Significant Media Rights Agreements
Secured landmark long-term media rights including UFC's $7.7 billion deal with Paramount and WWE's $1.6 billion deal with ESPN; company now has more than $15 billion of long-term media rights across UFC, WWE, PBR and Zuffa Boxing, providing high-margin, recurring revenue with annual escalators.
Strong Adjusted EBITDA Growth and Margin Expansion
Full-year 2025 adjusted EBITDA of $1.585 billion, up 47% year-over-year; adjusted EBITDA margin expanded to 33.5% (up ~11+ percentage points vs 2024). Guidance targets 2026 adjusted EBITDA of $2.24B–$2.29B, implying ~43% growth and margin expansion to ~39.6% at the midpoint (~600 basis points improvement).
Revenue and Q4 Operational Momentum
Fourth quarter 2025 revenue of $1.038 billion, up 12% YoY; Q4 adjusted EBITDA of $281 million, up 30% YoY, and Q4 adjusted EBITDA margin of 27% (up ~4 percentage points). Full-year revenue was $4.735 billion with management emphasizing 2026 revenue guidance of $5.675B–$5.775B (midpoint ~21% growth).
UFC and WWE Segment Strength
UFC Q4 revenue $401M (+17% YoY) and adjusted EBITDA $213M (+20%), with a 53% adj. EBITDA margin. WWE Q4 revenue $360M (+21% YoY) and adjusted EBITDA $165M (+44% YoY); WWE delivered >50% margin for the first time in 2025 and Q4 margin of 46% (up from 38%).
Partnerships and Content Engagement
Global partnerships revenue accelerated — UFC partnerships +39% to $93M in Q4; WWE partnerships +57% to $36M. WWE on Netflix streamed 525 million hours in the first year of the deal; UFC 324 on Paramount+ drove nearly 5 million streaming views (largest exclusive live event in Paramount+ history). Company raised 2030 partnerships target from $1.0B to $1.2B.
Robust Free Cash Flow and Capital Returns
Generated $1.159 billion of free cash flow in 2025 with free cash flow conversion of adjusted EBITDA at 73% (normalized conversion >60%). Returned meaningful capital: approximately $452M in dividends for the year and repurchased ~ $900M of Class A stock in 2025; announced intent to repurchase up to an additional $1B.
Live Events Demand and Monetization Levers
Strong live-event performance: Q4 sold out six UFC events and WWE achieved its highest-grossing arena date (John Cena farewell). Management expects to realize over $300M in aggregate value from financial incentive packages (FIPs) in 2026 (normalized ~ $240M) and targets $380M–$420M from FIPs by 2030.
Strategic Asset Integration and New Ventures
Integrated IMG and On Location to expand rights, production and hospitality capabilities (On Location delivered premium hospitality at 65+ events). Launched Zuffa Boxing with an initial Paramount+ media rights deal for U.S./Canada/Latin America and progressing toward earning additional equity tranches in the JV.