Subhojeet Mukherjee on May 6, 2026
TKO Group Holdings has officially released its financial results for the first quarter of 2026 — and the numbers show WWE continuing to generate major revenue growth under the TKO umbrella.
After previously reporting huge gains for WWE during full-year 2025 earnings, TKO followed that up on May 6, 2026 by announcing first quarter revenue of $1.597 billion alongside net income of $249.8 million.
The company also reported adjusted EBITDA of $549.8 million for the quarter while reaffirming its full-year 2026 financial projections. In a statement included in the release, TKO CEO Ariel Emanuel praised the company’s momentum across all divisions. Emanuel also pointed toward the company’s long-term confidence moving forward.
“TKO is off to a formidable start in 2026, with strong results and continued momentum across each of our businesses. Today’s incremental billion share repurchase authorization underscores our conviction in TKO and its long-term value.”
Mark Shapiro also showed off the strength of WWE and UFC’s premium live event business and expanding media rights portfolio.
“TKO’s first quarter results reflect the strength and durability of our premium IP.”
He then specifically pointed toward future expansion opportunities involving UFC and major international partnerships.
“With UFC Freedom 250 at the White House and On Location’s FIFA World Cup partnership, TKO will take center stage this summer.”
From a WWE perspective, the numbers were especially strong. According to the filing, WWE revenue increased 22% year-over-year during the first quarter, jumping by $84.2 million to reach $475.7 million total.
The company credited multiple areas for the increase, including major live event business, media rights growth, merchandise sales, and sponsorship expansion. The filing specifically pointed to the impact of WWE’s distribution agreements with Netflix and ESPN as major drivers behind increased media rights revenue.
TKO also stated that live events and hospitality revenue rose significantly due to financial incentive packages tied to international events, specifically mentioning the Royal Rumble event held in Saudi Arabia.
WWE’s adjusted EBITDA also saw a major jump. According to the report, WWE adjusted EBITDA increased 32% to $256.1 million, while the division’s EBITDA margin climbed from 50% to 54%.
Meanwhile, UFC posted $401.2 million in revenue during the quarter, driven largely by its new Paramount distribution agreement that officially began in January 2026. The broader TKO business also generated massive operating cash flow during the quarter, reporting $694.5 million in cash flows from operations and nearly $675 million in free cash flow. At the same time, the company returned approximately $1 billion to shareholders through stock repurchases and dividend-related payments.
Bottom line — TKO’s latest financial report shows WWE continuing to surge financially in the Netflix and ESPN era. Between rising media rights fees, stronger international event business, and expanding margins, WWE remains one of the company’s biggest growth engines as TKO pushes deeper into 2026.
Do you think WWE’s move to Netflix and ESPN is already proving to be a bigger success than expected, or is UFC still the true centerpiece of TKO’s long-term business strategy? Let us know your thoughts.
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