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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.
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Q1 2026 earnings summary30 Oct, 2025

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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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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