Fox Corporation Reports Strong Q1 FY2027 Results with 22% Revenue Growth

Executive Summary

On November 2, 2026, Fox Corporation filed a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition), furnishing its financial results for the first fiscal quarter ended September 30, 2026.

Key Financial Highlights

• Total Revenue: Reached $4.571 billion, up 22% (+$833 million) compared to $3.738 billion in Q1 FY2026.

  • Advertising Revenue: Grew 47% to $2.081 billion (vs. $1.412 billion), propelled by the broadcast of the FIFA Men's World Cup, elevated political advertising ahead of the elections, and digital acceleration at Tubi.
  • Distribution Revenue: Rose 9% to $2.084 billion (vs. $1.915 billion), led by 10% growth in Cable Network Programming and 4% growth in Television.
  • Content & Other Revenue: Stood at $406 million, compared to $411 million in the prior-year quarter.

• Profitability & Margins:

  • Net Income Attributable to Stockholders: $943 million ($2.20 per share), up from $599 million ($1.32 per share) in Q1 FY2026.
  • Adjusted Net Income Attributable to Stockholders: $1.09 billion ($2.54 per share) vs. $686 million ($1.51 per share) a year ago.
  • Adjusted EBITDA: Increased 54% to $1.641 billion (vs. $1.065 billion), with revenue gains partially offset by higher sports programming rights amortization and production costs.

Segment Performance

• Cable Network Programming:
  • Revenue: $1.803 billion (+8% YoY), driven by higher distribution affiliate rates and subscriber count increases.
  • Segment EBITDA: $859 million (+7% YoY).
• Television:
  • Revenue: $2.713 billion (+32% YoY), boosted by advertising gains from the FIFA Men's World Cup and political cycles.
  • Segment EBITDA: $934 million (+134% YoY vs. $399 million).

Trading & Market Implications

• Significance: Medium
• The record first-quarter performance reflects the strength of live sports and election cycle advertising tailwinds, positioning Fox Corporation favorably for first-half FY2027 performance.