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Fox Corporation (NASDAQ: FOXA) Q3 2026 results show $3.99B revenue

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8-K

Rhea-AI Filing Summary

Fox Corporation reported results for the quarter ended March 31, 2026, with revenue of $3.99 billion versus $4.37 billion a year earlier, mainly reflecting the absence of the prior-year Super Bowl. Quarterly net income was $175 million, compared with $354 million in the prior-year quarter.

Net income attributable to stockholders was $166 million, or $0.38 per share, versus $346 million, or $0.75 per share. Adjusted net income attributable to stockholders rose to $570 million, or $1.32 per share, from $507 million, or $1.10 per share. Adjusted EBITDA increased 11% to $954 million as lower sports programming and production costs more than offset lower advertising revenue.

Cable Network Programming revenue grew 6% to $1.74 billion, while Television revenue declined to $2.20 billion from $2.70 billion. The company highlighted strong core advertising trends, continued digital growth led by Tubi, and ongoing share repurchases, including about $100 million in the quarter.

Positive

  • None.

Negative

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Insights

Lower GAAP results but stronger adjusted profits and cost control.

Fox posted quarterly revenue of $3.99 billion, down from $4.37 billion mainly because last year included Super Bowl LIX. GAAP net income fell to $175 million, while non-operating losses of $499 million weighed on reported results.

Operating performance looked firmer. Adjusted EBITDA rose 11% to $954 million, and adjusted net income attributable to stockholders increased to $570 million, or $1.32 per share. Lower sports programming rights amortization and production costs offset weaker advertising at the Television segment.

Cable Network Programming revenue grew 6% to $1.74 billion with higher distribution and advertising, while Television revenue declined to $2.20 billion. Fox continued returning capital, with nine‑month share repurchases of $1.90 billion and cumulative buybacks of about $8.5 billion as of March 31 2026.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Quarterly revenue $3.99 billion Three months ended March 31, 2026; vs. $4.37B prior-year
Net income $175 million Quarter ended March 31, 2026; vs. $354M prior-year
GAAP EPS $0.38 per share Net income attributable to stockholders, Q3 FY 2026; vs. $0.75
Adjusted EPS $1.32 per share Adjusted net income attributable to stockholders, Q3 FY 2026; vs. $1.10
Adjusted EBITDA $954 million Quarter ended March 31, 2026; up 11% from $856M
Cable Network Programming revenue $1.74 billion Segment revenue in Q3 FY 2026; up 6% year over year
Television revenue $2.20 billion Segment revenue in Q3 FY 2026; vs. $2.70B prior-year
Cumulative share repurchases $8.5 billion Approximate total Class A and B buybacks as of March 31, 2026
Adjusted EBITDA financial
"Quarterly Adjusted EBITDA2 was $954 million, an increase of $98 million or 11%"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted net income attributable to Fox Corporation stockholders financial
"Adjusted net income attributable to Fox Corporation stockholders1 was $570 million ($1.32 per share)"
Restructuring, impairment and other corporate matters financial
"Excludes net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings"
Non-operating other, net financial
"Non-operating other, net | (499) | | | (158) |"
Equity losses of affiliates financial
"Equity losses of affiliates | (20) | | | (18) |"
Adjusted EPS financial
"a description of adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable"
Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.
Revenue $3.99 billion $4.37 billion prior-year quarter
Net income $175 million $354 million prior-year quarter
Net income attributable to stockholders $166 million $346 million prior-year quarter
GAAP EPS $0.38 $0.75 prior-year quarter
Adjusted net income attributable to stockholders $570 million $507 million prior-year quarter
Adjusted EPS $1.32 $1.10 prior-year quarter
Adjusted EBITDA $954 million up 11% from $856 million
Understanding 8-K Material Events →
0001754301FALSE00017543012026-05-112026-05-110001754301us-gaap:CommonClassAMember2026-05-112026-05-110001754301us-gaap:CommonClassBMember2026-05-112026-05-11

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT
(DATE OF EARLIEST EVENT REPORTED)
May 11, 2026
Fox Corporation
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware 001-38776 83-1825597
(STATE OR OTHER JURISDICTION
OF INCORPORATION)
 
(COMMISSION
FILE NO.)
 
