TKO

T13.0% portfolio

TKO Group Holdings, Inc.

Next est. report 2026-08-03 · AMC

City-Specific Businesses '26: Vegas BusinessConsumer Attention '24: Media StreamingData Owners '25: Creative IP & Licensed Content LibrariesData Owners '25: Sports, Betting & Live Event DataHigh Tax Refund '26: Recreation & Experiences Recreation '26: Live EventsSmall Themes '25: Disaffected Young MenTrump Grift Era '25: Trump-aligned ExecsVideo & News '24: Video Streaming

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Overview

TKO Group Holdings, Inc. is a global sports and entertainment company, owning premier brands like UFC and WWE. It creates live events, media content, and consum

TKO Group Holdings, Inc. is a global sports and entertainment company, owning premier brands like UFC and WWE. It creates live events, media content, and consumer products, monetizing through media rights, sponsorships, and merchandise. Reaching audiences in over 170 countries via broadcast, streaming, and digital platforms, its key partners include Paramount+, ESPN, and Netflix. Endeavor Group Holdings, Inc. is its majority shareholder.

What They Do (Plain English & Analogies): TKO Group Holdings is like a giant entertainment company that owns and operates some of the biggest and most exciting live sports and entertainment brands in the world. Think of it as a powerhouse that brings together the raw, intense competition of mixed martial arts (UFC) with the theatrical, storytelling spectacle of professional wrestling (WWE). They also manage other sports and events, like bull riding (PBR) and boxing (Zuffa Boxing), and provide premium experiences for major global events like the Olympics and the FIFA World Cup through their "On Location" business. Additionally, their "IMG" division acts like a super-agent and producer for various sports and cultural events, handling everything from media rights deals to event management and brand partnerships. Essentially, TKO creates, distributes, and monetizes live, "must-see" content that people want to experience in person or watch live, making money from TV deals, ticket sales, sponsorships, and merchandise.
Very Brief History: TKO Group Holdings, Inc. was officially formed on September 12, 2023, through a merger between Endeavor subsidiary Zuffa (the parent company of UFC) and World Wrestling Entertainment (WWE). This merger, first announced in April 2023, aimed to combine UFC's combat sports legacy with WWE's global entertainment machine into a single publicly traded company. Endeavor Group Holdings holds a 51% controlling stake in TKO. The company's lineage, however, stretches back to UFC's origins in 1993 and decades of McMahon-led wrestling dominance.
"Street Stereotype": The "street stereotype" of TKO Group Holdings is likely that of a dominant, vertically integrated sports and entertainment powerhouse, particularly in combat sports and professional wrestling. Investors and analysts perceive it as a company with valuable, scarce live content that is insulated from AI disruption, driving strong media rights deals, live event demand, and global partnerships. However, there's also an awareness of potential challenges, such as balancing fan monetization with the fan experience, occasional fan criticism regarding creative execution and commercial load, and geopolitical risks, particularly concerning events in the Middle East. Some analysts also point to a high valuation (P/E of 67.5x) compared to peers and the industry average, raising questions about whether future growth is already priced in.
Subsidiaries On Linked In*: Ultimate Fighting Championship (UFC) — World's premier mixed martial arts organization.; LinkedIn: ufc
World Wrestling Entertainment (WWE) — Global leader in sports entertainment.; LinkedIn: wwe
IMG — Global sports marketing agency specializing in rights, data, digital, partnerships, events, consulting, studios.; LinkedIn: img
On Location — Global leader in premium experiential hospitality.; LinkedIn: on-location-experiences
Professional Bull Riders (PBR) — World's premier bull riding organization.; LinkedIn: professional-bull-riders
Zuffa Boxing — Professional boxing promotion, a joint venture. Represented by TKO Group board member Nick Khan at recent meetings.
Customer Sectors & Example Clients: TKO's customer sectors include: Media and Broadcasting Companies, Corporate Sponsors and Advertisers, Consumers/Fans, Governments/Tourism Boards, Sports Federations and Leagues, and Hospitality and Travel Companies. Example clients mentioned: Paramount+, CBS, ESPN, Netflix, The CW, Ram Trucks, Crypto.com, bet365, FRE Nicotine, Supersure, Snickers, 2K, Riyadh Season, DoorDash, Minute Maid, Apple, World Rugby, and Sky Sports.
New Customers / Segments They'Re Targeting: TKO is actively targeting new international markets for live events, specifically mentioning Azerbaijan, Saudi Arabia, Philadelphia, and Serbia for UFC and WWE events. They are also aiming for broader audiences through new media partnerships with major broadcasters and streaming services like Paramount+, CBS, and ESPN. Through Zuffa Boxing, they are expanding into global boxing markets, signing new fighters and securing media rights deals in over 15 territories, including the UK and Ireland. WWE is also focusing on developing younger talent through an increased number of NXT non-televised events. Additionally, On Location is expanding its experiential hospitality offerings for major global events like the FIFA World Cup 2026 and LA28 Olympics.
Supply Chain And Sourcing Geographies: TKO's "supply chain" is primarily intellectual property (IP) and talent-driven. Talent (fighters, wrestlers) is sourced globally, with UFC's athlete roster representing over 80 countries. Content production for live events occurs globally, with teams and equipment traveling to various international locations. IMG also produces content from its Stockley Park headquarters in the U.K. Media rights are distributed globally through various partners. While merchandise is mentioned, specific sourcing geographies for these physical products are not detailed in the provided text. Experiential hospitality services are delivered at major event locations worldwide.
Sales Geographies And Expansion Plans: TKO currently sells its products and services globally, reaching audiences in approximately 170 countries and 210 countries and territories. Current sales geographies include North America (United States, Canada), Europe (UK, Serbia, Italy), the Middle East (Saudi Arabia, Azerbaijan, Abu Dhabi), APAC (Australia, China, India, South Korea, New Zealand), and Latin America. Expansion plans include introducing live events into new markets with growing fan bases, such as Philadelphia and Serbia for UFC, and further events in the Middle East. Zuffa Boxing is also expanding its media rights deals into over 15 additional territories spanning EMEA and APAC.
How Key Themes May Help/Hurt: The 'Recreation '26: Live Events' theme is a strong tailwind for TKO. It helps by driving sustained consumer demand for experiences, leading to increased monetization through higher ticket sales, larger financial incentive packages from host cities, and more attractive global partnerships. The global craving for live experiences also supports TKO's international expansion strategy. Furthermore, TKO's live, communal content is inherently insulated from digital and AI disruption, enhancing its long-term value. However, the theme's bear case highlights potential challenges such as geopolitical risks impacting event staging and costs, and the need to balance increased monetization with maintaining fan satisfaction to avoid backlash over pricing and commercial integration.

