TKO Reports Q3 2026 Revenue of $1.36B, Raises Full-Year 2026 Guidance

Executive Summary

TKO Group Holdings, Inc. filed a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition) announcing financial results for the third quarter ended September 30, 2026. The company delivered strong top-line and bottom-line growth, increased full-year 2026 revenue and Adjusted EBITDA guidance, and announced plans to commence additional share repurchases.

Key Financial Highlights

• Consolidated Revenue: Reached $1.360 billion, up 21% (+$240.2 million) year-over-year compared to Q3 2025.
  • UFC: $519.2 million (+59.7% YoY from $325.2 million).
  • WWE: $399.3 million (down slightly by $2.8 million YoY).
  • IMG Segment: $391.3 million (+$54.6 million YoY).
• Net Income: Increased 160% to $277.9 million compared to $106.8 million in the prior-year period.
• Adjusted EBITDA: Expanded 54% to $555.7 million, with margins expanding from 32% to 41%.
• Cash Flow & Liquidity:
  • Cash flow from operations: $472.1 million.
  • Free Cash Flow: $449.9 million.
  • Cash and cash equivalents: $630.9 million as of September 30, 2026.
  • Gross debt: $4.647 billion.

Full-Year 2026 Guidance Revision

Management raised full-year targets for the second time in 2026:

• Revenue Target: Increased to $5.790 billion – $5.830 billion.
• Adjusted EBITDA Target: Increased to $2.295 billion – $2.315 billion.

Capital Allocation

Year-to-date, TKO has returned over $1.6 billion in capital to equity holders via share repurchases, dividends, and related distributions, alongside the announced intention to initiate additional share repurchases.