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 September 30, 2026
	UFC		WWE		IMG		Corp & Other		Total
Media rights, production and content	$	332,825	$	255,805	$	194,171	$	3,851	$	786,652
Live events and hospitality		79,508		57,694		149,642		18,676		305,520
Partnerships and marketing		91,364		50,991		44,571		17,761		204,687
Consumer products licensing and other		15,526		34,801		2,917		21,013		74,257
Eliminations		—		—		—		—		(10,961	)
Total revenue	$	519,223	$	399,291	$	391,301	$	61,301	$	1,360,155

	For the Nine Months Ended September 30, 2026
	UFC		WWE		IMG		Corp & Other		Total
Media rights, production and content	$	933,316	$	897,236	$	501,576	$	16,501	$	2,348,629
Live events and hospitality		175,845		333,164		815,796		71,477		1,396,282
Partnerships and marketing		303,217		140,403		69,591		46,336		559,547
Consumer products licensing and other		43,728		125,096		14,429		49,368		232,621
Eliminations		—		—		—		—		(32,970	)
Total revenue	$	1,456,106	$	1,495,899	$	1,401,392	$	183,682	$	4,504,109

	For the Three Months Ended September 30, 2025
	UFC		WWE		IMG		Corp & Other		Total
Media rights, production and content	$	200,455	$	248,891	$	185,071	$	9,816	$	644,233
Live events and hospitality		43,612		82,392		138,334		18,416		282,754
Partnerships and marketing		70,886		39,927		10,338		12,443		133,594
Consumer products licensing and other		10,283		30,889		3,029		22,673		66,874
Eliminations		—		—		—		—		(7,541	)
Total revenue	$	325,236	$	402,099	$	336,772	$	63,348	$	1,119,914

	For the Nine Months Ended September 30, 2025
	UFC		WWE		IMG		Corp & Other		Total
Media rights, production and content	$	685,043	$	779,421	$	509,774	$	17,785	$	1,992,023
Live events and hospitality		160,713		344,436		558,868		70,274		1,134,291
Partnerships and marketing		220,960		123,795		40,541		36,206		421,502
Consumer products licensing and other		34,102		102,129		10,447		38,092		184,770
Eliminations		—		—		—		—		(35,430	)
Total revenue	$	1,100,818	$	1,349,781	$	1,119,630	$	162,357	$	3,697,156

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 nine months ended September 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 the 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 September 30, 2026 and December 31, 2025, contract assets were $361.4 million and $71.3 million, respectively, and were included in accounts receivable, net on the Company's consolidated balance sheets. The increase during 2026 is primarily attributable to revenue recognition associated with certain domestic and international media rights agreements and financial incentive packages in the UFC and WWE segments.

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 September 30, 2026 was $767.8 million. Total deferred revenue as of December 31, 2025 was $703.2 million, of which $633.4 million was recognized as revenue during the nine months ended September 30, 2026.