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Get filing alertsTKO reports Q2 revenue of $1.55B, raises full-year guidance, announces additional buybacks
Filed August 3, 2026 · Period ending August 3, 2026 · ~1 min read
Key Changes
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high
Q2 2026 revenue reached $1.547B (+18% YoY) with Adjusted EBITDA of $649.9M (+23% YoY, 42% margin). Full-year guidance raised to $5.775B–$5.825B revenue and $2.275B–$2.305B Adjusted EBITDA.
Exhibit 99.1 view on EDGAR → -
high
TKO intends to commence additional share repurchases under its up to $3B authorization; $1B remains available after completing $800M ASR (4.2M shares) and up to $200M 10b5-1 plan (1.0M shares) through July 2026.
Exhibit 99.1 view on EDGAR → -
high
Year-to-date capital return exceeded $1.3B through buybacks and dividends, including a $150M quarterly dividend ($0.79/share) paid June 30, 2026.
Exhibit 99.1 view on EDGAR → -
medium
UFC Freedom 250 event at the White House drove $59M in partnerships revenue but compressed UFC's Adjusted EBITDA margin to 52% from 59%; excluding the event, margins would have expanded YoY.
Exhibit 99.1 view on EDGAR → -
medium
Net leverage stood at 2.2x as of June 30, 2026 (net debt $4.07B, trailing twelve-month Adjusted EBITDA $1.84B).
Exhibit 99.2 view on EDGAR →
Summary
TKO reported strong second-quarter results and raised its full-year outlook, signaling confidence in the combined entity's momentum. Revenue of $1.547 billion grew 18% year-over-year, driven by all three segments—UFC, WWE, and IMG—with Adjusted EBITDA expanding 23% to $649.9 million and margin improving to 42%.
The company lifted 2026 revenue guidance by $100 million at the midpoint and Adjusted EBITDA guidance by $40 million, reflecting outperformance through the first half and visibility into the remainder of the year.
UFC's June White House event (Freedom 250) generated a $59 million revenue spike but carried a lower-margin profile, temporarily compressing UFC's segment margin; absent that one-time event, UFC margins would have expanded. WWE and IMG both posted sequential growth in Adjusted EBITDA. TKO is deploying capital aggressively: year-to-date returns to equity holders exceeded $1.3 billion through buybacks and dividends, and the company announced it will resume repurchases under its up to $3 billion authorization (over $1 billion remains available). Net leverage of 2.2x is moderate and leaves room for continued capital return. The filing also furnished restated historical financials for 2023–2025 to reflect the February 2025 acquisitions of IMG, On Location, and Professional Bull Riders as common-control transactions, providing investors with comparable multi-year data. Retail holders should note the raised guidance and ongoing buyback activity as indicators of management's confidence in the integrated platform's earnings power.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
TKO announced Q2 2026 financial results and provided restated historical financials reflecting recent acquisitions.
Added in current filing · verify on EDGAR →
On August 3, 2026, TKO Group Holdings, Inc. (the “Company”) announced its financial results for the quarterly period ended June 30, 2026.
TKO disclosed its second quarter 2026 financial results.1).
Added in current filing · verify on EDGAR →
In addition, the Company provided supplemental financial information based on the historical information of the Company for the fiscal years ended December 31, 2023, 2024, and 2025 to retrospectively reflect the acquisition of Professional Bull Riders, On Location, and certain businesses operating under the IMG brand as a merger of entities under common control for the applicable historical periods
TKO furnished restated historical financials for 2023, 2024, and 2025 to reflect the acquisitions of Professional Bull Riders, On Location, and certain IMG businesses as if they had been under common control during those periods. This restatement provides investors with comparable historical data incorporating the acquired entities.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
Revenue of $1.547 billion | • Net income of $303.9 million | • Adjusted EBITDA1 of $649.9 million
TKO reported second quarter 2026 revenue of $1.547 billion, up 18% year-over-year, driven by growth across all three operating segments (UFC, WWE, IMG). Net income was $303.9 million, up from $273.1 million in the prior year period. Adjusted EBITDA increased 23% to $649.9 million, with margin expanding to 42% from 40%.
Event · Exhibit 99.2
TKO disclosed Q2 2026 segment revenue and Adjusted EBITDA results, plus net leverage of 2.2x as of June 30, 2026.
