TKO Group Holdings, Inc. Q4 FY2025 earnings call

Ari noted 2025 was a catalytic year for TKO with momentum across UFC and WWE; TKO is at the center of a sports and entertainment ecosystem. Mark highlighted secured media rights deals, WWE on Netflix viewership, UFC and Paramount deal, global partnerships exceeding target, live events performance, IMG and On Location integration, and Zupa boxing progress.

UFC segment: Q4 2025 generated $401 million revenue, an increase of 17% or $58 million; adjusted EBITDA was $213 million, an increase of 20% or $35 million; adjusted EBITDA margin was 53%. Partnerships and marketing revenue increased 39% to $93 million; media rights production and content revenue increased 12% to $223 million; live events and hospitality revenue increased 12% to $72 million. WWE segment: Q4 2025 generated $360 million revenue, an increase of 21%, or $61 million; adjusted EBITDA was $165 million, an increase of 44%, or $51 million; adjusted EBITDA margin was 46%. Media rights production and content revenue increased 42% to $221 million; partnerships and marketing revenue increased 57% to $36 million; live events and hospitality revenue decreased 27% to $68 million. IMG segment: Q4 2025 generated revenue of $248 million, a decrease of 9%; adjusted EBITDA was a loss of $4 million, a decrease of $20 million; adjusted EBITDA margin was negative 2%. On location: revenue was essentially flat over the prior year period; adjusted EBITDA primarily reflected the decrease in revenue partially offset by a decrease in expenses. Corporate and other: generated revenue of $37 million, an increase of $14 million; adjusted EBITDA was negative $93 million, flat with the prior year period.

2026 target revenue $5.675 billion to $5.775 billion and adjusted EBITDA $2.24 billion to $2.29 billion; driven by media rights deals, global partnerships growth, live events financial incentive packages, White House event, impact of World Cup and Olympics on on location, and boxing plans.

UFC antitrust lawsuit settlement payments, payments for professional fees related to acquisition, non-recurring items affecting free cash flow

Brandon Ross asked about Zufa deal and White House event; Stephen Lasik inquired on 2026 guide and partnership growth; Ben Swinburne asked on execution and FIP accounting; David Karnofsky followed up on Zufa promotion and Royal Rumble lessons; Peter Futino asked on White House events and capital allocation; Ryan Grebet followed up on live events demand and WWE gate revenues