Fox Corporation reported total second-quarter revenue of $5.18 billion, up 2% year-over-year, driven by a 1% increase in companywide advertising sales and a notable 7% jump in cable advertising. News networks and live sports programs accounted for the bulk of ad revenue gains, with scatter pricing on Fox News commercials rising by approximately 47%, according to CEO Lachlan Murdoch. Distribution revenues climbed 4%, led by a 5% increase in the cable network programming segment as contractual rate hikes more than offset modest subscriber declines.

Tubi, Fox’s free ad-supported streaming service, achieved record quarterly revenue growth of 19% and posted positive EBITDA for the second consecutive quarter. Viewer engagement surged, with total time spent on the platform up 27% year-over-year and social media views for Fox News Digital jumping 170%. The service’s most streamed quarter on record underscores Fox’s strategy to leverage its news and sports content in the digital arena without cannibalizing linear audience metrics.

Fox has repurchased $1.8 billion of its own shares year-to-date, bringing cumulative buybacks since 2019 to $8.4 billion—equivalent to roughly 35% of shares outstanding. This included a $1.5 billion accelerated share repurchase, reflecting management’s confidence in free cash flow generation. The ongoing program underscores the company’s commitment to returning capital to shareholders amidst solid operating performance.

Net income for the quarter fell to $229 million from $373 million in the year-ago period, while adjusted EBITDA declined to $692 million from $781 million, as cost increases outpaced top-line growth. Higher amortization of sports programming rights, elevated production expenses and increased digital marketing outlays drove the margin squeeze. Investors will be closely watching cost control initiatives and the impact of upcoming sports contracts on profitability in the second half of the fiscal year.