Fox Posts a Record Quarter as World Cup and Political Ads Lift Revenue 22%

Fox Corporation reported record fiscal first-quarter revenue of $4.57 billion on Monday, as the World Cup and midterm political advertising powered a 22% jump from a year earlier.

Shares rose 2.4% to $64.79 in Monday trading. The gain was on track to be the stock's largest single-day rise since August 14. The stock had still fallen about 13% in 2026 through Friday's close.

Fox owns the Fox broadcast network, Fox News and Fox Sports. It also runs Tubi, a free streaming service paid for by advertising. The quarter covered the three months ended September 30.

A record built on advertising

Fox reported total revenue of $4.571 billion for the quarter ended September 30. That was up $833 million, or 22%, from $3.738 billion a year earlier. The company called it a first-quarter record for revenue.

Advertising revenue reached $2.081 billion, up 47% from $1.412 billion. The World Cup broadcast did much of the work. Higher political advertising and digital growth led by Tubi added to it.

Revenue of $4.57 billion beat Wall Street calls for $4.32 billion. Adjusted earnings of $2.54 a share also beat the consensus estimate of $2.08 a share. Both estimates are the single consensus set reported with the results.

Seaport analyst David Joyce said analysts had expected a strong quarter because of the World Cup. He said advertising revenue still came in better than expected. Seaport rates the shares Neutral, with no price target.

Television carried the quarter

Television revenue rose to $2.713 billion, up $663 million, or 32%. Advertising revenue in the segment jumped $641 million, or 60%, to $1.708 billion. The World Cup, political ads and Tubi growth drove the increase.

Television distribution revenue rose 4% to $850 million. Higher average rates at Fox's owned stations helped. So did an increase in the average number of subscribers.

Television segment Adjusted EBITDA reached $934 million. Adjusted EBITDA is revenue minus operating and administrative costs, before other items. The figure rose 134% from $399 million, even with higher World Cup costs.

Cable held its ground

Cable Network Programming revenue rose 8% to $1.803 billion. Distribution revenue rose 10% to $1.200 billion. Contractual price increases and more subscribers on average drove distribution.

Cable advertising revenue rose 8% to $373 million. Sports advertising, including the World Cup, led the increase. Lower digital news advertising partly offset it.

Cable segment Adjusted EBITDA rose 7% to $859 million, from $800 million. Higher sports rights and news costs partly offset the revenue increase. Company content and other revenue was $406 million, against $411 million.

Profit followed revenue

Reported net income was $957 million, against $609 million a year earlier. Net income attributable to Fox stockholders was $943 million, or $2.20 a share. The prior-year figures were $599 million, or $1.32 a share.

Adjusted net income attributable to stockholders was $1.085 billion, or $2.54 a share. The adjusted figures exclude restructuring, non-operating items and related tax effects. A year earlier, adjusted net income was $686 million, or $1.51 a share.

Company Adjusted EBITDA rose 54% to $1.641 billion, from $1.065 billion. The increase was $576 million on higher revenue, partly offset by higher expenses. Distribution revenue across the company rose 9% to $2.084 billion.

Cash rose, and buybacks paused

Cash was $4.536 billion at September 30, against $4.205 billion at June 30. Operating cash flow was $616 million, against a use of $130 million a year earlier. Fox paid $131 million in dividends in the quarter.

The company repurchased no shares in the quarter. A year earlier it had repurchased $250 million of shares. The pause came in a quarter when cash still rose by $331 million.

Executive Chair and Chief Executive Lachlan Murdoch called it an outstanding start to fiscal 2027.

"FOX has had an outstanding start to fiscal 2027 with first-quarter records for revenue and Adjusted EBITDA underpinned by robust growth in both advertising and distribution revenue."

Two drivers will not repeat next quarter

A record built on a tournament and an election is both a triumph and a question.

The quarter's two biggest drivers were events, not run-rate business. The World Cup will not be on Fox next quarter. Midterm political advertising also fades once the election passes.

That reading follows from the release's own drivers, stated as analysis. What replaces those drivers is unproven in this release. Distribution growth is the steadier leg, and it grew far more slowly.

The strategic watch item is the pending $22 billion acquisition of Roku. Fox and Roku shareholders approved the deal in October, including the stock issuance. It still needs Justice Department clearance and has not closed.

On Monday, Murdoch said the company had made significant progress toward closing. He said Fox was working cooperatively with the Justice Department to obtain clearance. Roku reports its own results after the close on Monday, and this article does not prejudge them.

What remains unknown

What remains unknown starts with forward guidance. The release gives no outlook for revenue, earnings or advertising. How advertising performs without the World Cup is also unanswered.

What to watch next

What to watch begins with the Roku clearance process. Investors will also watch Tubi momentum and what follows the political-ad surge. The next test is whether distribution can carry a quarter without a global soccer tournament.