Channel 4 Annual Report 2025: Stable revenues, financial discipline and continued investment in British content in a challenging market

• Consistency: Revenues top £1 billion for fifth consecutive year
• Cost discipline: £10 million pre-tax deficit broadly in line with 2024
• Protecting content: 62% of revenues - £640 million - reinvested in content 
• Monetising digital: £346 million, up 13%, standing at 34% of total revenue 
• Prudent outlook: Liquidity to support continued investment  

Channel 4 today publishes 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.

Solid performance and disciplined costs

In 2025, the TV advertising market declined by 4%, with a sharp slowdown in the final months of the year. Against this backdrop, Channel 4 corporation revenues were £1.03 billion, down 1% year on year, while total advertising revenues declined by 2% 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 – sustaining our pipeline of original UK content.

Continued investment in content

In 2025, Channel 4 invested £640 million in content - maintaining its strong commitment to the UK creative industries despite the market backdrop.  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 a slate of distinctive content that cut through, driving reach, relevance and cultural impact across the UK. Original commissions across genres performed particularly strongly with younger audiences.  

During the year, V irgin 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, overtaking hits such as Supernanny. Patience  series 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.

Growth in digital and strength in linear

Channel 4 continued to reshape its revenue mix in 2025 as audience behaviour evolved. Streaming viewing minutes increased by 15% to 72.8 billion. Among 16-34-year-olds, more than half of all Channel 4 viewing (53%) 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% of adult viewer minutes.

Digital advertising revenues grew by 13% to £346 million and accounted for 34% of total revenue – ahead of Channel 4’s 2025 target of 30% and the 18% average for comparable UK and international broadcasters. Non-advertising revenue grew to £105 million, contributing 10% of total revenue. Together, 44% of Channel 4’s revenues now come from non-linear and diversified sources, up from 39% 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%, up 5 % year on year while maintaining our ABC1 share.

Priya Dogra, CEO, Channel 4, said: “In 2025, Channel 4 delivered a resilient financial performance against the backdrop of a challenging TV advertising market. We reinvested more than 60% 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, said: “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.”

Channel 4’s full Annual Report 2025 can be viewed here https://annualreport.channel4.com/

For media enquiries, please contact Press_Enquiries@Channel4.co.uk.