Fox Corporation (FOX) Earnings
Fox Corporation is expected to report next earnings on October 29, 2026 (in NaN days), with a consensus EPS estimate of $2.04. FOX has beaten EPS estimates in 10 of its last 11 reported quarters (average surprise +37.6% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $1.44 | $1.79 | +24.3% | $4.2B | +15.7% |
| May 11, 2026 | $1.02 | $1.32 | +29.4% | $4.0B | +5.7% |
| Feb 4, 2026 | $0.51 | $0.82 | +60.8% | $5.2B | +2.4% |
| Oct 30, 2025 | $1.11 | $1.51 | +36.0% | $3.7B | +4.8% |
| Feb 4, 2025 | $0.69 | $0.96 | +38.7% | $5.1B | +4.3% |
| Feb 7, 2024 | $0.13 | $0.34 | +167.3% | $4.2B | +0.6% |
| Nov 2, 2023 | $1.00 | $1.09 | +9.3% | $3.2B | +0.8% |
| Feb 8, 2023 | $0.47 | $0.48 | +1.9% | $4.6B | +0.7% |
| Nov 1, 2022 | $1.14 | $1.21 | +6.1% | $3.2B | +0.6% |
| Aug 10, 2022 | $0.75 | $0.74 | -1.6% | $3.0B | -0.6% |
| Feb 9, 2022 | $0.04 | $0.13 | +268.6% | $4.4B | +4.2% |
| Nov 3, 2021 | — | $1.11 | — | $3.0B | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2026 · August 6, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Core Strategic Milestones - Successfully launched direct-to-consumer streaming service FOX One, which exceeded subscriber acquisition and retention expectations, with minimal cannibalization of traditional pay-TV revenue, as it targets the untapped cordless population. - Broadcast the 2026 FIFA Men's World Cup to record U.S. audiences, becoming the top network for live sports consumption in fiscal 2026 (outperforming competitors that held the Super Bowl and Winter Olympics). The event drove strong customer gains for FOX One and Tubi, and demonstrated the company's ability to execute large-scale cross-platform live events. - Grew Tubi to become a leading free streaming platform, ending fiscal 2026 with 110 million monthly active users. Tubi delivered its highest revenue and streaming volume quarter ever, with 35% YoY revenue growth and 17% YoY growth in total viewing time. - Announced the pending acquisition of Roku, which is expected to close in the first half of calendar 2027, to expand the company's connected TV (CTV) distribution and advertising footprint. Brand Leadership - FOX News remained the most-watched cable network in total day and prime time for Q4 and full fiscal 2026, with market share exceeding all competitors combined. It added 400 new advertisers in fiscal 2026, delivering record revenue in Q4 and the full year. - Confirmed no changes to the existing NFL broadcast contract, which runs through the 2029 season. Discussions about contract extension will occur closer to the 2030 season, consistent with customary timelines. Financial and Capital Allocation - Full fiscal 2026 advertising revenue grew 7% YoY (outperforming the prior year's Super Bowl and presidential election cycle), distribution revenue grew 4% YoY, and total expenses increased 4% YoY, driven by World Cup costs, FOX One launch costs, and higher digital content costs. - Returned $2 billion to shareholders via share repurchases and $243 million via dividend payments in fiscal 2026. Announced a semiannual dividend increase to $0.29 per share; cumulative shareholder returns since the spin total $10.7 billion, including $8.6 billion in share repurchases (representing ~36% of outstanding shares). - Ended Q4 with $4.2 billion in cash and $6.6 billion in debt.
Guidance
- The Roku acquisition remains on track for closing in the first half of calendar 2027, with expected net leverage of 2.8x at closing, leaving significant capital allocation flexibility to continue share buybacks during and after the transaction process. - 2026 FIFA Men's World Cup revenue is heavily weighted to fiscal 2026, with remaining 2027 revenue concentrated in the Television segment, mostly from knockout stage matches. - The 2026 midterm election cycle is expected to be a record advertising cycle for Fox, driving particularly strong advertising growth at local stations and Tubi. Management projects this midterm will exceed the prior 2022 midterm cycle's $260 million in political revenue. - Distribution revenue growth is expected from both Cable and Television segments in fiscal 2027, with a return to a normalized level of renewals skewed toward the Television segment. - Digital investment losses were less than $200 million in fiscal 2026 (down from just under $300 million in fiscal 2025), and continued bottom line improvement for the digital portfolio (Tubi, FOX One) is expected in fiscal 2027. - Early fiscal 2027 (first quarter) advertising momentum remains strong, following a record upfront with double-digit volume growth across key segments.
