FOX REPORTS FIRST QUARTER FISCAL 2027 REVENUE OF $4.57 BILLION, NET INCOME OF $957 MILLION, AND ADJUSTED EBITDA OF $1.64 BILLION

Television segment EBITDA increased 134%, while operating cash flow turned positive compared with the prior-year quarter.

Rhea-AI Summary

Fox Corporation (Nasdaq: FOXA, FOX) reported fiscal first-quarter revenue of $4.57 billion, with advertising and distribution growth lifting earnings.

For the three months ended September 30, 2026, revenue rose 22% year over year. Net income increased to $957 million from $609 million, while earnings attributable to stockholders reached $2.20 per share versus $1.32. Adjusted EBITDA, a non-GAAP operating earnings measure, rose 54% to $1.64 billion. Advertising revenue increased 47%, driven primarily by the FIFA Men's World Cup, political advertising and digital growth led by Tubi; distribution revenue increased 9%.

Television segment EBITDA rose 134% to $934 million, while Cable Network Programming EBITDA increased 7% to $859 million. Higher sports programming and digital content costs partly offset revenue growth. Operating cash flow reached $616 million, compared with a $130 million outflow a year earlier.

19 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 12 points

How the balance works

Positive

• Moderate pointQuarterly revenue increased 22% year over year to $4.57 billion.
• Moderate pointNet income increased to $957 million from $609 million in the prior-year quarter.
• Moderate pointAdjusted EBITDA increased 54% year over year to $1.64 billion.
• Moderate pointOperating cash flow reached $616 million versus a $130 million outflow in the prior-year quarter.
• Minor pointStockholder earnings per share rose to $2.20 from $1.32 in the prior-year quarter.

14 minor points

• Minor pointAdjusted stockholder net income rose to $1,085 million from $686 million; adjusted EPS reached $2.54 versus $1.51.
• Minor pointAdvertising revenue increased 47% year over year, supported by World Cup, political advertising and Tubi-led digital growth.
• Minor pointDistribution revenue increased 9% year over year to $2,084 million.
• Minor pointTelevision revenue increased 32% year over year to $2.71 billion.
• Minor pointTelevision segment EBITDA increased 134% year over year to $934 million.
• Minor pointTelevision advertising revenue increased 60% year over year to $1,708 million.
• Minor pointTelevision distribution revenue increased 4% year over year to $850 million, supported by rates and subscriber growth.
• Minor pointCable Network Programming revenue increased 8% year over year to $1.80 billion.
• Minor pointCable Network Programming EBITDA increased 7% year over year to $859 million.
• Minor pointCable distribution revenue increased 10% year over year to $1,200 million, supported by contractual pricing and subscriber growth.
• Minor pointCable advertising revenue increased 8% year over year to $373 million, primarily from higher sports advertising.
• Minor pointCable content and other revenue increased 1% year over year to $230 million.
• Minor pointCorporate and Other revenue increased to $246 million from $89 million in the prior-year quarter.
• Minor pointCash and cash equivalents increased to $4,536 million at September 30, 2026, from $4,205 million at June 30.

Negative

• Moderate pointOperating expenses increased to $2,363 million from $2,121 million, including higher sports programming and digital content costs.
• Minor pointSelling, general and administrative expenses increased to $567 million from $552 million in the prior-year quarter.
• Minor pointCorporate and Other adjusted EBITDA loss widened to $152 million from $134 million in the prior-year quarter.
• Minor pointContent and other revenue declined to $406 million from $411 million in the prior-year quarter.
• Minor pointTelevision content and other revenue declined to $155 million from $162 million in the prior-year quarter.

7 minor points

• Minor pointDigital news advertising revenue declined, partly offsetting Cable Network Programming's sports advertising growth.
• Minor pointNet interest expense increased to $80 million from $50 million in the prior-year quarter.
• Minor pointDepreciation and amortization increased to $118 million from $98 million in the prior-year quarter.
• Minor pointRestructuring, impairment and other corporate matters produced a $17 million expense versus an $8 million benefit a year earlier.
• Minor pointNon-operating other, net was a $143 million expense versus $125 million in the prior-year quarter.
• Minor pointIncome tax expense increased to $326 million from $190 million in the prior-year quarter.
• Minor pointCapital spending increased to $113 million from $104 million in the prior-year quarter.

News Explained

At September 30, 2026, FOX reported $4,536 million of cash and cash equivalents, up from $4,205 million at June 30, alongside $6,607 million of borrowings; the current cash balance remained below borrowings.

Argus 15 min delay 3 alerts

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Details

Market move: FOX +7.42% vs previous close. Q1 fiscal 2027 earnings report

$54.86 – $61.00 Day Range

$25.46B Mkt Cap at Last Price

On Nov 2, the day this news came out, the latest delayed price for FOX is 7.42% above the previous close. Our momentum scanner has recorded 3 alerts for this stock so far that day. The latest delayed price is $60.37. Relative volume is very high at 3.3x what this stock usually trades by this time of day.

Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.

Key Figures

Revenue: $4.57 billion Net income: $957 million EPS attributable to FOX stockholders: $2.20 per share +3 more

Revenue

$4.57 billion

Q1 fiscal 2027; up 22% year over year

Net income

$957 million

Q1 fiscal 2027; compared with $609 million in the prior-year quarter

EPS attributable to FOX stockholders

$2.20 per share

Q1 fiscal 2027; compared with $1.32 per share in the prior-year quarter

Adjusted net income

$1.09 billion

Q1 fiscal 2027; compared with $686 million in the prior-year quarter

Adjusted EPS

$2.54 per share

Q1 fiscal 2027; compared with $1.51 per share in the prior-year quarter

Adjusted EBITDA

$1.64 billion

Q1 fiscal 2027; up 54% year over year

Previous Earnings Reports

1 past event · Latest: Aug 06

Same Type 1 event

1. Aug 06

   Q4 FY2026 earnings

   24h Move

   +6.1%

   Reported revenue of $4.21 billion, net income of $696 million and Adjusted EBITDA of $1.20 billion.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

eps, avod, non-gaap financial measure

3 terms

eps financial

"earnings per share ("EPS") attributable to Fox Corporation stockholders"

Earnings per share (EPS) measures how much profit a company makes for each outstanding share of its stock by dividing the company’s profit after expenses by the number of shares. It matters to investors because it shows how much of the company’s “pie” each share represents—higher EPS usually signals greater profitability per share, helps compare companies of different sizes, and influences stock valuations and investor decisions.

View in glossary

avod technical

"continued digital growth led by the Tubi AVOD service"

AVOD stands for ad-supported video-on-demand, a streaming business model where viewers watch shows or movies for free or low cost while ads play during the content. For investors it matters because this model trades higher audience reach and faster user growth for lower revenue per viewer and greater dependence on advertising rates and ad-selling performance, much like a free newspaper that earns money from ads rather than subscriptions.

non-gaap financial measure financial

"Adjusted EBITDA is considered a non-GAAP financial measure"

A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, Nov. 2, 2026 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX) ("FOX" or the "Company") today reported financial results for the three months ended September 30, 2026.

The Company reported total quarterly revenue of $4.57 billion, an increase of $833 million or 22% as compared to the amount reported in the prior year quarter. Distribution revenue increased 9%, driven by 10% growth at the Cable Network Programming segment and 4% growth at the Television segment. Advertising revenue increased 47%, primarily due to the current year broadcast of the FIFA Men's World Cup ("World Cup"), higher political advertising revenue, and continued digital growth led by the Tubi AVOD service. Content and other revenue was $406 million as compared to the $411 million reported in the prior year quarter.

The Company reported quarterly net income of $957 million as compared to the $609 million reported in the prior year quarter. Net income attributable to Fox Corporation stockholders was $943 million ($2.20 per share) as compared to the $599 million ($1.32 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders¹ was $1.09 billion ($2.54 per share) as compared to the $686 million ($1.51 per share) reported in the prior year quarter.

Quarterly Adjusted EBITDA² was $1.64 billion, an increase of $576 million or 54% from the amount reported in the prior year quarter, as the revenue increase noted above was partially offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs led by the current year broadcast of the World Cup, and higher digital content costs.

Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:

"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."

REVIEW OF OPERATING RESULTS
	Three Months Ended September 30,
	2026		2025
	$ Millions
Revenues by Component:
Distribution	$     2,084		$     1,915
Advertising	2,081		1,412
Content and other	406		411
Total revenues	$     4,571		$     3,738
Segment Revenues:
Cable Network Programming	$     1,803		$     1,662
Television	2,713		2,050
Corporate and Other	246		89
Eliminations	(191)		(63)
Total revenues	$     4,571		$     3,738
Adjusted EBITDA:
Cable Network Programming	$        859		$        800
Television	934		399
Corporate and Other	(152)		(134)
Adjusted EBITDA[1]	$     1,641		$     1,065
Depreciation and amortization:
Cable Network Programming	$          26		$          26
Television	58		30
Corporate and Other	34		42
Total depreciation and amortization	$        118		$          98

   

CABLE NETWORK PROGRAMMING
	Three Months Ended September 30,
	2026		2025
	$ Millions
Revenues
Distribution	$   1,200		$   1,090
Advertising	373		345
Content and other	230		227
Total revenues	1,803		1,662
Operating expenses	(793)		(703)
Selling, general and administrative	(151)		(159)
Segment EBITDA	$     859		$     800

Cable Network Programming reported quarterly segment revenue of $1.80 billion, an increase of $141 million or 8% from the amount reported in the prior year quarter. Distribution 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. Content and other revenue increased $3 million or 1%.

