UFC revenue jumps 60% to $519.2 million in TKO's third quarter

TKO Group Holdings reported on Wednesday that the UFC made $519.2 million in third-quarter revenue, up 60% from $325.2 million a year earlier. Its adjusted EBITDA, a measure of operating profit, rose 72% to $285.3 million, according to the company's earnings release.

It wasn't the UFC's biggest quarter. Revenue was higher in the second quarter, at $535.7 million, according to TKO's August release. But adjusted EBITDA was higher this time, $285.3 million against $280.4 million. The margin rose to 55%, from 51% a year ago.

Where the money came from

Most of the growth came from TV. Media rights and content revenue rose from $200.5 million to $332.8 million. TKO credited higher fees under the Paramount (Skydance) deal that began in January, plus one extra numbered event and one extra Fight Night.

NBC News reported in August 2025 that the deal is worth $7.7 billion over seven years, about $1.1 billion a year. ESPN had paid roughly $500 million a year. MiddleEasy notes that most of the money comes in the deal's later years, so $1.1 billion isn't what the UFC books in year one.

Live events and hospitality rose from $43.6 million to $79.6 million. TKO credited ticket sales, including the "record-setting" UFC 329, plus the extra events and more site-fee money from hosts. That July 11 card in Las Vegas set a UFC record gate of $26,430,566, Uncrowned reported. Sponsorship and licensing grew too, and MiddleEasy counts 12 UFC events in the quarter, against 10 a year earlier.

Costs went up as well. TKO blamed higher athlete, production and event costs, mainly from the extra events and the "higher cost profile" of UFC 329. The release doesn't say how much of that went to fighters.

TKO's wider picture

TKO's total revenue rose 21% to $1.36 billion. WWE's revenue slipped 1% to $399.3 million, about $120 million less than the UFC's. TKO raised its full-year revenue forecast to between $5.790 billion and $5.830 billion, up from $5.775–5.825 billion in August.

In the release, TKO president Mark Shapiro pointed to "the vast majority of our existing revenues locked in for the next five to seven years."

The forecast assumes every event goes ahead, including in the Middle East. The UFC is due in Riyadh on December 5. Shapiro told staff on October 28 that if conflict there escalates, "we will not hesitate to cancel those events, damned be our budget," POST Wrestling reported.

On Wednesday's earnings call, Shapiro said TKO is in talks to stage the UFC's first event in Africa, according to ProWrestling.net. He had already told staff on October 28 that TKO was "in meaningful discussions on that front." No country, venue or date has been announced.

The pay question

Middleweight champion Sean Strickland wrote on X in October that "unless things change with the UFC I'm kinda over it," as The National reported. He compared his pay with the $30 million McGregor reportedly earned for UFC 329, a figure the UFC hasn't confirmed.

Dana White answered at a press conference that Strickland "just signed a new contract in May," Sherdog reported. White also said the pay figure Strickland claimed "is not true." He didn't give a figure, and none of the reports we read say what Strickland is paid.

We think the filing would make it hard for the UFC to plead poverty, but it hasn't tried to; White's answer was about the contract. UFC adjusted EBITDA grew 72% on 60% revenue growth, and TKO has returned more than $1.6 billion to shareholders this year.

Strickland (31-7) won the title back from Khamzat Chimaev by split decision at UFC 328 on May 9. He closed at +375, per our fighter page, and hasn't defended the belt yet.

His next opponent may be Nassourdine Imavov, whom he beat by decision in January 2023, per ESPN. He reportedly turned that fight down over pay, per The National. MMA Junkie's Mike Bohn said the rematch "may even be signed or close to being signed for February somewhere in Florida," per SB Nation. The UFC hasn't announced it, and SB Nation's October 28 report says the pay dispute may not be settled until after that fight.