Killer Q3 For UFC Helps TKO Beat Wall Street Earnings Forecasts

A 60% year-over-year surge in UFC revenue powered TKO Group Holdings past Wall Street analysts’ consensus earnings forecast for the third quarter.

A slowdown at the WWE, though, kept total revenue a hair below the Street’s outlook, at $1.36 billion compared with $1.38 billion.

Earnings per share came in at $1.33 on a diluted basis, handily surpassing the $1.10 consensus.

The revenue explosion at the UFC, which took in $519.2 million, stemmed from a $132.3 million increase in media rights, production and content revenue. There were more modest (though still substantial) gains in revenue from live events and hospitality; partnerships and marketing; and consumer products, licensing and other sources.

A $7.7 billion distribution deal reached with Skydance, which kicked off last January, helped drive higher media rights fees in the July-to-September frame. The mixed-martial-arts circuit also staged one additional numbered event and one additional “fight night” compared to the prior-year quarter.

The story was less rosy for the WWE, as revenue for the wrestling operation dipped 1% from a year ago, settling at $2.8 million. One major culprit was a decrease in live events and hospitality revenue, which the company said was primarily due to a decrease in ticket sales revenue “related to the mix and timing of events.” There were three fewer Main Roster Premium Live Events compared with the year-earlier period, and this year’s SummerSlam had lower sales than the 2025 edition.

In the earnings release, President and COO Mark Shapiro noted that TKO raised its full-year guidance for revenue and adjusted EBITDA. The new estimates are for $5.79 billion to $5.83 billion in revenue, and $2.295 billion to $2.315 billion in EBITDA, a measure of profitability.

Shapiro said the quarterly financials reflect “the secular tailwinds powering live events and experiences around the world.” Due to media rights deals with Skydance, Netflix and others, he continued, the “vast majority of our existing revenues” are secured 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,” he said.