Comcast's Peacock Losses Hit $10 Billion, but NBA Rights Package Seen as Catalyst for Growth.

Comcast's Peacock streaming service saw a mixed Q2, with flat subscribers at 41 million and losses narrowing to $101 million. The service's cumulative losses surpassed $10 billion. Peacock boosted revenue by 18% to $1.2 billion. Comcast is confident that new NBA rights will drive subscriber growth. The company's legacy cable unit lost 325,000 video customers, marking a year-over-year defection of 1.43 million subs. Media revenue rose 2% to $6.44 billion, with Peacock's intake offsetting a decline in domestic advertising.

Comcast Corporation reported its second-quarter 2025 earnings on Thursday, July 2, 2025, with mixed results for its streaming service Peacock and its legacy cable unit. The company's streaming platform, Peacock, ended the quarter with 41 million subscribers, a flat figure compared to the previous quarter. Despite the stable subscriber count, Peacock incurred a loss of $101 million, contributing to a cumulative loss of over $10 billion. The streaming service boosted its revenue by 18% to $1.2 billion [2].

Comcast's Chairman and CEO, Brian L. Roberts, highlighted the company's growth and financial performance. He stated, "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" [1].

Peacock's revenue growth was driven by a 18% increase in revenue to $1.2 billion, with the company confident that the upcoming NBA rights package will drive subscriber growth. The new NBA deal, valued at $2.45 billion per season, is expected to have a positive impact on advertising revenue and Peacock sign-ups [2].

Meanwhile, Comcast's legacy cable unit faced significant challenges, with a loss of 325,000 video customers in the second quarter, marking a year-over-year defection of 1.43 million subscribers. This decline was part of a broader trend of cord-cutting, with Comcast losing 1.43 million video customers year-over-year and 3.21 million over the past year [3]. Media revenue rose by 2% to $6.44 billion, with Peacock's revenue helping to offset a 7% decline in domestic advertising [2].

Comcast also reported a loss of 226,000 broadband subscribers in the second quarter, as telecom giants like AT&T, Verizon, and T-Mobile added 932,000 5G Home Internet subscribers, capitalizing on the growing trend of wireless broadband alternatives [4].

Overall, Comcast's Q2 2025 earnings report reflects a mixed bag of performance, with the company facing significant challenges in its legacy cable and broadband businesses while showing promise in its streaming service Peacock.

References:
[1] https://www.hollywoodreporter.com/business/business-news/comcast-q2-2025-earnings-peacock-subscribers-versant-news-1236334135/
[2] https://www.sportico.com/business/media/2025/peacock-awaits-fall-nba-boost-total-losses-hit-10-billion-1234865530/
[3] https://www.mediaplaynews.com/comcast-lost-325k-video-201k-broadband-customers-in-the-second-quarter/
[4] https://cordcuttersnews.com/comcast-lost-226000-internet-customers-325000-tv-customers-in-q2-2025-as-cord-cutting-2-0-accelerates-while-5g-home-internet-surges/