(IRS EMPLOYER
IDENTIFICATION NO.)
1211 Avenue of the Americas, New York, New York 10036
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
(212) 852-7000
(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class 
Trading
Symbols
 
Name of Each Exchange
on Which Registered
Class A Common Stock, par value $0.01 per share FOXA The Nasdaq Global Select Market
Class B Common Stock, par value $0.01 per share FOX The Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02. Results of Operations and Financial Condition.
On May 11, 2026, Fox Corporation (the “Company”) released its financial results for the quarter ended March 31, 2026. A copy of the Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
The information in this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number		 Description
99.1 
Press release issued by Fox Corporation, dated May 11, 2026, announcing Fox Corporation’s financial results for the quarter ended March 31, 2026.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FOX CORPORATION
By: /s/ Adam G. Ciongoli
 Name: Adam G. Ciongoli
 Title: Chief Legal and Policy Officer
May 11, 2026

Exhibit 99.1
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EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2026
FOX REPORTS THIRD QUARTER FISCAL 2026
REVENUE OF $3.99 BILLION,
NET INCOME OF $175 MILLION, AND
ADJUSTED EBITDA OF $954 MILLION



NEW YORK, NY, May 11, 2026 – Fox Corporation (Nasdaq: FOXA, FOX; “FOX” or the “Company”) today reported financial results for the three months ended March 31, 2026.

The Company reported total quarterly revenue of $3.99 billion as compared to the $4.37 billion reported in the prior year quarter. Distribution revenue increased 3%, driven by 5% growth at the Cable Network Programming segment. Advertising revenue was $1.56 billion as compared to the $2.04 billion reported in the prior year quarter, primarily due to the absence of the prior year broadcast of Super Bowl LIX, partially offset by the impact of an additional NFL Wild Card game and continued digital growth led by the Tubi AVOD service. Content and other revenue increased 12% primarily due to higher sports sublicensing revenue.

The Company reported quarterly net income of $175 million as compared to the $354 million reported in the prior year quarter. Net income attributable to Fox Corporation stockholders was $166 million ($0.38 per share) as compared to the $346 million ($0.75 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $570 million ($1.32 per share) as compared to the $507 million ($1.10 per share) reported in the prior year quarter.

Quarterly Adjusted EBITDA2 was $954 million, an increase of $98 million or 11% from the amount reported in the prior year quarter, as the revenue decrease noted above was more than offset by lower expenses. The decrease in expenses was primarily due to lower sports programming rights amortization and production costs, led by the absence of the prior year broadcast of Super Bowl LIX, partially offset by the impact of an additional NFL Wild Card game and costs associated with the launch of Fox One.

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

"Our fiscal third quarter results once again demonstrate continued strength and momentum across our business. This strong performance, led by robust core advertising trends, underscores FOX’s leadership in live programming, bolstered by continued strength at our leading free streaming service, Tubi. Against this backdrop, we are proud to be bringing the world’s biggest sporting event to American homes with the FIFA Men's World Cup hosted here in North America across June and July. Meanwhile we remain steadfast in our commitment to delivering long-term shareholder value supported by our strong balance sheet.”
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.

