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TKO
FY2026 Q2
Raised
TKO Group Holdings, Inc. earnings call
Buzzberg read
Full-year guidance raised on strong H1 performance
TKO delivered a strong Q2 2026, beat expectations, and raised full-year guidance. Management highlighted the success of major events like UFC Freedom 250 and the FIFA World Cup hospitality program, and emphasized strong momentum across UFC, WWE, and its newer assets like On Location and Zufa Boxing. Raised FY2026 revenue guidance to $5.775B-$5.825B and adjusted EBITDA to $2.275B-$2.305B.
Buzzberg read Full-year guidance raised on strong H1 performance TKO delivered a strong Q2 2026, beat expectations, and raised full-year guidance. Management highlighted the success of major events like UFC Freedom 250 and the FIFA World Cup hospitality program, and emphasized strong momentum across UFC, WWE, and its newer assets like On Location and Zufa Boxing. Raised FY2026 revenue guidance to $5.775B-$5.825B and adjusted EBITDA to $2.275B-$2.305B. Read full analysisCollapse analysis
TKO delivered a strong Q2 2026, beat expectations, and raised full-year guidance. Management highlighted the success of major events like UFC Freedom 250 and the FIFA World Cup hospitality program, and emphasized strong momentum across UFC, WWE, and its newer assets like On Location and Zufa Boxing. Raised FY2026 revenue guidance to $5.775B-$5.825B and adjusted EBITDA to $2.275B-$2.305B.
- UFC Freedom 250 was a marketing success but an anticipated ~$30M loss for the quarter.
- On Location's FIFA World Cup hospitality program is a major success, surpassing $2B in sales and exceeding full-year EBITDA expectations.
- UFC and WWE both showed robust growth in global partnerships and financial incentive packages.
Revenue$1.5471B-3% QoQ
EPS$1.34+20% QoQ
Operating margin27.78%Reported
Free cash flow$1.024B+52% QoQ
6 grounded callouts
What matters now
The highest-signal changes from the call.
Marketing
UFC Freedom 250 generated $1B in earned media value
Demand
On Location World Cup hospitality sales surpassed $2B
Show 3 more callouts
Growth
Zufa Boxing ahead of schedule, signing Shakur Stevenson
M&A
No M&A on horizon, denying F1 rumors
Live Events
Financial incentive packages nearly doubled year over year at UFC
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $1.5471B | -3% QoQ |
| EPS | $1.34 | +20% QoQ |
| Operating margin | 27.78% | Reported |
| Free cash flow | $1.024B | +52% QoQ |
| Capex | $0.0444B | Reported |
| Net income | $0.1016B | +14% QoQ |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Operating margin | FY2026 | $2.275B–$2.305B | $2.29B | Raised |
| Revenue | FY2026 | $5.775B–$5.825B | $5.8B | Raised |
AI, capex & demand read
Management read
Confident
Management repeatedly emphasized execution, raised guidance, and highlighted strong demand and growth catalysts.
all 2 named companies below
Companiesreturns since call
Partners
Partners
Mark Shapiro
The Paramount+ deal is driving significant engagement and is working as intended, indicating strong execution of the partnership.
Evidence
“Since the start of the year, 20 million subscriber households have watched more than 200 million hours of UFC programming on Paramount+.”
Partners
Mark Shapiro
Netflix's global rollout for WWE is progressing, expanding the partnership into new markets and driving international growth.
Evidence
“beyond our expansion with Netflix into Italy, we recently launched premium live events with the streamer in Germany, Austria and Switzerland as markets continued to come online.”
External signals
Supply-chain alpha · 2returns since call
UFC Freedom 250, while a marketing success, was an anticipated ~$30M loss for the quarter due to higher costs and no ticket sales, impacting consolidated margins.
Evidence
“Given the event's financial profile, which, as anticipated, resulted in an approximately $30 million loss, our margins at UFC, as well as on a consolidated basis, were meaningfully impacted.”
WWE's growth strategy involves a deliberate near-term margin trade-off: staging more international events increases costs and lowers quarterly margins, but is a strategic investment for long-term global growth.
Evidence
“We did, however, in the quarter as well, stage more events, more international events as well, 22 versus 2 in the prior year quarter. Again, this is an investment... in broadening and growing its fan base.”
Methodology & coverage
Management-only analysis. All 2 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.