\n\nTotal Revenue<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n535.7<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n415.9<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n936.9<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n775.6<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nSecond Quarter 2026<\/b><\/p> \nRevenue<\/b> increased 29%, or $119.8 million, to $535.7 million driven by a $64.7 million increase in media rights, production and content revenue, a $59.0 million increase in partnerships and marketing revenue, and a $6.8 million increase in consumer products licensing and other revenue, <\/i>partially offset by a $10.7 million decrease in live events and hospitality revenue. The increase in media rights, production and content revenue was primarily related to higher media rights fees, which reflected the impact of the new distribution agreement with Paramount that began in January 2026 partially offset by one fewer Numbered Event, compared to the prior year period. The increase in partnerships and marketing revenue was primarily related to new partners and an increase in fees from renewals, which were largely driven by the UFC Freedom 250 event held at the White House in June 2026, compared to the prior year period. The increase in consumer products licensing and other revenue was primarily due to higher royalties on UFC-branded products, including collectibles and event merchandise. <\/i>The decrease in live events and hospitality revenue was due to a decrease in ticket sales revenue, which was largely driven by the absence of ticket sales for UFC Freedom 250 and one fewer Numbered Event, partially offset by higher financial incentive package revenue, compared to the prior year period.<\/p> \nAdjusted EBITDA <\/b>increased 15%, or $35.6 million, to $280.4 million, due to the increase in revenue (as described above) partially offset by an increase in expenses. Direct operating costs reflected higher athlete, production and other event-related costs, which were largely driven by the UFC Freedom 250 event, partially offset by one fewer Numbered Event, compared to the prior year period. Selling, general and administrative expenses increased primarily due to higher personnel and travel costs compared to the prior year period.<\/p> \nAdjusted EBITDA<\/b> margin<\/b> decreased to 52% from 59%. The decrease was entirely due to the financial profile of the UFC Freedom 250 event. Absent Freedom 250 margins would have increased year-over-year.<\/p> \nWWE<\/span><\/i><\/p>\n\n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nThree Months Ended<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nSix Months Ended<\/b><\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\n(in millions)<\/i><\/p><\/td> | \n\u00a0<\/p><\/td> | \nJune 30,<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nJune 30,<\/b><\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/b><\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nWWE Revenue:<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nMedia rights, production and content<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n359.7<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n278.9<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n641.4<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n530.5<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nLive events and hospitality<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n152.0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n185.7<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n275.5<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n262.0<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nPartnerships and marketing<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n63.2<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n58.3<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n89.4<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n83.9<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nConsumer products licensing and other<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n46.0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n33.3<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n90.3<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n71.3<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nTotal Revenue<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n620.9<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n556.2<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n1,096.6<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n947.7<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nSecond Quarter 2026<\/b><\/p> \nRevenue<\/b> increased 12%, or $64.7 million, to $620.9 million driven by a $80.8 million increase in media rights, production and content revenue, a $12.7 million increase in consumer products licensing and other revenue, and a $4.9 million increase in partnerships and marketing revenue, partially offset by a $33.7 million decrease in live events and hospitality revenue. The increase in media rights, production and content revenue was primarily related to higher media rights fees, notably the impact of the new distribution agreement with ESPN that began in September 2025, compared to the prior year period. <\/i>The increase in consumer products licensing and other revenue was primarily related to the sale of WWE-branded products, including trading cards and other collectibles, compared to the prior year period. The increase in partnerships and marketing revenue was primarily related to new partners and an increase in fees from renewals compared to the prior year period. The decrease in live events and hospitality revenue was due to a decrease in ticket sales revenue, almost exclusively related to WrestleMania<\/i> 42 in Las Vegas, compared to the prior year period.