Peacock Reaches First Quarterly Adjusted Profit as Subscribers Rise to 48 Million

comcast peacock streaming subscriber acquisition subscriber retention Jul 23, 2026

Peacock reported its first quarterly adjusted profit as Comcast’s streaming service added subscribers and benefited from a strong lineup of sports and entertainment programming.

Peacock reported $189 million in adjusted EBITDA during the second quarter of 2026. The figure excludes interest, taxes, depreciation and amortization, so it isn’t the same as net income.

Paid subscribers increased by 2 million during the quarter to 48 million. That was 7 million more than Peacock had a year earlier.

Revenue rose 54% to $1.9 billion. Comcast Chief Financial Officer Jason Armstrong said Peacock’s revenue from subscriptions and distribution arrangements increased more than 50%, while advertising revenue rose nearly 70%.

Major programming helped drive the quarter. Peacock carried Spanish-language FIFA World Cup coverage through Telemundo, along with the NBA playoffs and the latest season of “Love Island USA.”

Comcast attributed $440 million in additional revenue across its broader Media business to the FIFA World Cup. The company didn’t disclose how much came specifically from Peacock. Excluding the World Cup benefit, Comcast’s Media revenue increased approximately 16%.

Peacock also reported its largest month of viewing in June. Comcast credited the World Cup and “Love Island USA” for much of that activity.

The company had added 2 million Peacock subscribers during the first quarter, when several major events drew viewers to the service. Management said keeping those subscribers while adding another 2 million during the second quarter showed progress in managing event-driven churn.

That claim will take more time to test. Comcast didn’t disclose Peacock’s churn rate or provide retention figures for subscribers acquired around individual events.

Comcast also stopped short of promising that Peacock would remain profitable every quarter. Sports rights and other programming costs don’t fall evenly throughout the year, so quarterly results may vary. The company expects Peacock’s profitability to continue improving on an annual basis.

Peacock’s gains come as Comcast’s more established subscription businesses face pressure. The company lost 167,000 domestic residential broadband customers during the quarter. That was an improvement from the 201,000 lost a year earlier.

The results arrived three weeks after Comcast announced plans to separate its media and technology businesses. If completed, the proposed spin-off would make Peacock part of a standalone NBCUniversal company.

Insider Take

Peacock’s quarter shows the potential of event-driven subscriber acquisition when a streaming service has enough programming to keep viewers engaged after the main event ends.

The company added another 2 million paid subscribers after its event-heavy first quarter. That’s promising, but Comcast hasn’t released the churn or retention data needed to show how many event-driven subscribers stayed.

The quarter’s results also require context. World Cup coverage produced an unusual revenue lift, and Peacock’s adjusted EBITDA isn’t the same as net income. The next test is whether Peacock can hold onto these subscribers and produce more consistent profitability after the events end.

Peacock Reaches First Quarterly Adjusted Profit as Subscribers Rise to 48 Million

Peacock reported its first quarterly adjusted profit as Comcast’s streaming service added subscribers and benefited from a strong lineup of sports and entertainment programming.

Insider Take

Sources