Fox Corporation

FOX said fiscal 2026 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 or $3.84 per share, and adjusted EPS was $5.42, up 13% from $4.78. In the fourth quarter, revenue increased 28% to $4.2 billion, EBITDA rose 27% to $1.2 billion, net income attributable to FOX stockholders was $691 million or $1.61 per share, and adjusted EPS was $1.79, up 41% from $1.27. Companywide advertising revenue grew 7% for the year and 78% in the quarter; distribution revenue increased 4% for the year and 5% in the quarter; content and other revenue was $262 million in Q4 versus $269 million a year ago. Free cash flow was $726 million in the quarter, cash ended at approximately $4.2 billion, and debt at $6.6 billion. For fiscal 2027, management said the World Cup and midterm elections should support advertising, distribution revenue should grow from both cable and TV, digital investment should improve further, and buybacks will continue despite the pending Roku deal.

Lachlan Murdoch framed fiscal 2026 as a milestone year built on execution across sports, news, streaming and digital. He emphasized the World Cup as proof of FOX’s ability to mobilize its whole portfolio at scale, while saying FOX One is attracting incremental subscribers with minimal cannibalization of the pay-TV base. He was upbeat on the ad market, the upfront, Tubi’s engagement and the company’s relationship with the NFL, and said fiscal 2027 has started well.

Steve Tomsic highlighted record annual revenue of over $17 billion and record EBITDA of $3.9 billion, with companywide ad revenue up 7% and distribution revenue up 4% in fiscal 2026. He noted Q4 free cash flow of $726 million, which was affected by World Cup working-capital timing, and said expenses rose 4% for the year and 28% in Q4 due to World Cup rights and production costs, FOX One first-year costs, and higher digital content costs. On capital returns, FOX repurchased an additional $2 billion in fiscal 2026, paid about $243 million in dividends, raised the semiannual dividend to $0.29 per share, and has returned $10.7 billion to shareholders since the spin, including $8.6 billion of buybacks. He also said the company ended with about $4.2 billion in cash and $6.6 billion in debt, and that buybacks should continue through the Roku transaction with a target around 2.8x net leverage at close.

Analysts focused on the ad market, with management saying demand is strong across sports, news, local stations, Tubi and entertainment, and that the upfront delivered double-digit volume growth with what FOX believes were leading rate increases. Questions on Tubi centered on sellout and pricing, and Murdoch said Tubi remains efficiently priced and has not needed to cut rates to compete despite a very competitive CTV market. On FOX One, management said subscriber growth has been incremental, does not appear to be churning traditional MVPD customers, and retention is running better than expected. On NFL rights, Murdoch said no changes are expected to the contractual relationship until the 2030 season and described FOX’s relationship with the league as highly positive.