3 Main Long-Term Bull Details

Unreplicable Live Content & Strong IP: TKO owns globally recognized and scarce live sports and entertainment intellectual property (UFC, WWE, PBR, Zuffa Boxing) that is communal, experiential, and insulated from AI disruption, ensuring its enduring value in a transforming media landscape.
Robust Media Rights & Global Partnerships Growth: The company consistently secures lucrative multi-year media rights deals (e.g., Paramount+, CBS, ESPN, Netflix, CW, Sky Sports) and expands global partnerships, providing predictable, high-margin revenue streams with annual escalators and significant upside potential.
Expanding Global Footprint & Experiential Demand: TKO is successfully expanding its live events and experiences into new international markets (e.g., Azerbaijan, Saudi Arabia, Serbia) and capitalizing on the strong, resilient global demand for live, in-person entertainment, driving increased ticket sales and financial incentive packages.

3 Main Long-Term Bear Details

Fan Backlash & Creative/Monetization Balance: Persistent fan criticism regarding "excessive" monetization (ticket pricing, commercial load) and concerns about creative quality (e.g., "weaker UFC cards") could lead to fan dissatisfaction, potentially impacting long-term engagement and brand loyalty if not carefully managed.
Geopolitical Instability & Event Execution Risk: Reliance on international markets, particularly the Middle East, for significant financial incentive packages and event staging exposes TKO to geopolitical risks and uncertainties, which could disrupt event calendars, increase costs, or impact partner commitments.
High Valuation & Competitive Landscape: Despite strong performance, the company trades at a high P/E multiple (67.5x) compared to industry benchmarks, suggesting that significant future growth is already priced into the stock. Additionally, a competitive landscape in combat sports and live entertainment requires continuous investment in talent and product to maintain market leadership.

Competitors And Differentiation: TKO operates in a highly competitive sports and entertainment landscape. Competitors include combat sports rivals like Professional Fighters League (PFL) and ONE Championship, other boxing promoters, and wrestling competitor All Elite Wrestling (AEW). Other competitors include traditional sports leagues (e.g., NFL, NBA, Formula 1), other live entertainment companies (e.g., Live Nation Entertainment, Madison Square Garden Sports), and streaming services/media companies (e.g., Netflix, Warner Bros. Discovery) for content acquisition and distribution. TKO differentiates itself through its ownership of unique and scarce live IP (UFC, WWE, PBR, Zuffa Boxing) that is communal, experiential, and insulated from AI disruption. It benefits from a vertically integrated model, dominant market share in combat sports, extensive global reach and fan engagement, and the specialized expertise of its IMG and On Location segments.
Recent Performance & What The Market'S Focused On: TKO had a "formidable start" to 2026, with Q1 revenue of $1.597 billion (up 26% YoY) and adjusted EBITDA of $550 million (up 32% YoY), reaffirming its full-year 2026 guidance of $5.675 billion to $5.775 billion in revenue and $2.24 billion to $2.29 billion in adjusted EBITDA. The company generated $675 million in free cash flow in Q1 and returned approximately $1 billion to shareholders through dividends and share repurchases, including an incremental $1 billion share repurchase authorization. The market is currently focused on the execution of new media rights deals, continued live event momentum and global expansion, geopolitical developments in the Middle East, the robust capital return program, balancing fan engagement with monetization strategies, and the accelerated growth of Zuffa Boxing.

