Bold claim: WWE just eclipsed UFC in annual revenue for the first time since both fell under the TKO umbrella, signaling a turning point for the combined sports entertainment powerhouse. But here’s where it gets controversial… WWE’s 2025 revenue hit a record $1.709 billion, up 22% year over year, while UFC posted $1.502 billion. That puts WWE ahead by $207 million and marks a milestone many wouldn’t have imagined when TKO formed in 2023.
WWE Revenue by Category
-Wide drivers across the board: Media rights, production, and content all surpassed the $1 billion mark for the first time, totaling $1.000 billion — an $135.1 million rise (+18%) from 2024. The lift was driven largely by landmark rights deals with Netflix (Monday Night Raw) and ESPN, which commenced in 2025 and represented a sizable upgrade in rights fees from the prior USA Network arrangement.
-Live events and hospitality (Premium Live Event and house shows, plus site fees) reached $412.8 million, up $74.3 million (+22%) from 2024. This category is now the second-largest revenue stream after media rights and reflects stronger ticket pricing plus WWE’s expanding international PLE schedule.
-Partnerships and marketing grew fastest, increasing by $76.6 million to $159.6 million — nearly doubling year over year. The growth reflects new sponsorship deals and renewals at higher rates, signaling advertisers and brand partners value WWE’s broadened reach via Netflix and ESPN.
-Consumer products licensing and other came in at $136.4 million, up $25.3 million (+23%), rounding out a year of broad-based gains across all lines.
WWE’s Adjusted EBITDA, a key profitability metric, rose 32% to $896.5 million in 2025 (from $681.1 million), with the Adjusted EBITDA margin expanding to 52% (up from 49%). In a notable reversal, WWE’s profit dollars surpassed UFC’s: UFC reported Adjusted EBITDA of $851.0 million on a 57% margin, but that was $45 million behind WWE. Historically, UFC had often led TKO in profitability.
Q4 2025: The PLE Timing Effect
WWE’s Q4 results illustrate how the international Premium Live Event calendar can sway quarterly results. Live events and hospitality revenue declined by $24.8 million year over year in Q4 due to one fewer international PLE in the quarter. A single international PLE typically contributes around $20–25 million to WWE’s top line.
Despite that drag, Q4 revenue rose 21% overall, propelled by a $64.9 million surge in media rights revenue as Netflix and ESPN deals ran at full speed for the first time. Partnerships and marketing added $13 million in Q4, and consumer products grew by $8.2 million.
Q4 2025 Adjusted EBITDA margin reached 46%, up from 38% in Q4 2024 — an eight-point quarterly improvement even as talent costs increased.
TKO’s 2025 Performance and 2026 Outlook
On the consolidated level, TKO posted full-year revenue of $4.735 billion and Adjusted EBITDA of $1.585 billion, a 47% year-over-year EBITDA rise. Free cash flow reached $1.159 billion, and the company returned more than $1.3 billion to shareholders via buybacks and dividends in 2025.
For 2026, TKO targets revenue of $5.675–$5.775 billion and Adjusted EBITDA of $2.240–$2.290 billion, aiming for roughly 20% top-line growth. The company also announced up to $1 billion in share repurchases beginning in March 2026.
“2025 was a milestone year, underscoring the durability of our premium IP through record-breaking live events and transformative global partnerships,” said TKO President and COO Mark Shapiro. With WWE’s media rights fully in effect and the international PLE slate expanding, the financial trajectory heading into WrestleMania season looks as strong as ever.
Would you like this rewritten version to lean more into the business strategy angle or keep a balanced focus on both financials and the people behind the numbers? Also, do you prefer a more light-touch or more analytical tone for future rewrites?
