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UFC delivered another year of strong financial performance in 2025, posting $1.502 billion in revenue and $851 million in Adjusted EBITDA — but for the first time since TKO Group Holdings was formed, the MMA organization was outpaced by its sister promotion WWE in both total revenue and raw profitability.
TKO released its full year and fourth quarter 2025 earnings today, revealing the full scope of how the sports entertainment conglomerate performed across its properties.
UFC's 2025 Numbers
UFC revenue grew 7%, or $96 million, year-over-year. The increase was led by a $62.9 million jump in partnerships and marketing revenue to $314.3 million for the year, driven by new sponsors and fee increases on existing deals. Media rights revenue grew $28.3 million to $907.7 million, reflecting contractual escalations on the promotion's existing broadcast agreements.
Live events and hospitality added another $12.5 million, reaching $232.9 million — a sign that UFC's global touring schedule continues to command strong gate and site fee revenue.
Adjusted EBITDA grew 6% to $851.0 million, with an Adjusted EBITDA margin of 57% — one of the highest of any major sports property in the world. UFC has long been the margin leader within TKO, and that remained true in 2025 even as WWE closed the gap significantly.
WWE Overtook UFC for the First Time
The headline from today's report: WWE outpaced UFC in both revenue and Adjusted EBITDA for fiscal 2025. WWE generated $1.709 billion in revenue — $207 million more than UFC — and posted $896.5 million in Adjusted EBITDA, clearing UFC by roughly $45 million.
The reversal is largely attributable to WWE's new media rights deals with Netflix (Monday Night Raw) and ESPN, which drove a $135 million increase in WWE's media rights revenue in 2025. UFC's media rights agreements, while extremely lucrative, didn't see the same step-change in the same period.
UFC still holds the superior margin profile at 57% versus WWE's 52%, but the absolute dollar gap has closed dramatically from where it stood when TKO was first formed.
Zuffa Boxing Launches as New Growth Driver
TKO's new boxing venture, Zuffa Boxing, officially launched in January 2026 and is already being positioned as a meaningful long-term growth engine for the company. President and COO Mark Shapiro noted the launch "sets the table for even further long term value creation" as TKO diversifies its combat sports portfolio beyond MMA.
Boxing management and promotional fees are currently captured in TKO's "Corporate and Other" segment, which saw revenue grow 17% to $199.1 million in 2025. That figure is expected to rise considerably as Zuffa Boxing matures and begins hosting major events.
TKO's Full Picture and 2026 Guidance
On a consolidated basis, TKO generated $4.735 billion in revenue and $1.585 billion in Adjusted EBITDA in 2025 — a 47% EBITDA increase year-over-year. Free cash flow hit $1.159 billion. The company returned more than $1.3 billion to shareholders through buybacks and dividends during the year.
For 2026, TKO is guiding to $5.675–$5.775 billion in revenue and $2.240–$2.290 billion in Adjusted EBITDA — roughly 20% top-line growth. The company also announced plans to launch up to $1 billion in new share repurchases beginning in March.
CEO Ariel Emanuel cited long-term media rights agreements and operational strength as the foundation for TKO's outlook. UFC remains one of the most profitable sports properties on the planet — but in 2025, it was WWE that grabbed the financial spotlight within the TKO portfolio.