<\/p> \nAdjusted EBITDA <\/b>increased <\/b>12%, or <\/b>$38.5 million, to $368.3 million, due to the increase in revenue (as described above) partially offset by an increase in expenses. Direct operating costs reflected higher talent, production and other event-related costs compared to the prior year period. Selling, general and administrative expenses increased primarily due to higher travel costs, related to an increase in the number of international events, compared to the prior year period.<\/p> \nAdjusted EBITDA margin<\/b> was 59% for both periods.<\/p> \nIMG<\/span><\/i><\/p>\nThe IMG segment reflects the operations of the IMG business and On Location.<\/p> \n\n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nThree Months Ended<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nSix Months Ended<\/b><\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\n(in millions)<\/i><\/p><\/td> | \n\u00a0<\/p><\/td> | \nJune 30,<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nJune 30,<\/b><\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/b><\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nIMG Revenue:<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nMedia rights, production and content<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n147.2<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n163.4<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n307.4<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n324.7<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nLive events and hospitality<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n198.5<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n132.1<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n666.2<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n420.6<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nPartnerships and marketing<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n3.5<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n7.9<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n25.0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n30.2<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nConsumer products licensing and other<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n5.5<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n3.2<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n11.5<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n7.4<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nTotal Revenue<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n354.7<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n306.6<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n1,010.1<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n782.9<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nSecond Quarter 2026<\/b><\/p> \nRevenue<\/b> increased 16%, or $48.1 million, to $354.7 million primarily driven by a $66.4 million increase in live events and hospitality revenue, partially offset by a $16.2 million decrease in media rights, production and content revenue. The increase in live events and hospitality revenue was primarily related to FIFA World Cup 2026 hospitality sales at On Location. The decrease in media rights, production and content revenue related to the IMG business and primarily reflected the loss of a contract for Italy\u2019s premier professional cycling event, partially offset by increased demand for Stars on Ice<\/i>, the touring figure skating show, and growth in Sport 24, the live sports channel for airlines and cruise ships, compared to the prior year period.<\/p> \nAdjusted EBITDA <\/b>increased <\/b>171%, or <\/b>$49.6 million, to $78.6 million, primarily due to the increase in revenue (as described above) and a decrease in expenses. Direct operating costs decreased primarily due to the end of an Italian professional cycling contract at the IMG business compared to the prior year period. Selling, general and administrative expenses increased primarily due to costs related to FIFA World Cup 2026 compared to the prior year period.<\/p> \nAdjusted EBITDA margin<\/b> increased to 22% from 9%.<\/p> \nCorporate and Other<\/span><\/i><\/p>\nCorporate and Other reflects operations not allocated to the UFC, WWE, or IMG segments and primarily consists of general and administrative expenses, the operations of PBR, as well as management and promotional fees for services primarily related to boxing.