TKO Group Secures Over $15B Media Rights, Guides $5.7B Revenue and $2.3B EBITDA
TKO Group posted full-year 2025 revenue of $4.735 billion and Adjusted EBITDA of $1.585 billion, up 47% year-over-year, generating $1.159 billion in free cash flow and ending the year with 1.9x net leverage. The company secured over $15 billion in long-term media rights and guided 2026 revenue of $5.675–$5.775 billion with Adjusted EBITDA of $2.24–$2.29 billion.
1. Full-Year 2025 Financial Performance
In 2025 TKO Group recorded revenue of $4.735 billion and Adjusted EBITDA of $1.585 billion, reflecting a 47% increase in EBITDA driven by WWE margin expansion above 50% and UFC profitability. The company generated $1.159 billion in free cash flow and achieved a 33.5% EBITDA margin.
2. Major Media Rights Agreements
During 2025 TKO secured over $15 billion in long-term media rights, including UFC's $7.7 billion deal with Paramount and WWE's $1.6 billion agreement with ESPN, reshaping its revenue mix with high-margin, escalator-backed streams across more than 30 countries.
3. Capital Returns and Leverage
The company repurchased nearly $1 billion of stock, authorized an additional $1 billion repurchase and doubled its dividend, resulting in net leverage of 1.9x at year-end. These actions underscore management’s focus on returning capital while maintaining a strong balance sheet.
4. 2026 Outlook and Growth Initiatives
TKO projects 2026 revenue of $5.675–$5.775 billion and Adjusted EBITDA of $2.24–$2.29 billion, expects over $300 million aggregate value from financial incentive packages and plans a $60 million White House UFC event alongside launching Zuffa Boxing on Paramount+ as new growth drivers.