Added in current filing · view on EDGAR →
Total UFC | $359.7 | $415.9 | $325.2 | $401.4 | $401.2 | $535.7 | $1,292.2 | $1,406.2 | $1,502.2 | WWE | Media rights, production and content | $251.6 | $278.9 | $248.9 | $221.2 | $281.7 | $359.7 | $882.9 | $865.5 | $1,000.6 | Live events and hospitality | 76.3 | 185.7 | 82.5 | 68.3 | 123.5 | 152.0 | 262.4 | 338.5 | 412.8 | Partnerships and marketing | 25.6 | 58.3 | 39.9 | 35.8 | 26.2 | 63.2 | 69.3 | 83.0 | 159.6 | Consumer product licensing and other | 38.0 | 33.3 | 30.8 | 34.3 | 44.3 | 46.0 | 111.8 | 111.1 | 136.4 | Total WWE | $391.5 | $556.2 | $402.1 | $359.6 | $475.7 | $620.9 | $1,326.4 | $1,398.1 | $1,709.4 | IMG | Media rights, production and content | $161.3 | $163.4 | $185.1 | $163.0 | $160.2 | $147.2 | $692.2 | $721.2 | $672.8 | Live events and hospitality | 288.5 | 132.1 | 138.3 | 52.4 | 467.7 | 198.5 | 650.6 | 1,156.8 | 611.3 | Partnerships and marketing | 22.3 | 7.9 | 10.3 | 28.5 | 21.5 | 3.5 | 79.1 | 73.3 | 69.0 | Consumer product licensing and other | 4.2 | 3.2 | 3.0 | 3.8 | 6.0 | 5.5 | 15.2 | 18.9 | 14.2 | Total IMG | $476.3 | $306.6 | $336.7 | $247.7 | $655.4 | $354.7 | $1,437.1 | $1,970.2 | $1,367.3
TKO reported Q2 2026 revenue of $535.7 million for UFC, $620.9 million for WWE, and $354.7 million for IMG. UFC revenue grew 28.8% quarter-over-quarter driven by partnerships and marketing ($144.8M) and media rights ($325.2M). WWE revenue increased 30.5% quarter-over-quarter with strong media rights ($359.7M) and live events ($152.0M). IMG revenue declined 45.9% quarter-over-quarter, primarily due to lower live events and hospitality revenue ($198.5M vs. $467.7M in Q1).
Added in current filing · view on EDGAR →
Adjusted EBITDA (3): | UFC | $227.4 | $244.8 | $165.6 | $213.2 | $254.5 | $280.4 | $755.7 | $801.0 | $851.0 | WWE | 193.9 | 329.8 | 207.8 | 165.0 | 256.1 | 368.3 | 533.1 | 681.1 | 896.5 | IMG | 73.5 | 29.0 | 61.4 | (3.9) | 97.3 | 78.6 | 121.1 | (48.0) | 160.0 | Corporate & other | (77.4) | (77.1) | (74.6) | (93.1) | (58.1) | (77.4) | (278.7) | (352.2) | (322.2) | Total TKO | $417.4 | $526.5 | $360.2 | $281.2 | $549.8 | $649.9 | $1,081.9 | $1,585.3
TKO reported Q2 2026 Adjusted EBITDA of $280.4 million for UFC, $368.3 million for WWE, $78.6 million for IMG, and negative $77.4 million for Corporate & other. UFC Adjusted EBITDA increased 10.2% quarter-over-quarter. WWE Adjusted EBITDA rose 43.8% quarter-over-quarter. IMG Adjusted EBITDA declined 19.2% quarter-over-quarter. Total company Adjusted EBITDA reached $649.9 million in Q2 2026.
Added in current filing · view on EDGAR →
Total debt (1) | $ 4,659.0 | Less: Cash and cash equivalents | 592.5 | Net Debt | $ 4,066.5 | Adjusted EBITDA (2) | $ 1,841.1 | Net Leverage | 2.2 | x
As of June 30, 2026, TKO reported total debt of $4,659.0 million, cash and cash equivalents of $592.5 million, resulting in net debt of $4,066.5 million. With trailing twelve-month Adjusted EBITDA of $1,841.1 million, the company's net leverage ratio stood at 2.2x. This indicates moderate leverage relative to earnings.
Added in current filing · view on EDGAR →
In conjunction with the Asset Acquisition, the Company evaluated its segment presentation and, beginning with the fiscal period as of and for the quarter ended March 31, 2025, the Company reports under three business segments (UFC, WWE, and IMG). In addition, the Company reports results for the “Corporate and Other” group.
TKO now reports under three business segments: UFC, WWE, and IMG, plus a Corporate and Other group. This structure reflects the February 28, 2025 acquisition of IMG, On Location, and Professional Bull Riders, which was treated as a merger of entities under common control. Historical financial information has been retrospectively recast on a combined basis for all periods prior to the acquisition.
Added in current filing · view on EDGAR →
TKO’s February 28, 2025 acquisition of the Acquired Businesses was treated as a merger of entities under common control. As a result of the common control acquisition, the net assets of the Acquired Businesses were combined with those of TKO at their historical carrying amounts, and the financial information herein has been retrospectively recast on a combined basis for all historical periods prior to February 28, 2025, because they were under common control for all periods presented herein.
The acquisition of IMG, On Location, and PBR was accounted for as a common control transaction, requiring retrospective recasting of all historical financial information. This means prior-period results now include the acquired businesses at their historical carrying amounts, making year-over-year comparisons reflect the combined entity throughout. Investors should note that pre-acquisition periods are presented on a combined basis for comparability.
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Figures/quotes linked to EDGAR · Narrative written by AI · Aug 12, 2026 · How we verify