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Fox (FOXA) investor relations material
Fox Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Fiscal Q2 2026 revenues reached $5.18 billion, up 2% year-over-year, driven by strong advertising and distribution growth, especially in sports, news, and digital platforms like Tubi.
Net income attributable to stockholders was $229 million ($0.52 per share), down from $373 million ($0.81 per share) year-over-year, primarily due to higher expenses and lower investment gains.
Adjusted EBITDA was $692 million, down from $781 million in the prior year quarter as higher expenses offset revenue gains.
Tubi achieved record engagement and revenue, with total view time up 27% year-over-year and revenue up 19%, reaching EBITDA profitability for the second consecutive quarter.
Fox One, launched in August 2025, exceeded expectations in subscriber growth and engagement, with no noticeable cannibalization of traditional subscribers.
Financial highlights
Total revenues increased 2% year-over-year to $5.18 billion.
Distribution revenues grew 4%, advertising revenues rose 1%, and content/other revenues were flat.
Adjusted EBITDA was $692 million, down 11% from the prior year.
Net income attributable to stockholders was $229 million ($0.52 per share), down from $373 million ($0.81 per share) year-over-year; adjusted net income was $360 million and adjusted EPS was $0.82.
Free cash flow deficit of $791 million, reflecting seasonal working capital patterns.
Outlook and guidance
Management expects continued robust advertising trends, especially with the upcoming political cycle and major sports events like the FIFA Men's World Cup.
Fox One is projected to reach low- to mid-single-digit millions of subscribers over the next 3-4 years.
Tubi and Fox One are expected to remain key growth drivers, with ongoing investments in digital platforms and sports rights.
Management expressed confidence in continued operating and financial momentum, citing differentiated strategy and execution.
No material changes to risk factors or critical accounting policies were reported.
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