The Company has three reportable segments: UFC, WWE and IMG that align with how the Company’s Chief Operating Decision Maker (“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				Nine Months Ended
	September 30,				September 30,
UFC:	2026		2025		2026		2025
Revenue	$	519,223	$	325,236	$	1,456,106	$	1,100,818
Direct operating costs (1)		172,189		104,049		462,996		310,004
Selling, general and administrative expenses (1)		61,706		55,531		172,857		152,973
Adjusted EBITDA	$	285,328	$	165,656	$	820,253	$	637,841

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
WWE:	2026		2025		2026		2025
Revenue	$	399,291	$	402,099	$	1,495,899	$	1,349,781
Direct operating costs (1)		104,291		113,396		401,911		378,120
Selling, general and administrative expenses (1)		77,755		80,886		252,372		240,165
Adjusted EBITDA	$	217,245	$	207,817	$	841,616	$	731,496

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
IMG:	2026		2025		2026		2025
Revenue	$	391,301	$	336,772	$	1,401,392	$	1,119,630
Direct operating costs (1)		196,219		198,002		848,012		725,789
Selling, general and administrative expenses (1)		79,234		77,277		261,604		229,893
Adjusted EBITDA	$	115,848	$	61,493	$	291,776	$	163,948

(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						Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025
UFC	$	519,223		$	325,236		$	1,456,106		$	1,100,818
WWE		399,291			402,099			1,495,899			1,349,781
IMG		391,301			336,772			1,401,392			1,119,630
Total revenue from reportable segments	$	1,309,815		$	1,064,107		$	4,353,397		$	3,570,229
Corporate and Other		61,301			63,348			183,682			162,357
Eliminations		(10,961	)		(7,541	)		(32,970	)		(35,430	)
Total revenue	$	1,360,155		$	1,119,914		$	4,504,109		$	3,697,156


	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2026			2025			2026			2025
UFC	$	285,328		$	165,656		$	820,253		$	637,841
WWE		217,245			207,817			841,616			731,496
IMG		115,848			61,493			291,776			163,948
Total Adjusted EBITDA from reportable segments		618,421			434,966			1,953,645			1,533,285
Corporate and Other		(62,608	)		(74,756	)		(198,196	)		(229,209	)
Total Adjusted EBITDA		555,813			360,210			1,755,449			1,304,076
Reconciling items:
Equity loss (earnings) of affiliates		2,667			(1,622	)		5,468			(11,456	)
Interest expense, net		(69,945	)		(50,842	)		(201,129	)		(143,814	)
Depreciation and amortization		(92,964	)		(129,131	)		(335,266	)		(329,063	)
Equity-based compensation expense (1)		(39,648	)		(19,898	)		(119,630	)		(83,165	)
Merger, acquisition and earn out costs (2)		(5,195	)		(4,522	)		(14,564	)		(48,562	)
Certain legal costs (3)		(34,621	)		(19,239	)		(128,891	)		(35,390	)
Restructuring, severance and impairment (4)		(6,392	)		(4,980	)		(7,490	)		(10,804	)
Debt transaction costs (5)		—			(8,732	)		(2,455	)		(8,732	)
Foreign exchange gains and (losses) (6)		3,856			2,231			6,450			(12,747	)
Other adjustments (7)		3,572			(5,536	)		2,946			(5,931	)
Income before income taxes and equity earnings of affiliates	$	317,143		$	117,939		$	960,888		$	614,412

(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 nine months ended September 30, 2026, these costs include an estimated loss of $2.4 million and $32.4 million, respectively, reflecting the Company’s liability net of insurance recoveries, as well as $4.0 million and $46.0 million, respectively, of professional fees, associated with stockholder litigation related to WWE.

(4)

Includes certain impairment charges as well as costs resulting from the Company’s cost reduction programs. For the three and nine months ended September 30, 2026, these costs included asset impairment charges totaling $4.9 million, related to the WWE and IMG segments. For the three and nine months ended September 30, 2025, these costs included asset impairment charges of $3.6 million within the IMG segment. Refer to Note 5, Supplementary Data, for further information.

(5)

Includes third-party transaction 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 nine months ended September 30, 2026, other adjustments include a $2.1 million and $6.5 million, respectively, of impairment charges related to equity method investments. During the three months ended September 30, 2025, other adjustments include a net loss of $7.1 million related to the sale of certain equity method investments. During the nine months ended September 30, 2025, other adjustments include a net loss of $9.6 million from the sale of certain equity method investments, partially offset by a gain of $1.3 million on the sale of PBR's former headquarters building.