<\/p> \n\n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nThree Months Ended<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nSix Months Ended<\/b><\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\n(in millions)<\/i><\/p><\/td> | \n\u00a0<\/p><\/td> | \nJune 30,<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \nJune 30,<\/b><\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2026<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n2025<\/b><\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nCorporate and Other Revenue:<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nMedia rights, production and content<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n3.7<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n4.7<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n12.6<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n8.0<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nLive events and hospitality<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n19.8<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n18.4<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n52.8<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n51.8<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nPartnerships and marketing<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n12.3<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n11.7<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n28.6<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n23.8<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nConsumer products licensing and other<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n12.7<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n9.8<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n28.4<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n15.4<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n | \n\nTotal Revenue<\/b><\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n48.5<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n44.6<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n122.4<\/p><\/td> | \n\u00a0<\/p><\/td> | \n\u00a0<\/p><\/td> | \n$<\/p><\/td> | \n99.0<\/p><\/td> | \n\u00a0<\/p><\/td><\/tr>\n<\/table> \nSecond Quarter 2026<\/b><\/p> \nRevenue<\/b> increased 9%, or $3.9 million, to $48.5 million. The increase was primarily related to an increase in management fees for services related to the Company\u2019s boxing initiatives. Revenue at PBR increased by $1.0 million principally related to higher live events and hospitality revenue, which was driven by the Space Cowboys event at the U.S. Air Force Academy.<\/p> \nAdjusted EBITDA<\/b> was a loss of $77.4 million, essentially comparable to a loss of $77.1 million in the prior year period. Results primarily reflected <\/i><\/b>the increase in revenue <\/i><\/b>(as described above) offset by an increase in expenses. Expenses reflected higher personnel and other operating costs partially offset by lower event-related costs at PBR from holding ten fewer events due to a strategic review to remove non-core events compared to the prior year period.<\/p> \nFull Year 2026 Guidance<\/span><\/b><\/p>\nIn February, the Company issued revenue and Adjusted EBITDA guidance of $5.675 billion to $5.775 billion and $2.240 billion to $2.290 billion, respectively, for the full year 2026. Based on performance through the first six months of the year and our visibility into and anticipated performance for the remainder of the year, the Company is raising its guidance and now expects full year 2026 revenue of $5.775 billion to $5.825 billion and Adjusted EBITDA of $2.275 billion to $2.305 billion.<\/p> \nThe Company intends to provide additional detail related to its 2026 guidance on today\u2019s earnings call.<\/p> \nOther Matters<\/span><\/b><\/p>\nReturn of Capital Program<\/span><\/i><\/p>\nThe Company announced that it intends to commence additional repurchases of its outstanding Class A common stock under its existing share repurchase program. The Company will determine at its discretion the timing and the amount of any repurchases based on its evaluation of market conditions, share price, and other factors.<\/p> \nAs previously disclosed, the Company\u2019s board of directors has authorized the repurchase of up to $3 billion of outstanding Class A common stock. The share repurchase program has no expiration and may be modified, suspended, or discontinued at any time.<\/p> \nAs previously disclosed, on June 30, 2026, the Company announced the completion of its accelerated share repurchase agreement (the \u201cASR Agreement\u201d) to repurchase $800 million, or 4,167,298 shares, of its outstanding Class A common stock.<\/p> \nAs previously disclosed, on May 11, 2026, the Company entered into a Rule 10b5-1 trading plan for the repurchase of up to $200 million of its outstanding Class A Common Stock (the \u201c10b5-1 Plan\u201d). During the second quarter, the Company repurchased 648,919 shares for approximately $129.3 million. From July 1, 2026 through July 21, 2026, the Company repurchased 373,515 shares for approximately $70.7 million thus completing the 10b5-1 Plan.<\/p> \nAs of August 3, 2026, the Company has slightly in excess of $1 billion available under its existing authorization.<\/p> \nOn June 30, 2026, the Company paid a quarterly cash dividend to the holders of the Company\u2019s Class A common stock based on their pro rata share of an aggregate distribution of approximately $150 million, or $0.79 per share, from TKO Operating Company, LLC.