Page 1

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EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2026
REVIEW OF OPERATING RESULTS

Three Months Ended March 31,Nine Months Ended March 31,
2026202520262025
$ Millions
Revenues by Component:
Distribution3$2,107 $2,039 $6,024 $5,840 
Advertising1,556 2,036 5,423 5,787 
Content and other331 296 1,467 1,386 
Total revenues$3,994 $4,371 $12,914 $13,013 
Segment Revenues:
Cable Network Programming$1,741 $1,636 $5,678 $5,398 
Television2,197 2,704 7,184 7,618 
Corporate and Other152 58 365 181 
Eliminations(96)(27)(313)(184)
Total revenues$3,994 $4,371 $12,914 $13,013 
Adjusted EBITDA:
Cable Network Programming$884 $878 $2,371 $2,283 
Television191 60 733 637 
Corporate and Other(121)(82)(393)(235)
Adjusted EBITDA4$954 $856 $2,711 $2,685 
Depreciation and amortization:
Cable Network Programming$25 $24 $78 $69 
Television32 28 92 87 
Corporate and Other44 43 129 127 
Total depreciation and amortization$101 $95 $299 $283 


3 The Company generates distribution revenue from agreements with MVPDs for cable network programming and retransmission fees for the broadcast of the Company’s owned and operated television stations and from subscription fees for the Company’s direct-to-consumer streaming services. In addition, the Company generates distribution revenue from agreements with independently owned television stations that are affiliated with the FOX Network. Prior period amounts have been reclassified to conform to the current presentation.
4 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.

Page 2

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EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2026
CABLE NETWORK PROGRAMMING
Three Months Ended
March 31,		Nine Months Ended
March 31,
2026202520262025
$ Millions
Revenues
Distribution$1,233 $1,169 $3,486 $3,340 
Advertising390 372 1,226 1,153 
Content and other118 95 966 905 
Total revenues1,741 1,636 5,678 5,398 
Operating expenses(702)(601)(2,831)(2,657)
Selling, general and administrative(155)(158)(476)(467)
Amortization of cable distribution investments— 1 — 9 
Segment EBITDA$884 $878 $2,371 $2,283 

Cable Network Programming reported quarterly segment revenue of $1.74 billion, an increase of $105 million or 6% from the amount reported in the prior year quarter. Distribution revenue increased $64 million or 5% as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenue increased $18 million or 5%, primarily due to higher news pricing partially offset by lower ratings, and the current year broadcast of the World Baseball Classic. Content and other revenue increased $23 million or 24%, primarily due to higher sports sublicensing revenue.

Cable Network Programming reported quarterly segment EBITDA of $884 million, an increase of $6 million or 1% 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 driven by higher sports programming rights amortization.

Page 3

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EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2026
TELEVISION
Three Months Ended
March 31,		Nine Months Ended
March 31,
2026202520262025
$ Millions
Revenues
Advertising$1,166 $1,664 $4,197 $4,634 
Distribution858 870 2,510 2,500 
Content and other173 170 477 484 
Total revenues2,197 2,704 7,184 7,618 
Operating expenses(1,736)(2,359)(5,642)(6,191)
Selling, general and administrative(270)(285)(809)(790)
Segment EBITDA$191 $60 $733 $637 

Television reported quarterly segment revenue of $2.20 billion as compared to the $2.70 billion reported in the prior year quarter. Advertising revenue was $1.17 billion as compared to the $1.66 billion reported in the prior year quarter, primarily due to the absence of the prior year broadcast of Super Bowl LIX, partially offset by the broadcast of an additional NFL Wild Card game and continued digital growth led by the Tubi AVOD service. Distribution revenue was $858 million as compared to the $870 million reported in the prior year quarter, driven by the impact of net subscriber declines. Content and other revenue increased $3 million or 2%, primarily due to higher entertainment content revenue.

Television reported quarterly segment EBITDA of $191 million, an increase of $131 million from the amount reported in the prior year quarter, as the revenue decrease noted above was more than offset by lower expenses. The decrease in expenses was driven by lower sports programming rights amortization and production costs, led by the absence of the prior year broadcast of Super Bowl LIX, partially offset by the broadcast of an additional NFL Wild Card game.

