TKO Raises 2026 Guidance on UFC Growth
TKO Group Holdings lifted its full-year 2026 outlook after third-quarter revenue rose 21% year over year.
Updated on Nov. 4, 2026 in Wrestling
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TKO Group Holdings raised its full-year 2026 revenue and adjusted EBITDA guidance for the second time this year after reporting third-quarter revenue of $1.36 billion, up 21%. Growth was led by the UFC, whose revenue rose 60% to $519.2 million.
Why it matters
The increase signals that media rights, sponsorships and live events are lifting results across TKO's combined portfolio. Management said the bulk of existing revenue is contracted for the next five to seven years, which supports the revised outlook.
TKO's third-quarter net income reached $277.9 million, up from $171.1 million a year earlier, while adjusted EBITDA climbed 54% to $555.7 million. The company projects full-year 2026 adjusted EBITDA of $2.295 billion to $2.315 billion, though the extraction does not break out the World Cup's share of that figure.
The players
TKO Group Holdings
TKO Group Holdings is the sports and entertainment company that owns the UFC, WWE and IMG, and reported the third-quarter results.
UFC
The UFC is the mixed martial arts promotion owned by TKO, and its media rights and live events drove the quarter's strongest growth.
WWE
WWE is the professional wrestling entertainment company within TKO, whose revenue declined slightly in the quarter.
The details
UFC revenue growth came from media rights, sponsorships, live events, and consumer products and licensing. WWE revenue fell 1% to $399.2 million on lower live events and hospitality, partly offset by media rights and consumer products, while IMG revenue rose 16% to $291.3 million on partnerships and hospitality tied to the 2026 FIFA World Cup.
Timeline
Third quarter of 2026: TKO reports results and raises full-year guidance.
2026 FIFA World Cup: boosts IMG partnership and hospitality revenue.
Next five to seven years: majority of existing revenues remain locked in.
Market Landscape
TKO's revenue model leans on long-term media rights and sponsorship agreements that the company says cover most of its revenue for the next five to seven years. That contracted base is the backbone of the growth story, with the UFC and the 2026 FIFA World Cup supplying the upside.
For UFC and WWE viewers, the guidance raise signals continued investment in live events and media rights across TKO's properties. The company's contracted revenue base suggests the current slate of events and broadcasts is expected to remain stable for several years.
The takeaway
Companies with long-term media and sponsorship contracts can offer investors more predictable earnings than event-driven businesses alone. Watching how much of TKO's guidance comes from recurring rights versus one-time events will show how durable the growth is.
Further reading
For more on the business behind pro wrestling, see Wrestling.
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