TKO Group Holdings, Inc. (TKO) delivered its third-quarter 2025 earnings report on Wednesday, November 5, revealing a strong financial performance and a notable shift in the company’s internal dynamics. The report, which covers the July through September period, highlighted a significant milestone: WWE generated more revenue than UFC for the first time since the merger that formed TKO in 2023.
With a total revenue of $1.120 billion for the quarter, TKO’s latest results reflect the growing influence of WWE within the conglomerate, as well as the impact of recent strategic acquisitions. The company also raised its full-year 2025 guidance, signaling confidence in its expanding portfolio of sports and entertainment assets.
WWE Outpaces UFC in Q3 Revenue
One of the standout figures from the earnings report was WWE’s revenue, which reached $402 million for the quarter. This marks a notable increase compared to the same period last year and surpasses UFC’s revenue, which saw a decline in Q3 2025.
According to a WWE insider, “The momentum behind WWE’s programming, especially with the continued success of premium live events and the global expansion of NXT, has been a major driver. The company is capitalizing on its brand strength and fan engagement in ways we haven’t seen in years.”
The insider added, “There’s a real sense of optimism backstage. The creative team feels empowered, and the talent is responding to the opportunities being presented.”
This shift is significant, as UFC had historically been the revenue leader within TKO since the merger. The reversal underscores WWE’s resilience and adaptability in a rapidly evolving sports entertainment landscape.
TKO’s Strategic Acquisitions Fuel Growth
The third quarter also marked the completion of TKO’s acquisition of several high-profile businesses, including assets from IMG, On Location Events, and Professional Bull Riders (PBR). These acquisitions, finalized on February 28, 2025, have expanded TKO’s footprint in sports, entertainment, and hospitality.
The integration of these businesses has allowed TKO to diversify its revenue streams and leverage synergies across its portfolio. For example, IMG’s expertise in sports marketing and media rights has already begun to influence WWE’s global outreach, while On Location’s premium event experiences are enhancing the fan experience at major WWE and UFC events.
“Bringing these assets under the TKO umbrella has been a game-changer,” said a source close to TKO’s executive team. “It’s not just about adding revenue; it’s about creating a more robust ecosystem that benefits all of our brands.”
Financial Highlights and Raised Guidance
TKO’s third-quarter financials paint a picture of a company on solid footing. In addition to the $1.120 billion in revenue, the company reported a net income of $106.8 million and an adjusted EBITDA of $360.2 million. These figures reflect both organic growth and the impact of the recent acquisitions.
The company also raised its full-year 2025 guidance, increasing its target for revenue to $4.690 billion to $4.720 billion and its target for adjusted EBITDA to $1.570 billion to $1.580 billion. This upward revision is a clear indication of TKO’s confidence in its ability to deliver strong results for the remainder of the year.
WWE’s Creative Momentum and Fan Engagement
Behind the numbers, WWE’s creative momentum has been a key factor in its financial success. The company has continued to innovate with its programming, introducing new storylines, expanding its international presence, and investing in digital content.
“WWE’s ability to connect with fans, both in arenas and online, has never been stronger,” said a source close to WWE’s creative team. “We’re seeing record engagement on social media, and our premium live events are selling out faster than ever.”
The success of NXT, WWE’s developmental brand, has also played a crucial role. NXT’s global expansion, including events in Europe and Asia, has helped WWE tap into new markets and attract a younger, more diverse audience.
UFC’s Challenges and Opportunities
While UFC’s revenue declined in Q3, the organization remains a powerhouse in the world of combat sports. The company is navigating challenges related to fighter pay, event scheduling, and competition from other promotions. However, UFC’s global brand and loyal fan base continue to make it a valuable asset within TKO.
“UFC is still the gold standard in MMA,” said a source close to the organization. “We’re working on new initiatives to boost engagement and revenue, and we’re confident that we’ll see a turnaround in the coming quarters.”
Looking Ahead: TKO’s Vision for the Future
TKO’s third-quarter results and raised guidance suggest a bright future for the company. With WWE leading the charge and a growing portfolio of sports and entertainment assets, TKO is well-positioned to capitalize on emerging opportunities in the industry.
As the company continues to integrate its acquisitions and innovate across its brands, fans can expect even more exciting developments in the months and years ahead.
“TKO is more than just a merger of two iconic brands,” said a source close to TKO’s leadership. “It’s a new era of sports entertainment, and we’re just getting started.”