TKO Group Holdings, Inc. (TKO) · Nov 4, 2026 · Earnings

TKO earnings miss revenue but raise 2026 guidance again

Miss — Revenue $1.360B vs ~$1.38B consensus

TKO earnings show UFC and IMG powering profit growth, but Q3 revenue missed consensus. Guidance was raised again, alongside debt-funded buybacks.

TKO is building a diversified live-sports and premium-experiences platform around UFC, WWE, IMG, On Location and PBR; the prior quarter had already produced a guidance raise, so this filing tests whether that expansion is converting into faster-than-expected execution.

The quarter was operationally strong, but not a clean earnings beat. Revenue rose 21% to $1.360 billion, driven mainly by UFC’s new Skydance distribution economics and a strong event slate, plus a major IMG contribution from FIFA World Cup hospitality and new sports-rights deals. That was below the published revenue consensus of roughly $1.38 billion, making the formal earnings read a miss despite the strong growth rate. The filing says, “Revenue increased 21%, or $240.2 million, to $1.360 billion.”

MetricQ3 2026Q3 2025Consensus / Prior guide
Revenue (Financial Highlights)$1.360B$1.120B~$1.38B
Adjusted EBITDA (Financial Highlights)$555.7M$360.2M
Adjusted EBITDA margin (Financial Highlights)41%32%
UFC revenue (Segment results — UFC)$519.2M$325.2M
WWE revenue (Segment results — WWE)$399.3M$402.1M
IMG revenue (Segment results — IMG)$391.3M$336.7M
FY2026 revenue guidance (Full Year 2026 Guidance)$5.790B–$5.830B$5.775B–$5.825B
FY2026 Adjusted EBITDA guidance (Full Year 2026 Guidance)$2.295B–$2.315B$2.275B–$2.305B

Profitability was the stronger signal. Adjusted EBITDA climbed 54% to $555.7 million and margin expanded to 41% from 32%, with UFC and IMG supplying most of the incremental earnings. UFC EBITDA rose 72% and IMG EBITDA rose 89%, while WWE EBITDA still increased 5% despite lower revenue. The filing says, “Adjusted EBITDA increased 54%, or $195.5million, to $555.7million.”

The business mix is shifting toward UFC and IMG, not WWE. UFC benefited from higher media-rights fees, additional events and the record-setting UFC 329; IMG benefited from FIFA World Cup hospitality and new tennis and soccer distribution deals. WWE revenue slipped 1% because of three fewer premium live events and weaker SummerSlam sales, but cost control preserved EBITDA growth. That makes the quarter’s growth engine increasingly clear, while WWE is currently contributing more through margin discipline than top-line acceleration.

Guidance moved up again, but only modestly. Revenue guidance increased by $15 million at the midpoint from the August range, while Adjusted EBITDA guidance increased by $15 million at the midpoint. This is constructive confirmation that management sees the full-year plan tracking ahead, but it is not a major reset of the company’s trajectory. The filing says, “Based on performance through the first nine months of the year and our visibility into and anticipated performance for the remainder of the year, the Company is raising its guidance.” 〔0〕

Capital returns are continuing alongside higher leverage. TKO intends to use additional debt and cash to complete the remaining $936 million of its existing repurchase authorization. That supports the capital-return story, but it also means the buyback is not purely being funded by excess cash generation; gross debt was $4.647 billion and net leverage was 2.0x at quarter-end. The filing says, “The Company expects to repurchase the balance of the existing authorization, which it intends to fund primarily from additional debt and cash on hand.” 〔1〕

Bottom line: TKO’s underlying operating engine is stronger than the headline revenue miss suggests, with UFC and IMG lifting margins and prompting another guidance increase. The quarter is therefore mixed rather than a clean beat: execution improved, but the top line fell short of what analysts expected and further buybacks will add debt.

What to watch next

2026 year-end results and 2027 outlook

Original filing on SEC EDGAR

More TKO Group Holdings, Inc. news

TKO earnings miss revenue but raise 2026 guidance again | TKO Stock News
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