ITV Reports 2025 Results as Streaming Growth Offsets Advertising Pressure

ITV plc Full-Year results for the twelve months ended 31 December 2025

Carolyn McCall, ITV Chief Executive, said:

“ITV delivered a good performance in 2025, ahead of current market expectations and against a challenging market backdrop.  With a strong digital platform, we have successfully capitalised on growth opportunities, delivered resilient profits and generated good levels of cash.

“Our results demonstrate the scale of our transformation as we continue to successfully execute our More Than TV strategy. As part of the strategy, in 2022 we set intentionally ambitious targets and have been adapting as necessary in a rapidly evolving media and entertainment market. These targets are helping us transform ITV – creating a much more entrepreneurial, ambitious culture. Our strategy is yielding clear results, generating strong outcomes across both ITV Studios and M&E. And in doing so, we have achieved a key strategic goal with two-thirds of our revenues now coming from ITV Studios and our digital M&E business.

“ITV Studios continues to outperform the wider market, a testament to its world-class talent, global scale, diversification, and unique IP library. At the same time, ITVX is successfully driving profitable growth in digital viewing and revenue. This growth is underpinned by the reach and strong cash generation of our broadcast business. We have an exceptional content line-up for 2026, and are the only commercial streamer and broadcaster in the UK with rights to both the significantly expanded Men’s Football World Cup, and every England Men’s rugby match.

“In line with ITV’s dividend policy, the Board is proposing a 5.0p per share full year ordinary dividend, bringing the total paid for this financial year to around £190m.

“We have created two resilient and attractive businesses, and ITV today is a demonstrably leaner, more agile and increasingly digital business, well adapted to deliver future growth. As we head into 2026 and beyond, we are focused on delivering continued strategic progress, driving profitable growth and strong cash generation, underpinned by our unwavering value creation strategy.”

Highlights:

Full year 2025 – financial performance ahead of current market expectations

Group total external revenue was up 1% and Group total revenue was flat year on year, with 5% growth in ITV Studios’ total revenues and 10% growth in digital revenues, offsetting the decline in linear advertising against a strong 2024 comparative. Group adjusted EBITA was down only 1% year-on-year, with tight cost management largely offsetting the decline in TAR. Group adjusted EPS was down 11% to 8.5p.

ITV Studios reported a strong performance with 10% growth in external revenue, reflecting strong demand from global streaming platforms. In addition, we generated double-digit revenue growth in Zoo 55, as we maximised the value of our high-value content library through digital distribution. ITV Studios’ adjusted EBITA was £297m (2024: £299m), with an adjusted EBITA margin of 13.9% (2024: 14.7%), which reflects the change in revenue mix year-on-year as previously guided.

M&E delivered a solid performance in 2025, as ITVX continues to drive strong viewing, up 16%, and digital advertising revenues, up 12%.  Total revenue was down 5%, as a result of a 5% decline in ITV TAR (vs guidance of down 6%), against a strong advertising performance in 2024, driven by the Men’s Euros. M&E adjusted EBITA was down 6%, due to the decrease in TAR offset by significant cost savings.

In total across the Group, we achieved £63m of permanent non-content cost savings which funded investments and offset inflation, along with £15m of temporary savings in M&E in response to the softer advertising demand in Q4 2025, as previously guided. In total, ITV has now delivered £253m of permanent cost savings since the start of 2019.

Following our announcement in November 2025, we remain in discussions with Sky regarding a possible sale of the M&E business. There can be no certainty as to whether a transaction will take place and an update will be made in due course.

Outlook – Confident in delivering profitable revenue growth in ITV Studios and ITVX, with continued cost management and strong cash generation, underpinned by our leading linear broadcast business

ITV Studios is on track for another year of good growth in total revenue in 2026, ahead of the market, driven by external revenue. Full-year adjusted EBITA margin is expected to be at the lower end of the 13% to 15% range, reflecting the revenue mix in the year.  Revenue, margin and profit will be weighted to H2, due to the phasing of scripted deliveries and timing of high-margin licensing deals.

We expect M&E to continue to generate strong, profitable digital advertising revenue growth driven by the success of ITVX, which has already recouped its entire investment, four years earlier than expected. We will continue to expand our non-advertising digital revenues, building on our progress to date.

Q1 TAR is forecast to be down around 2%, which is better than we expected. As is normal, advertisers are holding back budgets in order to spend in Q2 and Q3 around the expanded Men’s Football World Cup. We are showing 19 more matches than in 2022, and with more matches at peak time. We are confident that the football will deliver a strong advertising performance.

As part of the continuing cost-saving programme, we will deliver a further £20m of additional permanent non-content cost savings in 2026 as we continue to create a leaner business. We expect our total content spend to be around £1.225bn in 2026, as we continue to optimise our content spend to best reflect viewer dynamics.

2025 Group Financial Performance