The PWHL was thrilled with the fan response, merchandise, sponsorship and other revenue streams this season. Their investments exceeded expectations, but so did the returns.

Few expected the PWHL to find the immediate success the league did. From record crowds growing from 8,000 to 13,000 to 19,000 and then 21,000, to sold out buildings, sold out merchandise, record sponsorships, and demand for more of everything from fans, the PWHL exceeded all expectations as a business.

"I will tell you that yes, it exceeded what we thought what we were going to...it exceeded our...projections," said PWHL advisory board member Stan Kasten. "But that's partially because I think we made the strategy decision to also greatly exceed our expected expenses."

Kasten pointed to a focus on creating major league broadcasting, an expensive move he feels will pay off. Kasten also pointed to the fact the league had 120 employees on opening day, and months later at the conclusion of season one, the league's staffing now exceeds 200 employees.

They were moves to put the infrastructure behind the scenes in place for marketing, ticketing, merchandise, sponsorship, and other operations. The league put a quality product on the ice, broadcasted it in a way people could see the calibre of play, and as a result, needed more staff to keep up with the demand the league generated from the market.

"That was a lot of expense that we didn't expect right away, but we said, 'you know what, we're all in so let's do year four expenses in year one'," Kasten said. "And that resulted in a lot more revenue and that's why we think our decision to invest in the league, which is what I call expenses, was the right one, we're on the right track, the investments we made are paying off."

The PWHL will grow their 2024-2025 regular season schedule to 30 games, an increase of six regular season games per team next season. It means each team in the league will play one another six times, and open up the opportunity for more neutral site games, particularly in NHL venues, which were a large revenue driver for the league this season.

Even conservative estimates for league average ticket prices show that the league covered all player salaries, housing costs, and bonuses and made millions of dollars on top. That's without merchandise, playoffs, sponsors, and broadcasting dollars. Regardless of how you look at the PWHL's first season, it was a success on the business side.