TKO Group (TKO) official guidance

Given the scale and complexity of this event, we're still in the process of closing out our books to determine the final financial results, but we now expect to exceed our estimate of approximately $75 million in adjusted EBITDA for the full year.

As announced in our press release, we are raising our full year 2026 guidance for revenue and adjusted EBITDA. We are now targeting revenue of $5.775 billion-$5.825 billion and adjusted EBITDA of $2.275 billion-$2.305 billion, representing an increase of $75 million and $25 million respectively at the midpoint of the ranges as compared to the prior guidance issued in February.

We expect to stage 12 events in Q3 2026, three numbered events and nine fight nights.

We expect to stage 12 events in Q3 2026, three numbered events and nine fight nights.

We've got a strong guide on financial incentive packages, $380 million-$420 million by 2030.

In terms of free cash flow, while we have not given formal guidance, we continue to target a free cash flow conversion rate in excess of 60%, normalizing for the impact of net payments related to the World Cup and UFC's rights deal with Paramount.

We do believe there's meaningful room for a step-up in free cash flow conversion in 2027 and 2028 and beyond.

We've got a strong guide on global partnerships, $1.2 billion by 2030.

We expect to stage 12 events in Q3 2026, three numbered events and nine fight nights.

Despite the incremental spend, we expect WWE margins will increase meaningfully for the full year.

As announced in our press release, we are raising our full year 2026 guidance for revenue and adjusted EBITDA. We are now targeting revenue of $5.775 billion-$5.825 billion and adjusted EBITDA of $2.275 billion-$2.305 billion, representing an increase of $75 million and $25 million respectively at the midpoint of the ranges as compared to the prior guidance issued in February.

As such, after these two events, we expect the remainder of our 2026 slate in the Middle East comprised of six events inclusive of UFC, WWE, and Zuffa Boxing to take place as planned.

That comes with a unique financial profile, where our expenses will meaningfully exceed the limited partnership inventory we have sold, and we expect to lose approximately $30 million on this event.

We expect to stage 11 events in Q2, UFC Freedom 250 at the White House in June, as well as two numbered events and eight fight nights.

We expect to stage 11 events in Q2, UFC Freedom 250 at the White House in June, as well as two numbered events and eight fight nights.

We expect to stage 11 events in Q2, UFC Freedom 250 at the White House in June, as well as two numbered events and eight fight nights.

As articulated on our Q4 Earnings Call, this outlook reflects anticipated revenue growth of 21%, adjusted EBITDA growth of 43%, and margin expansion of approximately 600 basis points to 39.6% at the midpoint of our guidance.

For the full year, we expect UFC margins will meaningfully outpace 2025 exactly as our guidance suggests.

As articulated on our Q4 Earnings Call, this outlook reflects anticipated revenue growth of 21%, adjusted EBITDA growth of 43%, and margin expansion of approximately 600 basis points to 39.6% at the midpoint of our guidance.

PBR's team series has also approved a two-franchise expansion, expected to grow from 10 teams to 12 teams for the 2027 season.