Fox Corporation reported second-quarter fiscal 2026 revenues of $5.18 billion, a 2% increase year-over-year and exceeding consensus estimates by $120 million. Net income attributable to Fox stockholders was $229 million, with adjusted EPS of $0.82 per share compared to $0.96 in the prior year. Adjusted EBITDA for the quarter totaled $692 million, reflecting a solid margin despite higher content and marketing costs.

Distribution revenues rose 4%, driven by contractual rate increases and resilience in subscriber counts. The Cable Network Programming segment delivered revenues of $2.28 billion, up 5% year-over-year. Within that segment, distribution revenue climbed 5% to $1.16 billion, while advertising revenue grew 7% to $491 million, reflecting higher pricing on Fox News Channel, Fox Business Network and regional sports networks. Segment EBITDA increased 5% to $687 million, supported by operating leverage and cost efficiencies.

Total advertising revenues increased 1%, boosted by premium pricing during live sports and news broadcasts, the addition of MLB postseason inventory and double-digit growth on Tubi, Fox’s free ad-supported streaming service. Tubi achieved its highest-ever quarterly streaming hours, with viewer time up 27% year-over-year. Fox News Media recorded a 170% surge in social media views and maintained its position as the top cable news network in total-day viewership across all major political demographics, positioning it strongly for the upcoming election cycle.

Fox declared a cash dividend of $0.28 per share, payable March 25, 2026, and highlighted its ongoing share repurchase program. During the quarter, the company repurchased approximately $1.55 billion of common stock, bringing cumulative repurchases to $8.4 billion with $3.6 billion remaining under authorization. Management emphasized continued disciplined investment in sports rights and streaming expansion, while prioritizing shareholder distributions.