Peacock ended Q2 2025 with 41 million subscribers, unchanged from the previous quarter, but delivered significantly reduced losses, a signal that Comcast’s streaming strategy is inching closer to financial sustainability. The service reported $101 million in quarterly losses, a marked improvement from the $215 million reported in Q1 and $348 million in the year-ago period. Revenue at the platform increased 18% year-over-year to $1.2 billion.
Comcast execs expressed confidence during Thursday’s earnings call that upcoming sports programming, particularly the return of the NBA to NBCUniversal, will drive future growth. Under a new 11-year, $2.45 billion-per-year media rights agreement, NBCU will air NBA games on both NBC and Peacock starting this fall. Roughly half of those games will be exclusive to Peacock, potentially increasing both subscription and advertising revenue.
The timing aligns with NBCU’s upfront performance, where the company secured what it described as “record” commitments from advertisers. Executives attributed the strong response in part to the addition of NBA rights, alongside a robust upcoming sports lineup that includes the Super Bowl, Winter Olympics, and FIFA World Cup on Telemundo.
While Peacock’s revenue growth stood out, legacy pressures in Comcast’s broader business remain. The company lost 325,000 video subscribers in Q2, bringing its pay-TV base to 11.8 million, down 11% from a year ago. Broadband also declined, with 226,000 fewer internet subscribers this quarter. Nonetheless, those results were slightly better than Wall Street’s expectations, contributing to a nearly 5% increase in Comcast’s stock price during premarket trading.
Comcast reported total revenue of $30.3 billion for the quarter, up 2% year-over-year, while adjusted EPS grew 3% to $1.25. Media division revenue rose 1.8% to $6.44 billion, driven by gains in international networks and distribution, partially offset by a 7% decline in advertising.
Execs reaffirmed their strategic focus on streaming and sports, noting that Peacock is now positioned to offer more live sports hours than any other entertainment streaming service in 2026. Comcast President Mike Cavanagh said he expects subscriber gains to resume as Peacock’s sports offerings expand and long-term distribution deals reset.
The Take
Peacock’s Q2 performance underscores the balancing act Comcast is navigating. On one hand, the streamer is inching closer to breakeven with solid revenue growth and reduced losses. On the other hand, legacy subscriber erosion in cable and broadband continues to weigh on the broader business.
The upcoming NBA season represents a pivotal test for Peacock, not just in terms of subscriber growth but in its ability to translate marquee sports rights into long-term value.
With more than $10 billion in cumulative losses behind it, Peacock is approaching a make-or-break phase where the stakes and the expectations are significantly higher.
