TKO continued its strong run in the latest quarter, with both WWE and UFC delivering solid performances as part of another major financial period for the combat sports and hospitality driven company.
The company released its financial results on Wednesday ahead of its investor call, highlighting notable year over year growth across multiple divisions.
Total revenue climbed to $1.597 billion, with WWE contributing $475.7 million, an increase of $84.2 million, while UFC brought in $401.2 million, up by $41.5 million. The standout performer came from IMG and On Location, which surged by $179.1 million to reach $655.4 million, largely driven by activity surrounding the 2026 Winter Olympics.
Breaking things down further for WWE, the first quarter saw $281.7 million generated from media rights, alongside $123.5 million from live events and hospitality. Partnerships and marketing added $26.2 million, while consumer products and licensing accounted for $44.3 million.
Live events and hospitality delivered the biggest year over year growth, with media rights also seeing a strong increase. A key factor behind this boost was the Royal Rumble event taking place in Saudi Arabia.
Legal expenses also rose significantly, reaching $23.2 million compared to $6.5 million during the same period last year. The increase was attributed to costs tied to various legal matters, including antitrust cases involving UFC as well as stockholder litigation connected to WWE and Endeavor.
During prepared remarks, Mark Shapiro confirmed that TKO is pressing forward with its scheduled events in Saudi Arabia and the surrounding region for both WWE and UFC, despite ongoing challenges. He also stated that Saudi Arabia’s Public Investment Fund remains committed financially and will not be pulling back support, unlike its previous decision involving LIV Golf. All six planned events featuring WWE, UFC, and Zuffa boxing are expected to go ahead as scheduled.
Shapiro also noted that the UFC White House card is still projected to result in a $30 million loss.
On the WWE side, Elimination Chamber delivered a meaningful increase year over year during its debut on ESPN and ranked as the second highest arena gate in company history. Addressing WrestleMania 42, Shapiro dismissed concerns about ticket performance, describing expectations for further year over year growth as unrealistic while emphasizing that the event still ranks among WWE’s highest gates ever.
He also responded to criticism surrounding WWE creative, explaining that while feedback is taken seriously, much of what is being said is not new.
During the Q and A portion, Shapiro reiterated that listening to fans remains a priority, but acknowledged the challenge of balancing audience expectations with the business side of sports. He compared the situation to similar criticisms seen in other industries, including film and major sports leagues, particularly around advertising and pricing.
He stressed that there is no simple formula when it comes to integrating commercial elements into WWE programming, describing it as an evolving process that involves experimentation. At the same time, he emphasized that the in ring product remains the top priority.
Shapiro added that WWE continues to see record attendance, viewership, and engagement, highlighting the strength and passion of its audience.
When asked about similar criticism aimed at UFC fight cards, Shapiro dismissed the concerns, pointing to recent events and the emergence of new talent. He compared the situation to past periods in other sports where fans questioned the level of star power.
On the topic of competition and one off MMA events, TKO CFO Andrew Schleimer revealed that the company has made an eight figure investment into increasing fighter bonuses, while also noting that fighter pay continues to grow as a key priority. Shapiro added that while competition exists across combat sports, it is not currently seen as a major concern.
