Fox Corp Q3 Revenue Drops to $3.99B, EBITDA Up 11% to $954M
Fox Corporation's fiscal Q3 revenue fell to $3.99B from $4.37B, with net income down to $175M from $354M and adjusted EBITDA up 11% to $954M. Distribution revenue rose 3% to $2.11B, advertising revenue declined to $1.56B without a Super Bowl broadcast, and content revenues grew 12%.
1. Financial Results Overview
For the quarter ended March 31, 2026, Fox Corporation reported total revenue of $3.99 billion, down 8.6% from $4.37 billion a year earlier. Net income declined to $175 million from $354 million, while adjusted EBITDA increased 11% to $954 million on lower overall expenses.
2. Revenue and Segment Performance
Distribution revenue rose 3% to $2.107 billion, driven by 5% growth in the Cable Network Programming segment. Advertising revenue fell to $1.556 billion due to the absence of the prior-year Super Bowl LIX broadcast, partially offset by an extra NFL Wild Card game and digital growth on Tubi, while content and other revenue increased 12% to $331 million.
3. Cost Reductions and EBITDA Growth
Adjusted EBITDA benefited from lower sports programming rights amortization and production costs following the prior-year Super Bowl broadcast, despite additional Wild Card game expenses and Fox One launch costs. Cable Network Programming contributed $884 million, Television added $191 million, and Corporate activity reduced EBITDA by $121 million, resulting in net margin expansion.