Fox Revenue Climbs 22% on World Cup, Advertising During Fiscal Q1 2027

Matthew Keys

Nov 20263 min read

Fox Revenue Climbs 22% on World Cup, Advertising During Fiscal Q1 2027

Editor's Note

TheDesk.net on State of Streaming is a syndicated partnership featuring reporting by Matthew Keys — founder and editor of TheDesk.net, covering the business of broadcast media, streaming technology, and digital distribution. This report analyzes Fox Corporation’s record fiscal first-quarter results: top-line revenue surging 22% to $4.57 billion, adjusted EBITDA climbing 54% to $1.64 billion, a record $350 million-plus political ad windfall, Tubi advertising jumping 35%, and key regulatory milestones in Fox's pending $22 billion acquisition of Roku.

Fox Corporation reported record fiscal first-quarter (Q1, coincides with calendar Q3 2026) revenue and higher profit on Monday after the company saw stronger advertising demand during the second half of the the FIFA World Cup tournament, the last few months of the midterm elections and continued growth at its free streaming service Tubi.

The company generated $4.57 billion in revenue during the three months ending September 30, an increase of 22 percent compared to the prior year. Net income attributable to shareholders increased to $943 million from $599 million, while diluted earnings rose to $2.20 per share from $1.32.

Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) increased 54 percent to $1.64 billion, while adjusted earnings per share climbed 68 percent to $2.54.

(Infographic by Matthew Keys for The Desk and State of Streaming)

The results exceeded Wall Street expectations, with analysts anticipating revenue of approximately $4.32 billion and adjusted earnings of roughly $2.08 per share.

Advertising was the largest contributor to the company’s growth, increasing 47 percent to $2.08 billion, helped by Fox’s coverage of the FIFA World Cup and increased spending by political campaigns ahead of Tuesday’s elections.

During a conference call with investors, Fox CEO Lachlan Murdoch said the company had generated more than $350 million in political advertising revenue during the midterm cycle, a record for its portfolio.

More than $250 million came from political advertisements carried by Fox-owned television stations, while Tubi generated approximately $50 million. Another $50 million came from national advertising across the company’s news, sports and entertainment programming.

(Snapshot of FOX stock at time of publishing)

The company also benefited from its coverage of the World Cup, including the tournament’s final, which Fox said became the most-watched soccer telecast in U.S. television history.

Fox’s television division reported a 32 percent increase in revenue, while cable network revenue rose 8 percent. Distribution revenue across the company increased 9 percent, supported by higher carriage fees and subscriber additions through Fox One.

The direct-to-consumer streaming service continued attracting customers who do not subscribe to traditional cable or satellite television packages. Murdoch said approximately 97 percent of new Fox One subscribers were not existing pay television customers.

The company said Fox One helped offset subscriber losses across traditional television distributors during the trailing 12 months, although Murdoch cautioned that subscriber growth could vary depending on the sports calendar.

Tubi also reported higher revenue and engagement during the quarter, with advertising revenue at the free streaming service increasing 35 percent as total viewing time rose 23 percent.

Murdoch said Tubi’s audience, which includes a large number of younger viewers without traditional pay television subscriptions, has attracted additional advertiser interest. Fox expects the service to eventually achieve EBITDA margins of approximately 20 percent as its business matures.

Fox News Channel remained the most-watched cable news network during the quarter, although its October primetime audience declined 28 percent compared to the prior year, according to Nielsen.

Murdoch attributed the decline to audience fatigue and unusually strong viewership comparisons against last year’s news cycle. He said the network’s viewers were not necessarily moving to competing news channels.

Fox also provided an update on its proposed $22 billion acquisition of Roku, which received shareholder approval in October: Murdoch said the companies had obtained the necessary shareholder and foreign regulatory approvals and were continuing to work with the U.S. Department of Justice on certain reviews necessary to complete the transaction.

The company ended September with approximately $4.5 billion in cash and $6.6 billion in debt. Fox generated $503 million in free cash flow during the quarter and expects to resume stock repurchases during the current fiscal quarter. Fox did not provide detailed full-year financial guidance, but executives said advertising demand remained strong heading into the second quarter, particularly around political programming, football and Tubi.

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