Fox Corp (FOX): Results of Operations and Financial Condition
Fox Corp (FOX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026 FOX REPORTS FOURTH QUARTER FISCAL 2026 REVENUE OF $4.21 BILLION, NET INCOME OF $696 MILLION, AND ADJUSTED EBITDA OF $1.20 BILLION FOX REPORTS FULL YEAR FISCAL 2026 REVENUE OF $17.13 BILLION, NET INC
How this was made
The 30-second read
Why it matters
The filing discloses quarterly and full-year revenue, net income, and adjusted EBITDA, plus segment and driver commentary (World Cup advertising, Tubi digital growth, FOX One launch costs).
Market read
Record revenue and adjusted EBITDA growth, driven by World Cup advertising and digital streaming, are the main positive takeaways, while higher launch and sports-rights costs explain weaker GAAP net income.
What to watch
Expense growth is attributed to FOX One launch and sports programming rights amortization; traders may need to assess whether these costs normalize in FY2027 or continue to weigh on GAAP profitability.
FOX REPORTS FOURTH QUARTER FISCAL 2026 REVENUE OF $4.21 BILLION, NET INCOME OF $696 MILLION, AND ADJUSTED EBITDA OF $1.20 BILLION
Fourth-quarter revenue increased 28% and Adjusted EBITDA increased 27%, led by the FIFA Men's World Cup, Tubi AVOD growth and higher political advertising. Full-year revenue increased 5% and Adjusted EBITDA increased 8%, although reported full-year net income declined from the prior year.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Fourth-quarter total revenuesGAAP | $4,212 million | – | 28% |
| Fourth-quarter distribution revenueGAAP | $2,034 million | – | 5% |
| Fourth-quarter advertising revenueGAAP | $1,916 million | – | 78% |
| Fourth-quarter content and other revenueGAAP | $262 million | – | – |
| Fourth-quarter net incomeGAAP | $696 million | – | – |
| Fourth-quarter net income attributable to Fox Corporation stockholdersGAAP | $691 million | – | – |
| Fourth-quarter earnings per share attributable to Fox Corporation stockholdersGAAP | $1.61 per share | – | – |
| Fourth-quarter adjusted net income attributable to Fox Corporation stockholdersnon-GAAP | $765 million | – | – |
| Fourth-quarter adjusted earnings per share attributable to Fox Corporation stockholdersnon-GAAP | $1.79 per share | – | – |
| Fourth-quarter Adjusted EBITDAnon-GAAP | $1,195 million | – | 27% |
| Fourth-quarter total depreciation and amortizationGAAP | $111 million | – | – |
| Full-year total revenuesGAAP | $17,126 million | – | 5% |
| Full-year distribution revenueGAAP | $8,058 million | – | 4% |
| Full-year advertising revenueGAAP | $7,339 million | – | 7% |
| Full-year content and other revenueGAAP | $1,729 million | – | 4% |
| Full-year net incomeGAAP | $1.73 billion | – | – |
| Full-year net income attributable to Fox Corporation stockholdersGAAP | $1.69 billion | – | – |
| Full-year earnings per share attributable to Fox Corporation stockholdersGAAP | $3.84 per share | – | – |
| Full-year adjusted net income attributable to Fox Corporation stockholdersnon-GAAP | $2.38 billion | – | – |
| Full-year adjusted earnings per share attributable to Fox Corporation stockholdersnon-GAAP | $5.42 per share | – | – |
| Full-year Adjusted EBITDAnon-GAAP | $3,906 million | – | 8% |
| Full-year total depreciation and amortizationGAAP | $410 million | – | – |
| Cable Network Programming fourth-quarter distribution revenueGAAP | $1,176 million | – | 7% |
| Cable Network Programming fourth-quarter advertising revenueGAAP | $461 million | – | 22% |
| Cable Network Programming fourth-quarter content and other revenueGAAP | $33 million | – | – |
| Cable Network Programming fourth-quarter operating expensesGAAP | $(731) million | – | – |
| Cable Network Programming fourth-quarter selling, general and administrativeGAAP | $(211) million | – | – |
| Cable Network Programming fourth-quarter amortization of cable distribution investmentsGAAP | — | – | – |
| Cable Network Programming fourth-quarter Segment EBITDAother | $728 million | – | – |
| Cable Network Programming full-year distribution revenueGAAP | $4,662 million | – | 5% |
| Cable Network Programming full-year advertising revenueGAAP | $1,687 million | – | 10% |
| Cable Network Programming full-year content and other revenueGAAP | $999 million | – | 4% |
| Cable Network Programming full-year operating expensesGAAP | $(3,562) million | – | – |
