Fox Corporation delivered solid financial performance in its second fiscal quarter of 2026, which covered the three months ended December 31, 2025. The company generated total revenues of $5.18 billion, reflecting a 2 percent increase from the $5.08 billion reported in the comparable period a year earlier. This modest growth occurred despite the absence of significant political advertising that had boosted results during the prior year’s election cycle.
The revenue expansion stemmed primarily from stronger performance in key areas, including higher pricing for sports and news content, along with sustained momentum at the Tubi ad-supported streaming service. Additional contributions came from coverage of Major League Baseball postseason games. These factors helped counteract the sharp drop in political ad spending and some softness in overall television ratings.
Segment details highlighted resilience across the portfolio. The Television segment produced approximately $2.94 billion in revenue, holding nearly flat compared to the previous year. Advertising in this area remained stable, bolstered by Tubi’s digital growth and extra MLB postseason broadcasts, even as traditional broadcast faced challenges from lower political inflows. Distribution revenues in the segment edged up 1 percent to $831 million, supported by improved affiliate fee rates at owned stations and higher contributions from third-party affiliates carrying Fox programming.
The Cable Network Programming segment showed more pronounced strength, posting $2.28 billion in revenue, a 5 percent rise year-over-year. Distribution revenues grew 5 percent thanks to contractual price increases, which provided a buffer against ongoing net subscriber losses in the cable ecosystem. Advertising revenues climbed 7 percent, driven by elevated pricing for news and sports programming that continued to attract demand from marketers.
Overall, advertising revenues company-wide increased 1 percent, reaching around $2.45 billion, while distribution revenues advanced 4 percent to about $2.02 billion. Content and other revenues stayed essentially unchanged.
Despite the top-line progress, profitability metrics declined due to elevated operating expenses. Net income fell to $247 million, or $0.52 per share, from $388 million, or $0.81 per share, in the prior-year quarter. Adjusted EBITDA decreased to $692 million from $781 million, as the company absorbed higher costs related to sports programming rights and production, plus expanded investments in digital marketing efforts.
The results underscored Fox’s differentiated position in the media landscape, where a mix of linear television, cable networks, and streaming assets generated broad-based contributions. Leadership emphasized the company’s ability to achieve advertising growth even without the prior year’s political tailwinds, pointing to ongoing operational and financial momentum.
In terms of capital allocation, Fox remained active in returning value to shareholders. The company repurchased approximately $1.55 billion in common stock during the quarter. It also declared a quarterly dividend of $0.28 per share, payable on March 25, 2026, to stockholders of record as of March 4, 2026. Cash and cash equivalents stood at $2.02 billion as of the quarter’s end.
The performance beat Wall Street expectations for revenue, which had been projected around $5.06 billion. The quarter demonstrated Fox’s capacity to navigate a transitional advertising environment marked by the shift away from election-year spending, while leveraging strengths in live sports, news, and fast-growing digital platforms like Tubi to drive incremental gains. This approach positions the company to maintain stability amid broader industry challenges, including evolving viewer habits and cord-cutting pressures in the cable space.
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