The Company has three reportable segments: UFC, WWE and IMG to align with how the Company’s CODM manages the businesses, evaluates financial results, and makes key operating decisions. The UFC segment consists entirely of the operations of the Company's UFC business and the WWE segment consists entirely of the operations of the Company's WWE business. The IMG segment consists of the operations of the IMG business and On Location.

The Company also reports the results for the “Corporate and Other” group. The Corporate and Other group reflects operations not allocated to the UFC, WWE or IMG segments and primarily consists of general and administrative expenses as well as operations of PBR and boxing. Boxing includes the joint venture with Sela for the Zuffa Boxing brand as well as promotional services TKO provides for boxing events.

Revenue from our Corporate and Other group principally consists of media rights fees associated with the distribution of PBR's programming content; ticket sales and financial incentive packages associated with live events; partnerships and marketing; and consumer products licensing agreements of PBR-branded products. Revenue also consists of management and promotional fees for services primarily related to boxing.

General and administrative expenses relate largely to corporate activities, including information technology, facilities, legal, human resources, finance and accounting, treasury, investor relations, corporate communications, community relations and compensation to TKO’s management and board of directors, which support all reportable segments. Corporate and Other expenses also include service fees paid by the Company to EGH and its subsidiaries under the Services Agreement, inclusive of fees paid for revenue producing services related to the segments. On the closing date of the Endeavor Asset Acquisition, the Services Agreement between EGH and TKO OpCo was terminated and the Transition Services Agreement was entered into between the EGH Parties, TWI and the TKO Parties.

As disclosed within Note 2, Summary of Significant Accounting Policies, the historical financial data includes the recast combined results of TKO and the Acquired Businesses for all periods prior to February 28, 2025. All prior period amounts related to the segment change have been retrospectively reclassified to conform to the new presentation.

The profitability measure employed by the Company’s CODM for allocating resources and assessing operating performance is Adjusted EBITDA. The Company defines Adjusted EBITDA as net income, excluding income taxes, net interest expense, depreciation and amortization, equity-based compensation, merger, acquisition and earnout costs, certain legal costs, restructuring, severance and impairment charges, foreign exchange (gains) losses, and certain other items when applicable. Adjusted EBITDA includes amortization expenses directly related to supporting the operations of the Company’s segments, including content production asset amortization. The Company’s CODM considers budget-to-actual and quarter-over-quarter variances when making decisions about allocating capital and personnel to the segments. The Company believes the presentation of Adjusted EBITDA is relevant and useful for investors because it allows investors to view the Company’s segment performance in the same manner as the Company’s CODM to evaluate segment performance and make decisions about allocating resources. Additionally, the Company believes that Adjusted EBITDA is a primary measure used by media investors, analysts and peers for comparative purposes.

The Company does not disclose assets by segment information. The Company does not provide assets by segment information to the Company’s CODM, as that information is not typically used in the determination of resource allocation and assessing business performance of each reportable segment. A significant portion of the Company’s assets following the TKO Transactions are comprised of goodwill and intangible assets arising from the TKO Transactions and the Endeavor Asset Acquisition.

The following tables present summarized financial information for each of the Company’s reportable segments (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
UFC:	2026		2025		2026		2025
Revenue	$	535,662	$	415,835	$	936,883	$	775,582
Direct operating costs (1)		192,182		116,283		290,807		205,955
Selling, general and administrative expenses (1)		63,026		54,760		111,151		97,442
Adjusted EBITDA	$	280,454	$	244,792	$	534,925	$	472,185

	Three Months Ended				Six Months Ended
	June 30,				June 30,
WWE:	2026		2025		2026		2025
Revenue	$	620,950	$	556,142	$	1,096,608	$	947,682
Direct operating costs (1)		158,992		142,656		297,620		264,724
Selling, general and administrative expenses (1)		93,633		83,747		174,617		159,279
Adjusted EBITDA	$	368,325	$	329,739	$	624,371	$	523,679

	Three Months Ended				Six Months Ended
	June 30,				June 30,
IMG:	2026		2025		2026		2025
Revenue	$	354,557	$	306,590	$	1,010,091	$	782,858
Direct operating costs (1)		188,583		202,770		651,793		527,787
Selling, general and administrative expenses (1)		87,447		74,826		182,370		152,616
Adjusted EBITDA	$	78,527	$	28,994	$	175,928	$	102,455

(1)

Direct operating costs and selling, general and administrative expenses included in the measure of Adjusted EBITDA for each segment exclude reconciling items included in the reconciliation of segment profitability below.


