Welcome to streaming economics, where losing half a billion dollars is considered progress.
Peacock posted a $552 million loss in Q4 2025—up from $372 million the same quarter last year—while simultaneously growing to 44 million paid subscribers. Revenue hit $1.6 billion, up from $1.3 billion year-over-year. And Comcast executives are calling this a win.
Because in the upside-down world of streaming, it kind of is.
"Peacock has reached meaningful scale," Comcast CFO Jason Armstrong told investors, predicting losses will "meaningfully improve" in 2026. Translation: We're still hemorrhaging money, but soon we'll only be bleeding.
The strategy here is clear: Peacock isn't trying to be Netflix. It's not even trying to be Disney+. It's positioning itself as the sports-first streamer, anchored by NFL, NBA, MLB, college football, and Olympic coverage. It's a narrower lane, but at least it's a lane.
According to The Hollywood Reporter, the widening losses reflect infrastructure investments for new sports deals. You can't just flip a switch and become the sports streaming destination—you have to pay for rights, build the tech, market the hell out of it.
And hope people actually subscribe.
So far, they are. The subscriber bump from 36 million a year ago to 44 million today suggests the sports bet is working. But here's the uncomfortable truth: even at 44 million subs, Peacock is barely a third the size of Netflix (which has north of 280 million subscribers globally). It's smaller than Disney+, smaller than Max, smaller than Amazon Prime Video.
And unlike those platforms, Peacock doesn't have a deep library of must-watch originals. It has The Traitors. It has... Poker Face? It had that Yellowstone prequel nobody watched. Its big scripted swing, Ted, was fine. Not great. Fine.
What Peacock does have is live sports, which is increasingly the only thing people will pay for in real-time. Everything else can wait for a discount or a free trial. But if your team is playing? You're subscribing.
Comcast CEO Brian Roberts acknowledged industry consolidation pressures but said the company prefers "creative differentiation" over acquisition-driven growth. Which is a polite way of saying: We're not buying Paramount+, stop asking.
So what does this all mean? Peacock is betting that sports + selective originals + a lower price point = sustainability. It's not trying to win the streaming wars. It's trying to survive them.
And honestly? That might be the smartest play in the room.
Because here's what nobody wants to say out loud: there are too many streaming services. Somebody's got to lose. Better to be the profitable niche player than the money-losing generalist.
Peacock isn't there yet. But at least it has a plan. Which is more than I can say for half the streamers out there.
In Hollywood, nobody knows anything—except me, occasionally. And my read? Peacock will still be here in five years. Whether it's profitable is another question entirely.
