Peacock posted its first profitable quarter since launching in 2020, delivering $189 million in segment-level earnings for the three months ended in June as parent company Comcast reported second-quarter results Thursday.
The streaming service added 2 million paid subscribers during the quarter, bringing its total to 48 million, up from 46 million at the end of the first quarter. The milestone follows years of steep losses tied to sports rights and content spending, including a $432 million shortfall in the first quarter of this year and losses exceeding $800 million as recently as late 2024. Comcast executives had signaled the turnaround was coming, with CFO Jason Armstrong telling analysts in April that the company had reached what he called a meaningful inflection point.
The FIFA World Cup, NBA Playoffs and “Love Island USA” drove much of the quarter’s subscriber growth and engagement, according to the company. Media revenue climbed to $5.69 billion, including $440 million tied directly to World Cup coverage. Comcast’s studio division also had a strong showing, with the horror film “Obsession” pulling in more than $400 million at the box office. Theme park revenue rose only modestly, and the company flagged near-term softness in that segment tied to higher operating costs.
Overall company revenue came in at $29.94 billion, down slightly from the same period last year, while adjusted EBITDA reached $8.90 billion and adjusted earnings per share hit $1.04. The results mark Comcast’s first quarterly report since the company announced plans to split into two separate entities, a restructuring that will eventually separate its cable networks from its faster-growing businesses, including Peacock, NBCUniversal’s film studio and theme parks.
Peacock’s path to profitability has leaned heavily on live sports as a subscriber magnet, following the NFL, NBA, MLB and college football calendar alongside marquee events like the Olympics and World Cup. That strategy carried real financial risk in the near term, with rights costs driving losses even as the audience base expanded. Executives have pointed to the amortization schedule for NBA rights easing in future quarters as one reason they expect the newfound profitability to hold rather than prove temporary.
