WWE slipped a chokehold of recent controversy to score record results in Q3 2022.
The Connecticut-based company posted $304.6 million in revenue in Q3, a 19% increase year-over-year. The record results were driven by WWE’s domestic live events, which included “Extreme Rules,” “SummerSlam,” and “Money in the Bank.”
The events were the most viewed in their histories with respective year-over-year increases of 36%, 20%, and 17% on NBCUniversal’s Peacock.
- Media revenue reached $233 million during the quarter, a 15% uptick year-over-year.
- Revenue from live events was $35.2 million, up from 28 million in Q3 2021.
- Operating income reached $58.9 million, an 8% decrease year-over-year.
- Free cash flow was $3.5 million during the quarter, down from $44.8 million behind an increase in capital expenditures.
In July, longtime WWE CEO and chairman Vince McMahon retired following allegations of sexual harassment, infidelity, and hush-money settlements.
His daughter Stephanie McMahon and former WWE president and CRO Nick Khan took over as co-CEOs. An investigation by WWE cost the promotion $19.4 million in 2022.
Creating Opportunity
In 2021, WWE created an NIL program called “Next In Line” — a pathway for college athletes to secure full-time contracts with the promotion upon graduation. WWE bolstered the program in October with the launch of an NIL recruiting tour called WWE Campus Rush.
The tour will visit eight FBS schools, starting with the University of Mississippi and ending with Penn State.
