ITV, the UK FTA commercial broadcaster, has posted its full year for 2025 – beating expectations as rumours of a network sale to Sky continue to swirl. Group external revenue rose 1 per cent to £3.51 billion (€4.03bn), while total group revenue remained flat at £4.12 billion.

Carolyn McCall, ITV Chief Executive, commented: “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.”

Regarding a potential sale to Sky, a company statement said: “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”.

Highlights:

Full year 2025 – financial performance

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

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

M&E delivered a solid performance, as ITVX continued to drive strong viewing, up 16 per cent, and digital advertising revenues, up 12 per cent.  Total revenue was down 5 per cent, as a result of a 5 per cent decline in ITV TAR, against a strong advertising performance in 2024, driven by the Men’s Euros football tournament. M&E adjusted EBITA was down 6 per cent, due to the decrease in TAR offset by cost savings.

In total across the Group, ITV achieved £63 million of permanent non-content cost savings which funded investments and offset inflation, along with £15 million 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 £253 million of permanent cost savings since the start of 2019.

Outlook

ITV Studios is on track for another year of growth in total revenue in 2026, ahead of the market, driven by external revenue, said ITV. Full-year adjusted EBITA margin is expected to be at the lower end of the 13 per cent to 15 per cent 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.

Q1 TAR is forecast to be down around 2 per cent, 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 FIFA World Cup.

As part of the continuing cost-saving programme, ITV plans to deliver a further £20 million of additional permanent non-content cost savings in 2026. ITV said it expects total content spend to be around £1.22 billion in 2026.

McCall concluded: “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.”

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Categories: Broadcast, Business, Headline, M&A, Results

Tags: Carolyn McCall, fifa, itv, ITVX, sky