Fox Corporation Q2 FY2026 earnings call

• Broad momentum: Operating and financial performance continued to build, with strength in advertising, news, sports, and Tubi.
• Advertising strength: Advertising revenue grew 1% despite tough comp, driven by linear pricing, Tubi, and sports like MLB World Series.
• News segment: Advertising revenue grew, highest second-quarter ad revenue ever. Distribution revenue up 4%, subscriber declines improving. Fox One gaining traction with 1/3 of minutes viewed on news.
• Sports segment: Record ad revenue in MLB postseason, NFL, college football. Upcoming events like Daytona 500, Indy 500, FIFA World Cup.
• Tubi performance: Most streamed quarter, 27% y/y growth in viewer view time, 19% revenue growth, EBITDA profitable.
• Fox One: Exceeded expectations, 1/3 of minutes viewed on news, growing subscriber base with sports and news appeal.

Fox delivered a strong quarter with total revenues at $5.18 billion, up 2% y/y. Cable segment: revenues $2.28 billion, adjusted EBITDA $687 million, both up 5% y/y. Cable advertising grew 7%, distribution up 5%, content and other up 4%. Television segment: revenues $2.94 billion. Advertising unchanged, distribution up 1%, content and other down 19%. EBITDA $143 million vs $205 million prior year. Tubi: most streamed quarter, 27% y/y growth in viewer view time, 19% revenue growth, achieved EBITDA profitability for second quarter in a row.

• Entering the second half of fiscal year with strong momentum.
• Emphasis on live sports, news, Tubi, and Fox One driving performance.
• Confidence in strategic direction, strong financial position, and balance sheet to deliver sustained growth.

Q: Talk about cable advertising, news CPMs, World Cup profitability A: Cable ad strong, news scatter pricing up 46-47%, World Cup profitable Q: NFL contract, entertainment talent deals A: NFL contract to bring certainty, offset costs through portfolio balance; entertainment strategy working with strong launches Q: Fox One performance, P&L impact A: Fox One exceeded expectations, subscriber momentum, costs in corporate segment Q: Distribution subscriber declines, Tubi growth A: Subscriber declines improved, Tubi growth driven by various factors, renewals ahead Q: Skinny bundles, sports betting A: Net beneficiary of skinny bundles, sports betting看好 Flutter and FanDuel Q: Ad market categories, midterms political spend A: Strong ad categories, financial, pharma, etc., Tubi positioned to capture political revenue