Results
EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
FOX REPORTS FIRST QUARTER FISCAL 2027
REVENUE OF $4.57 BILLION,
NET INCOME OF $957 MILLION, AND
ADJUSTED EBITDA OF $1.64 BILLION
NEW YORK, NY, November 2, 2026 – Fox Corporation (Nasdaq: FOXA, FOX; “FOX” or the “Company”) today reported financial results for the three months ended September 30, 2026.
8The Company reported total quarterly revenue of $4.57 billion, an increase of $833 million or 22% as compared to the amount reported in the prior year quarter.
4Distribution revenue increased 9%, driven by 10% growth at the Cable Network Programming segment and 4% growth at the Television segment.
7Advertising revenue increased 47%, primarily due to the current year broadcast of the FIFA Men's World Cup ("World Cup"), higher political advertising revenue, and continued digital growth led by the Tubi AVOD service.
Content and other revenue was $406 million as compared to the $411 million reported in the prior year quarter.
The Company reported quarterly net income of $957 million as compared to the $609 million reported in the prior year quarter.
Net income attributable to Fox Corporation stockholders was $943 million ($2.20 per share) as compared to the $599 million ($1.32 per share) reported in the prior year quarter.
Adjusted net income attributable to Fox Corporation stockholders 1 was $1.09 billion ($2.54 per share) as compared to the $686 million ($1.51 per share) reported in the prior year quarter.
Quarterly Adjusted EBITDA 2 was $1.64 billion, an increase of $576 million or 54% from the amount reported in the prior year quarter, as the revenue increase noted above was partially offset by higher expenses.
The increase in expenses was primarily due to higher sports programming rights amortization and production costs led by the current year broadcast of the World Cup , and higher digital content costs.
Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:
1"FOX has had an outstanding start to fiscal 2027 with first-quarter records for revenue and Adjusted EBITDA underpinned by robust growth in both advertising and distribution revenue.
We commenced the year with the stellar performance of the FIFA Men’s World Cup, the kickoff of the college football and NFL seasons, and an active election cycle at the national and local levels.
These events supported strong contributions from across the company, reflecting the focused strategy we are executing and the strength of our content and brands.
These record results coupled with the strong momentum we are continuing to see across our business gives us confidence in delivering value for shareholders in a thoughtful and disciplined manner.”
1 Excludes net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provision and Noncontrolling interest adjustments.
See Note 1 for a description of adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders, which are considered non-GAAP financial measures, and a reconciliation of reported net income attributable to Fox Corporation stockholders and earnings per share attributable to Fox Corporation stockholders to adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders.
2 Adjusted EBITDA is considered a non-GAAP financial measure.
See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted
EBITDA.
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EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
REVIEW OF OPERATING RESULTS
3 Adjusted EBITDA is considered a non-GAAP financial measure.
See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.
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EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
CABLE NETWORK PROGRAMMING
Cable Network Programming reported quarterly segment revenue of $1.80 billion, an increase of $141 million or 8% from the amount reported in the prior year quarter.
2Distribution revenue increased $110 million or 10% primarily due to contractual price increases and an increase in the average number of subscribers.
5Advertising revenue increased $28 million or 8%, primarily due to higher sports advertising revenue including the current year broadcast of the World Cup , partially offset by lower digital news advertising revenue.
Content and other revenue increased $3 million or 1%.
Cable Network Programming reported quarterly segment EBITDA of $859 million, an increase of $59 million or 7% from the amount reported in the prior year quarter, as the revenue increase noted above was partially offset by higher expenses.
The increase in expenses was primarily driven by higher sports programming rights amortization and production costs, including the current year broadcast of the World Cup , and higher news programming costs.
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EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
TELEVISION
Television reported quarterly segment revenue of $2.71 billion, an increase of $663 million or 32% from the amount reported in the prior year quarter.
Advertising revenue increased $641 million or 60%, primarily due to the current year broadcast of the World Cup, higher political advertising revenue, and continued digital growth led by the Tubi AVOD service.
3Distribution revenue increased $29 million or 4%, driven primarily by higher average rates at the Company's owned and operated television stations and an increase in the average number of subscribers.
6Content and other revenue was $155 million as compared to the $162 million reported in the prior quarter, primarily due to lower entertainment content revenue.
Television reported quarterly segment EBITDA of $934 million, an increase of $535 million or 134% from the amount reported in the prior year quarter, as the revenue increase noted above was partially offset by higher expenses.
The increase in expenses was primarily driven by higher sports programming rights amortization and production costs, led by the current year broadcast of the World Cup partially offset by lower NFL costs driven by the timing of games, and higher digital content costs.
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EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
These statements are based on management’s current expectations and beliefs and are subject to uncertainty and changes in circumstances.
Actual results may vary materially from those expressed or implied by the statements in this press release due to the impact of the Roku transaction and related risks, changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the Company’s businesses.
More detailed information about these factors is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as the joint proxy statement/prospectus filed with the SEC in connection with the Roku transaction.
To access a copy of this press release through the Internet, access Fox Corporation’s corporate website located at http://www.foxcorporation.com.
Gabrielle Brown, Investor RelationsBrian Nick, Press Inquiries
Charlie Costanzo, Investor RelationsLauren Townsend, Press Inquiries
EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
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