Summary

TKO Group Holdings reported $1.597 billion in revenue and $249.8 million in net income for the first quarter of 2026, with adjusted EBITDA coming in at $549.8 million.

WWE generated $475.7 million in revenue during the quarter, up $84.2 million year over year. The company said that increase was driven by stronger live events and hospitality revenue, higher media rights revenue, and gains in consumer products licensing, with Royal Rumble in Saudi Arabia, plus the Netflix and ESPN distribution agreements, cited as major factors.

Across the full company, TKO said revenue rose 26 percent from the prior-year period. UFC revenue reached $401.2 million, while the IMG segment posted $655.4 million.

TKO's WWE business keeps building around major rights deals

WWE's $475.7 million quarter matters because it shows the media-rights changes and international event strategy are already lifting one of TKO's core wrestling businesses. The company specifically pointed to the Netflix and ESPN agreements, along with Royal Rumble in Saudi Arabia, as key reasons WWE revenue and adjusted EBITDA both moved higher.

That also gives more context to other recent TKO-facing updates around WWE, including Nick Khan's new deal through 2030. With TKO reaffirming its full-year guidance, WWE remains a major part of the company's broader growth story rather than just a steady content arm inside the portfolio.

Breakdown from the first quarter report

TKO said adjusted EBITDA increased 32 percent to $549.8 million, and adjusted EBITDA margin rose to 34 percent from 33 percent.

The company also reported $694.5 million in cash flows from operating activities and $674.5 million in free cash flow. As of March 31, 2026, TKO listed $788.9 million in cash and cash equivalents, with gross debt at $4.671 billion.

For the full 2026 year, TKO reaffirmed its revenue guidance of $5.675 billion to $5.775 billion and its adjusted EBITDA target of $2.240 billion to $2.290 billion.

Quotes

Quote from Ariel Emanuel

"TKO is off to a formidable start in 2026, with strong results and continued momentum across each of our businesses. We are reaffirming our full-year guidance, and today's incremental $1 billion share repurchase authorization underscores our conviction in TKO and its long-term value."

Quote from Mark Shapiro

"TKO's first quarter results reflect the strength and durability of our premium IP. Our media rights portfolio is firmly in place, our financial incentive packages continue to scale, and demand for our premium live events and experiences is healthy. With UFC Freedom 250 at the White House and On Location's FIFA World Cup partnership, TKO will take center stage this summer, crowning moments for audience growth, cultural relevance, and our business trajectory."

Sources

TKO press release