Revenue Segments And Estimated Mix: UFC — Mix: ~25.1%; Source: Q1 2026 transcript (Revenue $401 million); Trend: Increased 12% YoY; Adjusted EBITDA increased 12% YoY. Fewer Fight Nights in Q1 2026 compared to Q1 2025, impacting media rights revenue recognition. Partnerships and marketing revenue increased 4% despite fewer events. Live events and hospitality revenue decreased 17% due to lower FIPs, partially offset by increased ticket sales.
WWE — Mix: ~29.8%; Source: Q1 2026 transcript (Revenue $476 million); Trend: Increased 22% YoY; Adjusted EBITDA increased 32% YoY. Live events and hospitality revenue increased 62% due to FIPs from Royal Rumble in Saudi Arabia. Media rights production and content revenue increased 12% due to ESPN and Netflix deals. Partnerships and marketing revenue increased 2% despite additional international events.
IMG — Mix: ~41.0%; Source: Q1 2026 transcript (Revenue $655 million); Trend: Increased 38% YoY; Adjusted EBITDA increased 32% YoY. Primarily driven by Milano Cortina Olympic Experiential Hospitality at On Location. IMG business revenue increased slightly, offset by the absence of the biannual Arabian Gulf Cup.
Corporate and Other (including PBR and Zuffa Boxing) — Mix: ~4.6%; Source: Q1 2026 transcript (Revenue $74 million); Trend: Increased 36% YoY. Driven by higher media rights and partnerships revenue at PBR and higher management fees for boxing initiatives.
Product Brands: UFC
WWE
Zuffa Boxing
PBR (Professional Bull Riders)
NXT
WrestleMania
SummerSlam
Royal Rumble
Fight Night
Elimination Chamber
UFC Freedom 250
Night of Champions
Unreal (WWE docuseries)
On Location
FIFA World Cup (experiential hospitality)
Milano Cortina Olympic Experiential Hospitality
LA28 Olympic Experiential Hospitality
NFL Draft (experiential hospitality)
Final 4 (experiential hospitality)
Wimbledon (IMG services)
Formula 1 (IMG services)
MLS (IMG services)
PBR Unleash The Beast
PBR Pendleton Whisky Velocity Tour
PBR Touring Pro Division
PBR Teams
PBR Challenger Series
PBR RidePass on Pluto TV
UFC FIGHT PASS

Bull / Bear Details

TKO Group Holdings, Inc. is a compelling investment as of July 1, 2026, driven by robust growth in media rights, live events, and global partnerships for its pr

Thesis

TKO Group Holdings, Inc. is a compelling investment as of July 1, 2026, driven by robust growth in media rights, live events, and global partnerships for its premier UFC and WWE brands. The company's scarce, live IP is insulated from AI disruption, fueling strong financial performance, margin expansion, and significant capital returns. While fan monetization balance and competitive pressures exist, TKO's global expansion and diversified revenue streams position it for continued value creation.

Bull case

TKO delivered a formidable Q1 2026, reaffirming full-year guidance for 21% revenue growth and 43% Adjusted EBITDA growth, with 600 basis points of margin expansion. This reflects successful execution of new media rights deals, particularly UFC's Paramount+ and CBS partnerships, and robust demand for live events, validating the company's operational strength and future profitability.
Key growth drivers like media rights, live events, global partnerships, and financial incentive packages are compounding, driving global expansion. TKO is successfully introducing events to new international markets (e.g., Azerbaijan, Serbia) and accelerating growth in new properties like Zuffa Boxing and PBR Team Series, broadening its revenue base and global footprint.
TKO's strong free cash flow generation, with $675 million in Q1 and 123% conversion, supports an incremental $1 billion share repurchase authorization, demonstrating commitment to shareholder value. Its live, communal, and scarce IP is increasingly valuable in an AI-transformed content landscape, providing a durable competitive advantage against algorithmic replication.

Bear case

Persistent fan criticism regarding excessive sponsorship integration, ticket pricing, and perceived "weaker cards" (UFC) could impact long-term fan engagement and brand loyalty. Balancing monetization with the fan experience remains a challenge, requiring careful trial and error to avoid alienating the core audience and ensure sustained demand.
Despite management's confidence in partner commitments, ongoing geopolitical developments in the Middle East and a challenging macro environment could still pose risks to international event scheduling, financial incentive packages, and overall discretionary consumer spending. This could potentially impact revenue and profitability, particularly for high-cost international events.
The combat sports and entertainment industry is highly competitive, with new entrants and existing players vying for talent and audience attention. This intense competition could lead to increased fighter compensation costs and pressure on content quality and innovation, requiring continuous significant investment to maintain market leadership and roster strength.

Bull / Bear Case

No data for this section.

