Key Financial Data
- Fiscal Q4 Total revenue: $4.21 billion (+28% year-over)
- Distribution revenue: $2.03 billion (+5%)
- Advertising revenue: $1.92 billion (+78%)
- Content and other revenue: $262 million (-2.6%)
- Operating expenses: $2.38 billion (+35.3%)
- Cable network programming revenue: $1.67 billion (+9.0%)
- Broadcast & Tubi revenue: $2.48 billion (+45.4%)
- Corporate and other revenue: $161 million (+155.6%)
- Cash and cash equivalents: $4.21 billion
- Total debt: $6.61 billion
- Read more media earnings coverage | Fox Corporation coverage
Fox Corporation reported sharply higher fiscal fourth quarter (Q4) revenue and adjusted earnings on Thursday as its broadcast of the FIFA Men’s World Cup fueled viewership and advertising growth across its core network television and cable TV businesses.
Overall revenue increased 28 percent to $4.21 billion, up from $3.29 billion a year earlier. Advertising revenue surged 78 percent to $1.92 billion, primarily reflecting World Cup coverage and continued digital growth led by the Tubi streaming service, the company said in a news release.
Revenue from fees charged to cable and satellite companies increased 5 percent to $2.03 billion, while content and other revenue declined slightly to $262 million from $269 million because of the timing of sports sub-licensing revenue.
Television-specific income climbed 45 percent to $2.48 billion. Advertising revenue within the segment more than doubled to $1.46 billion, reflecting the World Cup, Tubi’s continued growth and higher political advertising at Fox Television Stations.
Cable programming revenue rose 9 percent to $1.67 billion. Advertising revenue grew 22 percent because of the World Cup, which had spillover coverage on Fox Sports 1 (FS1) and Fox Sports 2 (FS2).
“Fiscal 2026 was an exceptional year for Fox, capped by our broadcast of a remarkable FIFA Men’s World Cup,” Fox CEO Lachlan Murdoch said in a prepared statement on Thursday. He also cited the launch of Fox One, Tubi’s growth and the company’s announced acquisition of Roku as milestones expected to support future growth.
Stock Price
On a conference call with investors, Fox executives addressed ongoing reports that the network is one of several engaged in discussions with the National Football League (NFL) over maintaining rights to television broadcasts of the league’s football games. The rights package was supposed to cover all seasons through 2032, but it contained a clause that allowed the NFL to renegotiate certain TV rights a few years earlier.
Murdoch confirmed Fox has engaged in discussions with the NFL in recent weeks but will not amend its existing contract, which currently runs through the 2029 season before the league can exercise an opt-out clause.
“In advance of the season, we’ve had a recent thorough and productive discussions with the league, and as a result, we will not be making any amendments to our existing contractual relationship, which extends to the completion of the 2029 season,” Murdoch said. “We’ll be ready to engage with the NFL on the opt-out seasons and beyond at a date closer to the 2030 season, which has been the customary timetable.”
The NFL is seeking higher payments for its football games after witnessing blockbuster deals between broadcasters and other professional sports leagues, including Major League Baseball (MLB) and the National Basketball Association (NBA). Those deals have broadcasters shelling out more money for games compared to their agreement with the NFL, which now feels its package of games is undervalued.
NFL games are among the most-watched programs in the United States, but the league offers fewer regular-season telecast opportunities compared to other leagues like the MLB, NBA and National Hockey League (NHL), whose clubs and teams play more games throughout the year.
To some degree, broadcasters also feel aggrieved by the NFL’s decision to ink one-off telecast arrangements with streaming platforms like Netflix and YouTube, which further deprives them of games when availability is already limited. Some lawmakers have called for a re-examination of the NFL’s long-standing waiver to federal antitrust laws in light of its arrangements with streaming platforms.
The NFL remains somewhat optimistic that the broadcasters will come around to their way of thinking.
“I think our partners would want to sit down and talk to us at any time, and we continue to dialogue with them. I like that opportunity,” Goodell told CNBC last year. “Obviously, it’s not going to happen this year. But it could happen as early as next year.”