Page 4

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EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2026

SHARE REPURCHASE PROGRAM

As of March 31, 2026, the Company has cumulatively repurchased approximately $6.7 billion of its Class A common stock and approximately $1.8 billion of its Class B common stock, with a remaining authorization of $3.5 billion. During the quarter, the Company repurchased approximately $50 million of its Class A common stock and $50 million of its Class B Common stock.

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,” “should,” “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 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.

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.
CONTACTS
Gabrielle Brown, Investor RelationsBrian Nick, Press Inquiries
212-852-7720310-369-3545
Charlie Costanzo, Investor RelationsLauren Townsend, Press Inquiries
212-852-7908310-369-2729

Page 5

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EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2026
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended March 31,Nine Months Ended
March 31,
2026202520262025
$ Millions, except per share amounts
Revenues$3,994 $4,371 $12,914 $13,013 
Operating expenses(2,494)(2,965)(8,473)(8,759)
Selling, general and administrative(546)(551)(1,730)(1,578)
Depreciation and amortization(101)(95)(299)(283)
Restructuring, impairment and other corporate matters(32)(55)(38)(251)
Equity losses of affiliates(20)(18)(18)(11)
Interest expense, net(66)(55)(214)(185)
Non-operating other, net(499)(158)(785)156 
Income before income tax expense236 474 1,357 2,102 
Income tax expense(61)(120)(326)(528)
Net income175 354 1,031 1,574 
Less: Net income attributable to noncontrolling interests(9)(8)(37)(28)
Net income attributable to Fox Corporation stockholders$166 $346 $994 $1,546 
Weighted average shares:432 461 443 462 
Net income attributable to Fox Corporation stockholders per share:$0.38 $0.75 $2.24 $3.35 



Page 6

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EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2026
CONSOLIDATED BALANCE SHEETS
March 31,
2026
June 30,
2025
$ Millions
Assets:
Current assets:
Cash and cash equivalents$3,601 $5,351 
Receivables, net2,948 2,472 
Inventories, net652 432 
Other337 174 
Total current assets7,538 8,429 
Non-current assets:
Property and equipment, net1,782 1,705 
Intangible assets, net2,943 2,969 
Goodwill3,647 3,639 
Deferred tax assets2,604 2,721 
Other non-current assets3,269 3,732 
Total assets$21,783 $23,195 
Liabilities and Equity:
Current liabilities:
Accounts payable, accrued expenses and other current liabilities$2,603 $2,897 
Total current liabilities2,603 2,897 
Non-current liabilities:
Borrowings6,605 6,602 
Other liabilities1,415 1,341 
Redeemable noncontrolling interests84 288 
Commitments and contingencies
Equity:
Class A common stock, $0.01 par value2 2 
Class B common stock, $0.01 par value2 2 
Additional paid-in capital7,252 7,603 
Retained earnings3,837 4,479 
Accumulated other comprehensive loss(124)(124)
Total Fox Corporation stockholders’ equity10,969 11,962 
Noncontrolling interests107 105 
Total equity11,076 12,067 
Total liabilities and equity$21,783 $23,195 

Page 7

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EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2026
CONSOLIDATED STATEMENTS OF CASH FLOWS
Nine Months Ended March 31,
20262025
$ Millions
OPERATING ACTIVITIES:
Net income$1,031 $1,574 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization299 283 
Restructuring, impairment and other corporate matters38 168 
Equity-based compensation90 97 
Equity losses of affiliates18 11 
Cash distributions received from affiliates— 13 
Non-operating other, net785 (156)
Deferred income taxes116 165 
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets(546)(897)
Inventories net of programming payable(387)691 
Accounts payable and accrued expenses(226)(26)
Other changes, net(115)(112)
Net cash provided by operating activities1,103 1,811 
INVESTING ACTIVITIES:
Property and equipment(361)(212)
Purchase of investments(168)(79)
Acquisitions, net of cash acquired(8)(91)
Other investing activities, net(6)(25)
Net cash used in investing activities(543)(407)
FINANCING ACTIVITIES:
Repurchase of shares(1,900)(750)
Dividends paid and distributions(275)(267)
Purchase of noncontrolling interest(208)— 
Other financing activities, net73 109 
Net cash used in financing activities(2,310)(908)
Net (decrease) increase in cash and cash equivalents(1,750)496 
Cash and cash equivalents, beginning of year5,351 4,319 
Cash and cash equivalents, end of period$3,601 $4,815 

