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Fox (FOXA) investor relations material
Fox Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Quarterly revenue grew 5% year-over-year to $3.74 billion, driven by gains in distribution, advertising, and content, with strong performance across news, sports, entertainment, and Tubi.
Adjusted EBITDA increased 2% to $1.07 billion, with both Cable Network Programming and Television segments posting 7% EBITDA growth.
Net income attributable to stockholders was $599 million, down 28% year-over-year, mainly due to investment losses and higher operating expenses.
Tubi achieved 27% revenue growth, reached profitability, and contributed to digital momentum.
A $1.5 billion accelerated share repurchase was announced, reflecting confidence in the business outlook.
Financial highlights
Distribution revenue grew 3% to $1.91 billion, advertising revenue rose 6% to $1.41 billion, and content/other revenue increased 12% to $411 million year-over-year.
Adjusted net income was $686 million ($1.51/share), up from $672 million ($1.45/share) in the prior year.
Free cash flow was negative $234 million, and net cash used in operating activities was $130 million, reflecting seasonal working capital and higher programming payments.
Cash and cash equivalents stood at $4.37 billion at quarter-end, with $6.6 billion in debt.
Operating expenses increased to $2.08 billion, and SG&A rose to $589 million, mainly due to FOX One launch and higher employee costs.
Outlook and guidance
Management expects continued operating momentum, robust advertising demand, and ongoing investment in digital platforms, with a focus on FOX One and Tubi.
Distribution revenue growth is expected for the full year, with cable segments driving the increase.
TV affiliate revenue for FY26 expected to be flat, with overall distribution revenue growth anticipated in FY27.
Tubi is expected to be a meaningful EBITDA contributor in the medium term, with margins in the 20%-25% range.
The $1.5 billion share repurchase is expected to be completed in the second half of fiscal 2026.
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