TKO Group Holdings, Inc. Revenue Disclosure
16. REVENUE
The Company derives its revenue principally from the following sources: (i) media rights and content fees associated with the distribution of content, (ii) ticket sales at live events and site fees, (iii) partnerships and marketing sales, and (iv) consumer products licensing.
Disaggregated Revenue
The following table presents the Company’s revenue disaggregated by primary revenue sources (in thousands):
|
|
Year Ended December 31, 2025 |
|
|||||||||||||||||
|
|
UFC |
|
|
WWE |
|
|
IMG |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Media rights, production and content |
|
$ |
907,659 |
|
|
$ |
1,000,565 |
|
|
$ |
672,761 |
|
|
$ |
24,131 |
|
|
$ |
2,605,116 |
|
Live events and hospitality |
|
|
232,937 |
|
|
|
412,822 |
|
|
|
611,273 |
|
|
|
82,424 |
|
|
$ |
1,339,456 |
|
Partnerships and marketing |
|
|
314,271 |
|
|
|
159,583 |
|
|
|
68,956 |
|
|
|
45,706 |
|
|
$ |
588,516 |
|
Consumer products licensing and other |
|
|
47,294 |
|
|
|
136,425 |
|
|
|
14,269 |
|
|
|
46,801 |
|
|
$ |
244,789 |
|
Eliminations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(42,726 |
) |
Total |
|
$ |
1,502,161 |
|
|
$ |
1,709,395 |
|
|
$ |
1,367,259 |
|
|
$ |
199,062 |
|
|
$ |
4,735,151 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Year Ended December 31, 2024 |
|
|||||||||||||||||
|
|
UFC |
|
|
WWE |
|
|
IMG |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Media rights, production and content |
|
$ |
879,427 |
|
|
$ |
865,460 |
|
|
$ |
721,254 |
|
|
$ |
32,264 |
|
|
$ |
2,498,405 |
|
Live events and hospitality |
|
|
220,400 |
|
|
|
338,555 |
|
|
|
1,156,774 |
|
|
|
75,350 |
|
|
|
1,791,079 |
|
Partnerships and marketing |
|
|
251,407 |
|
|
|
82,991 |
|
|
|
73,328 |
|
|
|
37,159 |
|
|
|
444,885 |
|
Consumer products licensing and other |
|
|
55,007 |
|
|
|
111,094 |
|
|
|
18,874 |
|
|
|
25,501 |
|
|
|
210,476 |
|
Eliminations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(60,604 |
) |
Total |
|
$ |
1,406,241 |
|
|
$ |
1,398,100 |
|
|
$ |
1,970,230 |
|
|
$ |
170,274 |
|
|
$ |
4,884,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Year Ended December 31, 2023 |
|
|||||||||||||||||
|
|
UFC |
|
|
WWE |
|
|
IMG |
|
|
Corporate & Other |
|
|
Total |
|
|||||
Media rights, production and content |
|
$ |
870,551 |
|
|
$ |
249,496 |
|
|
$ |
692,224 |
|
|
$ |
15,870 |
|
|
$ |
1,828,141 |
|
Live events and hospitality |
|
|
167,942 |
|
|
|
87,705 |
|
|
|
650,585 |
|
|
|
81,524 |
|
|
|
987,756 |
|
Partnerships and marketing |
|
|
196,296 |
|
|
|
17,957 |
|
|
|
79,103 |
|
|
|
26,397 |
|
|
|
319,753 |
|
Consumer products licensing and other |
|
|
57,412 |
|
|
|
27,609 |
|
|
|
15,198 |
|
|
|
8,196 |
|
|
|
108,415 |
|
Eliminations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(19,269 |
) |
Total |
|
$ |
1,292,201 |
|
|
$ |
382,767 |
|
|
$ |
1,437,110 |
|
|
$ |
131,987 |
|
|
$ |
3,224,796 |
|
Remaining Performance Obligations
The transaction price related to the Company’s future performance obligations does not include any variable consideration related to sales or usage-based royalties. The variability related to these sales or usage-based royalties will be resolved in the periods when the licensee generates sales related to the intellectual property license.
The following table presents the aggregate amount of the transaction price allocated to remaining performance obligations for contracts greater than one year with unsatisfied or partially satisfied performance obligations as of December 31, 2025 (in thousands):
|
$ |
3,343,921 |
|
|
|
|
3,159,081 |
|
|
|
|
2,967,577 |
|
|
|
|
2,634,614 |
|
|
|
|
1,695,148 |
|
|
|
|
2,911,869 |
|
|
Total remaining performance obligations |
|
$ |
16,712,210 |
|
Revenue from Prior Period Performance Obligations
The Company did not recognize any significant revenue from performance obligations satisfied in prior periods during the years ended December 31, 2025, 2024 and 2023.
Contract Assets
Contract assets (i.e., unbilled receivables) are established when revenue is recognized, but due to contractual terms over the timing of invoicing, the Company does not have right to invoice the customer or the right to payment of consideration for goods and services provided from the customer as of the balance sheet date. As of December 31, 2025 and 2024, contract assets were $71.3 million and $32.3 million, respectively, and were included in accounts receivable, net on the Company's consolidated balance sheets.
Contract Liabilities (Deferred Revenues)
The Company records deferred revenue when cash payments are received or due in advance of the Company’s performance. The Company’s deferred revenue balance primarily relates to advance payments received related to its content distribution rights agreements, live events and hospitality arrangements, consumer products licensing agreements and partnerships and marketing arrangements, as well as memberships for the Company’s subscription services. Deferred revenue is included within current liabilities and in other long-term liabilities in the consolidated balance sheets. Total deferred revenue as of December 31, 2025 was $703.2 million. Total deferred revenue as of December 31, 2024 was $470.7 million, of which $374.4 million was recognized as revenue during the fiscal year ended December 31, 2025.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 27, 2024 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.