Cable Network Programming reported quarterly segment EBITDA of $859 million, an increase of $59 million or 7% from the amount reported in the prior year quarter, as the revenue increase noted above was partially offset by higher expenses. The increase in expenses was primarily driven by higher sports programming rights amortization and production costs, including the current year broadcast of the World Cup, and higher news programming costs. 

TELEVISION
	Three Months Ended September 30,
	2026		2025
	$ Millions
Revenues
Advertising	$   1,708		$   1,067
Distribution	850		821
Content and other	155		162
Total revenues	2,713		2,050
Operating expenses	(1,496)		(1,385)
Selling, general and administrative	(283)		(266)
Segment EBITDA	$     934		$     399

Television reported quarterly segment revenue of $2.71 billion, an increase of $663 million or 32% from the amount reported in the prior year quarter. Advertising 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. Content and other revenue was $155 million as compared to the $162 million reported in the prior quarter, primarily due to lower entertainment content revenue.

Television reported quarterly segment EBITDA of $934 million, an increase of $535 million or 134% from the amount reported in the prior year quarter, as the revenue increase noted above was partially offset by higher expenses. The increase in expenses was primarily driven by higher sports programming rights amortization and production costs, led by the current year broadcast of the World Cup partially offset by lower NFL costs driven by the timing of games, and higher digital content costs.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "could," "should," "would," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook" and similar expressions are used to identify these forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to the impact of the Roku transaction and related risks, changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the Company's businesses. More detailed information about these factors is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as the joint proxy statement/prospectus filed with the SEC in connection with the Roku transaction.

Statements in this press release speak only as of the date they were made, and the Company undertakes no duty to update or release any revisions to any forward-looking statement made in this press release or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in the Company's expectations, except as required by law.

To access a copy of this press release through the Internet, access Fox Corporation's corporate website located at http://www.foxcorporation.com.

CONSOLIDATED STATEMENTS OF OPERATIONS
	Three Months Ended September 30,
	2026		2025
	$ Millions, except per share amounts
Revenues	$   4,571		$   3,738
Operating expenses	(2,363)		(2,121)
Selling, general and administrative	(567)		(552)
Depreciation and amortization	(118)		(98)
Restructuring, impairment and other corporate matters	(17)		8
Equity losses of affiliates	—		(1)
Interest expense, net	(80)		(50)
Non-operating other, net	(143)		(125)
Income before income tax expense	1,283		799
Income tax expense	(326)		(190)
Net income	957		609
Less: Net income attributable to noncontrolling interests	(14)		(10)
Net income attributable to Fox Corporation stockholders	$     943		$     599
Weighted average shares:	428		455
Net income attributable to Fox Corporation stockholders per share:	$    2.20		$    1.32

 

CONSOLIDATED BALANCE SHEETS
	September 30, 2026		June 30, 2026
	$ Millions
Assets:
Current assets:
Cash and cash equivalents	$       4,536		$       4,205
Receivables, net	3,657		3,455
Inventories, net	689		487
Other	320		306
Total current assets	9,202		8,453
Non-current assets:
Property and equipment, net	1,850		1,842
Intangible assets, net	2,834		2,870
Goodwill	3,647		3,647
Deferred tax assets	2,316		2,443
Other non-current assets	3,244		3,227
Total assets	$      23,093		$      22,482
Liabilities and Equity:
Current liabilities:
Accounts payable, accrued expenses and other current liabilities	$       2,429		$       2,667
Total current liabilities	2,429		2,667
Non-current liabilities:
Borrowings	6,607		6,606
Other liabilities	1,400		1,395
Redeemable noncontrolling interests	86		86
Commitments and contingencies
Equity:
Class A common stock, $0.01 par value	2		2
Class B common stock, $0.01 par value	2		2
Additional paid-in capital	7,294		7,274
Retained earnings	5,277		4,457
Accumulated other comprehensive loss	(109)		(107)
Total Fox Corporation stockholders' equity	12,466		11,628
Noncontrolling interests	105		100
Total equity	12,571		11,728
Total liabilities and equity	$      23,093		$      22,482

 

