TKO Breaks Records with WWE & UFC While Locking Down ESPN Deal for PLE Streaming

TKO Group Holdings is cashing in big—literally. The company behind WWE and UFC just released its second quarter earnings report for 2025, and the numbers are massive.

TKO pulled in $1.308 billion in revenue, with $273.1 million in net income and a 75% spike in Adjusted EBITDA, reaching $526.5 million. That’s not all—they’re now projecting up to $4.69 billion in revenue for the full year. Ariel Emanuel, TKO’s Executive Chair and CEO, didn’t hold back when explaining the company’s momentum. “

TKO generated strong financial results in the quarter, led by record performance at both UFC and WWE,” he said. “Our live content and experiences are proving a key differentiator… our strategy is tailor made for today’s experience economy and the white-hot sports event marketplace.”

But what’s turning more heads is WWE’s new streaming home. Earlier in the day, ESPN and WWE announced a multi-year deal that will move all WWE Premium Live Events—including WrestleMania, Royal Rumble, SummerSlam, and more—exclusively to ESPN’s upcoming direct-to-consumer platform starting in 2026.

Mark Shapiro, TKO’s President and COO, called it a milestone. “We are proud WWE will now take a prominent seat at [ESPN’s] table during such a transformational juncture.”

WWE is flexing hard this quarter. The wrestling juggernaut brought in $556.2 million, up 22% year-over-year, with massive growth across all key areas: live events, sponsorships, content rights, and merch. Its Adjusted EBITDA jumped 31% to $329.8 million, thanks in part to the success of WrestleMania 41 and deals like the global Netflix agreement.

On the UFC side, the promotion delivered $415.9 million in revenue—its own 5% increase from the same period last year. Sponsorships and media deals drove the growth, even as some site fees and international live event numbers dipped.

And TKO’s other recent acquisitions are pulling their weight. IMG’s performance bounced back dramatically, swinging from a negative $91.2 million Adjusted EBITDA last year to a positive $29.0 million this quarter.

In case investors weren’t impressed yet, TKO also reminded the world they’ve locked in a $2 billion stock buyback program and just finished paying off a $375 million UFC antitrust lawsuit settlement. Talk about clearing the decks and doubling down.

This isn’t just a big quarter—it’s a statement. The ESPN deal positions WWE in front of a massive sports audience, with WrestleMania and other major events now aligned with brands like the NFL and NBA. Ariel Emanuel said it plainly: “Given the continued momentum across our portfolio and our overall business outlook, we are raising our guidance for the full year.”

With WWE breaking past the Attitude Era’s legacy and UFC expanding globally, TKO looks like it’s building a media empire with no signs of slowing down.