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Adjusted EBITDA by Segment
Presents operating cash profitability for each segment after removing one-time items, showing where the company actually earns money and where costs are structural. Helps assess which businesses generate sustainable cash, how synergies from combined assets are realizing, and where margin improvements are realistic.Adjusted EBITDA has flipped from lumpy, event-driven swings into clear multi-segment expansion—UFC and WWE are delivering materially higher, more consistent EBITDA while IMG has emerged as a meaningful profit contributor since 2025; corporate remains a persistent negative but showed improvement in Q1. Management points to media-rights step-ups and live-event monetization driving margins, but near-term volatility from event cadence and one-offs (notably an expected ~$30M Freedom 250 loss) and rising talent costs could punctuate quarters even as free-cash-flow strength supports buybacks and de‑risked margin guidance.
Date | Corporate | UFC | WWE | IMG |
|---|---|---|---|---|
Jun 30, 2026 | -$77.40M | $280.40M | $368.30M | $78.60M |
Mar 31, 2026 | -$58.10M | $254.50M | $256.10M | $97.30M |
Dec 31, 2025 | -$93.10M | $213.20M | $165.00M | -$3.90M |
Sep 30, 2025 | -$74.60M | $165.60M | $207.80M | $61.40M |
Jun 30, 2025 | -$77.04M | $244.79M | $329.74M | $28.99M |
Mar 31, 2025 | -$77.40M | $227.40M | $193.90M | $73.50M |
Dec 31, 2024 | -$54.60M | $178.40M | $114.30M | $0.00 |
Sep 30, 2024 | -$60.90M | $195.60M | $175.30M | $0.00 |
Jun 30, 2024 | -$62.30M | $231.90M | $251.30M | $0.00 |
Mar 31, 2024 | -$53.10M | $195.10M | $140.20M | $0.00 |