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FOXA's Q1 FY26 adjusted EPS rose 4.1% year over year to $1.51, beating consensus by 42.45%.
Quarterly revenues grew 4.9% to $3.74 billion, led by higher advertising and distribution sales.
Digital gains at Tubi and strong sports pricing lifted advertising, offsetting lower political ads.
Fox Corporation (FOXA - Free Report) reported first-quarter fiscal 2026 adjusted earnings per share of $1.51, which beat the Zacks Consensus Estimate by 42.45%. The figure increased 4.1% year over year.
Revenues increased 4.9% year over year to $3.74 billion, surpassing the consensus mark by 4.66%.
Distribution revenues (51.2% of total revenues) increased 2.5% year over year to $1.92 billion, driven by 3% growth at the Cable Network Programming segment and 2% growth at the Television segment.
Advertising revenues (37.8% of total revenues) increased 6.2% year over year to $1.41 billion, primarily fueled by continued digital growth led by the Tubi AVOD service, stronger news pricing and higher sports pricing and ratings led by the NFL, partially offset by lower political advertising revenues.
Content and other revenues (11% of total revenues) increased 12% year over year to $411 million, led mainly by higher entertainment content revenues.
Q1 Top-Line Details of FOXA
Cable Network Programming revenues (44.5% of total revenues) increased 4.1% year over year to $1.66 billion. Advertising revenues grew 7.5%, whereas revenues from Distribution rose 2.6% year over year. Content and other revenues increased 6.1% on a year-over-year basis.
Television revenues (54.8% of total revenues) rose 5% from the year-ago quarter’s figure to $2.05 billion. Advertising revenues rose 5.9% year over year. Distribution revenues grew 1.9% year over year, led by higher average rates at both the company's owned and operated television stations, as well as third-party FOX affiliates. Content and other revenues increased 16.5% year over year, primarily driven by higher entertainment content revenues.
Operating Details
In the first quarter of fiscal 2026, operating expenses increased 3.3% year over year to $2.08 billion. As a percentage of revenues, operating expenses contracted 90 basis points (bps) to 55.8%.
Selling, general & administrative (SG&A) expenses rose 17.3% year over year to $589 million. As a percentage of revenues, SG&A expenses expanded 170 bps to 15.8%.
Total adjusted EBITDA increased 1.6% year over year to $1.07 billion. Adjusted EBITDA margin contracted 90 bps to 28.5%.
Cable Network Programming EBITDA rose 7% year over year to $800 million. Television reported an adjusted EBITDA of $399 million, up 7.3% from the year-ago quarter.
Fox’s Balance Sheet
As of Sept. 30, 2025, Fox had $4.37 billion in cash and cash equivalents compared with $5.35 billion as of June 30, 2025.
As of Sept. 30, 2025, Fox’s total borrowings stood at $6.6 billion, unchanged from the previous quarter ended June 30, 2025.
Image: Shutterstock
FOXA Q1 Earnings Surpass Estimates, Revenues Increase Y/Y
Key Takeaways
Fox Corporation (FOXA - Free Report) reported first-quarter fiscal 2026 adjusted earnings per share of $1.51, which beat the Zacks Consensus Estimate by 42.45%. The figure increased 4.1% year over year.
Revenues increased 4.9% year over year to $3.74 billion, surpassing the consensus mark by 4.66%.
Distribution revenues (51.2% of total revenues) increased 2.5% year over year to $1.92 billion, driven by 3% growth at the Cable Network Programming segment and 2% growth at the Television segment.
Advertising revenues (37.8% of total revenues) increased 6.2% year over year to $1.41 billion, primarily fueled by continued digital growth led by the Tubi AVOD service, stronger news pricing and higher sports pricing and ratings led by the NFL, partially offset by lower political advertising revenues.
Fox Corporation Price, Consensus and EPS Surprise
Fox Corporation price-consensus-eps-surprise-chart | Fox Corporation Quote
Content and other revenues (11% of total revenues) increased 12% year over year to $411 million, led mainly by higher entertainment content revenues.
Q1 Top-Line Details of FOXA
Cable Network Programming revenues (44.5% of total revenues) increased 4.1% year over year to $1.66 billion. Advertising revenues grew 7.5%, whereas revenues from Distribution rose 2.6% year over year. Content and other revenues increased 6.1% on a year-over-year basis.
Television revenues (54.8% of total revenues) rose 5% from the year-ago quarter’s figure to $2.05 billion. Advertising revenues rose 5.9% year over year. Distribution revenues grew 1.9% year over year, led by higher average rates at both the company's owned and operated television stations, as well as third-party FOX affiliates. Content and other revenues increased 16.5% year over year, primarily driven by higher entertainment content revenues.
Operating Details
In the first quarter of fiscal 2026, operating expenses increased 3.3% year over year to $2.08 billion. As a percentage of revenues, operating expenses contracted 90 basis points (bps) to 55.8%.
Selling, general & administrative (SG&A) expenses rose 17.3% year over year to $589 million. As a percentage of revenues, SG&A expenses expanded 170 bps to 15.8%.
Total adjusted EBITDA increased 1.6% year over year to $1.07 billion. Adjusted EBITDA margin contracted 90 bps to 28.5%.
Cable Network Programming EBITDA rose 7% year over year to $800 million. Television reported an adjusted EBITDA of $399 million, up 7.3% from the year-ago quarter.
Fox’s Balance Sheet
As of Sept. 30, 2025, Fox had $4.37 billion in cash and cash equivalents compared with $5.35 billion as of June 30, 2025.
As of Sept. 30, 2025, Fox’s total borrowings stood at $6.6 billion, unchanged from the previous quarter ended June 30, 2025.
Fox’s Zacks Rank & Other Stocks to Consider
Fox currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader Zacks Consumer Discretionary sector are Amer Sports (AS - Free Report) , Wynn Resorts (WYNN - Free Report) and Vasta Platform (VSTA - Free Report) . While Amer sports a Zacks Rank #1 (Strong Buy) at present, Wynn Resorts and Vasta Platform carry a Zacks Rank #2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Amer Sports have returned 14.9% year to date. Amer Sports is set to report third-quarter 2025 results on Nov. 18.
Shares of Wynn Resorts have jumped 40.3% year to date. Wynn Resorts is set to report third-quarter 2025 results on Nov. 6.
Shares of Vasta Platform have surged 145.5% year to date. Vasta Platform is slated to report third-quarter 2025 results on Nov. 6.