Peacock Posts $552M Loss as Subscribers Surge to 44 Million

Sports-First Strategy Drives Growth Amid Widening Losses; Epic Universe Pushes Theme Parks to Record EBITDA

Comcast's streaming service Peacock reported a fourth-quarter loss of $552 million, widening from $372 million in the year-ago period, as the company continues to invest heavily in sports content. Despite the deeper losses, the strategy is paying off in subscriber growth: Peacock ended 2025 with 44 million paid subscribers, up 22% year-over-year and adding 5 million in Q4 alone.

Meanwhile, Universal's Epic Universe theme park delivered a blockbuster quarter, helping push the parks division to its first-ever $1 billion EBITDA quarter.

Peacock Q4 2025: The Numbers

Comcast reported its fourth-quarter 2025 results on Thursday, revealing a mixed picture for its Peacock streaming service. The platform posted an operating loss of $552 million, compared to $372 million in Q4 2024—a 48% increase in losses. The company attributed the widening gap primarily to the launch of NBA coverage and an exclusive NFL game.

However, the sports investment is clearly resonating with consumers. Peacock's paid subscriber count reached 44 million by quarter's end, up from 41 million at the end of Q3 2025 and 36 million a year ago. The 5 million quarterly net additions marked the strongest growth since Q3 2024. Revenue climbed 23% year-over-year to $1.6 billion, up from $1.3 billion in Q4 2024.

Figure 1: Peacock Subscribers Growth Analysis (Q1 2024 - Q4 2025)

The subscriber trajectory tells a compelling story. After a challenging Q2 2024 that saw a 1 million subscriber decline, Peacock rebounded with 3 million additions in Q3 2024. Growth then moderated through early 2025, with Q2 2025 showing flat subscriber counts. But the sports-heavy second half of 2025 reignited momentum, culminating in the blockbuster Q4 performance.

The Path to Profitability

While the Q4 loss of $552 million may seem discouraging at first glance, the broader trend shows meaningful progress toward profitability. CFO Jason Armstrong said Peacock had "reached meaningful scale," adding that "in 2026 we expect Peacock losses to meaningfully improve again."

Figure 2: Peacock's Path to Profitability - Adjusted EBITDA Losses (Q1 2023 - Q4 2025)

The historical data reveals a clear trajectory. From a nadir of $825 million in losses during Q4 2023—the worst quarter on record—Peacock has steadily improved its financial performance. By Q2 2025, losses had shrunk to just $101 million, representing the best quarter and bringing the service tantalizingly close to breakeven.

The Q4 2025 loss widening to $552 million reflects deliberate investment rather than operational deterioration. The NBA rights acquisition and NFL exclusives represent front-loaded costs that management expects will drive sustained subscriber growth and eventually convert to profitability. The J-curve dynamics of streaming businesses mean early content investments precede the revenue realization.

The Sports-First Strategy

Peacock has effectively repositioned itself as a sports-centric platform, building a year-round cadence of premium live events. The portfolio now includes NFL Sunday Night Football, NBA games, MLB coverage, Premier League soccer, college football, and the Olympics—creating what co-CEO Michael Cavanagh described as "one of the biggest stretches of live sports in our history."

Comcast reported that U.S. advertising revenue from media operations rose 1.5% specifically due to the addition of NBA coverage on NBC. Cavanagh noted that the NBA season opener "drew the largest audience for an NBA opening doubleheader since 2010." Looking ahead, the company highlighted upcoming tentpole events including the Super Bowl, Winter Olympics, NBA All-Star Weekend in February, and the World Cup on Telemundo in June.

The strategic rationale is clear: live sports content drives lower churn rates, commands premium advertising rates, and creates appointment viewing that keeps subscribers engaged. In an increasingly competitive streaming landscape, sports rights represent a defensible moat that distinguishes Peacock from entertainment-focused rivals.