Key Factors5 rows

Key Factor	Why It Matters	What To Watch	What It Signals	Where/How To Track	Free Alt Data	Paid Alt Data
Continued strong engagement and monetization from new media rights deals, including UFC on Paramount+/CBS and WWE on ESPN/Netflix/The CW.	Sustained high viewership and subscriber growth for TKO's content on new platforms are crucial for validating the value of its IP, expanding audience reach, and driving long-term media rights revenue growth.	Commentary on viewership metrics (e.g., CBS simulcast ratings, ESPN Unlimited viewership, Netflix/CW engagement) in Q2 and Q4 earnings calls, and any new content monetization deals. UFC Freedom 250 garnered an estimated 34 million global viewers.	Bullish if viewership and engagement metrics continue to grow or remain strong, translating into higher media rights revenue and potential for future deal expansions. UFC 326's CBS audience was 270% above last year's average.	Company earnings calls and releases, partner earnings calls (Paramount, ESPN, Netflix, CW), and industry reports on streaming/broadcast viewership.	Google Trends: Search interest for 'UFC Paramount+', 'WWE ESPN', 'NXT CW', 'WWE Netflix archive'; public viewership reports from Nielsen or other measurement firms.	Nielsen: TV viewership data for UFC/WWE events on CBS/ESPN; Antenna: Streaming subscriber growth for Paramount+.
Robust live event demand and successful global expansion of UFC, WWE, PBR, and Zuffa Boxing.	Strong attendance, record gates, and successful expansion into new markets demonstrate resilient consumer demand for live experiences and the potential for significant revenue growth from TKO's core and emerging properties.	Q2 and Q4 earnings reports for commentary on ticket sales, gate revenues, attendance figures, updates on PBR Team Series expansion (e.g., new ownership group payments), and Zuffa Boxing's event schedule and media rights deals.	Bullish if live event attendance and gate revenues remain strong, new market events (like Philadelphia and Serbia) are successful, and PBR/Zuffa Boxing show continued accelerated growth. WrestleMania 42 was one of WWE's highest gates.	Company earnings calls and releases, official UFC/WWE/PBR/Zuffa Boxing websites and social media, and local news reports for specific events.	Ticketmaster/AXS: Check availability/sell-out status for upcoming events; social media sentiment analysis for specific events.	Placer.ai: Foot traffic data for event venues; Apptopia: App downloads/engagement for UFC/WWE apps.
Successful execution of all six planned UFC, WWE, and Zuffa Boxing events in the Middle East for 2026, including associated Financial Incentive Packages (FIPs).	Successful events in this key growth region validate partner commitment despite geopolitical concerns and confirm a significant, high-margin revenue stream from FIPs, contributing to overall revenue and EBITDA growth.	Confirmation that the remaining four events (after UFC FIGHT NIGHT BAKU and WWE Night of Champions on June 27, 2026) proceed as scheduled, particularly the Abu Dhabi event in late July and several Q4 events.	Bullish if all six events proceed as planned and FIP revenue meets or exceeds expectations. The successful staging of the June 27 doubleheader is a positive indicator.	Company press releases, official UFC and WWE social media channels, and TKO's Q2 and Q4 2026 earnings calls and releases.	Social media engagement (Twitter/X, Instagram) around specific event hashtags, local news reports from the Middle East, and official event websites.	Similarweb: Web traffic to official UFC/WWE event pages for Middle East events; Meltwater: Media monitoring for event sentiment and coverage.
Reaffirmation and achievement of full-year 2026 financial guidance for revenue and Adjusted EBITDA.	This provides a comprehensive measure of the company's operational and financial health, confirming its ability to deliver on growth targets and expand margins, which is critical for investor confidence.	Any updates or changes to the full-year guidance in subsequent earnings calls (Q2, Q3 2026), and the final reported results for full-year 2026. Guidance was reaffirmed on May 6, 2026.	Bullish if guidance for revenue ($5.675B-$5.775B) and Adjusted EBITDA ($2.24B-$2.29B) is maintained or raised, and actual results meet or exceed the midpoint. Bearish if guidance is lowered or if there are significant deviations from expected growth and margin expansion.	Company earnings calls and releases (Q2, Q3 2026, Full Year 2026), and the investor relations section of TKO's website.	Financial news headlines and analyst reports following earnings releases; SEC filings for official guidance updates.	FactSet/Refinitiv: Consensus analyst estimates for TKO revenue and EBITDA; S&P Global Market Intelligence: Financial models and forecasts.
Completion of $800 million Accelerated Share Repurchase (ASR) and deployment of remaining share repurchase authorizations.	This demonstrates management's strong conviction in TKO's intrinsic value and commitment to returning capital to shareholders, which can enhance shareholder value and boost earnings per share.	Confirmation of the completion of the $800 million ASR, the progress of the $200 million 10b5-1 trading plan, and updates on the deployment of the additional $1 billion share repurchase authorization.	Bullish if the ASR completed as planned on June 30, 2026, the $200 million 10b5-1 plan (commenced May 14, 2026) is actively executed, and the new $1 billion authorization is deployed efficiently.	Company press releases, SEC filings (Form 10-Q, 8-K), and the investor relations section of TKO's website. The ASR completion was announced on June 30, 2026.	Financial news outlets covering TKO, stock market forums, and company social media channels for announcements.	Bloomberg Terminal: Share repurchase tracking data; FactSet: Buyback program details and execution.

Key Reported Metrics, Reratings Triggers & Results3 rows

With WrestleMania 42 and a significant Saudi PLE impacting Q2, this segment's performance is key. Continued robust growth here demonstrates strong consumer dema

Key reported metrics
Metric	Last period	Why it matters
WWE Live Events and Hospitality Revenue Growth	62%	With WrestleMania 42 and a significant Saudi PLE impacting Q2, this segment's performance is key. Continued robust growth here demonstrates strong consumer demand for live experiences and effective monetization of high-profile events.
UFC Media Rights Production and Content Revenue Growth	23%	This metric is a primary driver of TKO's revenue, especially with the new Paramount+ deal. Sustained growth indicates successful integration and monetization of these partnerships, expanding UFC's reach and fan base.
Consolidated Adjusted EBITDA Growth	32%	This metric is crucial as it reflects TKO's overall profitability and operational efficiency. Strong growth indicates successful execution of new media rights deals and live events, validating the company's full-year guidance and capital return program.

