Fox Adjusted Earnings Reach $2.54 Per Share, Exceeding Fiscal First-Quarter Estimates
Key Facts
Fox reported adjusted earnings per share of $2.54 for the first quarter of fiscal 2027, ended September 30, 2026, exceeding the prior consensus estimate of $2.02. Adjusted net income attributable to the company’s shareholders was $1.09 billion, compared with $686 million in the same period of the previous fiscal year. Adjusted earnings per share also rose from $1.51 a year earlier. The company announced the results in its statement issued on November 2, 2026. Chairman and Chief Executive Lachlan Murdoch said the company posted “record quarterly revenue and adjusted EBITDA,” supported by growth in advertising and distribution.
Quarterly revenue was $4.571 billion, compared with $3.738 billion in the same quarter of the previous fiscal year. Distribution revenue was $2.084 billion, advertising revenue was $2.081 billion, and content and other revenue totaled $406 million. Adjusted EBITDA rose to $1.641 billion, an increase of $576 million, or 54% year over year. That puts growth in adjusted earnings alongside broader revenue gains, with the sources of the increase varying across the company’s businesses. Core net income attributable to Fox shareholders was $943 million, or $2.20 per share, compared with $599 million and $1.32 per share a year earlier.
Advertising revenue rose 47% year over year, which Fox attributed mainly to the broadcast of the FIFA Men’s World Cup, increased political advertising and continued digital growth led by Tubi. In the television segment, revenue was $2.71 billion, up 32%, while advertising revenue in the segment surged 60%. The company said the segment’s advertising increase was tied to the World Cup, political advertising and digital growth. Murdoch said the World Cup, the start of the college football and National Football League seasons, and an active election cycle supported strong contributions across the company’s businesses. He said, “These events supported strong contributions across the company,” linking performance to concurrent sporting and political factors.
In the Cable Network Programming segment, revenue was $1.80 billion, up 8% year over year. Distribution revenue in the segment rose 10%, driven by contractual rate increases and a higher average number of subscribers. Company-wide, distribution revenue increased 9%, rising 10% in the Cable Network Programming segment and 4% in the television segment. The figures show distribution growth in both segments, at different rates. Murdoch said distribution growth, alongside advertising growth, helped the company post record quarterly revenue and adjusted EBITDA.
Revenue growth was accompanied by higher expenses, which Fox attributed to the consumption of sports programming rights and production costs, particularly those related to broadcasting the World Cup. The company also cited higher digital content costs. This means the sporting event that supported advertising revenue was also associated with rights and production expenses during the quarter. The company said advertising growth came from a mix of sports broadcasting, political advertising and digital expansion led by Tubi, rather than attributing the increase to a single factor. Tubi ended fiscal 2026 with 110 million monthly active users, according to the company’s annual report, which also cited meaningful increases in advertising revenue and engagement.
The company’s next announced date is its annual shareholder meeting on November 4, 2026, at 10:00 a.m. Eastern Time. The meeting follows the announcement of fiscal first-quarter results, which included year-over-year comparisons of revenue, earnings and performance in the two main segments. According to Fox’s investor relations events calendar, the meeting was scheduled for that time. The company had attributed its quarterly records to growth in advertising and distribution revenue. Murdoch also cited the World Cup, football seasons and the active election cycle among the events that supported contributions from the company’s businesses during the quarter.