WWE today reported a 27% increase in first-quarter revenue to $33.4 million, a quarterly record for the company. Net income reached $66.1 million, up from $43.8 million the year prior.
WWE highlighted the success of WrestleMania, renewed partnerships with A&E and others, as well as more live events as key areas that drove the record number.
“We are off to a strong start in 2022, highlighted by record quarterly revenue and Adjusted OIBDA,” said Vince McMahon, WWE Chairman & CEO. “We continued to effectively execute our strategy, including staging the most stupendous WrestleMania ever in early April. WrestleMania, as well as our other successful premium live events such as Day 1, Royal Rumble and Elimination Chamber, further expanded the reach of our brands and enhanced the value of our content as evidenced by increased ticket revenue and viewership. We continue to monetize our intellectual property across various platforms through our media rights agreements, both domestically and abroad, as well as through the monetization of new original series, including our expanded partnership with A&E.”
Frank Riddick, WWE Chief Financial and Administrative Officer, added “In the quarter, we exceeded the high end of our guidance. Adjusted OIBDA increased 33% reflecting 27% revenue growth. Our strong financial performance was primarily driven by our return to a full live event schedule, including the staging of a successful large-scale international event. These items more than offset the absence of one-time upfront revenue recognition related to the delivery of certain WWE Network intellectual property rights in the prior year period.”
First Quarter 2022 Highlights
- Revenue was $333.4 million, an increase of 27% and a quarterly record; Operating Income was $92.4 million, an increase of 42%; and Adjusted OIBDA1 was $111.7 million, an increase of 33% and a quarterly record
- Returned capital to shareholders totaling $38.9 million, including share repurchases and dividends paid
- Announced a multi-year expansion of the Company’s original programming partnership with A&E that includes more than 130 new hours of premium WWE-themed series and specials
- Announced a broadcast partnership with MBC Group, the largest and leading group in the Middle East and North Africa (MENA) region, to air WWE premium live events, live episodes of Raw and SmackDown as well as WWE Network’s vast library of content
- Announced a comprehensive, long-term partnership with Fanatics to create a new, enhanced digital platform for e-commerce and licensed merchandise, as well as physical, digital, and non-fungible token (NFT) trading cards
- WWE 2K22, the latest installment of the Company’s flagship video game franchise, was released to strong consumer demand and rave reviews