ITV Studios Sees 5 Percent Growth in 2025 Revenues

ITV’s total revenues in 2025 were flat year-over-year at £4.1 billion, while ITV Studios saw a 5 percent increase to £2.1 billion.

Group adjusted EBITDA was down only 1 percent year-over-year, with tight cost management offsetting the decline in TAR.

ITV Studios delivered 10 percent growth in external revenues, and its adjusted EBITDA was £297 million.

M&E total revenues were down 5 percent to £2 billion as a result of 5 percent decline in ITV TAR, against a strong advertising performance in 2024 driven by the men’s EUROs. ITV remains in discussion with Sky regarding a possible sale of the M&E business.

“ITV delivered a good performance in 2025, ahead of current market expectations and against a challenging market backdrop,” said Carolyn McCall, chief executive of ITV. “With a strong digital platform, we have successfully capitalized 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.”