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Fox Corporation on Wednesday reported second-quarter earnings that beat analyst expectations, amid growth in advertising revenue from the company’s news networks and sports programming.
The company reported $5.18 billion in revenue for the second quarter of fiscal year 2026, up 2% from the prior year quarter and above the LSEG estimate of $5.06 billion. Distribution revenues rose 4% in the quarter, primarily driven by 5% growth in Fox’s cable network programming segment.
Ad revenue was up 1%, primarily due to higher prices for ads during sports and news programming, additional MLB postseason games and digital growth led by Tubi – Fox’s free, ad-supported streaming platform. Ad revenue growth was partially offset by lower political ad revenue and lower viewership.
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Fox Corp. CEO Lachlan Murdoch noted the increase in advertising revenue despite the decline in political ad spending compared to last year. (Drew Angerer/Getty Images)
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Murdoch said Tubi experienced its most streamed quarter of all time, growing total viewing time by 27% year over year, expanding the streaming platform’s content to include a simulcast of a NFL game on Thanksgiving.
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Fox’s subscription streaming serviceFox One completed its first full quarter since launching in August, and Murdoch noted that the company hasn’t seen any cannibalization of traditional subscribers to date as it looks to market the platform to cord-cutters.
That’s what he said live sporting events drive the majority of engagement on Fox One, news accounts for about a third of minutes watched, and news viewers are more likely to engage with the platform than non-news viewers.
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