TKO Group (TKO): First Look: Modest 2Q Beat & Raised 2026 guidance

研报英文原文证据摘录

TKO Group (TKO): First Look: Modest 2Q Beat & Raised 2026 guidance

Equity Research

3 August 2026 | 4:48PM EDT

TKO Group (TKO) reported 2Q26 results that beat expectations across Revenue Stephen Laszczyk

+1(212)357-9225 |

($1,547M vs. $1,529M Visible Alpha consensus) and Adjusted EBITDA ($650M vs. stephen.laszczyk@gs.com

Goldman Sachs & Co. LLC

$638M consensus), where better performance at UFC was partially offset by weaker

Antares Tobelem

WWE metrics. +1(212)357-2497 |

antares.tobelem@gs.com

With results, TKO raised 2026 guidance across both Revenue (+22.5% YoY at the

Danni Kennedymidpoint, +$75M vs prior guide) and Adjusted EBITDA (+44.5% YoY at the midpoint, +1(212)902-7178 |

+$25M vs prior guide), implying Adjusted EBITDA margins of ~40%. We note that two danni.kennedy@gs.comGoldman Sachs & Co. LLC

moving factors that could have contributed to the guidance raise are the World Cup,

where demand had proven to be strong through much of the tournament (IMG

Adjusted EBITDA beat consensus by ~$25M in 2Q26) and UFC 250, which took in

greater than previously expected Partnership revenues to offset higher expenses.

With earnings, TKO also announced that it intends to commence additional

repurchases of its outstanding Class A common stock under its existing share

repurchase program.

Bottom Line: We believe shares of TKO will have a neutral-to-positive reaction to

2Q26 results that featured modest beats to top and bottom line financial metrics

across the UFC & WWE, and a raised 2026 guide. Investor focus going into earnings

centered on the pace ticket pricing & demand coming out of Wrestlemania / select

second quarter events with weaker gate, and engagement trends on the back of

Freedom 250 at the White House to financials.

TKO Group will host an earnings call at 5:00pm ET.