BBC Commercial had a good year, and a lot of it comes down to a blue heeler puppy.
The company grew EBITDA by 17% to US$357.1 million in the 2025/26 financial year, handing back US$504.2 million to the BBC. Direct-to-consumer services and consumer products, with “Bluey” doing a lot of the heavy lifting, drove growth, even as the broader market remained tough. Revenue held steady at US$2.94 billion, with strong areas covering for weaker ones, and statutory profit after tax climbed 9% to US$95 million.
That US$510 million in returns is actually down slightly from US$529 million the year before, but the mix shifted: dividends rose to US$266 million from US$217 million. In comparison, content investment dropped to US$208 million from US$270 million. Either way, BBC Commercial says it’s still on pace to hit its five-year target of US$2 billion in returns to the BBC.
“2025/26 has been a strong year for BBC Commercial,” said CEO Tom Fussell. “We have grown profits and delivered significant returns to the BBC despite ongoing market pressures, while continuing to deliver creative excellence recognised around the world.”
BBC Studios, the company’s biggest subsidiary, brought in US$2.9 billion in revenue and grew EBITDA 17% to £263 million, helped by a better sales mix and savings from a cost review. Its content studio arm saw EBITDA jump 42% to £165 million, largely thanks to “Bluey” merchandise and partnership deals.
The hits kept coming across the board. BBC Studios picked up 91 awards from 361 nominations. “Death Valley” delivered the UK’s biggest overnight audience for a new scripted comedy in five years and has already sold to more than 100 markets. In the US, “Dancing with the Stars” drew its largest audience among 18-34-year-olds for any broadcast entertainment show since the “Friends” finale in 2004. And “Bluey” held onto its crown as the most-streamed title in the US for a second year running, racking up more than 45 billion minutes watched on Disney+ while staying the top pre-school toy brand in the country.
Streaming and digital kept climbing too, YouTube watch time nearly doubled to 14.7 billion annual views, BritBox grew 20% in North America, and BBC.com now reaches 149 million monthly users outside the UK.
BBC Commercial isn’t pretending everything’s easy, either. Industry consolidation, broadcasters commissioning less, the slow bleed away from linear TV, all of it’s still weighing on the business. What would help, the company says, is a regulatory environment that actually supports growth rather than getting in the way. As for what’s coming: new seasons of ‘Blue Planet’ and ‘Sherwood,’ plus ‘Deadpoint,’ ‘Break Clause,’ ‘Honey,’ and ‘Pride & Prejudice.
