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TKO, the company that formed following the merger of WWE and UFC, has reported their financial results for the fourth quarter of 2024 and the full year.
TKO reported their financial results in a press release. In the fourth quarter of 2024, TKO reported a revenue of $642.2 million, a net income of $47.5 million, with an adjusted EBITDA of $238.1 million. For the full year of 2024, TKO reported a revenue of $2.804 billion, a net income of $6.4 million, and an Adjusted EBITDA of $1.251 billion. TKO stated that they were targeting a revenue of $2.930 billion to $3.000 billion for the full year of 2025.
In the press release, TKO also stated that “Cash and cash equivalents were $525.6 million as of December 31, 2024. Gross debt was $2.780 billion as of December 31, 2024.”
More Details
The press release included year-over-year comparisons for revenue, net income, and Adjusted EBITDA.
“Revenue increased 67%, or $1.129 billion, to $2.804 billion. The increase reflected the increase of $1.015 billion of revenue at WWE, to $1.398 billion, and an increase of $114.0 million at UFC, to $1.406 billion. The increase at WWE primarily reflected the inclusion of twelve months of activity in reported results in 2024.
“Net Income was $6.4 million, a decrease of $169.3 million from $175.7 million in the prior year period. The decrease reflected the increase in revenue offset by an increase in operating expenses. The increase in operating expenses primarily reflected an increase in direct operating costs of $385.3 million, an increase in selling, general and administrative expenses of $679.6 million, and an increase in depreciation and amortization of $228.2 million. The increase in operating expenses primarily reflected the inclusion of twelve months of WWE activity in reported results in 2024 as well as settlement charges of $375.0 million related to the UFC antitrust lawsuit. (See “Legal Matters” for further details.)
“Adjusted EBITDA increased 55%, or $442.1 million, to $1.251 billion, due to an increase of $518.1 million at WWE and an increase of $45.3 million at UFC, partially offset by an increase of $121.3 million in corporate expenses. The increase at WWE primarily reflected the inclusion of twelve months of activity in reported results in 2024.
WWE’s Results
TKO also reported WWE’s financial results for 2024. In the fourth quarter, revenue decreased d 10%, or $32.9 million, to $298.3, and this was linked to “a $55.9 million decrease in media rights and content revenue partially offset by a $10.8 million increase in live events revenue, a $7.4 million increase in sponsorship revenue, and a $4.8 million increase in consumer products revenue.
WWE’s adjusted EBITDA for the fourth quarter of 2024 “decreased 19%, or $26.7 million, to $114.3 million, primarily due to the decrease in revenue (as described above) partially offset by a decrease in expenses.”
For the full year of 2024, WWE’s revenue was reported to be $1.398 billion for the period from January 1, 2024 through December 31, 2024. The increase of 5%, or $71.7 million, was primarily driven by a $76.1 million increase in live events revenue, and a $13.7 million increase in sponsorship revenue, partially offset by a $17.4 million decrease in media rights and content revenue.
The adjusted EBITDA was $681.1 million for the same period. Per TKO, “The increase of 28%, or $148.0 million, was due to the increase in revenue (as described above) and a decrease in expenses.”
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