Fox (FOXA) Q2 2026 earnings summary

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.