Segment performance
Overall Company: - Fiscal 2026 full year: Total revenue grew 5% to over $17 billion; EBITDA grew 8% to a record $3.9 billion. Net income attributable to stockholders was $1.7 billion ($3.84 per share), adjusted EPS was $5.42 per share (up 13% YoY). - Q4 Fiscal 2026: Total revenue increased 28% YoY to $4.2 billion; EBITDA improved 27% YoY to $1.2 billion. Net income attributable to stockholders was $691 million ($1.61 per share), adjusted EPS was $1.79 (up 41% YoY). Advertising revenue grew 78% YoY, distribution revenue grew 5% YoY, and content/other revenue was $262 million (down slightly from $269 million YoY). Free cash flow for the quarter was $726 million. Cable Network Programming Segment: - Q4 revenue grew 9% YoY, EBITDA declined 3% YoY. It contributed 41% of total Q4 revenue. - Advertising revenue grew 22% YoY, driven by FIFA Men's World Cup broadcasts. - Distribution revenue grew 7% YoY, as affiliate renewal pricing gains outpaced net subscriber declines (which remained under 6.5% YoY, consistent with prior quarter, before accounting for FOX One contributions). - Content and other revenue declined 39% YoY due to timing of sports sublicensing revenue. - Expenses increased 20% YoY, primarily from higher World Cup sports programming rights and production costs. Television Segment: - Q4 revenue grew 45% YoY, EBITDA grew 129% YoY. It contributed 59% of total Q4 revenue. - Advertising revenue grew 108% YoY, driven by World Cup broadcasts, higher political advertising at local stations, and continued growth at Tubi (which was EBITDA-positive in all quarters of fiscal 2026). - Distribution revenue was essentially flat YoY. - Content and other revenue grew 14% YoY, primarily from higher content revenue at entertainment production studios. - Expenses increased 27% YoY, driven by higher World Cup programming rights and production costs.
Risks & headwinds
- The CTV advertising market remains highly competitive with large amounts of new available inventory, creating pricing pressure for streaming platforms. - The traditional cable segment continues to experience net subscriber declines, even though pricing gains have so far outpaced this headwind. - Pending regulatory approval for the Roku acquisition introduces uncertainty around the transaction's timing and final completion. - Actual future results may differ from management's forward-looking expectations due to unforeseen factors, as noted in the company's SEC filings.
Analyst Q&A
Q: An analyst asks for an update on the overall ad market: linear upfront pricing and demand, demand for sports/news inventory, and CTV pricing and fill rates, plus clarification on Fox's NFL contract timeline.
A: Management reports very strong ad demand across all Fox segments (sports, news, local, Tubi, entertainment), with double-digit upfront volume growth and leading pricing versus peers, with growth in 8 of 10 tracked ad categories, and momentum continuing into the first quarter of fiscal 2027. The CTV market is competitive, but Tubi still delivered 35% YoY revenue growth and maintained its advertising rates without cuts. No changes to NFL contract terms will happen before the 2030 season.
Q: An analyst asks what sustainable, long-term benefits the one-off 2026 World Cup provides for Fox's business beyond immediate quarterly revenue.
A: Management notes the World Cup demonstrated Fox's unique cross-platform ability to amplify large live events across linear and digital properties, which showcases the company's value to sports leagues seeking to maximize monetization of their intellectual property. This strong, proven execution is expected to benefit Fox in future rights negotiations by highlighting the added marketing, production, and distribution value Fox brings to major sports properties.
Q: An analyst asks to break down Tubi's 35% YoY growth between World Cup effects and underlying momentum, and asks for an update on digital investment levels and 2027 free cash flow outlook.
A: Underlying momentum is the primary driver of Tubi's growth: 70% of Tubi's viewers are cordless (a higher share than competitors), providing hard-to-reach audiences that make it very valuable to advertisers, and 96% of viewing is user-selected VOD, which delivers higher ad engagement. The World Cup contributed a relatively small portion of total growth. Digital investment fell from ~$300 million in fiscal 2025 to under $200 million in fiscal 2026, with further bottom line improvement expected in fiscal 2027.
Q: An analyst asks how Tubi's ad sellout and CPM trends are performing, and how bundling impacts FOX One subscriber churn.
A: While the CTV market is competitive and price-sensitive, Tubi's efficient existing pricing means it has not had to cut ad rates to compete, and continues to grow. For FOX One, bundling with other providers improves attractiveness for consumers, and the platform's churn rate has been well below management's expectations. Importantly, all FOX One subscribers are incremental, with no meaningful churn of valuable traditional MVPD customers.