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
UFC	$	535,662		$	415,835		$	936,883		$	775,582
WWE		620,950			556,142			1,096,608			947,682
IMG		354,557			306,590			1,010,091			782,858
Total revenue from reportable segments	$	1,511,169		$	1,278,567		$	3,043,582		$	2,506,122
Corporate and Other		48,475			44,632			122,381			99,009
Eliminations		(12,566	)		(14,757	)		(22,009	)		(27,889	)
Total revenue	$	1,547,078		$	1,308,442		$	3,143,954		$	2,577,242


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2026			2025			2026			2025
UFC	$	280,454		$	244,792		$	534,925		$	472,185
WWE		368,325			329,739			624,371			523,679
IMG		78,527			28,994			175,928			102,455
Total Adjusted EBITDA from reportable segments		727,306			603,525			1,335,224			1,098,319
Corporate and Other		(77,426	)		(77,037	)		(135,588	)		(154,453	)
Total Adjusted EBITDA		649,880			526,488			1,199,636			943,866
Reconciling items:
Equity loss (earnings) of affiliates		4,436			(7,310	)		2,801			(9,834	)
Interest expense, net		(70,619	)		(48,207	)		(131,184	)		(92,972	)
Depreciation and amortization		(98,500	)		(99,397	)		(242,302	)		(199,932	)
Equity-based compensation expense (1)		(40,396	)		(32,996	)		(79,982	)		(63,267	)
Merger, acquisition and earn out costs (2)		(6,973	)		(4,268	)		(9,369	)		(44,040	)
Certain legal costs (3)		(71,055	)		(9,693	)		(94,270	)		(16,151	)
Restructuring, severance and impairment (4)		(747	)		(4,305	)		(1,098	)		(5,824	)
Debt transaction costs (5)		(2,455	)		—			(2,455	)		—
Foreign exchange gains and (losses) (6)		(699	)		(10,101	)		2,594			(14,978	)
Other adjustments (7)		(1,267	)		2,048			(626	)		(395	)
Income before income taxes and equity earnings of affiliates	$	361,605		$	312,259		$	643,745		$	496,473

(1)

Equity-based compensation represents non-cash compensation expense for various awards issued under the TKO 2023 Incentive Award Plan, awards assumed in connection with the acquisition of WWE in September 2023, and awards issued under Endeavor Group Holdings, Inc.’s 2021 Plan.

(2)

Includes (i) certain costs of professional advisors related to strategic transactions, primarily the Endeavor Asset Acquisition and (ii) certain costs related to integration initiatives resulting from the Endeavor Asset Acquisition.

(3)

Includes costs, net of insurance recoveries, related to certain litigation matters including antitrust lawsuits for UFC and stockholder litigation related to WWE and Endeavor. For the three and six months ended June 30, 2026, these costs include an estimated loss of $30.0 million reflecting the Company’s liability net of probable insurance recoveries, as well as $25.6 million and $42.0 million, respectively, of professional fees, associated with stockholder litigation related to WWE.

(4)

Includes costs resulting from the Company’s cost reduction programs.

(5)

For the three months ended June 30, 2026, the Company recognized $2.5 million of third-party transactions costs associated with the Company's debt refinancing transactions as described in Note 8, Debt.

(6)

Includes gains and losses on foreign exchange transactions.

(7)

Includes other miscellaneous nonoperating gains and losses. During the three and six months ended June 30, 2026, other adjustments include a $4.4 million impairment of an equity method investment, partially offset by miscellaneous nonoperating income. During the three months ended June 30, 2025, other adjustments include a net gain of $2.2 million related to the sale of certain equity method investments. During the six months ended June 30, 2025, other adjustments includes a net loss of $2.5 million on the sale of certain equity method investments, partially offset by a gain of $1.3 million on the sale of PBR’s former headquarters.