STAMFORD, Conn.: WWE has released financial results for its third quarter 2022 ended September 30. Per the full report, WWE listed revenue for the quarter as $304.6 million, an increase of 19% over the previous quarter.
WWE’s company president and chief financial officer, Frank Riddick, said they exceeded their guidance. OIBDA (operating income before depreciation and amortization) adjusted rose 17%, reflecting a 19% increase in revenue from the previous year. Growth in their media business as well as a change in the timing of revenue tied to specific license agreements were the main factors that contributed to the revenue upside.
WWE now projects Adjusted OIBDA for 2022 to be at the higher end of the $370 to $385 million range.
WWE co-CEOs Stephanie McMahon and Nick Khan addressed the Q3 earnings.
Third Quarter 2022 Highlights
Revenue was $304.6 million, an increase of 19%; Operating Income was $58.9 million, a decrease of 8%; and Adjusted OIBDA was $91.2 million, an increase of 17%
Returned $9.1 million of capital to shareholders through dividends paid
Clash at the Castle, the first major WWE stadium event in the UK in over 30 years, was held at Principality Stadium in Cardiff, Wales. Clash at the Castle was the most viewed international event in WWE’s history
Each WWE domestic premium live event (Money in the Bank, SummerSlam and Extreme Rules) was the most viewed event in its history with year-over-year increases of 17%, 20% and 36%, respectively, in domestic unique viewership on Peacock
WWE announced a multi-year agreement with its long-standing partner, the Foxtel Group, to expand the distribution of the company’s content in Australia
WWE announced the creation of NXT Europe, which is planned to launch in 2023, to expand the NXT brand internationally
In October, WWE announced its “Campus Rush” recruitment tour to further enhance the company’s talent development program
2022 Business Outlook
In February, the company issued adjusted OIBDA guidance of $360 – $375 million for the full year 2022. In August, the company raised its guidance to $370 – $385 million. Based on performance through the first nine months of the year as well management’s current expectations for the fourth quarter, the company now expects full year 2022 Adjusted OIBDA to be at the upper-end of the range of $370 – $385 million.
“We generated strong financial results in the quarter, highlighted by record revenue and adjusted OIBDA for a third quarter, and remain firmly on track to deliver record revenue and Adjusted OIBDA for the full year,” said Stephanie McMahon and Nick Khan. “We continue to effectively execute our strategy, including staging a record-setting international stadium event, Clash at the Castle, in early September. Clash at the Castle, as well as our other premium live events (PLEs) including SummerSlam and Extreme Rules all continue our streak of delivering record viewership for each respective event. These PLEs, along with strong ratings for our flagship programs, Raw and SmackDown, continue to expand the reach of our brands and enhance the value of our content across various platforms, both domestically and abroad.”