Epic Universe Delivers Record Theme Park Quarter

While Peacock captured headlines, the real standout in Comcast's Q4 results was the theme parks division. Revenue surged 22% to $2.89 billion, driven by the May 2025 opening of Epic Universe at Universal Orlando Resort. More impressively, quarterly EBITDA crossed the $1 billion threshold for the first time, reaching $1.035 billion—up 23.5% year-over-year.

Chairman and co-CEO Brian Roberts called Epic Universe "a catalyst across Orlando, driving longer stays, higher per cap spending, and increased demand across our parks and hotels." The $7 billion mega-project spans 750 acres and features attractions based on blockbuster IPs including Super Mario Bros., Harry Potter, and How to Train Your Dragon.

Notably, co-CEO Cavanagh reported "less cannibalization of attendance from our two pre-existing parks than we expected," suggesting Epic Universe is expanding the overall market rather than merely shifting visitors. CFO Armstrong added that the park is "not yet operating at full run rate capacity" but has made "meaningful progress expanding ride throughput," implying further upside as operations scale.

Comcast Q4 2025: Consolidated Results

Comcast's total Q4 revenue came to $32.31 billion, up 1.2% year-over-year and in line with analyst expectations. Net income attributable to Comcast fell 54.6% to $2.17 billion, or 60 cents per share, though this decline reflected an unfavorable comparison to a tax benefit in the prior year. Adjusted earnings per share of 84 cents beat the analyst consensus of 76 cents.

The Content & Experiences segment, which includes media and theme parks, posted revenue of $12.7 billion, up 5.4%. Studios revenue declined 7.4% to $3.03 billion due to weaker theatrical and licensing performance compared to the prior year. The Connectivity & Platforms segment continued to face headwinds, with revenue down 1.1% to $20.2 billion as cord-cutting accelerated. Comcast lost 245,000 video customers and 181,000 broadband subscribers during the quarter, though wireless net additions of 364,000 provided partial offset.

Versant Spinoff Completes Strategic Transformation

Q4 2025 marked Comcast's final quarter with its legacy cable networks. The company completed the spinoff of Versant Media Group on January 2, 2026, with the new entity beginning trading on Nasdaq under the ticker "VSNT" on January 5. Versant shares closed down 13% on their first trading day at $40.57, giving the company a market cap of approximately $6.5 billion.

Versant's portfolio includes CNBC, MS NOW (formerly MSNBC), USA Network, Golf Channel, E!, Syfy, Oxygen, and digital assets Fandango and Rotten Tomatoes. CEO Mark Lazarus has positioned the company as a "house of brands" focused on sports and news, which comprise 62% of its portfolio.

The separation allows Comcast to focus on its growth engines—NBC and Telemundo broadcast networks, Peacock streaming, Universal studios and theme parks, and broadband/wireless services. Chairman Roberts noted the company had explored acquiring Warner Bros. Discovery but withdrew when the deal structure required all-cash payment at valuations that would have stretched the balance sheet.

Outlook and Industry Implications

Comcast's Q4 results illuminate several key trends reshaping the media landscape. First, the sports-first streaming strategy appears validated, with Peacock's subscriber momentum demonstrating that live sports can drive sustainable growth even at the cost of near-term losses. Second, IP-driven experiences represent a powerful growth vector, as Epic Universe's contribution to record theme park results shows the value of leveraging beloved franchises across multiple platforms.

Third, the legacy cable business continues its structural decline, making spinoffs like Versant a pragmatic response to diverging growth trajectories within media conglomerates. Fourth, scale matters more than ever in streaming, with Peacock's 44 million subscribers representing "meaningful scale" that management believes will translate to profitability improvements in 2026.

For the broader industry, Comcast's results arrive as Netflix pursues an $82.7 billion acquisition of Warner Bros. Discovery's streaming and studio assets—a deal that would further consolidate the streaming landscape. In this environment, differentiated content strategies like Peacock's sports focus may prove essential for survival among second-tier streamers.