ITV (ITV) Q3 2025 TU earnings summary

Executive summary

• Group revenue grew 2% year-over-year for the nine months to 30 September 2025, outperforming market expectations, driven by strong ITV Studios and digital advertising growth.

• ITV Studios revenue rose 11%, with external revenue up 20% due to global streaming demand, while digital advertising revenue increased 15%.

• Total advertising revenue was flat in Q3 and down 5% year-to-date, reflecting a tough comparison with 2024's strong performance.

• Strategic cost management measures identified £35 million in temporary Q4 savings to offset reduced advertising demand.

Financial highlights

• Total Group external revenue up 4% to £2,404 million; total Group revenue up 2% to £2,795 million year-over-year.

• ITV Studios revenue reached £1,350 million, up 11% from £1,217 million in 2024.

• Media & Entertainment (M&E) revenue declined 5% to £1,445 million, but digital revenues increased 13% to £432 million.

• Total advertising revenue for the period was £1,247 million, down from £1,313 million in 2024.

Outlook and guidance

• ITV Studios full-year revenue and margin outlook unchanged; on track for 5% average annual organic revenue growth (2021–2026) at 13–15% margin.

• Digital advertising revenue expected to continue growing, but total advertising revenue (TAR) forecasted to decline ~9% in Q4 and ~6% for full year 2025.

• At least £750 million in digital revenues targeted by 2026.

• £35 million in temporary Q4 savings identified to align costs with softer demand.