For the first time ever, Ohio State athletics generated more than $250 million in revenue in a single year.
In its annual financial report to the NCAA, which the university released on Thursday, Ohio State reported total operating revenues of $251,615,345 for the 2022 fiscal year, which ran from July 1, 2021, to June 30, 2022. That eclipses the previous school record of $233,871,740 in revenue during the 2020 fiscal year.
Ohio State’s total operating expenses for the 2022 fiscal year were $225,733,418, giving the athletic department a net profit of more than $25 million for the year.
The record revenues for the 2022 fiscal year come after Ohio State brought in just $106,896,918 during the 2021 fiscal year due to athletic contests being held without fans during the 2020-21 academic year due to the COVID-19 pandemic.
“Buckeye Nation continues to show their tremendous support for our incredible student-athletes, our coaches and our support staff. We are grateful for the enthusiasm they bring to our stadiums, fields and pools,” Ohio State athletic director Gene Smith said in Ohio State’s news release.
Ohio State’s revenues for the 2022 fiscal year include $59,649,921 in ticket sales, $62,982,851 in contributions, $48,908,898 in media rights and $30,088,073 in royalties, licensing, advertisements and sponsorships.
Ohio State’s expenses for the 2022 fiscal year include $24,564,657 in athletics student aid, $11,823,427 in payments made to visiting opponents, $42,240,992 in coaching compensation, $39,514,342 in support staff compensation, $3,384,022 in recruiting expenses, $10,545,312 in team travel expenses, $6,963,625 in-game expenses, $19,128,187 in athletic facilities debt, leases and fees and $28,900,288 in direct overhead and administrative costs.
The Ohio State football program alone generated $109,176,080 in revenue. The men’s basketball program generated $23,640,053 in revenue, while the wrestling program was the only other individual sport to generate more than $1 million in revenue ($1,549,834). $110,156,200 of the athletic department’s revenue was not tied to any specific team.
Ohio State football also had the highest operating expenses of any sport ($69,127,911), followed by men’s basketball ($12,121,000) and women’s basketball ($5,236,137). Football and men’s basketball were the only Ohio State sports to generate more revenue than their expenses during the 2022 fiscal year.