Key Financial Data
- Fiscal Q2 Total revenue: $5.18 billion (+2% year-over)
- Fiscal Q2 Distribution revenue: $2 billion (+4%)
- Fiscal Q2 Advertising revenue: $2.46 billion (+1%)
- Fiscal Q2 Content and other revenue: $725 million (no change)
- Fiscal Q2 Net income: $247 million
- Cable networks programming revenue: $2.28 billion (+5%)
- Television and Tubi revenue: $2.94 billion (-1%)
- Television advertising revenue: $1.964 billion (no change)
- Cable networks advertising revenue: $494 million (+7%)
- Television distribution revenue: $831 million (+1%)
- Cable networks distribution revenue: $2.253 billion (+4%)
- Note: Fox’s fiscal Q2 coincides with calendar Q4 of the prior year
- Read more media earnings coverage
Executives at Fox Corporation pointed Wall Street to the media company’s advertising revenue growth during what was otherwise a relatively modest fiscal period in its second quarter of the year (Q2 2026, coincides with calendar Q4 2025).
During fiscal Q2, Fox earned $5.18 billion in overall revenue, an increase of 2 percent on a year-over basis, though profit fell to $247 million compared to $388 million earned during fiscal Q2 2025.
Television revenue, which counts Fox’s traditional broadcast network and streaming platform Tubi, was down 1% on a year-over basis, but at $2.94 billion, it remained Fox’s biggest business unit.
Cable networks, which include the Fox News Channel, Fox Sports 1 (FS1) and Fox Business Network, earned Fox $2.28 billion during fiscal Q2, up 5 percent on stronger interest from cable news and sports advertisers, despite broader pullbacks in the industry due to domestic and global economic issues.
For months, Fox executives touted the strength of its cable portfolio (which includes some non-cable assets like Fox Nation and Fox Weather, brands that are part of Fox News Media), saying advertisers showed renewed interest in its editorial content following the 2024 election. Cable advertising was up 7 percent, while broadcast advertising was flat on a year-over basis. Both held their weight against strong political advertising spend during fiscal Q2 2025, which could have resulted in worse comparative metrics.
On the broadcast side, Fox saw strong premium ad buys during Major League Baseball’s World Series tournament, which aired on the network from late October to early November. Fox also aired some playoff games that brought in the ad dollars in weeks prior to the tournament.
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Both business segments were afflicted by ongoing churn in the cable and satellite television space, which impacted Fox’s distribution revenue — income accrued from pay TV providers for the privilege of distributing its owned-and-operated local stations and national cable networks. Distribution revenue on the cable side was 5 percent higher than fiscal Q2 2025, and 1 percent higher for the broadcast network, with churn offset by higher fees to cable companies during the period.
Fiscal Q2 was the first full quarter for Fox’s streaming service, Fox One, which offers the same live programming from Fox that is found on cable and satellite. Fox charges $20 per month for the service, a rate that executives said was meant to prevent cable and satellite customers from cutting the cord, but still be an attractive option for cord-cutters who want online access to Fox News and Fox Sports.
Is that strategy working? It was hard to tell from Fox’s earnings report and a subsequent conference call held on Wednesday, with the company’s CEO Lachlan Murdoch only telling investors that growth at Fox One “continues to exceed our expectations.”
“Although Fox One launched just five months ago, we are encouraged by consumer reception to the product, and we’ve already gained meaningful insights into audience engagement trends,” Murdoch said.
While Fox didn’t offer specific data on how many people are paying for Fox One, intelligence firm Antenna said the service had around 2.3 million subscribers as of October. The service saw higher sign-ups in October when a bundle was introduced that paired Fox One with ESPN Unlimited for around $40 per month, and Fox’s decision to offer Fox One through Amazon’s Prime Video Channels marketplace accelerated subscription growth.
Sports programming remains one of the core reasons why people are signing up for a Fox One subscription, Murdoch said, but he acknowledged that one-third of viewing on the platform is news content. News consumers are also stickier when it comes to their use of the steraming service, he noted.
“News viewers engage with the platform twice as many days per week as non-news viewers and watching it nearly three times as many minutes per week on average,” Murdoch said. “These patterns reinforce our view that Fox One is not only the premier destination for live sports, but also the leading platform for timely, relevant, live news streaming.”