Key Questions

Can TKO's Q2 performance, balancing the anticipated high revenue/EBITDA from WWE events (including a Saudi PLE) against the expected $30 million loss from UFC F

Can TKO's Q2 performance, balancing the anticipated high revenue/EBITDA from WWE events (including a Saudi PLE) against the expected $30 million loss from UFC Freedom 250, keep the company on track to achieve its reaffirmed full-year 2026 revenue and Adjusted EBITDA guidance?

Question 2: Will TKO successfully execute its remaining 2026 Middle East events, particularly the Abu Dhabi event in late July and several Q4 events, and continue to grow its Financial Incentive Packages (FIPs) pipeline, demonstrating resilience against geopolitical uncertainties?
Question 3: Will the strong engagement from new media rights deals (UFC on Paramount+/CBS, WWE on ESPN/Netflix/The CW) continue to translate into broader monetization opportunities and fan base expansion, effectively addressing ongoing fan criticisms regarding content quality and commercial integration?

Earnings Transcript SummaryTable

2026-05-06 · 2026Q1 Earnings Call

3 Things Management Is Most Focused On	Call Takeaway & Tone	Prior Quarter'S Y/Y Growth By Segment	3 Things Analysts Most Pressed On (And Mgmt Responses)	Revenue Segments
1. Execution of 2026 Growth Drivers: Management emphasized that the key growth drivers (media rights, live events and experiences, global partnerships, and financial incentive packages) all delivered as planned in Q1, validating their focus on execution for 2026. 2. Global Expansion and New Markets: TKO is actively introducing its live events and experiences to new markets around the world, citing examples like UFC returning to Azerbaijan, WWE hosting Night of Champions in Saudi Arabia, and future events in Philadelphia and Serbia. 3. Capital Return Program and Shareholder Value: Management highlighted the announcement of an incremental $1 billion share repurchase authorization, complementing the existing program, and reiterated their commitment to a robust and sustained capital return program, believing TKO's stock is dislocated from its intrinsic value.	The overall takeaway of the call was highly positive and confident. Management reaffirmed full-year guidance, highlighting strong execution across all business segments, particularly in media rights, live events, and global partnerships. They expressed optimism about global expansion, the resilience of their live content against AI disruption, and the continued strength of consumer demand for experiences. The tone was bullish, emphasizing shareholder value through capital returns and strategic growth initiatives, despite acknowledging some fan criticism and geopolitical considerations in the Middle East.	For Q4 2025: UFC: Overall revenue increased 16.7% to $401.4 million. Media rights, production and content revenue increased 12.4%. Live events and hospitality revenue increased 11.8%. Partnerships and marketing revenue increased 39.2%. WWE: Overall revenue increased 20.6% to $359.6 million. Media rights, production and content revenue increased 41.5%. Live events and hospitality revenue decreased 26.6%. IMG: Overall revenue decreased $24.1 million to $247.7 million. Corporate and Other: Adjusted EBITDA increased $30.0 million.	1. Balancing fan-facing monetization and the fan experience amidst criticism (sponsorship, ticket pricing): Mark Shapiro acknowledged taking fan feedback seriously but stated that balancing the fan experience with the business of sports is challenging and that change takes getting used to. He emphasized that the 'product comes first,' and commercial integration revenue allows for more creative product and superstars, noting the audience is resilient and currently experiencing record attendance, viewership, and engagement. 2. Financial Incentive Packages (FIPs) pipeline growth, impact from the Middle East, and potential PSKY/WBD combination: Mark Shapiro and Andrew Schleimer confirmed FIP momentum continues with no slowdown, citing new deals in Philadelphia, Baku, and Belgrade. They stated partners in Saudi Arabia are committed despite the challenging environment and expressed excitement about the potential PSKY/WBD combination for increased audience and engagement for UFC and Zuffa Boxing. 3. Perceived weaker UFC cards and efforts to improve: Mark Shapiro strongly refuted the notion of weaker UFC cards, asserting that the product is great, the brand is strong, and its reach is greater than ever. He highlighted their continuous efforts in building talent, matching up-and-coming fighters, and the expertise of Dana White and his matchmaking team, also noting the natural cyclical 'ebbs and flows' in any sport.	UFC: Overall revenue increased 12% to $401 million. Media rights production and content revenue increased 23% to $275 million. Partnerships and marketing revenue increased 4% to $67 million. Live events and hospitality revenue decreased 17% to $49 million. WWE: Overall revenue increased 22% to $476 million. Live events and hospitality revenue increased 62% to $123 million. Media rights production and content revenue increased 12% to $282 million. Partnerships and marketing revenue increased 2% to $26 million. IMG: Overall revenue increased 38% to $655 million. Corporate and other: Overall revenue increased 36% to $74 million.

