BBC Commercial profits rise 17% helped by Bluey success
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BBC Commercial reported a 17% rise in EBITDA to £267 million in 2025/26, helped significantly by the global success of “Bluey” and stronger performance in direct-to-consumer services and consumer products. The results matter because the commercial arm is a major source of funding for the BBC, returning hundreds of millions of pounds that support the wider organisation even as the wider media market remains difficult. Although revenue was flat overall, the business improved profitability by balancing stronger divisions against weaker ones and by pushing higher-margin activity.
Revenue held at £2.2 billion, while statutory profit after tax increased 9% to £71 million and total returns to the BBC came to £377 million, down from £391 million a year earlier. That total included £197 million in dividends, up from £161 million, and £154 million in content investment, down from £200 million, with the company saying it remains on course for its five-year target of £1.5 billion in returns. BBC Studios generated £2.13 billion in revenue and £263 million in EBITDA, while its content studio lifted EBITDA 42% to £165 million, driven largely by “Bluey” merchandise and partnerships; the programme also recorded more than 45 billion minutes watched on Disney+ in the U.S. and stayed the top pre-school toy brand there.
- BBC Commercial’s profit rose 17%, led by “Bluey”.
- Flat revenue still produced stronger returns and margins.
- “Bluey” remained a major global commercial driver.
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BBC Commercial is the part of the BBC that operates separately from the licence-fee-funded side, selling programmes, formats and merchandise around the world through its main arm, BBC Studios. Its job is to make money from BBC-owned content and hand a share of the profits back to the BBC, supplementing licence fee income at a time when that funding model is under pressure. Because it competes commercially, its performance is watched as a signal of how well BBC-owned shows and characters are doing internationally, outside the UK domestic market.
“Bluey”, the Australian-British animated children’s programme co-produced with the BBC, has become one of the corporation’s most valuable commercial properties, driving revenue through streaming deals, toys and other licensed products, particularly in the United States. Its success is central to understanding these results, since children’s content and merchandising tend to carry higher profit margins than other types of programming, and Bluey has become a flagship example of that.
These annual results matter beyond internal bookkeeping because BBC Commercial’s returns to the BBC directly support programmes and services funded by licence fee payers. The BBC has set itself a five-year target for how much money this commercial arm should contribute overall, so year-on-year figures like profit, revenue and dividends are used to judge whether it remains on track.
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Originally published by Variety as “‘Bluey’ Helps Power 17% Profit Growth at BBC Commercial”.