Fox (FOXA) Q3 2026 earnings summary

Executive summary

• Quarterly revenue was $3.99 billion, down from $4.37 billion year-over-year, mainly due to the absence of the prior year's Super Bowl broadcast, partially offset by growth in digital and sports content.

• Adjusted EBITDA rose 11% to $954 million, driven by lower expenses, especially in sports programming rights and production.

• Net income attributable to stockholders was $166 million ($0.38 per share), down from $346 million ($0.75 per share) last year, mainly due to lower advertising receipts and a change in fair value of investments.

• Segment EBITDA increased in both Cable Network Programming (up 1%) and Television (up 15%) for the quarter, driven by higher distribution rates and lower sports programming costs.

• Tubi revenue grew 23% with a 19% increase in total view time, and Fox News achieved its highest third quarter advertising revenue ever.

Financial highlights

• Adjusted EBITDA for the quarter was $954 million (up from $856 million year-over-year), a record third quarter.

• Quarterly revenue: $3.99 billion (down from $4.37 billion year-over-year); nine-month revenue: $12.91 billion (down 1%).

• Net income attributable to stockholders was $166 million ($0.38 per share), down from $346 million ($0.75 per share) last year; adjusted net income was $570 million and adjusted EPS was $1.32, up 20% year-over-year.

• Operating expenses decreased 16% for the quarter, mainly due to the absence of Super Bowl LIX costs.

• Content and other revenue increased 12%, primarily from higher sports sub-licensing revenue.

Outlook and guidance

• Management expects continued pressure on advertising revenue due to evolving consumer behavior and digital market shifts.

• Expecting record EBITDA for the fiscal year, with continued momentum from the upcoming FIFA Men's World Cup and midterm election cycle.

• Television distribution revenue expected to be flat for the full year, returning to growth in fiscal 2027.

• The company plans to maintain semi-annual dividends and continue its stock repurchase program, with $3.5 billion remaining authorized.

• Anticipate strong advertising and political revenue in the upcoming quarters, especially from the World Cup and midterms.