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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.
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Q2 2026 earnings summary4 Feb, 2026

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.

Impact of Q2 share repurchases on cash balance
Underlying ad revenue trends beyond political
Drivers of lower entertainment programming costs
FOX One engagement data: future content strategy
NFL cost step-up: specific portfolio rebalancing
FOX News' unique audience for political ad revenue
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Frequently asked questions

Fox Corporation operates as a news, sports and entertainment company in the United States. The company operates through Cable Network Programming, Television and Other, Corporate and Eliminations segments. The Cable Network Programming segment produces and licenses news, business news, sports and entertainment content for distribution primarily through cable television systems, direct broadcast satellite operators, telecommunications companies and online video distributors. The Television segment operates 28 local television stations. It also operates MyNetworkTV, a programming service that produces television dramas and other entertainment programs for distribution to local television stations; and owns national sports networks. This segment also provides digital streaming services; sells advertising time in national network programming; buys programs from independent producers or studios; owns program guides; sells products under the Fox brand in retail stores, such as home entertainment products consisting of DVD and Blu-ray discs; through online retail businesses comprising FOXShop.com; and develops mobile websites/applications based on the Company's television shows/personalities.

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