Fox Opens Fiscal 2027 With Record Revenue and Adjusted Ebitda

The Tip Desk · November 2, 2026 · 3 min read

Adjusted EBITDA reached $1.64 billion in the three months ended September 30, 2026, a 54% year-over-year increase.

Fox Corporation (FOXA) reported first-quarter fiscal 2027 revenue of $4.57 billion for the three months ended September 30, 2026, an increase of $833 million or 22% from the year-ago quarter, after a 28% year-over-year rise in the immediately preceding quarter.

The media company said the start of fiscal 2027 produced records for revenue and Adjusted EBITDA, underpinned by growth in both advertising and distribution. Advertising revenue rose 47% to $2.08 billion, a slower year-over-year pace than the 78% advertising increase in the prior quarter. Distribution revenue increased 9% to $2.08 billion. Content and other revenue was $406 million.

Net income was $957 million, compared with $609 million a year earlier. Net income attributable to Fox Corporation stockholders was $943 million, or $2.20 a share, versus $599 million, or $1.32 a share. Adjusted net income attributable to stockholders was $1.09 billion, or $2.54 a share.

Adjusted EBITDA rose to $1.64 billion, an increase of $576 million or 54% from the year-ago quarter, after a 27% year-over-year increase in the prior quarter. The company said the revenue increase was partially offset by higher expenses, primarily higher sports programming rights amortization and production costs led by the current-year broadcast of the FIFA Men’s World Cup, and higher digital content costs.

Television was the larger of the two reportable segments. Television revenue was $2.71 billion, up $663 million or 32% from the year-ago quarter. Advertising in the segment increased 60%, which the company attributed primarily to the World Cup, higher political advertising revenue, and continued digital growth led by the Tubi AVOD service. Distribution in Television increased 4%. Television EBITDA was $934 million, up $535 million or 134%, as World Cup-related rights amortization and production costs and higher digital content costs only partially offset the revenue gain, with lower NFL costs from the timing of games.

Cable Network Programming revenue was $1.80 billion, up $141 million or 8% from the year-ago quarter. Distribution in that segment increased 10%, which the company said was primarily due to contractual price increases and an increase in the average number of subscribers. Advertising there increased 8%, primarily due to higher sports advertising including the World Cup, partially offset by lower digital news advertising. Cable Network Programming EBITDA was $859 million, up $59 million or 7%, as higher sports rights amortization, production costs including the World Cup, and news programming costs offset the revenue gain.

Corporate and Other revenue was $246 million, with Adjusted EBITDA of a $152 million loss. Eliminations were negative $191 million.

Cash and cash equivalents were $4.54 billion at September 30, 2026, up from $4.21 billion at June 30, 2026. Operating cash flow of $616 million more than offset $146 million of financing outflows, including $131 million of dividends. Borrowings were $6.61 billion.

Executive Chair and Chief Executive Officer Lachlan Murdoch said the company commenced the year with the World Cup, the kickoff of the college football and NFL seasons, and an active election cycle at the national and local levels. The company cited the Roku transaction as a factor that could cause actual results to differ from forward-looking statements.