Comcast's Peacock Hits 44 Million Subscribers, But Losses Widen on NBA Deal

Comcast reports mixed Q4 results as streaming service Peacock grows subscribers but losses increase due to NBA rights costs.

Jan. 29, 2026 at 6:55am

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Comcast's Q4 2025 results were mixed, with Peacock adding 3 million subscribers to reach 44 million total, but losses for the streaming service widening to $552 million due to the new $27 billion NBA rights deal. The company also saw tough comparisons for its studio business, but its theme parks division, including the new Epic Universe in Orlando, drove a 24% increase in EBITDA. Comcast is gearing up for a busy February with the Winter Olympics, Super Bowl LX, and NBA All-Star Weekend all airing on NBC Sports and Peacock.

Why it matters

Peacock's subscriber growth is a positive sign for Comcast's streaming ambitions, but the rising costs of sports rights deals like the NBA are putting pressure on the service's profitability. Comcast is betting big on live sports to drive Peacock's success, and the busy February programming slate will be a key test. The company's theme parks division also remains a bright spot, underscoring the importance of diversifying beyond its core cable and broadband business.

The details

Comcast reported Q4 2025 revenue of $32.3 billion, up 1.2% year-over-year. Earnings slumped compared to the prior year quarter, which included a $1.9 billion one-time tax benefit. Peacock added 3 million subscribers in Q4 to reach 44 million total, a 22% increase from the prior year. However, losses for the streaming service grew to $552 million, up from $372 million in the year-ago quarter, due to the costs of the new 10-year, $27 billion NBA rights deal. Comcast's theme parks division saw a 24% increase in EBITDA, topping $1 billion for the first time, driven by the second full quarter contribution from the new Epic Universe park in Orlando.

  • Comcast reported Q4 2025 results on January 29, 2026.
  • Peacock ended 2025 with 44 million subscribers, up from 41 million in the prior quarter.
  • Comcast is gearing up for a 'Legendary February' with the Winter Olympics, Super Bowl LX, and NBA All-Star Weekend all airing on NBC Sports and Peacock.

The players

Comcast

A major American telecommunications conglomerate that owns media and entertainment companies including NBCUniversal, Peacock, and the theme park division.

Peacock

Comcast's streaming service that features live sports, news, and entertainment programming.

Brian Roberts

Co-CEO of Comcast.

Mike Cavanagh

Co-CEO of Comcast.

Epic Universe

A new theme park in Orlando, Florida that is part of Comcast's Universal Orlando Resort.

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What they’re saying

“2025 was a year of meaningful progress as we made decisive changes to position the company for long-term, sustainable growth.”

— Brian Roberts, Co-CEO, Comcast (Comcast earnings call)

“We also completed the spin of Versant Media, creating a more focused NBCUniversal centered on streaming, live sports, and premium content.”

— Mike Cavanagh, Co-CEO, Comcast (Comcast earnings call)

What’s next

Comcast executives are expected to provide more details on the company's connectivity and broadband strategy, as well as the decision to not acquire Warner Bros. during the earnings call.

The takeaway

Comcast's mixed Q4 results highlight the challenges and opportunities facing the media conglomerate as it navigates the streaming wars and rising sports rights costs. While Peacock's subscriber growth is promising, the service's ballooning losses underscore the high stakes of Comcast's all-in bet on live sports programming to drive its streaming ambitions.