Open the filing on EDGARFOX REPORTS SECOND QUARTER FISCAL 2026
REVENUES OF $5.18 BILLION,
NET INCOME OF $247 MILLION, AND
ADJUSTED EBITDA OF $692 MILLION
NEW YORK, NY, February 4, 2026 - Fox Corporation (Nasdaq: FOXA, FOX; “FOX” or the “Company”) today reported financial results for the three months ended December 31, 2025.
The Company reported total quarterly revenues of $5.18 billion, an increase of $104 million or 2% from the amount reported in the prior year quarter. Distribution revenues increased 4%, primarily driven by 5% growth at the Cable Network Programming segment. Advertising revenues increased 1%, primarily due to higher sports and news pricing, continued digital growth led by the Tubi AVOD service, and the impact of additional MLB postseason games, partially offset by lower political advertising revenues and lower ratings. Content and other revenues were essentially unchanged from the prior year quarter.
The Company reported quarterly net income of $247 million as compared to the $388 million reported in the prior year quarter. Net income attributable to Fox Corporation stockholders was $229 million ($0.52 per share) as compared to the $373 million ($0.81 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders was $360 million ($0.82 per share) as compared to the $442 million ($0.96 per share) reported in the prior year quarter.
Quarterly Adjusted EBITDA was $692 million as compared to $781 million reported in the prior year quarter as the revenue increase noted above was more than offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs, and higher digital marketing costs, partially offset by lower entertainment programming rights amortization and production costs.
Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:
"FOX delivered robust results in the second quarter of fiscal 2026 with broad based contributions from across our portfolio, including notable strength in advertising, where despite strong political advertising revenues a year ago, we still grew total company advertising revenue. These results represent a continuation of the operating and financial momentum that we have delivered over the last several years and are a product of both a highly differentiated strategy and high quality execution that reflect the power of our leadership brands across news, sports, streaming and entertainment.”
Excludes net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provision and Noncontrolling interest adjustments. See Note 1 for a description of adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders, which are considered non-GAAP financial measures, and a reconciliation of reported net income attributable to Fox Corporation stockholders and earnings per share attributable to Fox Corporation stockholders to adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders.
Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted
EBITDA.
REVIEW OF OPERATING RESULTS
| Three Months Ended December 31, | Six Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| $ Millions |
|---|
| Revenues by Component: | | | | |
| Distribution | $2,002 | | $1,933 | | $3,917 | | $3,801 | |
| Advertising | 2,455 | | 2,422 | | 3,867 | | 3,751 | |
| Content and other | 725 | | 723 | | 1,136 | | 1,090 | |
| Total revenues | $5,182 | | $5,078 | | $8,920 | | $8,642 | |
| Segment Revenues: | | | | |
| Cable Network Programming | $2,275 | | $2,165 | | $3,937 | | $3,762 | |
| Television | 2,937 | | 2,961 | | 4,987 | | 4,914 | |
| Corporate and Other | 124 | | 58 | | 213 | | 123 | |
| Eliminations | (154) | | (106) | | (217) | | (157) | |
| Total revenues | $5,182 | | $5,078 | | $8,920 | | $8,642 | |
| Adjusted EBITDA: | | | | |
| Cable Network Programming | $687 | | $657 | | $1,487 | | $1,405 | |
| Television | 143 | | 205 | | 542 | | 577 | |
| Corporate and Other | (138) | | (81) | | (272) | | (153) | |
| Adjusted EBITDA | $692 | | $781 | | $1,757 | | $1,829 | |
| Depreciation and amortization: | | | | |
| Cable Network Programming | $27 | | $25 | | $53 | | $45 | |
| Television | 30 | | 30 | | 60 | | 59 | |
| Corporate and Other | 43 | | 42 | | 85 | | 84 | |
| Total depreciation and amortization | $100 | | $97 | | $198 | | $188 | |
The Company generates distribution revenue from agreements with MVPDs for cable network programming and retransmission fees for the broadcast of the Company’s owned and operated television stations and from subscription fees for the Company’s direct-to-consumer streaming services. In addition, the Company generates distribution revenue from agreements with independently owned television stations that are affiliated with the FOX Network. Prior period amounts have been reclassified to conform to the current presentation.
Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.
CABLE NETWORK PROGRAMMING
| Three Months Ended December 31, | Six Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| $ Millions |
|---|
| Revenues | | | | |
| Distribution | $1,163 | | $1,109 | | $2,253 | | $2,171 | |
| Advertising | 491 | | 460 | | 836 | | 781 | |
| Content and other | 621 | | 596 | | 848 | | 810 | |
| Total revenues | 2,275 | | 2,165 | | 3,937 | | 3,762 | |
| Operating expenses | (1,426) | | (1,354) | | (2,129) | | (2,056) | |
| Selling, general and administrative | (162) | | (158) | | (321) | | (309) | |
| Amortization of cable distribution investments | - | | 4 | | - | | 8 | |
| Segment EBITDA | $687 | | $657 | | $1,487 | | $1,405 | |
Cable Network Programming reported quarterly segment revenues of $2.28 billion, an increase of $110 million or 5% from the amount reported in the prior year quarter. Distribution revenues increased $54 million or 5% as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenues increased $31 million or 7%, primarily due to higher news and sports pricing, partially offset by lower ratings. Content and other revenues increased $25 million or 4%, primarily due to higher sports sublicensing revenues.
Cable Network Programming reported quarterly segment EBITDA of $687 million, an increase of $30 million or 5% from the amount reported in the prior year quarter, primarily due to the revenue increase noted above, partially offset by higher expenses. The increase in expenses was driven by higher sports programming rights amortization and production costs, partially offset by lower newsgathering costs.
TELEVISION
| Three Months Ended December 31, | Six Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| $ Millions |
|---|
| Revenues | | | | |
| Advertising | $1,964 | | $1,962 | | $3,031 | | $2,970 | |
| Distribution | 831 | | 824 | | 1,652 | | 1,630 | |
| Content and other | 142 | | 175 | | 304 | | 314 | |
| Total revenues | 2,937 | | 2,961 | | 4,987 | | 4,914 | |
| Operating expenses | (2,521) | | (2,499) | | (3,906) | | (3,832) | |
| Selling, general and administrative | (273) | | (257) | | (539) | | (505) | |
| Segment EBITDA | $143 | | $205 | | $542 | | $577 | |
Television reported quarterly segment revenues of $2.94 billion as compared to the $2.96 billion reported in the prior year quarter. Advertising revenues were essentially unchanged from the prior year quarter as continued digital growth led by the Tubi AVOD service, the impact of additional MLB postseason games, and higher sports pricing were offset by lower political advertising revenues and lower ratings. Distribution revenues increased $7 million or 1%, driven by higher average rates at the Company's owned and operated television stations and increases in fees from third-party FOX affiliates. Content and other revenues were $142 million as compared to the $175 million reported in the prior year quarter, primarily due to lower entertainment content and other revenues which were impacted by the timing of deliveries.
Television reported quarterly segment EBITDA of $143 million as compared to the $205 million reported in the prior year quarter, primarily due to higher expenses. The increase in expenses was led by higher sports programming rights amortization and production costs and higher digital content costs, partially offset by lower entertainment programming rights amortization and production costs.
DIVIDEND
The Company has declared a dividend of $0.28 per Class A and Class B share. This dividend is payable on March 25, 2026 with a record date for determining dividend entitlements of March 4, 2026.
SHARE REPURCHASE PROGRAM
As of December 31, 2025, the Company has cumulatively repurchased approximately $6.6 billion of its Class A common stock and approximately $1.8 billion of its Class B common stock, with a remaining authorization of $3.6 billion. During the quarter, the Company repurchased approximately $750 million of its Class A common stock and $800 million of its Class B Common stock.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the Company’s businesses. More detailed information about these factors is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.
Statements in this press release speak only as of the date they were made, and the Company undertakes no duty to update or release any revisions to any forward-looking statement made in this press release or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in the Company’s expectations, except as required by law.
To access a copy of this press release through the Internet, access Fox Corporation’s corporate website located at http://www.foxcorporation.com.
