WWE parent company TKO Group Holdings, LLC announced the entity's Third Quarter 2025 results. Among the press release, TKO also noted that it completed the acquisition of certain businesses operating under the IMG Brand, On Location, and Professional Bull Riders back in February 2025.

Revenue for TKO decreased by 27%, or $420.8 million, to $1.120 Billion for the third quarter. Here are some other notable highlights from the press release:

* Revenue of $1.120 billion

* Net income of $106.8 million

* Adjusted EBITDA2 of $360.2 million

* Full Year 2025 Guidance3

Additionally, TKO announced that its increased target for revenue of $4.690 billion to $4.720 billion. Also, the target of Adjusted EBITDA has been increased from $1.570 billion to $1.580 billion.

Elsewhere, TKO announced a 23% revenue increase for WWE with $75.8 million. for a total of $402 million in revenue. The press release says WWE saw a $31.4 million increase in live events and hospitality revenue, a $21.5 million increase in media rights, production, and content revenue, and an $18.2 million increase in partnerships and marketing revenue. Per TKO:

"The increase in live events and hospitality revenue was primarily due to higher ticket sales revenue as well as an increase in site fees, most notably related to the first ever two-night SummerSlam and Wrestlepalooza, the launch event for the Company's new distribution agreement with ESPN. The increase in media rights, production and content revenue was primarily related to higher rights fees for WWE's premium live events due to two additional nights of programing as compared to the prior year period. The increase in partnerships and marketing revenue was primarily due to new partners and an increase in fees from renewals compared to the prior year period."

WWE kicked off its ESPN partnership as the new US home of WWE PLEs in September with the debut Wrestlepalooza event in Indianapolis. The premium live event featured John Cena taking on the returning Brock Lesnar.

Also, TKO announced an Adjusted EBITDA increase of 19%, or $32.5 million, for WWE for a total of $207.8 million. The press release credited the increase in revenue, partially offsetting the increase in expenses. Additionally, it states:

"Direct operating expenses increased primarily due to higher talent, production, marketing and other event-related costs compared to the prior year period. Selling, general and administrative expenses increased primarily due to higher travel costs compared to the prior year period."

The press release states that WWE's Adjusted EBITDA margin decreased to 52% from 54%. For comparison, TKO announced $1.308 billion in total revenue and a $273.1 million net income for its Second Quarter 2025 earnings.