TKO Group Holdings announced its earnings report for the second quarter of 2025. The company is making an astounding amount of revenue to the extent that it has raised its revenue guidance.
I discussed it briefly here this morning.
TKO generated $1.31B in revenue for the second quarter of 2025 which is a raise of 10% from 2024’s Q2. WWE and the UFC were the key drivers for the quarter. The net revenue was $273M up $46M from a year ago. The adjusted EBITDA was up 75% to $526.5M.
WWE and UFC were major drivers with WWE revenue receiving $556.2M up 22% from last year and UFC revenue drawing $415.9M up 5% from a year ago. For the UFC, site fees and partnerships were key drivers. Notably, the UFC staged an event in Azerbaijanian for the first time in company history this past June. For WWE, Q2 saw the 2 night event for Wrestlemania draw so much money that it decided to run it back in 2026.
The UFC’s adjusted EBITDA for the second quarter was $244.8M. It was $231M last year. Notably this quarter its live events and hospitality segment was off by approximately $10M from 2024. The decrease in live events and hospitality revenue was primarily due to a decrease in site fee revenues, related to the timing and mix of international events, compared to the prior year period. Partnerships and marketing was up approximately $24M this quarter in comparison to 2024. It reaped in $85M dollars this quarter versus $61M last year.
The WWE’s adjusted EBITDA for the second quarter was $329.8M. It was $251.3M last year.
The Company increased its targets for revenue in 2025 to $4.630 billion to $4.690 billion.
Payout Perspective:
The biggest takeaway right now with TKO is that it is extremely popular with WWE making large strides in revenue this quarter. Also, the UFC is raking in major revenue in partnerships and marketing this quarter. Despite its unabashed lean toward the president, is does not matter. The UFC is a hot commodity that brands want to partner with to communicate with the valuable young demo companies covet. While it has notably leaned hard to the right with conservative brands leading the way, no one seems to matter that the political leanings are prevalent with UFC product because its making so much money. Similarly, WWE has been able to skirt around a lot of the Vince McMahon payoffs in its earnings reports and doubled down recently with the return of Brock Lesnar daring fans to turn off its product. Unless there is a substantial downturn in the economy, there is no stopping TKO.
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