Streaming, sports boost Fox revenue to $3.74 billion during fiscal Q1

(Photo by Tony Webster via Flickr Creative Commons, Graphic by The Desk)

Key Financial Data

Overall revenue: $3.74 billion (+5%)
Net income: $609 million (-27%)
Advertising revenue: $1.41 billion (+6%)
Distribution revenue: $1.92 billion (+3%)
Content/other revenue: $411 million (+12%)
Cable networks revenue: $1.66 billion (+4%)
Television networks/Tubi revenue: $2.05 billion (+5%)
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Fox Corporation on Thursday reported higher revenue in its fiscal first quarter (Q1) of 2026 (coincides with calendar Q3 2025), driven by growth at its ad-supported streaming platform Tubi and stronger results from its sports and news divisions, though overall profit slipped from a year earlier.

For the three months ending September 30, the company posted $3.74 billion in total revenue, up 5 percent from $3.56 billion in the same period last year. The gain came as advertising revenue climbed 6 percent to $1.41 billion, fueled by continued digital growth at Tubi and stronger pricing around NFL broadcasts and news programming. Distribution revenue grew 3 percent to $1.92 billion, while content and other revenue jumped 12 percent to $411 million, helped by higher entertainment programming sales.

Quarterly net income fell to $609 million, down from $832 million a year ago, as Fox absorbed higher programming and marketing expenses. On an adjusted basis, net income rose slightly to $686 million, or $1.51 per share, compared to $1.45 per share last year.

Adjusted EBITDA totaled $1.07 billion, up 2 percent from a year earlier. The company said higher expenses tied to digital marketing and entertainment programming rights were partially offset by lower sports rights amortization.

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“Coming off a record fiscal 2025, our strong operating momentum has carried through the first quarter of fiscal 2026,” said Lachlan Murdoch, Fox’s executive chair and chief executive officer, in a statement. “We are delivering for audiences with continued engagement growth across the portfolio, which underpins the robust advertising demand we are seeing across sports, news, entertainment and Tubi.”

The company’s Cable Network Programming segment — which includes Fox News, Fox Sports and Fox Business — reported $1.66 billion in revenue, up 4 percent year over year, with segment EBITDA rising 7 percent to $800 million. The Television division, which houses the Fox broadcast network and local stations, generated $2.05 billion in revenue, up 5 percent, as EBITDA climbed 7 percent to $399 million.

Fox said it plans to launch a $1.5 billion accelerated share repurchase program beginning Friday, with $700 million allocated to its Class A shares and $800 million to its Class B shares. The company expects the buyback to be completed during the second half of fiscal 2026. During the quarter, Fox repurchased about $250 million in Class A shares under its ongoing authorization.

As of September 30, the company held $4.37 billion in cash, down from $5.35 billion at the end of June, reflecting continued capital returns to shareholders. Fox has now repurchased about $6.85 billion of stock since launching its share buyback program, leaving $5.15 billion in remaining authorization.

Murdoch said the new repurchase plan is rooted in management’s confidence in Fox’s balance sheet and long-term growth prospects. “The quality of our assets and their consistent capacity to deliver financially gives me great confidence in the positive outlook for Fox,” he said.