WWE still pulled in nearly $400 million during the third quarter of 2026, but there was one number in TKO’s latest earnings report that went in the wrong direction. Revenue for the company’s wrestling division actually declined compared to last year, and TKO has now explained exactly what dragged it down.
TKO published its third-quarter 2026 financial results on November 4, revealing that WWE generated $399.3 million in revenue. That represented a 1% decrease, or $2.8 million, compared to the same quarter last year.
The biggest reason for the decline came from WWE’s live events and hospitality business, where revenue dropped by $24.8 million. According to TKO, WWE held three fewer main roster Premium Live Events during the quarter compared to the previous year, while SummerSlam also generated lower sales.
“The decrease in live events and hospitality revenue was primarily due to a decrease in ticket sales revenue related to the mix and timing of events including three fewer Main Roster Premium Live Events and lower sales for SummerSlam, compared to the prior year period.”
That decline was partially offset by growth elsewhere in WWE’s business. Partnerships and marketing revenue increased by $11.1 million, with TKO pointing to new partners and higher fees from renewed agreements.
“The increase in partnerships and marketing revenue was primarily related to new partners and an increase in fees from renewals despite three fewer Main Roster Premium Live Events, compared to the prior year period.”
WWE also brought in an additional $6.9 million from media rights, production and content. TKO specifically credited higher media rights fees and the distribution agreement with ESPN that began in September 2025, although having three fewer main roster PLEs partially offset that growth.
“The increase in media rights, production and content revenue was primarily related to higher media rights fees, notably the impact of the new distribution agreement with ESPN that began in September 2025, partially offset by the three fewer Main Roster Premium Live Events, compared to the prior year period.”
Consumer products licensing and other revenue provided another $4 million increase. TKO attributed that growth primarily to WWE-branded merchandise, including video games and trading cards.
“The increase in consumer products licensing and other revenue was primarily related to the sale of WWE-branded products, including video games and trading cards, compared to the prior year period.”
The slight revenue decline didn’t mean WWE became less profitable during the quarter. WWE’s adjusted EBITDA actually increased by $9.4 million to $217.2 million, even as overall revenue slipped to $399.3 million.
And WWE’s dip didn’t stop TKO from having a huge quarter overall. The company reported $1.360 billion in total revenue and $277.9 million in net income, while raising its full-year 2026 revenue and adjusted EBITDA targets for the second consecutive quarter.
So while TKO’s overall financial picture continues moving upward, WWE’s third-quarter numbers show how much the timing and performance of major events can still affect its results. Three fewer main roster PLEs and lower SummerSlam sales were enough to pull WWE revenue down 1%, even with increases across partnerships, media rights and consumer products.
What do you make of WWE revenue declining despite growth in several other areas, and how significant do you think the lower SummerSlam sales are? Let us know what you think in the comments.