Page 8

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EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2026
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 March 31, 2026 and 2025:

Three Months Ended
March 31, 2026March 31, 2025
IncomeEPSIncomeEPS
$ Millions, except per share data
Net income attributable to Fox Corporation stockholders$166 $0.38 $346 $0.75 
Restructuring, impairment and other corporate matters32 0.07 55 0.12 
Non-operating other, net499 1.16 158 0.34 
Tax provision(127)(0.29)(52)(0.11)
As adjusted$570 $1.32 $507 $1.10 



Page 9

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EARNINGS RELEASE FOR THE QUARTER ENDED MARCH 31, 2026
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. Effective July 1, 2025, the Company no longer removes the impact of amortization of cable distribution investments when calculating Adjusted EBITDA. Prior periods were not restated as the impact of the change is immaterial to the calculation.

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 and nine months ended March 31, 2026 and 2025:

Three Months Ended
March 31,		Nine Months Ended
March 31,
2026202520262025
$ Millions
Net income$175 $354 $1,031 $1,574 
Add:
Amortization of cable distribution investments— 1 — 9 
Depreciation and amortization101 95 299 283 
Restructuring, impairment and other corporate matters32 55 38 251 
Equity losses of affiliates20 18 18 11 
Interest expense, net66 55 214 185 
Non-operating other, net499 158 785 (156)
Income tax expense61 120 326 528 
Adjusted EBITDA$954 $856 $2,711 $2,685 

Page 10

Source: View Original Filing on SEC EDGAR

FAQ

How much revenue did Fox Corporation (FOX) report for Q3 fiscal 2026?

Fox Corporation reported quarterly revenue of $3.99 billion for the three months ended March 31, 2026. This compares to $4.37 billion in the prior-year quarter, with the decline mainly linked to the absence of the prior-year broadcast of Super Bowl LIX.

What were Fox Corporation’s (FOX) Q3 2026 earnings per share?

Net income attributable to Fox stockholders was $0.38 per share in Q3 fiscal 2026. Adjusted earnings per share, which exclude certain items, were higher at $1.32, up from $1.10 in the prior-year quarter, reflecting stronger underlying profitability despite lower revenue.

How did Fox Corporation’s adjusted EBITDA perform in Q3 2026?

Fox reported adjusted EBITDA of $954 million for Q3 fiscal 2026. This was an increase of $98 million, or 11%, compared with the prior-year quarter, driven by lower sports programming rights amortization and production costs offsetting reduced advertising revenue.

How did Fox’s Cable Network Programming and Television segments perform in Q3 2026?

Cable Network Programming revenue rose to $1.74 billion, up 6%, with growth in distribution and advertising. Television revenue declined to $2.20 billion from $2.70 billion, as the prior year included Super Bowl LIX, partly offset by an additional NFL Wild Card game and digital growth led by Tubi.

What level of share repurchases did Fox Corporation (FOX) report as of March 31, 2026?

As of March 31, 2026, Fox had cumulatively repurchased about $6.7 billion of Class A stock and $1.8 billion of Class B stock, with $3.5 billion remaining authorized. During the quarter, it repurchased roughly $50 million of each share class.

What were Fox Corporation’s key balance sheet figures at March 31, 2026?

At March 31, 2026, Fox reported $3.60 billion in cash and cash equivalents and total assets of $21.78 billion. Borrowings were $6.61 billion, and total Fox stockholders’ equity was $10.97 billion, reflecting ongoing buybacks and earnings retained in the business.

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