Complete WWE Second Quarter 2023 Results

Stamford, 2 August 2023 - WWE today announced its financial results for the second quarter ending June 30, 2023, with several record-breaking accomplishments:

Second Quarter 2023 Highlights



WWE's Revenue reached $410.3 million, marking a 25% increase and setting a new quarterly record.

Plush, WWE's Operating income also showed a height in growth, rising by 26% to reach $87.3 million.

Adjusted OIBDA1 achieved an increase of 54%, reaching $140.7 million, and also setting a new quarterly record.



The company returned $9.8 million of capital to shareholders through dividend payments.

Viewership for WWE's flagship programs, SmackDown and Raw, demonstrated gains of 26% and 19%, respectively, in the P18-49 demographic. Both programs outperformed overall broadcast and cable television, which shared declines of 12%.

Each WWE premium live event, including WrestleMania, Backlash, and Night of Champions, set global unique viewership records, with year-over-year increases of 29%, 34%, and 45%, respectively.



Live Events revenue booked a stacked 51% increase compared to the same period last year, reflecting sustained strong demand for domestic and international events. North American Live Event average attendance reached a record 9,870, an increase of 45%.

Money in the Bank, held at The O2 in London in July, became WWE's highest-grossing arena event in the company's history. The event also achieved new records in viewership, sponsorship revenue, merchandise revenue, and social media activity.

WWE and Endeavor Transaction Highlights:

In a historic move, WWE and Endeavor reached an agreement on April 3, 2023, to combine WWE and UFC, forming a new, publicly listed company named "TKO Group Holdings, Inc."

During the second quarter, all necessary regulatory approvals, including the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, were obtained, paving the way for the transaction's completion.

The transaction is expected to conclude in the second half of 2023, subject to customary closing conditions.

2023 Business Outlook:

The Company reaffirms its 2023 anticipations, targeting record revenue and an Adjusted OIBDA range of $395 to $410 million, which would be an all-time high.

Commentary from WWE Leadership:

Nick Khan, WWE Chief Executive Officer, highlighted the strong financial results and successful execution of their strategies. He emphasized the historic agreement with Endeavor, believing it will create incremental value for shareholders.

Frank Riddick, WWE President & Chief Financial Officer, commented on exceeding guidance with Adjusted OIBDA reaching $141 million on revenue of $410 million. The positive financial performance was attributed to strong consumer demand for live events and the successful staging of WrestleMania.

Second-Quarter Consolidated Results:

Revenue saw a 25% increase, reaching $410.3 million. This margin was mainly driven by the timing of a large-scale international event, higher media rights fees, and increased live events revenue.

Plush, the Operating Income increased by 26%, reaching $87.3 million, primarily due to increased revenue, partially offset by higher operating expenses. The operating income margin rose to 22%.

Adjusted OIBDA achieved an impressive 54% growth, reaching $140.7 million, with an Adjusted OIBDA margin of 34%.

Net Income was $52.0 million, or $0.67 per diluted share, an increase from $49.0 million, or $0.58 per diluted share. This growth was primarily due to improved operating performance, offset by a higher effective tax rate.

Cash flows generated by operating activities reached $77.0 million, showing an increase from $56.9 million, primarily due to higher net income and reduced working capital requirements.

Free Cash Flow3 amounted to $31.1 million, a $21.7 million increase from $9.4 million, mainly attributed to the increased cash flows from operating activities. Excluding capital expenditures related to the new headquarter facility, Free Cash Flow for the period was $62.8 million.

As of June 30, 2023, WWE held $523.8 million in cash, cash equivalents, and short-term investments, with an estimated debt capacity of $200 million under its revolving line of credit.







Fans can check out the full press release HERE!

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