Comcast NBCUniversal’s streaming service Peacock is still losing money, but remains a silver lining for the overall company. While subscribers remained flat at 41 million from the first quarter, the service reported $1.2B in revenue, up from $1B the year prior, the company reported during its 2Q earnings call this morning. Losses continue to narrow, with Peacock losing $101M this past quarter, a significant improvement by $247M year-over-year and $215M last quarter.
During the company’s earnings call, Comcast President Mike Cavanagh pointed out that the recent $3 per month increase for Peacock subscribers, as well as the upcoming costs for NBA rights, will be felt later this year. The NBA arrives at NBCUniversal this fall, and around 50% of the company’s games are planned exclusively for Peacock. “The impact of this price increase, combined with the strong upfront results I just discussed, helped position us in the fourth quarter as we launch 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,” Cavanagh said.
Earlier this month, NBCUniversal closed its upfront with what it said was its highest-ever ad sales volume, with Peacock driving a 20% year-over-year increase. “Peacock continues to differentiate itself with one of the most robust live sports offerings of any streamer, and that position will only strengthen with the addition of NBA coverage this fall,” Cavanagh said. “In fact, in 2026 Peacock will stream more live sports hours than any other streaming entertainment service.”
The “Love Island” effect also boosted Peacock, with Comcast CFO Jason Armstrong attributing the popularity of the reality show helping maintain the streamer’s subscribers despite a “seasonally light sports quarter.”
The potential upcoming sports cable network from NBC did not come up in prepared remarks or analyst questions. Instead, the call focused heavily on Comcast NBCUniversal’s broadband and parks businesses.
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Cavanagh said the company will be able to increase Peacock subscribers in the next few years by leveraging the NBA and other content, and as consumers continue to shift from linear to streaming platforms. He added “we’ll have our various distribution deals over several years, call it three or so, reset and capture more revenues on that side.”
Overall, Comcast’s total revenue was $30.3B for the quarter. Revenue in the media division slightly increased by 1.8% year-over-year to $6.44B. The company attributed growth to international networks and domestic distribution revenue, with a decrease in advertising revenue that was partially offset by increased revenue at Peacock.
