Fox Corporation Earnings Call Transcripts
Fiscal Year 2026
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The acquisition combines a leader in live news and sports with the top connected TV platform, creating the third-largest U.S. TV player by share of viewing. The $15B cash and stock deal targets $400M in cost synergies, robust revenue growth, and maintains Roku’s open platform approach.
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Focus on live news, sports, and AVOD drives momentum, with strong ratings and digital growth. Tubi and FOX One deliver incremental revenue, while disciplined capital allocation supports shareholder returns. Advertising and election cycles are expected to boost local and digital platforms.
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Revenue reached $4B with 11% adjusted EBITDA growth, driven by strong distribution and digital performance. Excluding the Super Bowl impact, advertising grew double digits, and Tubi revenue rose 23%. Record EBITDA is expected for the year, supported by major sports events and political ad momentum.
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Strong performance was driven by sports, news, and digital growth, with Tubi turning profitable ahead of schedule and FOX One exceeding subscriber expectations. Advertising remains robust, and the company is well-positioned for the upcoming World Cup and political ad cycle, while maintaining disciplined capital allocation and investment in digital initiatives.
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Record revenue and profitability were achieved across sports, news, and Tubi, with digital and direct-to-consumer platforms like FOX One exceeding expectations. The company remains focused on news, sports, and AVOD growth, while maintaining strong capital returns and a disciplined approach to M&A.
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Fiscal Q2 2026 saw 2% revenue growth to $5.18B, record ad revenue in sports and news, and Tubi's best quarter ever with 27% view time growth and 19% revenue growth. Fox One exceeded subscriber expectations, and $1.8B in buybacks was completed.
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Q1 2026 delivered 5% revenue and 2% EBITDA growth, with strong advertising and Tubi profitability. Fox One's launch exceeded expectations, and a $1.5B share repurchase was announced, supported by a robust balance sheet and positive outlook.
Fiscal Year 2025
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Record financial and engagement results set a strong foundation, with continued focus on news, sports, and digital growth. Advertising and sports rights remain robust, Tubi and FOX One outperform expectations, and capital returns to shareholders exceed $10 billion.
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Momentum continues across brands, with Tubi nearing profitability and Fox One exceeding early expectations. Strategic investments in sports betting and digital platforms are complemented by strong advertising demand and new bundling initiatives, including an ESPN partnership.
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Record fiscal 2025 results included 17% revenue growth, 26% EBITDA growth, and a doubling of free cash flow, driven by strong advertising, Tubi's expansion, and major live events. Fiscal 2026 will see increased digital investment, Fox One's launch, and continued focus on shareholder returns.
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Strong advertising and affiliate performance, a disciplined capital strategy, and the launch of Fox One D2C position the company for continued growth. Tubi's rapid expansion and Fox News' record viewership drive digital and linear strength, while sports rights remain secure.
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Record Q3 results driven by Super Bowl LIX, strong Fox News and Tubi growth, and robust advertising revenue. Fox One D2C service to launch before football season, targeting cord-nevers. Share buybacks and cash flow remain strong.
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Strong advertising and affiliate performance, digital growth, and disciplined capital allocation drove robust results. Tubi exceeded $1 billion in revenue, and a new D2C streaming service will launch before football season, targeting the cordless market. Sports rights remain a core focus, with no plans to re-enter regional sports networks.
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Strong performance across all segments is driving growth, with digital and DTC initiatives like Tubi and a new streaming service targeting cord-nevers. Fox News and sports remain core strengths, while advertising and affiliate revenues are robust. Management is optimistic for 2025.
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Maintains focus on live sports and news, viewing streaming as a supplement to bundles, not a shift in strategy. Affiliate fee growth remains strong, digital initiatives like Tubi and Fox News expand reach and ad revenue, and sports rights costs are expected to stay robust for top properties.
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EBITDA more than doubled to $781M and revenue rose 20% to $5B, driven by strong ad and affiliate growth, record political ad spend, and Tubi's expansion. Fox News and sports delivered record ratings, while a new DTC service is set to launch by year-end.
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EBITDA rose 21% to $1.05B on 11% revenue growth, with record political ad revenue and strong results at FOX News, Tubi, and sports. Tubi is set to surpass $1B in annual revenue, and share buybacks continue, supported by a robust balance sheet.
Fiscal Year 2024
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Priorities for 2025 include leveraging major events like the election and Super Bowl, maintaining leadership in news and sports, and driving digital growth through Tubi. Strong advertising and political revenue, disciplined sports rights management, and a focus on shareholder returns define the outlook.
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A focused live news and sports strategy has driven strong financial results and brand value, with continued investment in digital platforms like Tubi and the upcoming Venu service. Advertising and political spending are robust, and the company is leveraging its balance sheet for growth and shareholder returns.
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Fiscal 2024 saw nearly $14B in revenue, strong affiliate growth, and record viewership at Tubi and Fox News. Q4 revenues rose 2% YoY, with digital and political advertising expected to drive further gains in fiscal 2025.