Transcript Tidbits2 rows

2026-05-06

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
TKO is introducing its live events and experiences to new markets globally, with Zuffa Boxing on an accelerated growth track. UFC is returning to Azerbaijan and WWE is hosting Night of Champions in Riyadh, Saudi Arabia, as part of a commitment to bring world-class events to fans across the region. The remainder of the 2026 slate in the Middle East includes six events for UFC, WWE, and Zuffa Boxing. UFC's Paramount+ debut reached more homes than any UFC event in nearly a decade, and its first CBS simulcast, UFC 326, was the most watched live UFC event since 2016, with the CBS audience alone more than 270% above last year's UFC average on linear. New fans are discovering UFC on CBS and Paramount+ and are staying. WWE's ESPN partnership is gaining traction, with Elimination Chamber drawing a meaningful year-over-year viewership increase on ESPN Unlimited and WrestleMania 42 having strong ratings across ESPN and ESPN2. Netflix became the official U.S. home of WWE's archive, and The CW will become the exclusive home of all NXT PLEs, adding some 20 live broadcasts. UFC live events sold out from Las Vegas to London, Sydney, and Seattle, with a record Fight Night gate in North America. UFC is expanding its footprint into new markets with financial incentive package-backed events in Philadelphia and Serbia. WWE successfully staged its first-ever Royal Rumble outside North America. Zuffa Boxing has secured a multiyear deal with Sky Sports for the U.K. and Ireland and signed media rights deals in over 15 additional territories spanning EMEA and APAC. The FIP strategy is expanding to new corners of the globe, including Philadelphia and Belgrade, Serbia.	TKO acknowledges a highly competitive space across MMA, Combat Sports, and Boxing, with new entrants and existing players. The company emphasizes the need to be at its best daily with storylines, matchups, and roster management for both UFC and WWE.	TKO sits at the center of a growing sports and entertainment ecosystem, where the value of its live, communal, and scarce IP increases as AI transforms content creation and consumption. There is healthy demand in the 'experienced economy' for premium live events, with strong secular tailwinds persisting in the sports media ecosystem. The company is closely monitoring developments in the Middle East and their potential implications, noting that partners in Saudi Arabia have confirmed unwavering commitment despite PIF withdrawing funding from LIV Golf. The potential combination of PSKY and WBD is seen as an exciting opportunity for TKO to leverage more platforms and reach. Globally, TKO has seen no consumer pullback, and the trend of a 4-day work week is expected to spread leisure demand beyond Saturday nights, playing into the strategy of physical aggregation.	TKO is off to a formidable start in 2026, with key growth drivers delivering as planned and newer properties like Zuffa Boxing on accelerated growth tracks. The company firmly believes it is built for what's ahead and is focused on execution, expecting year-over-year EBITDA growth in excess of 40%. The remainder of the 2026 slate in the Middle East, comprising six events, is expected to proceed as planned. UFC Freedom 250 at the White House is a once-in-a-lifetime spectacle, though it is anticipated to incur a $30 million loss. PBR's Team Series is expected to expand from 10 to 12 teams for the 2027 season. Zuffa Boxing's progress is exceeding internal growth plans, with events soon to move beyond the Meta APEX in Las Vegas and go on the road. TKO is reaffirming its full-year 2026 outlook, targeting revenue of $5.675 billion to $5.775 billion and adjusted EBITDA of $2.24 billion to $2.29 billion, reflecting anticipated revenue growth of 21%, adjusted EBITDA growth of 43%, and margin expansion of approximately 600 basis points. Q2 is expected to be the highest revenue and adjusted EBITDA quarter for WWE. The company continues to target a free cash flow conversion rate in excess of 60% and remains well-positioned to deliver incremental shareholder value. TKO is bullish on the Paramount/WBD combination and anticipates continued high-margin growth at PBR. The company expects to naturally delever over time due to its robust growth characteristics.	Vegas	The increasing value of live, scarce IP in an AI-transformed content landscape. The strong and resilient consumer demand for live experiences and the 'experienced economy'. The potential impact of media consolidation (e.g., PSKY and WBD combination) on content distribution and monetization. The influence of geopolitical events (e.g., Middle East stability) on international business operations. The shift in leisure demand patterns due to evolving work structures like the 4-day work week.	2026 is off to a formidable start. TKO sits squarely at the center of a growing sports and entertainment ecosystem. Our content is live, it's communal, it's scarce, and no algorithm can replicate it. We firmly believe TKO is built for what's ahead. The demand is real, our partners are committed and we are leaning in. TKO benefits from having defensive model business characteristics. New fans are discovering UFC on CBS and Paramount+, and they are staying. Strong secular tailwinds persist in the sports media ecosystem. The underlying demand for our live events is indeed resilient and durable. WrestleMania 42 was a highly successful and profitable event. Our pipeline is vibrant for our multiyear calendar of events and inventory. Experiential hospitality sales ended the quarter at over 2x any previous World Cup program in history. Zuffa Boxing, where our progress is exceeding our internal growth plan and time line. Growth drivers... are not just performing, they're compounding. Engagement metrics... remain rock solid. We delivered positive operating and financial performance... reaffirming our full year outlook. We continue to see healthy demand for premium live events. Our business benefits from a high percentage of contracted revenue... provides us with a unique durable platform to drive monetization. For the full year, we expect UFC margins will meaningfully outpace 2025. We generated $675 million of free cash flow. Maintaining a robust and sustained capital return program remains a top priority. Our Board of Directors has approved up to an additional $1 billion of share repurchases. We are positioned to continue deploying capital toward what we view as a highly value-accretive opportunity. We generated strong first quarter results that reflect continued momentum. Anchored by our premium content, live, experiential and insulated from AI disruption, we remain extremely well positioned. The product is great at the UFC. The brand has never been stronger. Our reach has never been greater. We're clearly bullish given what we're seeing. And we don't see a slowdown. Our pipeline is robust, and we are closing deals right and left. We will naturally delever over time by virtue of the robust growth characteristics of this company.	Especially considering the macro environment. Even and despite a challenging environment. Anticipated losing $30 million on UFC Freedom 250, and that's still the case despite meaningfully increased costs. There will always be periodic fan dissatisfaction around creative execution, commercial load and celebrity usage. These are not new criticisms. We're closely monitoring the developments in the Middle East and the potential implications on our business. While our international shows tend to have lower margin profiles due to increased travel and logistical costs. Our expenses will meaningfully exceed the limited partnership inventory we have sold, and we expect to lose approximately $30 million on this event. Ongoing costs that are expected to partially offset such impact. Some vocal fan criticism, calling out things like sponsorship and ticket pricing as being excessive. Balancing the fan experience... with the business of sports is never easy. Change takes getting used to. There's really no magic formula, Brandon. There's no serum for this. There's going to be some trial and error over time. A lot of noise about weaker UFC cards lately. With any sport, there's just natural ebbs and flows, right? It's all very cyclical. This is a highly competitive space, and we have to be at our best every day.	SG&A increased primarily due to higher personnel and travel costs for UFC and higher travel costs for WWE due to an increase in international events. IMG's expenses included planned pre-spend for LA28 to support increased sales efforts. Corporate and other expenses increased due to costs incurred to replicate services previously provided by Endeavor and an increase in personnel and other operational expenses. TKO made a strategic decision to increase the number of NXT non-televised events to accelerate the development of younger talent for the main roster. Fighter compensation continues to grow meaningfully, with an 8-figure investment to double fighter bonuses at UFC as part of the Paramount deal.

