BBC Commercial profit rises despite weaker content investment
July 14, 2026 12.19 Europe/London By Julian Clover


BBC Commercial increased profit in 2025/26, as growth in direct-to-consumer services and consumer products helped offset tougher conditions in the international content market.

The BBC’s commercial arm reported stable revenue of £2.2 billion, while EBITDA rose 17% to £267 million. Statutory profit after tax increased 9% to £71 million.

Returns to the BBC fell to £377 million from £391 million a year earlier, though dividend payments increased to £197 million. Content investment was lower at £154 million, compared with £200 million in 2024/25. The BBC said the business remains on track to meet its five-year target of £1.5 billion in returns to the public service operation.

BBC Studios, the largest part of BBC Commercial, generated revenue of £2.13 billion and EBITDA of £263 million, also up 17%. Its content studio reported a 42% increase in EBITDA to £165 million, helped by higher-margin sales, cost savings and continued demand for consumer products, led by Bluey.

The Australian pre-school brand remained one of BBC Studios’ most valuable international properties. The BBC said Bluey was the most-streamed title in the US for a second consecutive year, with more than 45 billion minutes watched on Disney+, and was the leading pre-school toy brand in the US.

BBC Studios’ media and streaming division reported EBITDA of £104 million, up 3%. BritBox continued to grow in North America, where revenue increased by 20%, while BBC Select revenue rose by 61%. BBC.com reached 149 million monthly users outside the UK and launched a paid subscription service for US users.

In the UK, UKTV increased viewing share and grew its U streaming service, while also agreeing a carriage deal with Channel 4 to make U available through Channel 4’s streaming platform.

The results come as the BBC argues for greater commercial flexibility ahead of the next Charter settlement. BBC Commercial chief executive Tom Fussell said the right commercial and regulatory framework would be important if the business is to scale and increase returns to the BBC’s public service activities.

BBC Commercial said it continues to face a difficult market, with lower commissioning from traditional broadcasters, consolidation among global media groups and the continued shift from linear television to on-demand viewing.