TKO Group Holdings outlined its financial trajectory and growth strategy at the Goldman Sachs Communacopia + Technology Conference on Tuesday, Sept. 8, 2026, three years after the UFC and WWE combination. President and COO Mark Shapiro framed the company as a cash-generation platform, saying it is a 'geyser for cash' and that the profile should strengthen over time. The presentation emphasized margin expansion, leverage reduction, capital return and a multi-year partnership build-out across its sports and entertainment properties.
Financially, TKO guided to a 39.6% EBITDA margin at the midpoint for the year, an increase of 600 basis points from the prior year. Management expects leverage to move below 2x by year-end and projected normalized free-cash-flow conversion of 60% or higher. For the last twelve months, the company reported EBITDA of $1.62 billion, revenue of $5.3 billion and a gross profit margin of nearly 59%. At the time of the report, TKO had a market capitalization of $35.4 billion, with shares closing at $189.64 on Sept. 9, trading after hours at $191.00 and also referenced at $188.47. Capital return was described as ahead of internal forecasts, with an accelerated share repurchase framework of up to $2 billion.
The company set a 2030 target of $1.2 billion in global partnership revenue across its properties and said financial incentive packages are targeted at $380 million to $420 million. WWE partnership revenue grew 2% in the first quarter and 8% in the second quarter, after a nearly 92% increase from 2024 to 2025, and full-year WWE partnership revenue is expected to rise more than 20%. International rights fees have stepped up by an average of 1.7x across deals closed in China, Japan, Korea, France and Canada. On Location, which represents about 5% of total company revenue, has renewed long-term agreements with the NFL, Super Bowl, NFL Draft, NCAA and Final Four through 2029. WrestleMania is set to move to Saudi Arabia in 2025.
The presentation also mapped the sports calendar and distribution environment. TKO referenced the Paris Games, Milano Cortina 2026 and the Los Angeles 2028 Olympics, while noting that 2027 lacks the lift from an Olympics or World Cup. The calendar discussion referenced the International Olympic Committee, FIFA and the Women's World Cup. The company said demand in the Middle East live-events market is outstripping supply and characterized sports as real-time, unpredictable, physical and appointment viewing. It also described its role as combining commissioner, league and owner functions to stage its events. Shapiro said the company needs time to build its team and a programmatic platform, and did not want to move ahead of Paramount+.
On the UFC side, the Washington, D.C. event was the largest live event ever on Paramount+, and 25% of Paramount+ viewers also watch UFC content. UFC viewers are about 15 years younger than the average Paramount+ consumer. The company maintains roughly 600 fighters in its stable, while 75% of WWE superstars come through NXT, its development system. Performance centers are operational in Mexico City, Las Vegas and China. Zuffa Boxing signed 100 fighters in its first nine months and staged 10 events, including three sellouts at the Apex in Las Vegas.
Distribution and content references included Paramount+/CBS, Netflix Raw, ESPN, ESPN+ and ESPN Unlimited, USA Network/Versa, YouTube TV, The Walt Disney Company and Sky. The presentation also referenced creators and talent, including Taylor Sheridan's 'Lioness,' Dana White, Nick Khan, John Cena and Conor McGregor, as well as an upcoming Las Vegas event featuring Garcia and Benavidez Jr.
