Key Highlights

  • FOX reported Revenue of $4,571 million for the quarter ended Sep 30, 2026, up 22% from $3,738 million a year earlier.
  • Advertising revenue rose 47% to $2,081 million, led by World Cup broadcasts and political advertising.
  • Net income attributable to stockholders was $943 million, up 57%, or $2.20 per diluted share versus $1.32.
  • Adjusted EBITDA reached $1,641 million, up 54% from $1,065 million.
  • Operating cash flow was $616 million versus an outflow of $130 million a year earlier.

World Cup Broadcasts Push Advertising Revenue Up 47%

Fox (NASDAQ:FOX) reported results on Nov 2, 2026 for its fiscal first quarter ended Sep 30, 2026. Total revenue climbed $833 million, or 22%, to $4,571 million, and Net Income attributable to stockholders rose 57% to $943 million, or $2.20 per diluted share, compared with $1.32 a year earlier.

Fox is a news, sports and entertainment company whose businesses include the FOX broadcast network, the Tubi free streaming service, 29 television stations and cable news and sports channels. Advertising revenue rose $669 million, or 47%, to $2,081 million, mainly on the FIFA Men's World Cup broadcast, with political advertising ahead of the November 2026 midterms and Tubi growth also contributing. The timing of National Football League games partly offset the gain.

Distribution revenue grew 9% to $2,084 million, with about $95 million from higher rates per subscriber and about $75 million from more subscribers.

Television Segment EBITDA More Than Doubles as Cable Grows 7%

The Television segment generated revenue of $2,713 million, up 32%, as its advertising revenue jumped 60% to $1,708 million on sports programming and higher pricing, partly offset by lower ratings. Segment EBITDA rose $535 million to $934 million from $399 million.

Cable Network Programming revenue increased 8% to $1,803 million, with distribution revenue up 10%. Segment EBITDA grew 7% to $859 million as higher soccer rights and news costs absorbed part of the gain.

Corporate and Other, which includes the FOX One streaming service, posted an EBITDA loss of $152 million versus $134 million, which the company tied to intercompany branded content and Marketing costs.

Costs, FCC License Amortization and Investment Losses Shape the Bottom Line

Operating expenses increased 11% to $2,363 million, including roughly $120 million of added sports rights amortization and production costs led by the World Cup, partly offset by lower NFL costs. Selling, general and administrative expense rose 3% to $567 million.

Depreciation and amortization climbed 20% to $118 million because FCC licenses with a gross carrying value of $2.1 billion began amortizing over 20 years on Jul 1, 2026. Net losses on Equity investments were $142 million versus $122 million, and net interest expense rose to $80 million from $50 million.

Income tax expense was $326 million, an effective rate of 25%. Operating Cash Flow of $616 million was helped by the World Cup, political advertising receipts and lower entertainment programming payments.

Pending Streaming Acquisition and a Dividend Frame the Balance Sheet

Fox ended the quarter with about $4.5 billion of cash and an unused $1.0 billion revolving Credit facility. Bridge and term loan commitments back the cash portion of its agreed acquisition of a streaming platform company, priced at $96.00 in cash plus 0.9693 Class A shares per share. Stockholders approved the deal in October 2026, and it awaits antitrust clearance under the Hart-Scott-Rodino Act.

The company paid a semi-annual dividend of $0.29 per share on Sep 23, 2026, up from $0.28, and about $3.4 billion remained under its $12 billion buyback authorization, with no repurchases in the quarter. Closing of the acquisition is the next item to watch.