As previously reported, TKO announced its fourth-quarter 2025 and full-year earnings results on Wednesday, February 25th, which revealed that WWE’s revenue increased to $1.709 billion.
According to PWInsider.com, the earnings report included information about WWE legend The Rock's professional relationship with TKO and WWE. It noted that he would join the TKO board in January 2024 and acquire various intellectual properties (IPs). The report also detailed The Rock's earnings from WWE over the past two years.
During the years ended December 31, 2025, and 2024, the company recognized equity-based compensation expenses of $4.0 million and $17.7 million associated with The Rock's award, which is included within direct operating costs in the consolidated statements of operations.
Furthermore, the report stated that WWE paid The Rock $900,000 in royalties for both 2024 and 2025. He was also reimbursed for $2.6 million in 2024 and $600,000 in 2025 for travel expenses related to delivering services under his contract to provide WWE with "certain promotional and other services." Additionally, WWE recognized "equity-based compensation" associated with his $30 million Restricted Stock Units (RSU) award from joining the TKO board. This compensation amounted to $17.7 million in 2024 and $4 million in 2025.
The Rock was involved in WWE programming in early 2025, helping to kick off John Cena's heel turn at the Elimination Chamber in March. He made appearances attempting to persuade Cody Rhodes to "sell his soul" during the initial months of the year. There has not yet been any information regarding additional promotional work beyond these appearances and the promotion linked to the storyline.
