Fox (FOXA) Q4 2026 earnings summary

Executive summary

• Fiscal 2026 achieved record annual revenue of $17.13 billion, up 5%, and record adjusted EBITDA of $3.91 billion, up 8%, driven by the FIFA Men's World Cup, digital growth, and FOX One launch.

• Net income for the year was $1.73 billion, down from $2.29 billion in the prior year, while adjusted net income rose to $2.38 billion and adjusted EPS to $5.42, up 13%.

• Major milestones included the launch of FOX One, enhanced Tubi streaming, and the pending acquisition of Roku, expected to expand digital reach and advertising capabilities.

• Fourth quarter revenue surged 28% to $4.21 billion, with adjusted EBITDA up 27% to $1.2 billion, fueled by World Cup and Tubi growth.

• Tubi closed the year at 110 million monthly active users and 35% Q4 revenue growth.

Financial highlights

• Annual revenue reached $17.13 billion, up 5% year-over-year; annual adjusted EBITDA hit $3.91 billion, up 8%.

• Advertising revenue grew 7% year-over-year, led by the World Cup and Tubi.

• Distribution revenue increased 4%, with cable segment up 5%.

• Q4 adjusted EPS was $1.79, up 41% year-over-year; Q4 adjusted net income was $765 million.

• Net income margin for the year was ~10.1%.

Outlook and guidance

• Fiscal 2027 is off to a strong start, with continued advertising momentum from the World Cup and early midterm political cycle.

• World Cup revenues will benefit Q1 2027, with TV segment carrying most knockout matches.

• Midterm elections expected to drive record political ad revenue, surpassing previous cycles.

• Distribution revenue growth expected in both cable and TV segments, with renewals normalizing.

• Digital investment moderated in 2026 and is expected to improve further in 2027.