The Company derives its revenue principally from the following sources: (i) media rights and content fees associated with the production and distribution of content, (ii) ticket sales at live events, hospitality sales and financial incentive packages, (iii) partnerships and marketing, and (iv) consumer products licensing and other.

The following table presents the Company’s revenue disaggregated by primary revenue sources (in thousands):


	For the Three Months Ended June 30, 2026
	UFC		WWE		IMG		Corp & Other		Total
Media rights, production and content	$	325,176	$	359,758	$	147,160	$	3,715	$	835,809
Live events and hospitality		47,844		152,000		198,503		19,790		418,137
Partnerships and marketing		144,758		63,178		3,514		12,299		223,749
Consumer products licensing and other		17,884		46,014		5,380		12,671		81,949
Eliminations		—		—		—		—		(12,566	)
Total revenue	$	535,662	$	620,950	$	354,557	$	48,475	$	1,547,078

	For the Six Months Ended June 30, 2026
	UFC		WWE		IMG		Corp & Other		Total
Media rights, production and content	$	600,491	$	641,431	$	307,405	$	12,650	$	1,561,977
Live events and hospitality		96,337		275,470		666,154		52,801		1,090,762
Partnerships and marketing		211,853		89,412		25,020		28,575		354,860
Consumer products licensing and other		28,202		90,295		11,512		28,355		158,364
Eliminations		—		—		—		—		(22,009	)
Total revenue	$	936,883	$	1,096,608	$	1,010,091	$	122,381	$	3,143,954

	For the Three Months Ended June 30, 2025
	UFC		WWE		IMG		Corp & Other		Total
Media rights, production and content	$	260,491	$	278,915	$	163,397	$	4,661	$	707,464
Live events and hospitality		58,478		185,765		132,148		18,465		394,856
Partnerships and marketing		85,730		58,291		7,868		11,650		163,539
Consumer products licensing and other		11,136		33,171		3,177		9,856		57,340
Eliminations		—		—		—		—		(14,757	)
Total revenue	$	415,835	$	556,142	$	306,590	$	44,632	$	1,308,442

	For the Six Months Ended June 30, 2025
	UFC		WWE		IMG		Corp & Other		Total
Media rights, production and content	$	484,588	$	530,530	$	324,703	$	7,969	$	1,347,790
Live events and hospitality		117,101		262,044		420,534		51,858		851,537
Partnerships and marketing		150,074		83,868		30,203		23,763		287,908
Consumer products licensing and other		23,819		71,240		7,418		15,419		117,896
Eliminations		—		—		—		—		(27,889	)
Total revenue	$	775,582	$	947,682	$	782,858	$	99,009	$	2,577,242

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 Company did not recognize any significant revenue from performance obligations satisfied in prior periods during the three and six months ended June 30, 2026 and 2025, respectively.

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 June 30, 2026 and December 31, 2025, contract assets were $293.0 million and $71.3 million, respectively, and were included in accounts receivable, net on the Company's consolidated balance sheets.

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 event 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 June 30, 2026 was $639.0 million. Total deferred revenue as of December 31, 2025 was $703.2 million, of which $574.5 million was recognized as revenue during the six months ended June 30, 2026.