RESOLVING THE LEDGER
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TKO Group Holdings LLC, the parent company to UFC and WWE, reported 2026 second-quarter revenue of $1.547 billion during an earnings call with investors on Monday. That included an increase of $54.1 million in net income from the year’s first quarter , producing a total of $303.9 million in TKO net income from April to June 2026.
As expected, the company reported a loss of approximately $30 million on the UFC Freedom 250 event at the White House in June, but touted the "earned media" and the value of the connections made as a result of that event.
"In the days leading up the UFC Freedom 250, we met with dozens of existing and new contacts in Washington D.C., a clear example of how our access and the attractiveness of our events can translate into opportunity," said Seth Zaslow, head of investor relations for TKO.
Both UFC and WWE saw increased revenue from the second quarter of 2025, but it was the UFC that drove the bulk of that, increasing its revenue by $119.8 million to produce a total of $535.7 million. WWE experienced an increase of $64.7 million, hitting a second-quarter total of $620.9 million.
Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) also increased 15% on the UFC side, to $280.4 million, but those numbers were partially offset by "higher athlete, production and other event-related costs, which were largely driven by the UFC Freedom 250 event," according to the report.
"Despite a challenging global environment, TKO delivered solid results in Q2, with strong momentum heading into the back half of the year," TKO CEO Ariel Emanuel said in a written statement. "Premium live content and experiences are heating up in an increasingly AI-driven world, and our businesses are well positioned to fully capitalize on societal secular tailwinds."
The company did report a decline in live events and hospitality revenue on the WWE side, which it said was "due to a decrease in ticket sales revenue, almost exclusively related to WrestleMania 42 in Las Vegas." Nevertheless, said TKO president and COO Mark Shapiro, the decisions around that event were part of an "intentional strategy."
Once the call was opened to questions, the first query centered around MVP MMA and its recent acquisition of PFL , potentially marking a major new player in the MMA space that could conceivably become a competitor to the UFC.
"Look, I would say that clearly on an individual standalone basis, these promotions, both MVP and PFL, were not necessarily sustainable," Shapiro said. "Now they've come together, and we'll see what they can conjure up. What we know is that competition's always made us stronger, and a rising tide lifts all boats."
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