Q1 FY2027
Filed Nov 2, 2026FOX REPORTS FIRST QUARTER FISCAL 2027 REVENUE OF $4.57 BILLION, NET INCOME OF $957 MILLION, AND ADJUSTED EBITDA OF $1.64 BILLION
Total revenue increased 22%, net income rose to $957 million from $609 million, and Adjusted EBITDA increased 54% to $1.64 billion. Advertising growth tied to the World Cup, political advertising and Tubi, alongside higher distribution revenue, more than offset higher sports, production and digital-content costs.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30GAAP | $4.57B | – | 22% |
| Distribution revenue, three months ended September 30GAAP | $2.08B | – | 9% |
| Advertising revenue, three months ended September 30GAAP | $2.08B | – | 47% |
| Content and other revenue, three months ended September 30GAAP | $406M | – | – |
| Operating expenses, three months ended September 30GAAP | −$2.36B | – | – |
| Selling, general and administrative, three months ended September 30GAAP | −$567M | – | – |
| Depreciation and amortization, three months ended September 30GAAP | −$118M | – | – |
| Restructuring, impairment and other corporate matters, three months ended September 30GAAP | −$17M | – | – |
| Equity losses of affiliates, three months ended September 30GAAP | — | – | – |
| Interest expense, net, three months ended September 30GAAP | −$80M | – | – |
| Non-operating other, net, three months ended September 30GAAP | −$143M | – | – |
| Income before income tax expense, three months ended September 30GAAP | $1.28B | – | – |
| Income tax expense, three months ended September 30GAAP | −$326M | – | – |
| Net income, three months ended September 30GAAP | $957M | – | – |
| Net income attributable to Fox Corporation stockholders, three months ended September 30GAAP | $943M | – | – |
| Net income attributable to Fox Corporation stockholders per share, three months ended September 30GAAP | $2.20 per share | – | – |
| Weighted average shares, three months ended September 30GAAP | 428M | – | – |
| Adjusted net income attributable to Fox Corporation stockholders, three months ended September 30non-GAAP | $1.08B | – | – |
| Adjusted earnings per share attributable to Fox Corporation stockholders, three months ended September 30non-GAAP | $2.54 per share | – | – |
| Adjusted EBITDA, three months ended September 30non-GAAP | $1.64B | – | 54% |
| Cable Network Programming Segment EBITDA, three months ended September 30other | $859M | – | 7% |
| Television Segment EBITDA, three months ended September 30other | $934M | – | 134% |
| Corporate and Other Adjusted EBITDA, three months ended September 30non-GAAP | −$152M | – | – |
| Net cash provided by (used in) operating activities, three months ended September 30GAAP | $616M | – | – |
| Property and equipment, three months ended September 30GAAP | −$113M | – | – |
| Net cash used in investing activities, three months ended September 30GAAP | −$139M | – | – |
| Net cash used in financing activities, three months ended September 30GAAP | −$146M | – | – |
| Net increase (decrease) in cash and cash equivalents, three months ended September 30GAAP | $331M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Cable Network ProgrammingDistribution revenue increased $110 million or 10% primarily due to contractual price increases and an increase in the average number of subscribers. Advertising 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. | $1.80B | – | 8% |
| TelevisionAdvertising 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. Distribution 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. | $2.71B | – | 32% |
| Corporate and OtherThe release did not provide a narrative discussion of Corporate and Other revenue. | $246M | – | – |
| EliminationsThe release did not provide a narrative discussion of eliminations. | −$191M | – | – |
Capital returns
- Dividends paid and distributions: $(131) million, compared with $(138) million.
- Repurchase of shares: —, compared with $(250) million.
- Purchase of noncontrolling interest: —, compared with $(208) million.
What drove it
- The current year broadcast of the FIFA Men's World Cup contributed to advertising revenue and drove higher sports programming rights amortization and production costs.
- Higher political advertising revenue contributed to Television advertising growth.
- Continued digital growth led by the Tubi AVOD service contributed to Television advertising growth.
- Cable Network Programming distribution revenue benefited from contractual price increases and an increase in the average number of subscribers.
- Television distribution revenue benefited from higher average rates at owned and operated television stations and an increase in the average number of subscribers.
- Higher digital content costs increased expenses.
- Lower NFL costs driven by the timing of games partially offset higher Television sports programming rights amortization and production costs.
Concerns
- Content and other revenue was $406 million compared with $411 million in the prior year quarter.
- Cable Network Programming digital news advertising revenue was lower.
- Television content and other revenue was $155 million compared with $162 million, primarily due to lower entertainment content revenue.
- Interest expense, net was $(80) million compared with $(50) million.
- Non-operating other, net was $(143) million compared with $(125) million.
- Inventories net of programming payable used $(567) million of cash, compared with $(525) million.
What to watch
- Advertising contributions from the FIFA Men's World Cup, political advertising and Tubi AVOD service growth.
