Boosted By Live Growth & TV Deals, WWE & UFC Parent TKO Tops Revenue Estimates In Q1

TKO Group Holdings, the parent company of wrestling giant WWE and MMA leader UFC, posted first quarter revenues of $1.27 billion, far ahead of expectations, and revised its full-year estimates upward.

Analysts had predicted $900 million in revenues for Q1. TKO did take a miss on the bottom line, with earnings per share at $0.69, about 10% lower than expected.

The revenue number was 4% higher than the same period in 2024, boosted by 24% growth from WWE and 15% for UFC; IMG revenues took a 14% hit. TKO, which was one of four stocks added to the S&P 500 in Q1, closed its purchase of IMG, Professional Bull Riders and On Location from the now-privately held Endeavor in the first quarter.

“TKO is off to a good start in 2025 with both UFC and WWE delivering solid financial results,” said Ariel Emanuel, Executive Chair and CEO of TKO. “Given the strength and momentum of these businesses and no material change to our overall business outlook, we are raising our guidance. At the same time, we are updating guidance to reflect the addition of IMG, On Location, and PBR. Our conviction in our portfolio of assets is strong and we are now focused on integration, driving synergies, the domestic media rights deal for UFC, and our capital return programs.”

The major growth drivers in the first quarter were increases in live event and hospitality revenues. UFC’s live take of $58.6 million was almost 66% higher than in Q1 2024. WWE’s $76.3 million was a 52% improvement.

New broadcast deals also juiced the numbers. WWE’s new agreement with Netflix began with the new year, growing the media rights figure to $251 million, a 13% jump. UFC’s media rights number grew by $10 million year-over-year.

Partnerships and marketing revenues also grew significantly — UFC’s figure was up a third and WWE’s nearly doubled. WWE also saw impressive growth in product licensing, up more than 20%.

Going forward, TKO lifted its full-year revenue forecast to a range of $3.005 billion to $3.075 billion, up from the prior $2.930 billion to $3.000 billion. It also lifted its 2025 adjusted EBITDA forecast to $1.390 billion to $1.430 billion from $1.350 billion to $1.390 billion.

TKO shares surged in after-hours trading, up more than $6 to $174, though in regular trading, the price has come back down to earth a bit and were trading at $162 at midday.