Fox Revenue Jumps 22% to $4.57 Billion in First Quarter
Key Facts
Fox Corporation reported revenue of $4.57 billion in the first quarter of its 2027 fiscal year, ended September 30, 2026, up $833 million, or 22%, from the year-earlier period. The company’s net income was $957 million, compared with $609 million a year earlier. Net income attributable to Fox shareholders was $943 million, or $2.20 per share, versus $599 million, or $1.32 per share. Chief Executive Lachlan Murdoch said the company posted "record first-quarter revenue and adjusted EBITDA." He added that the results were built on strong growth in advertising and distribution revenue. The results were announced on November 2, 2026.
Adjusted EBITDA was $1.64 billion, up $576 million, or 54%, from the year-earlier period, the company said. Advertising revenue grew 47% during the quarter. Fox attributed the increase mainly to its broadcast of the men’s World Cup, higher political advertising revenue and continued digital growth led by ad-supported service Tubi. The advertising boost combined a major sporting event, political spending and digital-platform activity. Murdoch said college football and the NFL seasons, together with local and national election activity, supported quarterly results. The company said higher expenses partly offset revenue growth.
The World Cup had a dual effect on results, boosting advertising sales while also raising broadcast and production costs. Fox said expenses increased as it incurred higher sports programming rights costs and production costs related to broadcasting the tournament. Digital content costs also rose. This put higher revenue alongside the cost of delivering the content that attracted advertisers and viewers. The company said revenue growth partly offset these expenses, without eliminating their impact on results. Other advertising drivers included higher political spending and digital growth led by Tubi.
The television segment drove a large share of growth, with revenue up 32% to $2.71 billion. Segment advertising revenue rose 60%, driven by the World Cup broadcast, higher political advertising and digital growth led by Tubi, according to Fox. In the cable network programming segment, revenue increased 8% to $1.80 billion. Cable segment advertising revenue also rose 8%, mainly supported by higher sports advertising, including World Cup ads. This support was partly offset by a decline in digital news advertising. Results across the two segments reflect sports’ contribution to advertising growth, alongside differing performance among advertising components within cable.
In the previous quarter, ended June 30, 2026, Fox revenue rose 28% to $4.21 billion, while advertising revenue increased 78%, driven mainly by the World Cup broadcast and Tubi growth. Net income then was $696 million, compared with $719 million in the year-earlier period. In the first quarter of fiscal 2026, net income attributable to the company’s shareholders was $599 million, or $1.32 per share. In that quarter, television segment revenue rose 5% and its advertising revenue increased 6% year over year. Those rates in the first quarter of fiscal 2027 rose to 32% for television revenue and 60% for its advertising revenue. The comparison highlights an acceleration in television and advertising growth from the year-earlier period.
Before the results announcement, analysts expected revenue of $4.32 billion and earnings per share of $2.06 for the first quarter of fiscal 2027. Reported revenue came in at $4.57 billion, while earnings per share attributable to Fox shareholders were $2.20. The stock closed at $56.20 on October 30, according to Investing.com. Fox scheduled its annual shareholder meeting for November 4, 2026, at 10 a.m. Eastern Time. The company’s previous announcement said results would be released at about 8 a.m. Eastern Time on November 2, and the audio webcast discussing the results would begin at 8:30 a.m. The shareholder meeting follows the first-quarter results announcement.