<\/p> \nNotes<\/span><\/b><\/p>\n\n| \n | \n | \n(1)<\/sup><\/p><\/td>\nThe definition of Adjusted EBITDA can be found in the Non-GAAP Financial Measures section of the release on page 8. A reconciliation of Net Income (Loss) to Adjusted EBITDA for the three and six months ended June 30, 2026 and 2025 can be found in the Supplemental Information in this release on page 15.<\/p><\/td><\/tr>\n | \n| \n | \n | \n(2)<\/sup><\/p><\/td>\nAs the acquisition of the Acquired Businesses was accounted for as a merger between entities under common control, reported results presented in this earnings release reflect the results of the Acquired Businesses as if they had been part of TKO during the historical periods presented herein. See the \u201cBasis of Presentation\u201d discussion on page 9 for further details.<\/p><\/td><\/tr>\n | \n| \n | \n | \n(3)<\/sup><\/p><\/td>\nThe definition of Free Cash Flow and Free Cash Flow Conversion can be found in the Non-GAAP Financial Measures section of the release on page 8. A reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow for the three and six months ended June 30, 2026 and 2025 can be found in the Supplemental Information in this release on page 16.<\/p><\/td><\/tr>\n | \n| \n | \n | \n(4)<\/sup><\/p><\/td>\nAn explanation of the basis of presentation can be found in this release on page 9.<\/p><\/td><\/tr>\n<\/table> \nNon-GAAP Financial Measures<\/span><\/b><\/p>\nThe Company refers to certain financial measures that are not recognized under United States generally accepted accounting principles (\u201cGAAP\u201d). This press release includes financial measures that are not calculated in accordance with GAAP, including Adjusted EBITDA, Adjusted EBITDA margin, Free Cash Flow and Free Cash Flow Conversion. Please see the definitions below and the reconciliation tables included in this release for additional information and a reconciliation of the Non-GAAP financial measures to the most comparable GAAP financial measures.<\/p> \nThe Company defines <\/b>Adjusted EBITDA as net income excluding income taxes, net interest expense, depreciation and amortization, equity-based compensation, merger, acquisition and earnout costs, certain legal costs, restructuring, severance and impairment charges, foreign exchange (gains) losses, and certain other items when applicable. Adjusted EBITDA margin is defined as Adjusted EBITDA divided by revenue.<\/p> \nTKO management believes that Adjusted EBITDA and Adjusted EBITDA margin are useful to investors as these measures eliminate the significant level of non-cash depreciation and amortization expense that results from its capital investments and intangible assets, and improve comparability by eliminating the significant level of interest expense associated with TKO\u2019s debt facilities, as well as income taxes which may not be comparable with other companies based on TKO\u2019s tax and corporate structure. Adjusted EBITDA and Adjusted EBITDA margin are used as the primary bases to evaluate TKO\u2019s consolidated operating performance.<\/p> \nAdjusted EBITDA and Adjusted EBITDA margin have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of TKO\u2019s results as reported under GAAP. Some of these limitations are:<\/p> \n- \nthey do not reflect every cash expenditure, future requirements for capital expenditures, or contractual commitments;<\/li>\n
- \nAdjusted EBITDA does not reflect the significant interest expense or the cash requirements necessary to service interest or principal payments on TKO\u2019s debt;<\/li>\n
- \nalthough depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and Adjusted EBITDA and Adjusted EBITDA margin do not reflect any cash requirement for such replacements or improvements; and<\/li>\n
- \nthey are not adjusted for all non-cash income or expense items that are reflected in TKO\u2019s statements of cash flows.<\/li>\n<\/ul>
\nTKO management compensates for these limitations by using Adjusted EBITDA and Adjusted EBITDA margin along with other comparative tools, together with GAAP measurements, to assist in the evaluation of TKO\u2019s operating performance.<\/p> \nAdjusted EBITDA and Adjusted EBITDA margin should not be considered substitutes for the reported results prepared in accordance with GAAP and should not be considered in isolation or as alternatives to net income as indicators of TKO\u2019s financial performance, as measures of discretionary cash available to it to invest in the growth of its business or as measures of cash that will be available to TKO to meet its obligations. Although TKO uses Adjusted EBITDA and Adjusted EBITDA margin as financial measures to assess the performance of its business, such use is limited because it does not include certain material costs necessary to operate TKO\u2019s business. TKO\u2019s presentation of Adjusted EBITDA and Adjusted EBITDA margin should not be construed as indications that its future results will be unaffected by unusual or nonrecurring items. These non-GAAP financial measures, as determined and presented by TKO, may not be comparable to related or similarly titled measures reported by other companies. Set forth below are reconciliations of TKO\u2019s most directly comparable financial measures calculated in accordance with GAAP to these non-GAAP financial measures on a consolidated basis.