TKO Q3 FY2026: revenue up 21.5%, Adjusted EBITDA up 54%, guidance raised
TKO's third quarter was a UFC quarter: revenue rose 21.5% to $1.36 billion, Adjusted EBITDA jumped 54.0% to $555.7 million, margin expanded to 41.0%, and management raised full-year guidance for the second time this year. Read the $1.33 EPS with care, because most of the consolidated profit belongs to non-controlling interests, not to TKO shareholders. The one soft spot is WWE, where revenue slipped 0.7%.
1 · Expected vs. Actual
Free preview belowDiluted GAAP EPS was $1.33 versus $0.47 a year ago, but the split matters: $179.2 million of the $277.9 million consolidated net income went to non-controlling interests, leaving $98.7 million attributable to TKO. The diluted share count also fell to 74.2 million from 199.1 million a year ago, so a large part of the per-share jump is arithmetic rather than extra profit. The cleanest profit signal here is operating income of $377.6 million versus $171.9 million.
Revenue rose 21.5% to $1.36 billion from $1.12 billion, and UFC alone added $194.0 million, up 60% to $519.2 million, on the new Skydance media deal plus two extra events. IMG added $54.6 million to $391.3 million on tennis and soccer marketing deals and FIFA World Cup 2026 hospitality. WWE slipped $2.8 million to $399.3 million because three fewer Main Roster Premium Live Events and weaker SummerSlam ticket sales outweighed higher media and partnership fees.
Management lifted full-year revenue to $5.790–$5.830 billion and Adjusted EBITDA to $2.295–$2.315 billion, the second raise this year after February's $5.675–$5.775 billion and August's $5.775–$5.825 billion. The revenue midpoint of $5.810 billion implies roughly $1.306 billion in Q4, below Q3's $1.360 billion, and the Adjusted EBITDA midpoint implies about $549.6 million versus $555.7 million just delivered. The only outside marker we have, a next-quarter revenue estimate of $1.311 billion, sits right on top of the implied number.
Log in to read 35 analyses a week for free
Create a free account to read 35 full earnings analyses each week — all five steps: expected vs. actual, guidance tracker, money flow, balance sheet and risks. Members get unlimited access.
Figures on this page come from the company's original SEC filings. The analysis is generated automatically and checked against validation rules, but may still contain errors or omissions. Not investment advice. · Generated 2026-11-04
Answers are based on the earnings release and the analysis above. Free accounts get 3 questions a week; members get 30 a day.