Fox Corporation (FOXA) Earnings

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Sep 2026upcoming

Next quarter

Reports Nov 2, 2026, before the open.

Consensus is $1.99 EPS for Sep 2026 across 5 estimates, ranging $1.72 to $2.13.

FOXA Jun 2026

Reported Aug 6, 2026

: 33.58%
: +3.63%

: $1.34
: $1.79
: —
: —

Highlights

Adjusted EPS: $1.79, 33.6% above the $1.34 consensus and up from $1.27 a year earlier; GAAP diluted EPS was $1.61, versus $1.57.
World Cup-driven quarter: Revenue rose 28% year over year to $4.212 billion, led by advertising revenue up 78% to $1.916 billion.
Operating earnings: Adjusted EBITDA increased 27% to $1.195 billion, as higher revenue more than offset World Cup rights and production costs and FOX One launch expenses.
Television segment: Revenue rose 45% to $2.482 billion and segment EBITDA more than doubled to $705 million, reflecting World Cup advertising, Tubi growth and political advertising.
Cable Network Programming: Revenue grew 9% to $1.670 billion, but EBITDA fell to $728 million from $747 million as sports rights and production costs outpaced revenue growth.
Sequential improvement: Revenue increased from $3.99 billion in Q3 FY2026 to $4.212 billion; GAAP net income rose to $696 million from $175 million.
Full-year growth, mixed earnings: FY2026 revenue reached $17.126 billion, up 5%, and adjusted EBITDA rose 8% to $3.906 billion; GAAP net income fell 25% to $1.727 billion.
Roku and capital returns: FOX agreed to acquire Roku for $96 cash plus 0.9693 FOX Class A shares per Roku share; it ended June with $4.205 billion cash and $3.4 billion remaining under its repurchase authorization.

Analysis

Fox’s fiscal fourth quarter was a World Cup-led advertising and earnings beat. Adjusted EPS of $1.79 exceeded the $1.34 consensus by 33.6% and rose from $1.27 a year earlier; GAAP diluted EPS was $1.61, compared with $1.57. Revenue of $4.212 billion increased 28% year over year from $3.287 billion and about 6% sequentially from Q3’s $3.99 billion. GAAP net income was $696 million, down from $719 million a year ago but sharply above Q3’s $175 million. Adjusted EBITDA grew 27% to $1.195 billion from $939 million.

The central driver was the FIFA Men’s World Cup, which lifted advertising across the portfolio: total advertising revenue rose 78%, while Television segment revenue climbed 45% and EBITDA more than doubled. That benefit was partly offset by higher sports programming costs, most visibly in Cable Network Programming, where EBITDA declined despite revenue growth. For the full year, revenue reached a record $17.126 billion and adjusted EBITDA rose 8% to $3.906 billion, but GAAP net income fell 25% to $1.727 billion, reflecting a $773 million non-operating loss versus a $438 million gain in FY2025. FOX also launched FOX One and agreed to acquire Roku, adding a significant transaction and financing commitment to the year’s digital expansion agenda.

World Cup advertising

Revenue mix: Quarterly advertising revenue increased 78% to $1.916 billion, distribution revenue grew 5% to $2.034 billion, and content and other revenue slipped to $262 million from $269 million, primarily because of sports sublicensing timing.
Television: Revenue rose 45% to $2.482 billion. Advertising increased 108% to $1.455 billion, benefiting from the World Cup, continued Tubi digital growth and higher political advertising at FOX Television Stations; distribution was essentially flat at $836 million.
Tubi engagement: FOX identified Tubi as a source of continued digital advertising growth. For FY2026, Tubi’s total view time grew 20% year over year, topped 13 billion hours and averaged about 2.2% of U.S. television viewing, according to Nielsen’s The Gauge.

Earnings and segment costs

Adjusted results: Adjusted net income attributable to FOX stockholders was $765 million, or $1.79 per share, versus $581 million, or $1.27, a year earlier. The $1.79 adjusted EPS was 33.6% above consensus; GAAP net income attributable to stockholders was $691 million, or $1.61 per share.
Television profitability: Segment EBITDA rose 129% to $705 million from $308 million as the revenue surge outweighed higher sports rights amortization and production costs.
Cable margin pressure: Cable Network Programming revenue increased 9% to $1.670 billion, including 7% growth in distribution and 22% growth in advertising. EBITDA declined 3% to $728 million because higher sports rights amortization and production costs more than offset the revenue increase.
Consolidated EBITDA: Adjusted EBITDA increased $256 million, or 27%, to $1.195 billion. Higher sports rights and production costs, led by the World Cup, and FOX One launch costs partly absorbed the advertising gains.

Full-year earnings and cash

Operating growth: FY2026 revenue rose 5% to $17.126 billion, with distribution up 4% to $8.058 billion, advertising up 7% to $7.339 billion and content and other up 4% to $1.729 billion. Adjusted EBITDA grew 8% to $3.906 billion.
Segment contributions: Television EBITDA increased 52% to $1.438 billion, while Cable Network Programming EBITDA grew 2% to $3.099 billion. Corporate and Other EBITDA worsened to negative $631 million from negative $351 million, primarily reflecting FOX One launch costs.
GAAP versus adjusted: Net income attributable to FOX stockholders declined to $1.685 billion from $2.263 billion, and diluted GAAP EPS fell to $3.84 from $4.91. Adjusted EPS increased to $5.42 from $4.78. The GAAP decline primarily reflected non-operating other, net, which was a $773 million loss after a $438 million gain the prior year.
Cash and shareholder returns: Operating cash flow was $1.970 billion, down from $3.324 billion, with lower advertising receipts and higher sports programming payments among the factors. FOX repurchased $2.0 billion of shares during the year and ended June with $4.205 billion of cash; its board raised the semi-annual dividend to $0.29 per share.

Roku transaction

Deal terms: Under the June 14 agreement, FOX will pay $96 in cash and issue 0.9693 FOX Class A shares for each Roku share. Closing remains subject to stockholder approvals, regulatory clearances and other customary conditions.
Financing arrangements: FOX expects to fund the cash consideration with debt and cash on hand. It secured commitments for $12.0 billion of bridge loans, of which $11.0 billion was available at June 30, and a separate $1.0 billion term loan facility contingent on closing.
Strategic context: FOX described the combination as bringing its sports, news, entertainment and Tubi content together with Roku’s connected-TV platform, streaming services and relationships with more than 100 million global streaming households.

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