- Distribution revenue trends in Cable Network Programming and Television, including average subscriber counts and rates.
- Sports programming rights amortization and production costs, digital content costs, news programming costs, and NFL cost timing.
- Operating cash flow and changes in inventories net of programming payable.
- Any future disclosure of financial guidance.
Balance sheet and cash flow
- Cash and cash equivalents as of September 30, 2026: $4,536 million, compared with $4,205 million as of June 30, 2026.
- Receivables, net: $3,657 million, compared with $3,455 million.
- Inventories, net: $689 million, compared with $487 million.
- Total current assets: $9,202 million, compared with $8,453 million.
- Property and equipment, net: $1,850 million, compared with $1,842 million.
- Intangible assets, net: $2,834 million, compared with $2,870 million.
- Goodwill: $3,647 million, compared with $3,647 million.
- Deferred tax assets: $2,316 million, compared with $2,443 million.
- Other non-current assets: $3,244 million, compared with $3,227 million.
- Total assets: $23,093 million, compared with $22,482 million.
- Accounts payable, accrued expenses and other current liabilities: $2,429 million, compared with $2,667 million.
- Total current liabilities: $2,429 million, compared with $2,667 million.
- Borrowings: $6,607 million, compared with $6,606 million.
- Other liabilities: $1,400 million, compared with $1,395 million.
- Total Fox Corporation stockholders’ equity: $12,466 million, compared with $11,628 million.
- Total equity: $12,571 million, compared with $11,728 million.
- Total liabilities and equity: $23,093 million, compared with $22,482 million.
- Cash and cash equivalents, end of period: $4,536 million, compared with $4,368 million.
- Receivables and other assets cash-flow change: $(192) million, compared with $(437) million.
- Inventories net of programming payable cash-flow change: $(567) million, compared with $(525) million.
- Accounts payable and accrued expenses cash-flow change: $(179) million, compared with $(132) million.
Analysis
Fox reported a strong first quarter of fiscal 2027. Total revenues were $4,571 million versus $3,738 million, with a stated 22% increase. Distribution revenue was $2,084 million versus $1,915 million, while advertising revenue was $2,081 million versus $1,412 million. The release attributed advertising growth primarily to the current-year World Cup broadcast, higher political advertising revenue, and continued digital growth led by Tubi AVOD. Content and other revenue was $406 million compared with $411 million.
Both operating segments expanded. Cable Network Programming revenue was $1,803 million versus $1,662 million and Segment EBITDA was $859 million versus $800 million. Contractual price increases and a higher average number of subscribers supported Cable distribution revenue, while World Cup-related sports advertising helped advertising revenue. Television revenue was $2,713 million versus $2,050 million and Segment EBITDA was $934 million versus $399 million. Television advertising revenue increased $641 million or 60%, with the World Cup, political advertising, and Tubi cited as principal contributors.
Profitability advanced despite higher costs. Adjusted EBITDA was $1,641 million versus $1,065 million, an increase of $576 million or 54%. The company cited higher sports programming rights amortization and production costs, including the World Cup, as well as higher digital content costs. Net income was $957 million versus $609 million, and net income attributable to Fox Corporation stockholders was $943 million, or $2.20 per share, versus $599 million, or $1.32 per share. Adjusted net income attributable to Fox Corporation stockholders was $1,085 million, or $2.54 per share, compared with $686 million, or $1.51 per share.
Cash flow turned positive versus the prior-year period. Net cash provided by operating activities was $616 million compared with net cash used in operating activities of $(130) million, while property and equipment was $(113) million compared with $(104) million. Cash and cash equivalents were $4,536 million at September 30, 2026, compared with $4,205 million at June 30, 2026, and borrowings were $6,607 million compared with $6,606 million. The company paid $(131) million in dividends and distributions and reported no share repurchases during the quarter.
The filing provides no financial outlook. The key reported variables to monitor are the durability of advertising after World Cup-related activity, political advertising, Tubi-led digital growth, distribution pricing and subscriber trends, and sports, production, news, and digital-content costs. The release also identifies lower digital news advertising revenue, lower entertainment content revenue, and higher interest expense and non-operating other, net as offsets or areas of pressure.
Management, verbatim
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.
Lachlan Murdoch, Executive Chair and Chief Executive Officer
Not in the filing
stated, not guessed- Financial guidance was not provided.
- Prior-release outlook was not provided.
- Gross profit and gross margin were not reported.
- Operating income was not reported.
- Free cash flow was not reported.
- Tax rate was not reported.
- Prior-quarter comparisons for income-statement metrics were not reported.
- A percentage change was not reported for content and other revenue, net income, EPS, adjusted net income, adjusted EPS, operating expenses, selling, general and administrative expense, depreciation and amortization, interest expense, net, income tax expense, or operating cash flow.
- Narrative drivers for Corporate and Other revenue and eliminations were not provided.
Written by an AI language model 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 checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.