5.775 billion, with adjusted EBITDA targeted between $2.240 billion and $2.290 billion. With WWE media rights escalating, UFC maintaining strong margins, and new ventures like Zuffa Boxing launching, TKO appears focused on scaling even further.
Do you think WWE’s revenue jump proves the Netflix and ESPN partnerships are already paying off, or is UFC still the true financial engine of TKO? Drop your thoughts below and let us know.