CONSOLIDATED STATEMENTS OF CASH FLOWS
	Three Months Ended September 30,
	2026		2025
	$ Millions
OPERATING ACTIVITIES:
Net income	$       957		$       609
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization	118		98
Restructuring, impairment and other corporate matters	17		(8)
Equity-based compensation	36		28
Equity losses of affiliates	—		1
Non-operating other, net	143		125
Deferred income taxes	127		90
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets	(192)		(437)
Inventories net of programming payable	(567)		(525)
Accounts payable and accrued expenses	(179)		(132)
Other changes, net	156		21
Net cash provided by (used in) operating activities	616		(130)
INVESTING ACTIVITIES:
Property and equipment	(113)		(104)
Purchase of investments	—		(135)
Other investing activities, net	(26)		(16)
Net cash used in investing activities	(139)		(255)
FINANCING ACTIVITIES:
Dividends paid and distributions	(131)		(138)
Repurchase of shares	—		(250)
Purchase of noncontrolling interest	—		(208)
Other financing activities, net	(15)		(2)
Net cash used in financing activities	(146)		(598)
Net increase (decrease) in cash and cash equivalents	331		(983)
Cash and cash equivalents, beginning of year	4,205		5,351
Cash and cash equivalents, end of period	$    4,536		$    4,368

NOTE 1 – ADJUSTED NET INCOME AND ADJUSTED EPS

The Company uses net income attributable to Fox Corporation stockholders and earnings per share ("EPS") attributable to Fox Corporation stockholders excluding net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provision and Noncontrolling interest adjustments ("Adjusted Net Income" and "Adjusted EPS" respectively) to evaluate the performance of the Company's operations exclusive of certain items that impact the comparability of results from period to period.

Adjusted Net Income and Adjusted EPS may not be comparable to similarly titled measures reported by other companies. Adjusted Net Income and Adjusted EPS are not measures of performance under GAAP and should be considered in addition to, and not as substitutes for, net income attributable to Fox Corporation stockholders and EPS as reported in accordance with GAAP. However, management uses these measures in comparing the Company's historical performance and believes that they provide meaningful and comparable information to management, investors and equity analysts to assist in their analysis of the Company's performance relative to prior periods and the Company's competitors.

The following table reconciles net income attributable to Fox Corporation stockholders and EPS attributable to Fox Corporation stockholders to Adjusted Net Income and Adjusted EPS for the three months ended September 30, 2026 and 2025:

	Three Months Ended
	September 30, 2026				September 30, 2025
	Income		EPS		Income		EPS
	$ Millions, except per share data
Net income attributable to Fox Corporation stockholders	$     943		$    2.20		$     599		$    1.32
Restructuring, impairment and other corporate matters	17		0.04		(8)		(0.02)
Non-operating other, net	143		0.33		125		0.27
Tax provision	(18)		(0.04)		(31)		(0.07)
Noncontrolling interest adjustment	—		—		1		—
Rounding	—		0.01		—		0.01
As adjusted	$   1,085		$    2.54		$     686		$    1.51

NOTE 2 – ADJUSTED EBITDA 

Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Adjusted EBITDA does not include: Depreciation and amortization, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating other, net and Income tax expense.

Management believes that information about Adjusted EBITDA assists all users of the Company's Unaudited Consolidated Financial Statements by allowing them to evaluate changes in the operating results of the Company's portfolio of businesses separate from non-operational factors that affect Net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company's business and its enterprise value against historical data and competitors' data, although historical results, including Adjusted EBITDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

Adjusted EBITDA is considered a non-GAAP financial measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment charges, which are significant components in assessing the Company's financial performance. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

The following table reconciles net income to Adjusted EBITDA for the three months ended September 30, 2026 and 2025:

	Three Months Ended September 30,
	2026		2025
	$ Millions
Net income	$     957		$     609
Add:
Depreciation and amortization	118		98
Restructuring, impairment and other corporate matters	17		(8)
Equity losses of affiliates	—		1
Interest expense, net	80		50
Non-operating other, net	143		125
Income tax expense	326		190
Adjusted EBITDA	$   1,641		$   1,065

 

______________________________________
1	Excludes net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provision and Noncontrolling interest adjustments. See Note 1 for a description of adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders, which are considered non-GAAP financial measures, and a reconciliation of reported net income attributable to Fox Corporation stockholders and earnings per share attributable to Fox Corporation stockholders to adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders.
2	Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.
3	Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.

 

 

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SOURCE Fox Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Fox's fiscal first-quarter 2027 revenue and earnings?

Fox reported $4.57 billion in revenue and $957 million in net income for the three months ended September 30, 2026. Revenue increased 22% year over year. Net income attributable to Fox stockholders was $943 million, or $2.20 per share, compared with $599 million, or $1.32 per share, a year earlier.

What drove Fox's fiscal first-quarter 2027 advertising growth?

Advertising revenue increased 47% year over year, primarily because of the FIFA Men's World Cup broadcast, higher political advertising revenue and continued digital growth led by Tubi. Television advertising revenue increased 60%, while Cable Network Programming advertising revenue increased 8%.

How does Fox calculate adjusted EBITDA?

Fox calculates adjusted EBITDA as revenue less operating expenses and selling, general and administrative expenses. This non-GAAP measure excludes depreciation and amortization, restructuring and impairment items, affiliate earnings or losses, net interest expense, non-operating items and income tax expense. It is not a substitute for net income or cash flow.