Fox Corporation delivered a record fiscal 2026, with fourth-quarter revenue rising 28% to $4.2 billion and EBITDA expanding 27% to $1.2 billion. The surge was primarily fueled by the broadcast of the FIFA Men's World Cup and accelerated growth at its streaming platform, Tubi.

Full-year revenue grew 5% to over $17 billion, while EBITDA increased 8% to $3.9 billion. Management highlighted that these results were achieved despite a strong prior-year comparison that included the Super Bowl and presidential election cycles. The company also announced an increase in its semiannual dividend to $0.29 per share.

Segment Performance Highlights

The television segment drove significant gains in the fourth quarter, with advertising revenue more than doubling due to World Cup rights and political ads. Cable segment revenue also saw robust growth, supported by affiliate renewals and digital distribution.

Streaming and Digital Growth

Tubi, Fox's ad-supported streaming service, recorded its highest revenue quarter ever, with revenue growing 35% year-over-year. This growth was underpinned by a 17% increase in total viewing time. The platform closed the fiscal year with 110 million monthly active users. Management noted that Tubi maintained efficient advertising rates despite competitive pressures in the connected TV market, with approximately 70% of its viewers being cordless. The World Cup hub on Tubi attracted over 20 million viewers, contributing to two of the platform's highest traffic days during early-round match simulcasts.

Fox One, the company's direct-to-consumer streaming service, continued to exceed expectations, contributing to distribution revenue growth without cannibalizing traditional pay-TV subscriptions. The service saw strong retention rates and minimal churn, driven by bundling strategies and incremental subscriber acquisition from the cordless population. The pending acquisition of Roku remains on track for closure in the first half of calendar 2027, aiming to bolster Fox's position in connected TV distribution.

Financial Details and Cash Flow

CFO Steve Tomsic noted that quarterly free cash flow was $726 million, impacted by the timing of working capital related to the World Cup. Rights payments landed in fiscal 2026, while advertising receivables will be collected early in fiscal 2027. Full-year net income attributable to stockholders was $1.7 billion, or $3.84 per share, compared to $2.3 billion, or $4.91 per share, in fiscal 2025. Adjusted EPS for the full year rose 13% to $5.42.

Digital investment moderated significantly, falling to less than $200 million in fiscal 2026 from just under $300 million in fiscal 2025, reflecting improved efficiency at Tubi and Fox One. Cable segment EBITDA declined 3% despite a 9% revenue rise, due to a 20% increase in expenses tied to sports rights amortization. Conversely, the Television segment saw EBITDA grow 129% on 45% revenue growth.

What the Numbers Show

A notable divergence exists between net income and adjusted earnings. While GAAP net income attributable to stockholders declined to $691 million ($1.61 per share) from $717 million ($1.57 per share) in the prior-year period, adjusted EPS rose 41% to $1.79. This discrepancy highlights the impact of non-core items and exceptional costs related to the World Cup production and rights amortization, which weighed on GAAP profitability but did not obscure the underlying operational momentum reflected in adjusted figures. Additionally, the reduction in digital investment costs alongside rising Tubi revenue indicates a maturing digital portfolio that is becoming increasingly profitable.

Capital Allocation and Outlook

Fox returned $2 billion through share repurchases and distributed approximately $243 million in dividends during fiscal 2026. Cumulatively, the company has returned $10.7 billion to shareholders since its spin-off. The balance sheet ended the quarter with $4.2 billion in cash against $6.6 billion in debt. Management confirmed that the buyback program will continue unabated through the pendency of the Roku transaction.

Looking ahead, management anticipates continued advertising momentum in fiscal 2027, supported by the ongoing midterm political cycle and early upfront commitments showing double-digit volume growth. Lachlan Murdoch stated that political ad spending is estimated at over $11 billion for the midterms, which Fox expects to be a record cycle compared to the $260 million seen in the last midterm election. The company expects the Roku acquisition to enhance its digital footprint, while the NFL contract remains unchanged through the 2029 season.

Fox Corporation President and Chief Operating Officer John Nallen will participate in the Goldman Sachs Communacopia + Technology Conference 2026.

The presentation is scheduled for Wednesday, September 9, at approximately 1:45 pm Pacific time, which corresponds to 4:45 pm Eastern time.

Event Details

A live webcast of the presentation, along with an archived version, will be available on the company’s investor relations website. The event offers investors a direct channel to engage with Fox’s leadership regarding its operational strategy.

About Fox Corporation

Fox Corporation produces and distributes news, sports, and entertainment content through brands including FOX News Media, FOX Sports, Tubi Media Group, FOX Entertainment, and FOX Television Stations. The company leverages its domestic footprint to deliver content that engages audiences and supports advertisers.