<\/p> \nThe Company defines Free Cash Flow as net cash provided by operating activities less cash used for capital expenditures. TKO views net cash provided by operating activities as the most directly comparable GAAP measure. Free Cash Flow Conversion is defined as Free Cash Flow divided by Adjusted EBITDA. Although they are not recognized measures of liquidity under U.S. GAAP, Free Cash Flow and Free Cash Flow Conversion provide useful information regarding the amount of cash TKO\u2019s continuing business generates after capital expenditures and is available for reinvesting in the business, debt service, share repurchases and payment of dividends. Free Cash Flow and Free Cash Flow Conversion have certain limitations in that they do not represent the total increase or decrease in the cash balance for the period, nor do they represent the residual cash flow for discretionary expenditures.<\/p> \nReconciliations of the Company\u2019s Non-GAAP financial measure guidance to the most directly comparable GAAP financial measures cannot be provided without unreasonable efforts and are not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations and certain other items reflected in our reconciliation of historical Non-GAAP financial measures, the amounts of which could be material.<\/p> \nBasis of Presentation<\/span><\/b><\/p>\nAs a result of the February 28, 2025 closing of the Company\u2019s agreement with Endeavor to acquire IMG, On Location, and PBR (the \u201cAcquired Businesses\u201d) in a common control transaction, TKO\u2019s consolidated financial information presented herein reflect the combined results of TKO and the Acquired Businesses as if they had been part of TKO during the historical periods presented under common control.<\/p> \nTKO\u2019s financial information presented herein for the periods that it did not own the Acquired Businesses were prepared by Endeavor Group Holdings, Inc. and include allocations for corporate expenses to the businesses based on Endeavor Group Holdings, Inc.\u2019s corporate expense profile. These expenses consisted of certain support functions that were provided on a centralized basis, such as expenses related to finance, human resources, information technology, facilities, and legal, among others and were allocated to the Acquired Businesses. Endeavor Group Holdings, Inc. allocated these corporate expenses on a pro rata basis of headcount, gross profit, and other allocation methodologies. Corporate allocations were $21.7 million for the six months ended June 30, 2025 representing allocations from January 1 through February 28, 2025. Under TKO ownership effective February 28, 2025, such corporate allocations no longer occur.<\/p> \nEffective February 28, 2025, the Company operates its business under three reportable segments, UFC, WWE, and IMG. The UFC and WWE segments consist entirely of the operations of these businesses, while the IMG segment consists entirely of the operations of IMG and On Location. In addition, the Company reports results for the \u201cCorporate and Other\u201d group, which includes the operations of PBR, management and promotional fees for services primarily related to boxing as well as general and administrative expenses that are not allocated to the business segments. These expenses largely relate to corporate activities, including information technology, facilities, legal, human resources, finance, accounting, treasury, investor relations, corporate communications, community relations and compensation to TKO\u2019s management and board of directors, which support the reportable segments.<\/p><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td><\/td> Contacts<\/b> \nInvestors:<\/span> Seth Zaslow szaslow@tkogrp.com<\/a>Media:<\/span> press@tkogrp.com<\/a><\/p> Read full story here <\/a>","protected":false},"excerpt":{"rendered":"Raises Full Year 2026 Guidance
\nAnnounces Intent to Commence Additional Share Repurchases
\nSecond Quarter 2026 Financial Highlights<\/p>\n Revenue of $1.547 billion<\/p>\n Net income of $303.9 million<\/p>\n Adjusted EBITDA1 of $649.9 million<\/p>\n Year-to-date, the Company h…<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-50338","post","type-post","status-publish","format-standard","hentry","category-infos-businesswire"],"_links":{"self":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/50338","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=50338"}],"version-history":[{"count":1,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/50338\/revisions"}],"predecessor-version":[{"id":50340,"href":"https:\/\/stocks-future.com\/index.php?rest_route=\/wp\/v2\/posts\/50338\/revisions\/50340"}],"wp:attachment":[{"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=50338"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=50338"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stocks-future.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=50338"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}} | | | | | | | | |