Fox revenue jumps 28% to $4.21B as World Cup lifts advertising

Fox reported Q4 revenue of $4.21 billion, up 28% and above consensus, as World Cup advertising lifted ad revenue 78%.

"Fiscal 2026 was an exceptional year for FOX, capped by our broadcast of a remarkable FIFA Men's World Cup," Executive Chair and Chief Executive Officer Lachlan Murdoch said. "We successfully launched our direct-to-consumer streaming service, FOX One, and announced the acquisition of Roku, which will transform the scope and growth profile of our company."

Adjusted EPS of $1.79 beat the $1.34 Zacks consensus, and adjusted net income rose to $765 million from $581 million a year earlier. Distribution revenue increased 5% to $2.03 billion, while adjusted EBITDA climbed 27% to $1.20 billion.

Shares rose 5.5% after the release. The company declared a dividend of $0.29 per share payable Sept. 23 and is acquiring Roku in a deal announced June 15 that will expand its streaming reach.

Metric	Actual	Consensus	Beat/Miss
Revenue	$4.21B	$3.6B	+17%
Adjusted EPS	$1.79	$1.34	+34%

Television segment revenue jumped 45% to $2.48 billion, with advertising more than doubling to $1.46 billion on World Cup coverage and Tubi's ad-supported growth. Segment EBITDA surged 129% to $705 million. Cable Network Programming revenue rose 9% to $1.67 billion, though segment EBITDA slipped to $728 million from $747 million on higher sports rights amortization.

The expense base grew as well, with operating costs up on higher sports programming rights amortization and production costs tied to the World Cup, plus launch costs for FOX One. Content and other revenue was $262 million, roughly flat from $269 million a year earlier on the timing of sports sublicensing.

For the full year, revenue rose 5% to $17.13 billion and adjusted EBITDA gained 8% to $3.91 billion. Adjusted EPS for fiscal 2026 was $5.42, up from $4.78. The company repurchased $100 million of stock in the quarter, leaving $3.4 billion in authorization and bringing cumulative buybacks to about $8.6 billion.

The beat shows advertising demand remains resilient across sports and news even as cord-cutting pressures distribution revenue. Investors will watch the Roku deal's closing timeline and FOX One subscriber growth for the next catalyst.

This article is for informational purposes only and does not constitute investment advice.