FOX Corp. reported its financial results for the first quarter of 2026 on Monday. It saw both positives and negatives in the results.
What We Know: While January, February, and March make up the first quarter of 2026, it’s actually the third quarter of the company’s fiscal year. FOX Corp. saw a decrease in its advertising revenue during 2026’s first quarter. That can largely be attributed to Super Bowl LIX airing in the same period during 2025.
What the Numbers Show:
| Segment | 2026 | 2025 | Change |
|---|---|---|---|
| Distribution | $2.107 billion | $2.039 billion | ↑ 3.3% |
| Advertising | $1.556 billion | $2.036 billion | ↓ 23.6% |
| Cable Network Programming | $1.741 billion | $1.636 billion | ↑ 6.4% |
| Television | $2.197 billion | $2.704 billion | ↓ 18.8% |
| Total Revenues | $3.994 billion | $4.371 billion | ↓ 8.6% |
The company finished the quarter with an Adjusted EBITDA of $954 million. That’s an 11% increase compared to the same quarter in 2025.
What They Said: “Our fiscal third quarter results once again demonstrate continued strength and momentum across our business. This strong performance, led by robust core advertising trends, underscores FOX’s leadership in live programming, bolstered by continued strength at our leading free streaming service, Tubi. Against this backdrop, we are proud to be bringing the world’s biggest sporting event to American homes with the FIFA Men’s World Cup hosted here in North America across June and July. Meanwhile, we remain steadfast in our commitment to delivering long-term shareholder value supported by our strong balance sheet.” -Lachlan Murdoch
What It Means: Distribution revenue continues to be a growth generator for the company. A 5% growth at the cable network programming level can’t be underestimated. At a time when cord-cutting continues to rise, FOX Corp. has mastered the ability to continue to grow revenue in that sector.
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Garrett Searight is Barrett Media’s News Editor, which includes writing daily news stories, features, and opinion columns. He joined Barrett Media in 2022 after a decade leading several radio brands in several formats, as well as a 5-year stint working in local television. In addition to his work with Barrett Media, he is a radio and TV play-by-play broadcaster. Reach out to him at Garrett@BarrettMedia.com.