| Cable Network Programming full-year selling, general and administrativeGAAP | $(687) million | – | – |
| Cable Network Programming full-year amortization of cable distribution investmentsGAAP | — | – | – |
| Cable Network Programming full-year Segment EBITDAother | $3,099 million | – | 2% |
| Television fourth-quarter advertising revenueGAAP | $1,455 million | – | 108% |
| Television fourth-quarter distribution revenueGAAP | $836 million | – | – |
| Television fourth-quarter content and other revenueGAAP | $191 million | – | 14% |
| Television fourth-quarter operating expensesGAAP | $(1,459) million | – | – |
| Television fourth-quarter selling, general and administrativeGAAP | $(318) million | – | – |
| Television fourth-quarter Segment EBITDAother | $705 million | – | 129% |
| Television full-year advertising revenueGAAP | $5,652 million | – | 6% |
| Television full-year distribution revenueGAAP | $3,346 million | – | – |
| Television full-year content and other revenueGAAP | $668 million | – | 3% |
| Television full-year operating expensesGAAP | $(7,101) million | – | – |
| Television full-year selling, general and administrativeGAAP | $(1,127) million | – | – |
| Television full-year Segment EBITDAother | $1,438 million | – | 52% |
| Corporate and Other fourth-quarter revenueGAAP | $161 million | – | – |
| Corporate and Other fourth-quarter Adjusted EBITDAnon-GAAP | $(238) million | – | – |
| Corporate and Other full-year revenueGAAP | $526 million | – | – |
| Corporate and Other full-year Adjusted EBITDAnon-GAAP | $(631) million | – | – |
| Fourth-quarter eliminationsGAAP | $(101) million | – | – |
| Full-year eliminationsGAAP | $(414) million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Cable Network ProgrammingDistribution revenue increased $76 million or 7% as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenue increased $83 million or 22%, primarily due to the current year broadcast of the World Cup. | $1.67 billion | – | 9% |
| TelevisionAdvertising revenue increased $755 million or 108%, primarily due to the current year broadcast of the World Cup, continued digital growth led by the Tubi AVOD service and higher political advertising revenue at the FOX Television Stations. | $2.48 billion | – | 45% |
What drove it
- The current year broadcast of the FIFA Men's World Cup drove fourth-quarter advertising growth.
- Continued digital growth was led by the Tubi AVOD service.
- Cable Network Programming distribution growth reflected contractual price increases, partially offset by net subscriber declines.
- Television full-year advertising growth reflected the World Cup and Tubi AVOD growth, partially offset by the absence of the prior year broadcast of Super Bowl LIX and lower political advertising revenue.
- Full-year content and other revenue increased primarily due to higher sports sublicensing revenue.
Concerns
- Higher sports programming rights amortization and production costs, led by the World Cup, offset Cable Network Programming quarterly revenue growth and reduced quarterly Segment EBITDA to $728 million from $747 million.
- Costs associated with the launch of FOX One and higher digital content costs contributed to higher full-year expenses.
- Cable Network Programming distribution growth was partially offset by the impact of net subscriber declines.
- Reported full-year net income was $1.73 billion compared with $2.29 billion in the prior year.
What to watch
- The contribution from FOX One following its launch.
- Tubi AVOD digital growth.
- The impact of sports programming rights amortization and production costs after the World Cup.
- The impact of net subscriber declines on Cable Network Programming distribution revenue.
- The announced acquisition of Roku, which management said will transform the scope and growth profile of the company.
Analysis
FOX closed fiscal 2026 with a World Cup-driven fourth quarter. Total revenues were $4,212 million, up 28%, as advertising revenue increased 78% to $1,916 million. Distribution revenue increased 5% to $2,034 million, while content and other revenue was $262 million compared with $269 million in the prior-year quarter. The release attributes the advertising performance to the FIFA Men's World Cup, continued digital growth led by Tubi AVOD and, in Television, higher political advertising.
