TKO Group Holdings LLC, parent company to both WWE and UFC, reported first quarter revenue of $1.597 billion in an earnings call with investors today. That marks a 26% increase in revenue for the publicly traded company in 2026, with the UFC and WWE driving much of that growth.
TKO executives also reported that the company had “returned approximately $1 billion of capital to equity holders” through stock buybacks, dividend payments and other distributions.
TKO executive chair and CEO Ari Emanuel said on Wednesday:
“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.”
WWE was a significant part of that revenue growth, increasing its revenue to $475.7 million in the first quarter of 2026, an increase of $84.2 million from the same period in 2025. The UFC also saw increased revenue, bringing in $401.2 million, which was an increase of $41.5 million.
News of the strong financial start to the year comes the same week as reports that WWE recently asked several wrestlers on its roster to take sizable pay cuts. During the first quarter of 2026, the WWE saw revenue increases in every key area, with the biggest growth coming in live events and hospitality. There, the company nearly doubled its revenue, growing from $76.3 million in the first quarter of 2025 to $123.5 million in the financial quarter that ended on March 31.
TKO executives said the company is targeting somewhere between $5.675 billion and $5.775 billion for total revenue in 2026, with an eye toward major events heading into the summer.
Said TKO president and COO 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.”
Company executives also recorded an adjusted EBITDA of $549.8 million — a 32% increase — with WWE accounting for $62.2 million of that growth, and the UFC adding another $27.1 million increase.
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