2026-05-06

About Expanding Eligible Market	About Competition	About The Broader Industry	Where Things Are Headed	Updates On Theme	Broader Themes Emerging	Bullish-Leaning Quotes (Short)	Bearish-Leaning Quotes (Short)	Hiring
TKO is introducing its live events and experiences to new markets globally, with Zuffa Boxing on an accelerated growth track. UFC is returning to Azerbaijan with UFC FIGHT NIGHT BAKU and WWE is hosting Night of Champions from Riyadh, Saudi Arabia, reflecting a commitment to bring world-class events to fans across the region. The remainder of the 2026 slate in the Middle East, comprising six events inclusive of UFC, WWE, and Zuffa Boxing, is expected to take place as planned. UFC's Paramount+ debut reached more homes than any UFC event in nearly a decade, and its first CBS simulcast, UFC 326, was the most watched live UFC event since 2016, with the CBS audience alone more than 270% above last year's UFC average on linear. New fans are discovering UFC on CBS and Paramount+ and are staying. WWE's ESPN partnership is gaining traction, with Elimination Chamber drawing a meaningful year-over-year viewership increase on ESPN Unlimited and WrestleMania 42 having strong ratings across ESPN and ESPN2. Netflix became the official U.S. home of WWE's archive, and The CW will become the exclusive home of all NXT PLEs, adding some 20 live broadcasts. UFC live events sold out from Las Vegas to London, Sydney, and Seattle, recording its highest ever Fight Night gate in North America. UFC is expanding its footprint into new markets with financial incentive package-backed events in Philadelphia and Serbia. WWE successfully staged its first-ever Royal Rumble outside North America. Zuffa Boxing has secured a multiyear deal with Sky Sports for the U.K. and Ireland and signed media rights deals in over 15 additional territories spanning EMEA and APAC. PBR's Team Series has approved a two-franchise expansion, expected to grow from 10 teams to 12 teams for the 2027 season.	TKO acknowledges a highly competitive space across MMA, Combat Sports, and Boxing, with new entrants and existing players. The company emphasizes the need to be at its best daily with storylines, matchups, and roster management for both UFC and WWE, stating that maintaining market leadership requires continuous focus on product quality and fan experience.	TKO sits at the center of a growing sports and entertainment ecosystem, where the value of its live, communal, and scarce IP increases as AI transforms content creation and consumption, as no algorithm can replicate it. There is healthy demand in the 'experienced economy' for premium live events, with strong secular tailwinds persisting in the sports media ecosystem. The company is closely monitoring developments in the Middle East and their potential implications on its business, noting that partners in Saudi Arabia have confirmed unwavering commitment despite PIF withdrawing funding from LIV Golf. TKO is excited about the potential Paramount/WBD combination, anticipating it will provide more platforms and reach for UFC and Zuffa Boxing content. Globally, TKO has seen no consumer pullback, and the trend of a 4-day work week is expected to spread leisure demand beyond Saturday nights, playing into the strategy of physical aggregation. The live events sector is navigating a complex interplay of technological advancement, regulatory pressures, and evolving consumer expectations. [cite: Theme_Overview] The evolving global economic outlook, characterized by sturdy but uneven growth, persistent inflationary pressures, and cautious consumer discretionary spending, will continue to shape demand for live events. [cite: Theme_UpcomingCatalysts]	TKO is off to a formidable start in 2026, with key growth drivers delivering as planned and newer properties like Zuffa Boxing on accelerated growth tracks. The company is focused on execution, expecting year-over-year EBITDA growth in excess of 40%. The remainder of the 2026 slate in the Middle East, comprising six events, is expected to proceed as planned. UFC Freedom 250 at the White House is a once-in-a-lifetime spectacle, though it is anticipated to incur a $30 million loss. PBR's Team Series is expected to expand from 10 to 12 teams for the 2027 season. Zuffa Boxing's progress is exceeding internal growth plans, with events soon to move beyond the Meta APEX in Las Vegas and go on the road. TKO is reaffirming its full-year 2026 outlook, targeting revenue of $5.675 billion to $5.775 billion and adjusted EBITDA of $2.24 billion to $2.29 billion, reflecting anticipated revenue growth of 21%, adjusted EBITDA growth of 43%, and margin expansion of approximately 600 basis points. Q2 is expected to be the highest revenue and adjusted EBITDA quarter for WWE. The company continues to target a free cash flow conversion rate in excess of 60% and expects UFC and WWE margins to meaningfully outpace and increase compared to 2025, respectively. TKO anticipates naturally delevering over time due to its robust growth characteristics.	