Aug 6, 2026, 8:05 AM ETCommunication Services

Fox Corporation — Fiscal Year 2026 Earnings Summary

FOXAFOX CORP

Financial Performance

Reported total revenue of $4.21 billion for the fourth quarter ended June 30, 2026, an increase of 28% year-over-year, and $17.13 billion for the full fiscal year, an increase of 5% year-over-year.
Quarterly net income was $696 million compared to $719 million in the prior year quarter; full-year net income was $1.73 billion compared to $2.29 billion in the prior year.
Adjusted EBITDA for the quarter was $1.20 billion, up 27% year-over-year, and $3.91 billion for the full year, up 8% year-over-year.
Distribution revenue increased 5% in the quarter and 4% for the full year, driven by 7% and 5% growth respectively in the Cable Network Programming segment.
Advertising revenue increased 78% in the quarter and 7% for the full year, primarily driven by the FIFA Men's World Cup broadcast and digital growth from Tubi.
Content and other revenue was $262 million in the quarter (down from $269 million) and $1.73 billion for the full year (up 4%).
Cash and cash equivalents stood at $4.205 billion as of June 30, 2026, down from $5.351 billion in the prior year.
Total borrowings were $6.606 billion as of June 30, 2026, compared to $6.602 billion in the prior year.
Net cash provided by operating activities for the full year was $1.97 billion, down from $3.324 billion in the prior year.
Net cash used in financing activities for the full year was $2.41 billion, primarily driven by share repurchases of $2.0 billion.

Management stated the company enters fiscal 2027 "exceptionally well positioned to drive sustained growth and long-term shareholder value."
The acquisition of Roku is announced as a transaction that will "transform the scope and growth profile of the company."
Forward-looking statements regarding the Roku transaction and future results are subject to risks including economic, business, competitive, technological, strategic, and regulatory factors.

Cable Network Programming: Revenue increased 9% in the quarter to $1.67 billion and 6% for the full year to $7.35 billion; EBITDA was $728 million for the quarter and $3.10 billion for the full year.
Television: Revenue increased 45% in the quarter to $2.48 billion and 4% for the full year to $9.67 billion; EBITDA increased 129% in the quarter to $705 million and 52% for the full year to $1.44 billion.
Corporate and Other: Revenue was $161 million in the quarter and $526 million for the full year; Adjusted EBITDA was a loss of $238 million for the quarter and $631 million for the full year.
Launched direct-to-consumer streaming service "FOX One."
Tubi AVOD service continued to drive digital growth in advertising revenue.
Higher sports programming rights amortization and production costs, led by the World Cup, impacted expenses across segments.

The broadcast of the FIFA Men's World Cup was a primary driver of advertising revenue growth.
Contractual price increases in distribution revenue were partially offset by net subscriber declines.
Political advertising revenue was higher in the quarter but lower for the full year compared to the prior year.
The absence of the prior year broadcast of Super Bowl LIX negatively impacted full-year advertising revenue.

Risks include the impact of the Roku transaction and related uncertainties.
Expenses increased due to higher sports programming rights amortization, production costs, and costs associated with the launch of FOX One.
Net subscriber declines continue to offset distribution revenue price increases.
Actual results may vary materially from forward-looking statements due to changes in economic, business, competitive, technological, strategic, and regulatory factors.

Executive Chair and CEO Lachlan Murdoch described fiscal 2026 as an "exceptional year" capped by the World Cup broadcast.
Management highlighted record top-line revenue converting into record EBITDA.
The tone was confident, citing strong momentum across the portfolio and strategic positioning for the future.

The Board of Directors authorized an increase in the semi-annual dividend to $0.29 per Class A and Class B share, payable September 23, 2026.
The Company announced the acquisition of Roku.
Cumulative share repurchases as of June 30, 2026, totaled approximately $6.7 billion for Class A stock and $1.9 billion for Class B stock, with a remaining authorization of $3.4 billion.
During the quarter, the Company repurchased approximately $50 million of Class A common stock and $50 million of Class B common stock.
Net cash used in investing activities for the full year was $705 million, including $502 million in property and equipment.