March 19, 2025

For full year 2024, Endeavor reported $7.1 billion in revenue, up nearly 30% from 2023. Much of that—$2.8 billion—is attributable to TKO Group, the publicly traded parent of UFC and WWE, whose financials get consolidated into Endeavor’s because it controls the majority of TKO’s equity. The results fell a few million dollars short of the consensus of five Wall Street analysts who continue to publish estimates on Endeavor’s business, while the per-share net income of $1.70 came in short of expectations by 39 cents, according to data compiled by S&P Global Market Intelligence.
But both misses are likely due to the costs and inefficiencies arising from going private and selling off portions of the business. Much of the jump in sales came from the addition of WWE, which had its first full year under TKO ownership in 2024. WWE contributed about $1 billion of that sales jump, while UFC kicked in $114 million of its own revenue growth.
Stripping out the TKO portion of Endeavor’s sports properties, the results suggest Professional Bull Riders and the much smaller EuroLeague basketball circuit performed slightly better than expected, with $181 million in total revenue. In a then-confidential projection by management a year ago, PBR was expected to produce $158 million in 2024 and EuroLeague $9 million. The 2025 annual report doesn’t break out numbers for those two divisions.

Endeavor has since sold PBR and Euroleague to TKO, meaning the sports operations will continue to be reported publicly, since TKO remains independently traded. However, the other Endeavor businesses will go dark, disclosure-wise, after Monday (except for a quarterly report covering the first portion of 2025 that will have to be filed). Those arms—Events, Experience & Rights and Representation—added nearly $1.7 billion in revenue growth last year.
Overall, Events, Experience and Rights divisions posted $2.5 billion in revenue, up 16%. The bulk of the jump came from revenue from the Paris Olympics, Super Bowl and the Miami and Madrid Opens. Endeavor owns the latter two events. All told, Endeavor provides services for more than 1,200 events annually, including the upcoming Final Four, 2026 FIFA World Cup and the next two Olympic games. The business also sells media rights on behalf of a number of organizations, including the International Olympic Committee, NHL and the WTA and ATP tennis tours.
The rights game is a big commitment—in the annual filing, Endeavor noted that as of the end of 2024, it is on the hook for $2.4 billion in future guaranteed payments to its media rights and events partners regardless of whether it makes money on the deals. For 2024, the division posted a loss of $29.8 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), a closely watched measure of profitability before certain financial accounting is applied.
It’s not immediately clear how sizable the events arm will be moving forward, since Endeavor sold On Location and parts of IMG Media to TKO along with PBR and EuroLeague. Based on the 2024 management projections for the events segment, businesses that probably accounted for at least $1.6 billion in 2024 revenue from On Location, the Olympics and sports rights management, have been transferred to TKO. Endeavor retained the IMG businesses in licensing, models, events and tennis and golf talent representation.

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