Television was the principal quarterly earnings driver. Segment revenue was $2.48 billion, up 45%, and Segment EBITDA was $705 million, up 129%. Cable Network Programming revenue increased 9% to $1.67 billion, but Segment EBITDA declined to $728 million from $747 million because higher sports programming rights amortization and production costs more than offset revenue growth. Cable distribution pricing remained a support, though management identified net subscriber declines as a partial offset.
At the full-year level, total revenue was $17,126 million, up 5%, and Adjusted EBITDA was $3,906 million, up 8%. Cable Network Programming generated $7.35 billion of revenue and $3.10 billion of Segment EBITDA, while Television generated $9.67 billion of revenue and $1.44 billion of Segment EBITDA. Full-year Television advertising growth reflected the World Cup and Tubi AVOD growth, partly offset by the absence of Super Bowl LIX and lower political advertising revenue.
Reported full-year net income was $1.73 billion compared with $2.29 billion in the prior year, while adjusted net income attributable to Fox Corporation stockholders increased to $2.38 billion from $2.20 billion. The difference between strong Adjusted EBITDA growth and lower reported net income is a central item in the reported results. The release states that adjusted net income excludes effects relating to restructuring, impairment and other corporate matters, equity earnings or losses of affiliates, non-operating other, net, tax provision and noncontrolling interest adjustments.
Management highlighted the FOX One launch, Tubi's streaming position and the announced Roku acquisition as strategic developments. The filing provided no forward financial guidance, capital-return data, balance-sheet data, operating cash flow or free cash flow. The next reported indicators are the durability of Tubi AVOD growth, FOX One costs and contribution, the level of sports programming costs after the World Cup, and ongoing subscriber trends in Cable Network Programming.
Management, verbatim
Fiscal 2026 was an exceptional year for FOX, capped by our broadcast of a remarkable FIFA Men's World Cup. We successfully launched our direct-to-consumer streaming service, FOX One, continued to keep America informed across a dynamic news cycle, enhanced Tubi's position as a leading streaming service, and announced the acquisition of Roku which will transform the scope and growth profile of our company. Financially, these milestones were underpinned by the delivery of record top-line revenue which converted into record EBITDA. With strong momentum across our portfolio, we enter fiscal 2027 exceptionally well positioned to drive sustained growth and long-term shareholder value.
Lachlan Murdoch, Executive Chair and Chief Executive Officer
Not in the filing
stated, not guessed- Forward financial guidance
- Previous-outlook comparison
- Gross margin
- Operating income
- Company-wide operating expenses
- Quarterly sequential comparisons
- Operating cash flow
- Free cash flow
- Cash and cash equivalents
- Debt
- Share repurchases
- Dividends
- Capital-return figures
- Full reconciliation details for adjusted net income and Adjusted EBITDA
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is Fox Corporation’s SEC Form 8-K filing for Item 2.02, attaching its earnings release for the quarter and fiscal year ended June 30, 2026.
Ticker impact
Fox reported Q4 FY2026 revenue of $4.21B (+28% YoY) and adjusted EBITDA of $1.20B, with higher World Cup ad revenue and FOX One launch costs.
Near-term bias positive on revenue and adjusted EBITDA strength, partially offset by lower reported net income and higher launch-related costs.
The filing provides specific quarterly and full-year financial datapoints, including segment drivers (World Cup advertising, Tubi digital growth) and expense explanations (FOX One launch, sports rights amortization).
Market effects
Media and broadcasting peers may see read-across from Fox’s World Cup-driven advertising strength and DTC streaming progress (FOX One, Tubi).
Primarily US-listed media sentiment; limited direct regional spillover beyond US cable and broadcast advertising demand.
World Cup advertising and sports rights economics can influence global sports-media valuation narratives, though the filing is company-specific.
Counterpoint
Reported net income fell YoY for the full year, suggesting that launch and programming costs may pressure GAAP earnings even if adjusted metrics look strong.
Key entities
- issuerFox Corporation
Reported Q4 and full-year FY2026 financial results and discussed drivers including FIFA Men’s World Cup broadcast, Tubi growth, and FOX One launch.
- executiveLachlan Murdoch
Executive Chair and CEO who commented on results and strategic milestones, including the announced acquisition of Roku.
