Peacock is stuck in a bit of a rut in terms of subscriber growth, but it has again inched closer toward breaking even. Thankfully, in the second quarter of 2025, Comcast got one last dance with Hulu.
NBCUniversal’s streaming platform Peacock ended the previous quarter with 41 million subscribers; quarterly losses were $215 million. Well, for this quarter, subscribers stayed flat at 41 million, but Peacock cut its losses to $101 million from April to June; the streamer’s Q2 2025 revenue was $1.2 billion. In the (semi-)comparable Q2 of 2024, Peacock’s quarterly losses were $348 million; its revenue was $1 billion.
On the company’s earnings call, Comcast president Mike Cavanagh noted that a $3 per month price increase at Peacock, combined with increased costs associated with the NBA rights, will be reflected later this year:
“We recently announced a $3 price increase rolling out in July for new subscribers and in late August for existing ones,” Cavanagh said. “The impact of this price increase, combined with the strong upfront results I just discussed, helped position us in the fourth quarter as we launched the NBA and take on higher sports program expenses, particularly in the first year of the NBA contract, when we absorb the full impact of adding these new rights.”
For this year’s second quarter, Wall Street had collectively forecast earnings per share (EPS) of $1.18 on $29.8 billion in revenue. Comcast reported (adjusted) EPS of $1.25 on $30.3 billion in revenue, beating expectations at both its top and bottom lines. Comcast’s second quarter (adjusted) profit slipped slightly year over year from $4.74 billion to $4.65 billion.
Those adjustments are extra important to note in this quarter — basically, the company accountants are removing the fact that Comcast’s $9.4 billion Hulu sale to Disney was finalized in the quarter. Of course, Comcast gets (and enjoys) that money, but the sale is a one-off and is thus adjusted out to avoid unflattering future comparisons.
Sans such adjustments, Comcast’s Q2 profit (“Net Income Attributable to Comcast”) clocked in a whopping $11.1 billion, and (non-adjusted) earnings were $2.98 per share.
While the continued slowing of advertising (outside of special times like election seasons) hurt the company’s Media segment, growth at NBCU’s studios was welcome.
Universal Pictures’ Jurassic World: Rebirth came out in theaters two days after the end of the quarter, so its box office performance will be reflected in the company’s third-quarter earnings. DreamWorks’ live-action How to Train Your Dragon made it in, premiering in mid-June and boosting the company’s overall studios’ revenue. To-date, the 2025 remake of the 2010 animated film has made more than $600 million worldwide.
In theme parks, the opening of Epic Universe jumpstarted the category’s sales figures, leading to the largest movement (+18.9 percent revenue) of any segment.
“Epic is trending in line with our expectations and well on its way to transforming Universal Orlando into a true week long destination,” Cavanagh said on the earnings call.
The Versant transaction cost Comcast $110 million in the quarter ended June 30, 2025, the company reported. Comcast’s NBCUniversal is in the midst of a split: Peacock, the NBC broadcast network, the Bravo cable channel, and the studios will stay put, while the rest of the cable portfolio will form Versant alongside digital properties like Golf Now and Rotten Tomatoes.
“We delivered solid financial results in the second quarter, growing Adjusted EPS by 3% and generating $4.5 billion of free cash flow, while continuing to invest in our growth businesses and returning $2.9 billion to shareholders,” Roberts said in a statement. “Importantly, we’re pleased with the early progress we are seeing with our go-to-market pivot in residential broadband. In addition, our wireless business had its best quarter ever, adding 378,000 lines, further demonstrating our competitive advantage in convergence. And we continued to deliver strong performance in Business Services, where we grew revenue and Adjusted EBITDA by mid-single digits. In Content and Experiences, revenue grew 6% led by Theme Parks, with the successful opening of Epic Universe, which is having a positive impact on our overall Universal Orlando Resort. Peacock continues to differentiate itself with premium content and one of the most robust lineups of live sports among streaming platforms, and we’re excited to build on that leadership with the addition of NBA coverage this fall. With our strategic focus, world-class assets, and disciplined capital allocation, we are well-positioned for the future and confident in our path forward.”
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