Peacock, NBCUniversal’s streaming platform, has shown a notable shift in its financial trajectory, signaling a strategic move towards profitability despite stagnant subscriber figures. The platform maintained a steady 41 million subscribers in the second quarter of 2025, a figure that remains unchanged from the previous quarter, indicating a period of stabilization rather than rapid expansion. However, the more significant news lies in its substantial reduction of quarterly losses, a positive indicator for the streamer’s long-term viability.
The financial results for the second quarter of 2025 reveal that Peacock successfully cut its losses to $101 million. This marks a significant improvement when compared to the $215 million loss reported in the preceding quarter and an even more impressive reduction from the $348 million loss recorded in Q2 2024. Simultaneously, Peacock’s revenue for Q2 2025 reached $1.2 billion, an increase from $1 billion in the comparable period of 2024, highlighting growing revenue streams alongside cost optimization efforts.
Comcast president Mike Cavanagh shed light on future strategies impacting Peacock’s financial outlook during the company’s earnings call. A $3 per month price increase, set to roll out for new subscribers in July and existing ones in late August, is anticipated to bolster revenue. This adjustment, combined with increased costs related to the upcoming NBA rights, will be reflected in the latter half of the year, particularly impacting the fourth quarter as the streamer prepares for major sports programming expenses.
Beyond Peacock’s performance, Comcast as a whole exceeded Wall Street’s expectations for the second quarter. Analysts had collectively forecast earnings per share (EPS) of $1.18 on $29.8 billion in revenue. Comcast reported an adjusted EPS of $1.25 on $30.3 billion in revenue, successfully beating both its top and bottom-line forecasts. This robust financial performance underscores the company’s strong operational execution across its diverse portfolio.
It’s crucial to note the adjustments made to Comcast’s second-quarter profit figures. The company reported an adjusted profit of $4.65 billion, a slight slip year-over-year from $4.74 billion. These adjustments primarily account for the finalization of Comcast’s $9.4 billion Hulu sale to Disney, a one-off transaction. By excluding this non-recurring income, the company aims to provide a clearer picture of its ongoing operational profitability and avoid skewed future comparisons.
While the overall advertising landscape experienced a slowdown, excluding peak times like election seasons, NBCUniversal’s studios segment delivered welcome growth. Although a major film release, “Wicked,” premiered two days after the quarter ended and will influence third-quarter earnings, DreamWorks’ live-action “The Wild Robot” made its mark within Q2. Premiering in mid-June, this film significantly boosted the company’s overall studios’ revenue, having already grossed over $600 million worldwide since its release.
A notable transaction impacting Comcast’s financials was a $110 million expense related to the “Versant” split within NBCUniversal. This strategic realignment involves Peacock, the NBC broadcast network, the Bravo cable channel, and the studios remaining with NBCUniversal, while other cable portfolio assets will form a new entity alongside digital properties like Golf Now and Rotten Tomatoes. This restructuring aims to streamline operations and focus core business areas.
Comcast Chairman and CEO Brian Roberts emphasized the company’s solid financial results, highlighting a 3% growth in Adjusted EPS and $4.5 billion in free cash flow, alongside significant investments in growth businesses and returns to shareholders. Roberts also noted positive early progress in residential broadband, a record-breaking quarter for wireless with 378,000 new lines, and mid-single-digit growth in Business Services revenue and Adjusted EBITDA.
In the “Content and Experiences” division, revenue grew 6% driven by the successful opening of Epic Universe at Universal Orlando Resort. Peacock continues its differentiation with premium content and a robust live sports lineup, poised to further leadership with the addition of NBA coverage in the fall. Roberts affirmed confidence in Comcast’s future trajectory, citing strategic focus, world-class assets, and disciplined capital allocation as key drivers.
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