Just hours after the company announced a blockbuster $1.6 billion deal with ESPN for the U.S. rights to its WWE PLEs (premium live events) TKO Group Holdings revealed Q2 earnings that showed substantial growth in both live events and partnerships, two areas that are key to the companys future.

TKO reported revenue of $1.31 billion, up 10 percent from the same quarter last year, with net income of $273.1 million, up from $46.2 million a year ago. Adjusted EBITDA was up 75 percent to $526.5 million.

Both UFC and WWE saw substantial gains from last year, and while rights fee increases played a role (those fees are locked in, and thus tend to step up on a regular basis), partnerships and live events were also major drivers, underscoring how the company is leveraging its resources to grow those businesses outside of media rights. UFC revenue was $415.9 million, up 5 percent from a year ago, with adjusted EBITDA up 6 percent to $244.8 million. WWE revenue rose by 22 percent year over year to $556.2 million, thanks in large part to big gains in live events and hospitality, as well as in partnerships. Adjusted EBITDA was up 31 percent to $329.8 million.

And the IMG segment, which includes businesses like IMG and On Location, saw its revenue decline slightly to $306.6 million due to declines in media rights, offset by gains in live events and hospitality. Adjusted EBITDA improved to $29 million.

With the WWE PLEs locked up, and the Netflix deal in full swing, all attention now turns to the UFC, where rights conversations are ongoing.

TKO also once again raised its guidance for the year, increasing expectations for revenue to $4.630 billion $4.690 billion and adjusted EBITDA of $1.540 billion $1.560 billion.

TKO generated strong financial results in the quarter, led by record performance at both UFC and WWE, said Ariel Emanuel, CEO of TKO. Our live content and experiences are proving a key differentiator for organizations and brands looking to capture audience, and our strategy is tailor made for todays experience economy and the white-hot sports event marketplace. Given the continued momentum across our portfolio and our overall business outlook, we are raising our guidance for the full year.

For much of the past 45 years, ESPN has been the institution of record in the world of sports, added Mark Shapiro, president and COO of TKO. We are proud WWE will now take a prominent seat at its table during such a transformational juncture. As we look to the second half of 2025, we remain focused on delivering the next UFC domestic media rights deal, integrating industry leaders IMG, On Location, and PBR fully into TKO, and executing on our capital return initiatives.