Global Finance News
11 May 2026, 15:57
Fox Corporation (FOXA) Q1 2026: Tubi Shines, FIFA Looms, Stock Gains 1.78%
Monday, May 11, 2026
Fox Corporation is up 1.78% today after reporting a quarter that — on first glance — looks like a step back but is actually a clean beat once you strip out the Super Bowl comparison. The market is reading it correctly: the underlying business is healthy, the streaming strategy is working, and the biggest revenue catalyst of the year hasn't even started yet.
The Super Bowl Distortion
The headline numbers require context. Total revenue fell to $3.99 billion from $4.37 billion a year ago, and net income dropped to $175 million from $354 million. But the prior-year quarter included the broadcast of Super Bowl LIX — a once-a-year windfall that inflated advertising revenue to $2.04 billion. Strip that out, and the picture looks entirely different. Adjusted EBITDA grew 11% to $954 million, and adjusted net income attributable to shareholders rose to $570 million, or $1.32 per share, up from $1.10 a year ago. That's the number that matters.
Cable: Steady and Profitable
The Cable Network Programming segment — home to Fox News, Fox Business, and FS1 — delivered $1.74 billion in revenue, up 6% year-over-year, with segment EBITDA of $884 million. Distribution revenue grew 5% on contractual price increases, advertising revenue rose 5% driven by higher news pricing, and content and other revenue jumped 24% on higher sports sublicensing. Fox News continues to command premium ad rates even as linear viewership gradually erodes — a testament to its unique position in the live news landscape.
Television: The Tubi Effect
The Television segment's revenue fell to $2.20 billion from $2.70 billion, entirely explained by the Super Bowl absence. But the more important story is at the bottom line: Television segment EBITDA surged to $191 million from just $60 million a year ago — a 218% jump — as the absence of Super Bowl production costs dramatically reduced expenses. Tubi, Fox's free ad-supported streaming service, continues to be the standout growth engine, driving digital advertising gains that partially offset the structural decline in linear TV. CEO Lachlan Murdoch specifically called out "continued digital growth led by Tubi" as a core pillar of performance.
The FIFA World Cup: The Real Catalyst
The most important line in today's release isn't a financial figure — it's this: Fox is broadcasting the FIFA Men's World Cup across June and July, hosted in North America. This is one of the most-watched sporting events on the planet, and Fox holds the U.S. broadcast rights. The advertising revenue impact will be substantial and will flow primarily into Q4 fiscal 2026 results. With the World Cup co-hosted across the U.S., Canada, and Mexico, domestic audience interest is expected to be at record levels. Investors buying the stock today are partly pricing in that tailwind.
Capital Return and Balance Sheet
Fox continues to buy back stock steadily. During the quarter the company repurchased $50 million each of Class A and Class B shares, with $3.5 billion of buyback authorization remaining. The balance sheet remains strong, and the company's commitment to returning capital is consistent and credible.
The Bottom Line
Fox is a cleaner story than its headline numbers suggest. The core advertising business is growing, Tubi is gaining momentum in a streaming market that increasingly favors free ad-supported models, distribution revenue is holding up despite cord-cutting, and the FIFA World Cup is about to deliver a major earnings injection. The 1.78% gain today reflects a market that looked past the Super Bowl noise and liked what it saw. With the World Cup on deck, the next quarter could be the one that really moves the stock.
Monday, May 11, 2026
Fox Corporation is up 1.78% today after reporting a quarter that — on first glance — looks like a step back but is actually a clean beat once you strip out the Super Bowl comparison. The market is reading it correctly: the underlying business is healthy, the streaming strategy is working, and the biggest revenue catalyst of the year hasn't even started yet.
The Super Bowl Distortion
The headline numbers require context. Total revenue fell to $3.99 billion from $4.37 billion a year ago, and net income dropped to $175 million from $354 million. But the prior-year quarter included the broadcast of Super Bowl LIX — a once-a-year windfall that inflated advertising revenue to $2.04 billion. Strip that out, and the picture looks entirely different. Adjusted EBITDA grew 11% to $954 million, and adjusted net income attributable to shareholders rose to $570 million, or $1.32 per share, up from $1.10 a year ago. That's the number that matters.
Cable: Steady and Profitable
The Cable Network Programming segment — home to Fox News, Fox Business, and FS1 — delivered $1.74 billion in revenue, up 6% year-over-year, with segment EBITDA of $884 million. Distribution revenue grew 5% on contractual price increases, advertising revenue rose 5% driven by higher news pricing, and content and other revenue jumped 24% on higher sports sublicensing. Fox News continues to command premium ad rates even as linear viewership gradually erodes — a testament to its unique position in the live news landscape.
Television: The Tubi Effect
The Television segment's revenue fell to $2.20 billion from $2.70 billion, entirely explained by the Super Bowl absence. But the more important story is at the bottom line: Television segment EBITDA surged to $191 million from just $60 million a year ago — a 218% jump — as the absence of Super Bowl production costs dramatically reduced expenses. Tubi, Fox's free ad-supported streaming service, continues to be the standout growth engine, driving digital advertising gains that partially offset the structural decline in linear TV. CEO Lachlan Murdoch specifically called out "continued digital growth led by Tubi" as a core pillar of performance.
The FIFA World Cup: The Real Catalyst
The most important line in today's release isn't a financial figure — it's this: Fox is broadcasting the FIFA Men's World Cup across June and July, hosted in North America. This is one of the most-watched sporting events on the planet, and Fox holds the U.S. broadcast rights. The advertising revenue impact will be substantial and will flow primarily into Q4 fiscal 2026 results. With the World Cup co-hosted across the U.S., Canada, and Mexico, domestic audience interest is expected to be at record levels. Investors buying the stock today are partly pricing in that tailwind.
Capital Return and Balance Sheet
Fox continues to buy back stock steadily. During the quarter the company repurchased $50 million each of Class A and Class B shares, with $3.5 billion of buyback authorization remaining. The balance sheet remains strong, and the company's commitment to returning capital is consistent and credible.
The Bottom Line
Fox is a cleaner story than its headline numbers suggest. The core advertising business is growing, Tubi is gaining momentum in a streaming market that increasingly favors free ad-supported models, distribution revenue is holding up despite cord-cutting, and the FIFA World Cup is about to deliver a major earnings injection. The 1.78% gain today reflects a market that looked past the Super Bowl noise and liked what it saw. With the World Cup on deck, the next quarter could be the one that really moves the stock.
