WWE announces Q4 2022 and full year financial results

WWE today announced financial results for its fourth quarter and year ended December 31, 2022.

“2022 was another strong year for WWE. We generated record financial results and our business continued to perform well due to the strength of our content and brand, which drove audience engagement and monetization across multiple platforms,” said Nick Khan, WWE Chief Executive Officer. “In 2023, we’re focused on continuing to execute on our key operational initiatives, such as the domestic licensing of our flagship programs, Raw and SmackDown, as well as the international licensing of our content in key markets. At the same time, we’re focused on the review of strategic alternatives that we announced earlier this year, with the goal of maximizing value for all shareholders.”

Frank Riddick, WWE President & Chief Financial Officer, added “For the year, we achieved record revenue and Adjusted OIBDA, which was at the very high end of our upwardly revised guidance range. In 2022, Adjusted OIBDA increased 19% reflecting 18% revenue growth. Our financial performance was primarily driven by the return to a full year of ticketed live events, including the staging of two large-scale international events, as well as the contractual escalation of rights fees for our flagship weekly programming and premium live events. In 2023, we anticipate Adjusted OIBDA of $395 to $410 million, reflecting continued revenue growth and relatively flat operating expenses.”

Fourth Quarter 2022 Highlights:

• Revenue was $325.3 million, an increase of 5%; Operating income was $62.7 million, a decrease of 22%; and Adjusted OIBDA1 was $90.2 million, a decrease of 4%
• Returned $8.9 million of capital to shareholders through dividend payments
• Crown Jewel was the most viewed international event in WWE’s history. Domestic unique viewership on Peacock increased 70% over the prior year event
• Each WWE domestic premium live event (Extreme Rules and Survivor Series) was the most viewed event in its history with year-over-year increases of 36% and 46%, respectively, in domestic unique viewership
• WWE announced a multi-year extension of its partnership with MultiChoice to expand the distribution of the Company’s content in Sub-Saharan Africa
• In January 2023, WWE held Royal Rumble at the Alamodome in San Antonio, TX. The event was the most viewed Royal Rumble in WWE’s history, with a 52% year-over-year increase in domestic unique viewership, and generated the highest gate in the event’s history

Full Year 2022 Highlights:

• Revenue increased 18% to $1.3 billion, the highest in the Company’s history
• Operating income increased 11% to a record $283.3 million; Adjusted OIBDA increased 19% to a record $384.6 million
• Returned $75.7 million of capital to shareholders, including share repurchases and dividends paid.
• The Company is targeting Adjusted OIBDA of $395 to $410 million for the full year 2023, which would be an all-time record. The Company also expects to generate an all-time record for revenue in 2023.

The full press release and financial results can be read here.