UFC just had the kind of quarter that makes Wall Street analysts reach for the good pens. TKO Group Holdings reported Wednesday that UFC revenue jumped 60%, or $194.0 million, to $519.2 million for the third quarter ending September 30, 2026. Deadline and Sports Business Journal both reported that the parent company beat earnings forecasts. Damon Martin flagged the UFC number on X minutes after the release dropped.
TKO as a whole posted $1.360 billion in revenue, up 21%. Net income came in at $277.9 million, up from $106.8 million a year earlier. Adjusted EBITDA climbed 54% to $555.7 million, and UFC accounted for $285.3 million of it, an increase of $119.7 million over the prior year. The company’s adjusted EBITDA margin went from 32% to 41%. The IMG segment chipped in too, with revenue rising $54.6 million to $391.3 million.
The soft spot was WWE. Revenue there slipped 1%, or $2.8 million, to $399.3 million. Per the filing, live events and hospitality revenue fell $24.8 million, which TKO pinned on three fewer main roster Premium Live Events and lower SummerSlam sales than the year before. Partnerships, media rights (helped by the ESPN deal that kicked in September 2025) and consumer products like video games and trading cards all went up, which kept the dip small.
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Shapiro Swats at the Ticket Talk
On the media call, Shapiro, TKO’s president and COO, was asked about softer sales for SummerSlam and WrestleMania. According to Fightful’s transcription, he opened by brushing off the idea that WWE ticket sales are down, comparing it to chasing ghosts. Then he delivered the line that’ll get clipped and passed around all week:
“We don’t make all of our decisions on just maximizing our profitability. It’s about what’s best for our fans, our brand, our audience, viewership, and our media partners. Going back to the midwest is important to us, and Minnesota is a strong market and it performed extremely well in the stadium. We’re proud of that,” he said.
He wrapped it up by insisting that engagement, viewership and business at WWE are all strong.
The Bigger Picture
TKO raised its full-year 2026 guidance for the second time this year. Revenue is now targeted at $5.790 billion to $5.830 billion, with adjusted EBITDA projected at $2.295 billion to $2.315 billion. The company said it has returned more than $1.6 billion to equity holders so far this year through buybacks, dividends and related distributions. It’s sitting on $630.9 million in cash against $4.647 billion in gross debt.
In the earnings release, Shapiro framed 2026 as TKO’s year of execution and said most of the company’s existing revenue is locked in for the next five to seven years. Sports Business Journal’s headline noted the beat came despite unease over the geopolitical backdrop, which didn’t seem to slow anybody down in the Octagon business.
My take: a guy whose UFC division just added $194 million in a single quarter can comfortably tell reporters he doesn’t make every call based on profit, and a Minnesota stadium show is a fair hill to stand on. But that line works in both directions. The next time a UFC contender sits across from the matchmakers and asks for a bigger number, he’s got a $519.2 million quarter and a 41% margin to slide across the table.