CONSOLIDATED STATEMENTS OF OPERATIONS
| Three Months Ended December 31, | Six Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| $ Millions, except per share amounts |
|---|
| Revenues | $5,182 | | $5,078 | | $8,920 | | $8,642 | |
| Operating expenses | (3,895) | | (3,776) | | (5,979) | | (5,794) | |
| Selling, general and administrative | (595) | | (525) | | (1,184) | | (1,027) | |
| Depreciation and amortization | (100) | | (97) | | (198) | | (188) | |
| Restructuring, impairment and other corporate matters | (14) | | (170) | | (6) | | (196) | |
| Equity earnings of affiliates | 3 | | 4 | | 2 | | 7 | |
| Interest expense, net | (98) | | (80) | | (148) | | (130) | |
| Non-operating other, net | (161) | | 81 | | (286) | | 314 | |
| Income before income tax expense | 322 | | 515 | | 1,121 | | 1,628 | |
| Income tax expense | (75) | | (127) | | (265) | | (408) | |
| Net income | 247 | | 388 | | 856 | | 1,220 | |
| Less: Net income attributable to noncontrolling interests | (18) | | (15) | | (28) | | (20) | |
| Net income attributable to Fox Corporation stockholders | $229 | | $373 | | $828 | | $1,200 | |
| Weighted average shares: | 441 | | 462 | | 448 | | 463 | |
| Net income attributable to Fox Corporation stockholders per share: | $0.52 | | $0.81 | | $1.85 | | $2.59 | |
CONSOLIDATED BALANCE SHEETS
| December 31, 2025 | June 30, 2025 |
|---|
| $ Millions |
|---|
| Assets: | | |
| Current assets: | | |
| Cash and cash equivalents | $2,017 | $5,351 |
| Receivables, net | 3,557 | 2,472 |
| Inventories, net | 828 | 432 |
| Other | 324 | 174 |
| Total current assets | 6,726 | 8,429 |
| Non-current assets: | | |
| Property, plant and equipment, net | 1,739 | 1,705 |
| Intangible assets, net | 2,951 | 2,969 |
| Goodwill | 3,638 | 3,639 |
| Deferred tax assets | 2,621 | 2,721 |
| Other non-current assets | 3,796 | 3,732 |
| Total assets | $21,471 | $23,195 |
| Liabilities and Equity: | | |
| Current liabilities: | | |
| Accounts payable, accrued expenses and other current liabilities | $2,416 | $2,897 |
| Total current liabilities | 2,416 | 2,897 |
| Non-current liabilities: | | |
| Borrowings | 6,604 | 6,602 |
| Other liabilities | 1,329 | 1,341 |
| Redeemable noncontrolling interests | 84 | 288 |
| Commitments and contingencies | | |
| Equity: | | |
| Class A common stock, $0.01 par value | 2 | 2 |
| Class B common stock, $0.01 par value | 2 | 2 |
| Additional paid-in capital | 7,264 | 7,603 |
| Retained earnings | 3,783 | 4,479 |
| Accumulated other comprehensive loss | (123) | (124) |
| Total Fox Corporation stockholders’ equity | 10,928 | 11,962 |
| Noncontrolling interests | 110 | 105 |
| Total equity | 11,038 | 12,067 |
| Total liabilities and equity | $21,471 | $23,195 |
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Six Months Ended December 31, |
|---|
| 2025 | 2024 |
|---|
| $ Millions |
|---|
| OPERATING ACTIVITIES: | | |
| Net income | $856 | | $1,220 | |
| Adjustments to reconcile net income to net cash used in operating activities | | |
| Depreciation and amortization | 198 | | 188 | |
| Restructuring, impairment and other corporate matters | 6 | | 196 | |
| Equity-based compensation | 60 | | 68 | |
| Equity earnings of affiliates | (2) | | (7) | |
| Cash distributions received from affiliates | - | | 13 | |
| Non-operating other, net | 286 | | (314) | |
| Deferred income taxes | 100 | | 145 | |
| Change in operating assets and liabilities, net of acquisitions and dispositions | | |
| Receivables and other assets | (1,173) | | (1,190) | |
| Inventories net of programming payable | (937) | | (431) | |
| Accounts payable and accrued expenses | (92) | | (75) | |
| Other changes, net | (101) | | (17) | |
| Net cash used in operating activities | (799) | | (204) | |
| INVESTING ACTIVITIES: | | |
| Property, plant and equipment | (226) | | (138) | |
| Purchase of investments | (143) | | (79) | |
| Other investing activities, net | (24) | | (23) | |
| Net cash used in investing activities | (393) | | (240) | |
| FINANCING ACTIVITIES: | | |
| Repurchase of shares | (1,800) | | (500) | |
| Dividends paid and distributions | (147) | | (134) | |
| Purchase of noncontrolling interest | (208) | | - | |
| Other financing activities, net | 13 | | 81 | |
| Net cash used in financing activities | (2,142) | | (553) | |
| Net decrease in cash and cash equivalents | (3,334) | | (997) | |
| Cash and cash equivalents, beginning of year | 5,351 | | 4,319 | |
| Cash and cash equivalents, end of period | $2,017 | | $3,322 | |
NOTE 1 - ADJUSTED NET INCOME AND ADJUSTED EPS
The Company uses net income attributable to Fox Corporation stockholders and earnings per share (“EPS”) attributable to Fox Corporation stockholders excluding net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provision and Noncontrolling interest adjustments (“Adjusted Net Income” and “Adjusted EPS” respectively) to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period.