Live	The increasing value of live, scarce IP in an AI-transformed content landscape. The strong and resilient consumer demand for live experiences and the 'experienced economy'. The potential impact of media consolidation (e.g., PSKY and WBD combination) on content distribution and monetization. The influence of geopolitical events (e.g., Middle East stability) on international business operations. The shift in leisure demand patterns due to evolving work structures like the 4-day work week.	2026 is off to a formidable start. TKO sits squarely at the center of a growing sports and entertainment ecosystem. Our content is live, it's communal, it's scarce, and no algorithm can replicate it. We firmly believe TKO is built for what's ahead. The demand is real, our partners are committed and we are leaning in. New fans are discovering UFC on CBS and Paramount+, and they are staying. Strong secular tailwinds persist in the sports media ecosystem. The underlying demand for our live events is indeed resilient and durable. Our pipeline is vibrant for our multiyear calendar of events and inventory. Zuffa Boxing, where our progress is exceeding our internal growth plan and time line. Growth drivers... are not just performing, they're compounding. Engagement metrics... remain rock solid. We delivered positive operating and financial performance... reaffirming our full year outlook. We continue to see healthy demand for premium live events. Our business benefits from a high percentage of contracted revenue... provides us with a unique durable platform to drive monetization. We generated $675 million of free cash flow. Maintaining a robust and sustained capital return program remains a top priority. Our Board of Directors has approved up to an additional $1 billion of share repurchases. We are positioned to continue deploying capital toward what we view as a highly value-accretive opportunity. Anchored by our premium content, live, experiential and insulated from AI disruption, we remain extremely well positioned. The product is great at the UFC. The brand has never been stronger. Our reach has never been greater. We're clearly bullish given what we're seeing. And we don't see a slowdown. Our pipeline is robust, and we are closing deals right and left. We will naturally delever over time by virtue of the robust growth characteristics of this company.	Especially considering the macro environment. Even and despite a challenging environment. Anticipated losing $30 million on UFC Freedom 250, and that's still the case despite meaningfully increased costs. There will always be periodic fan dissatisfaction around creative execution, commercial load and celebrity usage. These are not new criticisms. We're closely monitoring the developments in the Middle East and the potential implications on our business. While our international shows tend to have lower margin profiles due to increased travel and logistical costs. Our expenses will meaningfully exceed the limited partnership inventory we have sold, and we expect to lose approximately $30 million on this event. Some vocal fan criticism, calling out things like sponsorship and ticket pricing as being excessive. Balancing the fan experience... with the business of sports is never easy. Change takes getting used to. There's really no magic formula, Brandon. There's no serum for this. There's going to be some trial and error over time. A lot of noise about weaker UFC cards lately. With any sport, there's just natural ebbs and flows, right? It's all very cyclical. This is a highly competitive space, and we have to be at our best every day.	SG&A increased primarily due to higher personnel and travel costs compared to the prior period. SG&A increased primarily due to higher travel costs, driven by an increase in the number of international events in the quarter. TKO made a strategic decision to increase the number of NXT nontelevised events to get younger talent more experienced in front of live audiences, aiming to accelerate their development and readiness to join the main roster.

Upcoming Events2 rows

Catalyst ID	Estimated Timing	Estimated Date Start	Estimated Date End	Catalyst	Why It Matters	Ticker Or Theme Specific	Transcript Date	Source Type
TKO_7773bfcc	event in Abu Dhabi in late July and several events in the fourth quarter	2026-07-20	2026-12-31	Ongoing geopolitical developments in the Middle East and their potential impact on TKO's scheduled UFC, WWE, and Zuffa Boxing events in the region.	Any disruption or cancellation of these events could materially impact TKO's live events revenue, financial incentive packages (FIPs), and overall guidance, as these events often carry significant FIPs.	Ticker	2026-05-06	earnings_transcript
TKO_bee556d8	expect to complete the ASR in short order. Repurchases contemplated under this 10b5-1 plan are to commence immediately once the ASR agreement is completed.	2026-05-06	2026-09-30	Completion of the $800 million Accelerated Share Repurchase (ASR) and the subsequent commencement and execution of the $200 million 10b5-1 trading plan.	These capital return programs are intended to enhance shareholder value by reducing share count, signaling management's confidence, and potentially supporting the stock price, especially given the perceived 'dislocation in our stock price relative to its intrinsic value.'	Ticker	2026-05-06	earnings_transcript