ITV H1 2026 results: World Cup eases things for now

ITV’s total revenue (£4.1 billion) was flat year-on-year, with growth from Studios balancing a drop from Media & Entertainment: advertising revenue ended 2025 down 5%.

Studios not only grew revenue (£2.1 billion, +5%) but was almost as profitable as the record-breaking 2024, with adjusted EBITA of £297 million. The domestic business remains strong, but US production is looking tough.

Overall engagement continues to fall (-5%) and although there is sizeable reach to be found on YouTube, viewing levels and completion rates markedly trail linear and ITVX.

Comcast/Sky is in preliminary discussions to acquire ITV’s broadcast and streaming operations. With a larger audience footprint, better tech and a broader range of British content, the rationale is that the merged entity would be better placed to compete with global streaming giants.

The belief will be that the downward momentum of both parties will be slowed, and the offering is more likely to be a primary viewing choice. There is a danger that ITV may lose some of its unique identity.

The deal will need to clear regulatory hurdles including concerns on media plurality. The harder test will be convincing the CMA that the relevant advertising market is wider than just broadcasters.

ITV's advertising revenue held broadly flat YoY in Q3, but remains 5% down across 2025 (£1,247 million  v. 1,313 million). This was more than balanced by the back-end weighted revenues of Studios: now well up on 2024 (£1,350 million v. £1,217 million) 

A very challenging Q4 awaits: pre-budget economic and consumer uncertainty could lead to TAR down 6% across 2025. Digital remains a bright spot

As a whole, the viewing mix of ITV is increasingly dictated by ITVX: going forward, this will mean proportionally less viewing of news and more of drama, including that which is foreign-produced 

With no major men’s football tournament, ITV’s advertising revenue fell well short of a tough YoY comparison (-7%, £824 million) while Studios appears to be settling after a demanding last couple of years (+3%, £893 million)

ITVX is showing encouraging momentum—especially in terms of its usage profile—however, as a whole, ITV saw viewing share again decline, while losing another 600k regular-viewing households

This market demands proactivity—hence the announcement of collaboration between the three major sale houses, and further measures by ITV to target small to medium-sized businesses

ITV's total external revenue rose 4% year-on-year in Q1 (to £756 million), although a material drop in internal Studios sales (down by £41 million) meant a decline in total group revenue (-1% to £875 million). Ad revenue was down 2% and will face tough men's Euros comparisons for the next two quarters 

Even with continuing online growth, ITV's overall viewing continues to decline. However, ITVX usage is displaying favourable characteristics that could foretell greater resilience and volume

Further, although the levels of viewing on the ad-tiers of the major SVOD services is analogous to ITVX, the difference in how well that viewing is monetised is stark

ITV saw advertising revenue growth in 2024 (+2% to £1.8 billion), aided by the Euros. This balanced some of Studios’ 6% decline (to £2.0 billion), however, total external revenues were down 4% (£3.5 billion)

Despite the revenue drop, profits improved, with group adjusted EBITA increasing 11% to £542 million. This was aided by a unique set of circumstances which drove Studios’ profit to a record high with cross-company cost-cutting showing its benefit

ITV is making strides in its transition to digital but even though the revenue story is largely positive, the company continues to leak engagement and viewing share