TKO Q3 2025 Financial Results Overview
TKO, the parent company of WWE, reported its financial results for the quarter ending September 30, 2025. The results highlight significant revenue growth across multiple WWE segments.
Revenue Growth Details
WWE’s revenue rose by 23%, or $75.8 million, reaching $402.1 million in total. Key contributors to this increase include:
- An increase of $31.4 million in live events and hospitality revenue.
- A $21.5 million rise in media rights, production, and content revenue.
- An $18.2 million boost in partnerships and marketing revenue.
Drivers of Revenue Increases
TKO attributed the rise in live event and hospitality revenue mainly to higher ticket sales and increased site fees for the first-ever two-night Summerslam and Wrestlepalooza events.
The boost in media rights and production revenue was linked to higher rights fees for WWE’s premium live events. The growth in partnerships and marketing revenue stemmed from new partnership deals and increased fees from renewals.
Profitability and Expenses
Adjusted EBITDA increased by 19%, or $32.5 million, to $207.8 million. According to TKO, this improvement reflects higher revenue, partially offset by increased expenses.
Direct operating expenses rose, driven by higher costs for talent, production, marketing, and event-related activities. Selling, general, and administrative expenses increased, mainly due to elevated travel costs.
“This positive growth in WWE’s financial performance is primarily due to expanded live events and media partnerships, despite rising operational costs,” said the company statement.
Author's Summary
TKO’s Q3 2025 report shows strong WWE revenue growth fueled by live events and media deals, though rising costs have tempered profitability gains.