TKO 3rd Quarter Conference Calls Highlights for November 5, 2025

We’re providing ongoing coverage of TKO’s third-quarter 2025 earnings call.

Seth Zaslow opened the call before Ari Emanuel delivered his remarks. Emanuel said it was a milestone quarter for TKO, highlighting the company’s strong fundamentals and the growing demand for premium sports content. He noted the company doubled its cash dividend and began a stock buyback program.

Emanuel praised UFC’s new deal with Paramount and the removal of pay-per-view purchases. He also promoted WrestlePalooza as WWE’s debut event with ESPN, expanding WWE’s reach. Additional highlights included the launch of Zuffa Boxing, WrestleMania heading to Saudi Arabia, WWE Raw ranking in Netflix’s top ten weekly, and SmackDown leading Friday cable ratings for nine weeks. He also mentioned PBR’s move to Paramount+.

Andrew Schleimer reviewed the financial details released earlier in the day, followed by a Q&A session with Schleimer and Mark Shapiro.

When asked about WWE’s live event revenue and rising ticket prices, Nick Khan explained that the company has adjusted prices to match market demand. He noted that scaling back the number of live events has made televised shows feel more exclusive, while international tours have helped drive the same effect. According to Khan, this strategy has boosted overall gate performance, and he remains confident that business will continue to stay strong.

TKO executives said they plan to hold between two and four Zuffa Boxing events each year. They also noted that the company would consider additional acquisitions if they see clear growth potential or strategic upside.

Regarding the ESPN-WWE partnership, TKO leadership said they’re very pleased with how the relationship is developing, especially after the strong promotional push for WrestlePalooza. They praised ESPN’s marketing efforts for the event, noting that while it will take time for ESPN to grow its platform the way it envisions, the network excels when it commits to a project. TKO mentioned the goal of maintaining the momentum built around WrestlePalooza and added that, as ESPN renews its distribution deals, ensuring free authentication for subscribers remains an important priority.

Wingstop has become an advertising partner across both WWE and UFC, as TKO continues expanding its brand partnerships. The company is collaborating with a mix of existing sponsors and new partners, with Paramount’s relationship playing a key role in driving that growth.

Executives said their goal is to reach $1 billion in company-wide advertising revenue, with a strong focus on growth heading into 2026. They noted that the dynamic has shifted since their early UFC days — back then, they had to make the outreach, but now major brands are reaching out to them, looking to secure bundled advertising deals that include UFC, PBR, and WWE.