Advanced Television

Channel 4 delivers “resilient performance in challenging market”

May 20, 2026

Channel 4, the UK FTA broadcaster, has published its Annual Report for 2025, setting out how it delivered “stable revenues, maintained cost discipline, and continued to invest in distinctive British content against the backdrop of a challenging TV advertising market”.

In 2025, the TV ad market declined by 4 per cent, with a sharp slowdown in the final months of the year. Against this backdrop, Channel 4 corporation revenues were £1.03 billion (€1.19bn), down 1 per cent year on year, while total advertising revenues declined by 2 per cent as Channel 4 outperformed the wider TV market. 

Channel 4 closed 2025 with a £10 million pre-tax deficit, broadly consistent with the £12 million deficit, post exceptional items, reported in the 2024 Annual Report.  

The channel’s Revolving Credit Facility – fully repaid by the end of the year – was renewed in early 2026 for five years, providing up to £150 million of liquidity headroom. Channel 4 closed 2025 with £49 million of net cash reserves (2024: £111 million), reflecting expected and planned cash outflows, most notably investment in content commissioned for future delivery.

In 2025, Channel 4 invested £640 million in content, Content investment was supported by tight control of costs elsewhere in the business: excluding content investment, operating costs were down £4 million year on year.

The 2025 Annual Report highlights that original commissions across genres performed particularly strongly with younger audiences. During the year, Virgin Island went to the top of the list of Channel 4’s new unscripted series launches for share of 16-34s since BARB’s modern records began in 2002. Patience season one became Channel 4’s biggest drama since It’s A Sin with a 4.2 million series average. Meanwhile, Mitchell and Webb Are Not Helping was the most successful Channel 4 comedy launch since Derry Girls, with the opening episode consolidating at 2.3 million viewers.

Channel 4 streaming viewing minutes increased by 15 per cent to 72.8 billion in 2025. Among 16-34-year-olds, more than half of all Channel 4 viewing (53 per cent) came from streaming – the highest level among UK commercial BVoDs. Channel 4 streaming attracted the youngest audience of any UK commercial BVoD, with 16-to-34-year-olds accounting for 22 per cent of adult viewer minutes.

Digital advertising revenues grew by 13 per cent to £346 million and accounted for 34 per cent of total revenue – ahead of Channel 4’s 2025 target of 30 per cent and the 18 per cent average for comparable UK and international broadcasters. Non-advertising revenue grew to £105 million, contributing 10 per cent of total revenue. Together, 44 per cent of Channel 4’s revenues now come from non-linear and diversified sources, up from 39 per cent in 2024.

On linear, Channel 4 strengthened its portfolio share of commercial impacts (SOCI), particularly among 16-34-year-olds, where SOCI increased to 18.1 per cent, up 5 per cent year on year while maintaining our ABC1 share.

Priya Dogra (pictured), CEO at Channel 4, commented: “In 2025, Channel 4 delivered a resilient financial performance against the backdrop of a challenging TV advertising market. We reinvested more than 60 per cent of revenues into the creative sector - while maintaining cost discipline. Our bold, distinctive British content continued to drive linear and digital viewing, while we made further progress in diversifying revenues. We are now focused on accelerating our transformation as we reshape Channel 4 for the future.” 

Geoff Cooper, Chair, Channel 4, added: “This Annual Report shows Channel 4 responding to the market challenges with clear discipline and creative ambition – staying true to its remit and accelerating its ongoing diversification. The Board and I now look forward to supporting Priya and her team as they lead the next phase of Channel 4’s transformation.”

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