실적분석 2026년 8월 3일

TKO 2Q Earnings: Revenue of $1.547B Beats Consensus, Full-Year Guidance Raised

Earnings Scorecard

| Item | Result |

|---|---|

| EPS | Pending (adjusted EPS not disclosed; direct comparison vs. GAAP consensus not possible) |

| Revenue | $1.547B (est. $1.532B, ~+1.0% beat) |

| Guidance | Raised (FY revenue $5.775B–$5.825B; adjusted EBITDA $2.275B–$2.305B) |

| Stock Reaction | After-hours +1.71% ($187.05) — as of 08-04 05:59 KST |

Stock Reaction: After-hours +1.71% ($187.05) — as of 08-04 05:59 KST

The Good

Revenue beat consensus: $1.547B vs. $1.532B est., ~1% upside, confirming growth

Adjusted EBITDA +23%: $649.9B with margin moving from 40% to 42%, reflecting structural improvement

Full-year guidance raised: Both revenue and adjusted EBITDA targets lifted, signaling 2H confidence

TKO's 2Q growth was balanced across its three pillars. UFC led the way with revenue of $535.7M (+29%), driven largely by the new Paramount media-rights deal that took effect in January 2026 and partnership/marketing revenue from the June White House UFC Freedom 250 event. WWE posted $620.9M (+12%) on stronger media revenue from the ESPN rights deal, and IMG contributed $354.7M (+16%) as well.

Adjusted EBITDA rose $123.4M year-over-year, with UFC (+$35.6M), WWE (+$38.5M), and IMG (+$49.6M) all contributing. Since the start of the year, TKO has returned more than $1.3B to shareholders through buybacks and dividends, and signaled continued capital returns by indicating additional buyback intent.

The Not-So-Good

UFC margin compression: Adjusted EBITDA margin moved from 59% to 52%, reflecting Freedom 250 event profile

Litigation-related costs: WWE shareholder lawsuit legal and settlement costs contributed to higher G&A

Slight cash flow slowdown: Operating cash flow of $374M and FCF of $349.6M both down YoY

UFC adjusted EBITDA grew, but margin slipped. Management attributed this to the revenue mix of Freedom 250 and noted that, excluding that event, UFC margin would actually have been higher year-over-year. Quarterly margins can swing around one-off tentpole events, and that dynamic is worth monitoring.

G&A rose by $98.4M, a meaningful portion of which came from legal fees and settlement costs tied to WWE shareholder litigation. Operating cash flow and free cash flow both declined modestly year-over-year. The drag came mainly from working-capital effects, including timing of FIFA World Cup 2026 escrow advances, and from higher capex. Total debt of roughly $4.66B and litigation risk remain watch-items over the medium term.

What Management Said

Management characterized 2Q as solid despite a difficult global backdrop and said momentum into the second half is strong. The tone was that demand for premium live content and experiences keeps expanding even in the age of AI, and that execution has been validated on the biggest stages, from UFC Freedom 250 to the FIFA World Cup. The full-year guidance raise was framed as reflecting confidence in results to date and the multi-year growth trajectory. TKO highlighted expanded commercial opportunities across the experience economy, including ticketing, premium hospitality, marketing partnerships, and financial incentive packages. The market read the revenue beat, guidance raise, and additional buyback signal as a package, and after-hours reaction was a measured gain.

Market Reaction and What to Watch Next

The slight revenue beat combined with simultaneous raises to both full-year revenue and adjusted EBITDA targets appears to have been the positive takeaway. Since EPS was not presented on an adjusted basis, the narrative was less about an EPS surprise and more about the "continued growth + raised guidance + shareholder returns" package. WWE litigation costs and UFC margin volatility were noise, but the balanced growth across the three core segments seems to have offset it.

Whether 2H revenue and adjusted EBITDA land within the raised full-year range

Whether UFC margin normalizes post-Freedom 250 and whether the tentpole-event cost structure repeats

Further disclosure on WWE shareholder litigation costs/settlements and on the size and pace of additional share buybacks

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