Adjusted Net Income and Adjusted EPS may not be comparable to similarly titled measures reported by other companies. Adjusted Net Income and Adjusted EPS are not measures of performance under GAAP and should be considered in addition to, and not as substitutes for, net income attributable to Fox Corporation stockholders and EPS as reported in accordance with GAAP. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to management, investors and equity analysts to assist in their analysis of the Company’s performance relative to prior periods and the Company’s competitors.
The following table reconciles net income attributable to Fox Corporation stockholders and EPS attributable to Fox Corporation stockholders to Adjusted Net Income and Adjusted EPS for the three months ended December 31, 2025 and 2024:
| Three Months Ended |
|---|
| December 31, 2025 | December 31, 2024 |
|---|
| Income | EPS | Income | EPS |
|---|
| $ Millions, except per share data |
|---|
| Net income attributable to Fox Corporation stockholders | $229 | $0.52 | $373 | $0.81 |
| Restructuring, impairment and other corporate matters | 14 | 0.03 | 170 | 0.37 |
| Non-operating other, net | 161 | 0.37 | (81) | (0.18) |
| Tax provision | (44) | (0.10) | (20) | (0.04) |
| As adjusted | $360 | $0.82 | $442 | $0.96 |
NOTE 2 - ADJUSTED EBITDA
Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Adjusted EBITDA does not include: Depreciation and amortization, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating other, net and Income tax expense. Effective July 1, 2025, the Company no longer removes the impact of amortization of cable distribution investments when calculating Adjusted EBITDA. Prior periods were not restated as the impact of the change is immaterial to the calculation.
Management believes that information about Adjusted EBITDA assists all users of the Company’s Unaudited Consolidated Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect Net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Adjusted EBITDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
Adjusted EBITDA is considered a non-GAAP financial measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment charges, which are significant components in assessing the Company’s financial performance. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
The following table reconciles net income to Adjusted EBITDA for the three and six months ended December 31, 2025 and 2024:
| Three Months Ended December 31, | Six Months Ended December 31, |
|---|
| 2025 | 2024 | 2025 | 2024 |
|---|
| $ Millions |
|---|
| Net income | $247 | | $388 | | $856 | | $1,220 | |
| Add: | | | | |
| Amortization of cable distribution investments | - | | 4 | | - | | 8 | |
| Depreciation and amortization | 100 | | 97 | | 198 | | 188 | |
| Restructuring, impairment and other corporate matters | 14 | | 170 | | 6 | | 196 | |
| Equity earnings of affiliates | (3) | | (4) | | (2) | | (7) | |
| Interest expense, net | 98 | | 80 | | 148 | | 130 | |
| Non-operating other, net | 161 | | (81) | | 286 | | (314) | |
| Income tax expense | 75 | | 127 | | 265 | | 408 | |
| Adjusted EBITDA | $692 | | $781 | | $1,757 | | $1,829 | |
Contacts
Gabrielle Brown, Investor Relations · 212-852-7720 · Charlie Costanzo, Investor Relations · 212-852-7908
Brian Nick, Press Inquiries · 310-369-3545 · Lauren Townsend, Press Inquiries · 310-369-2729