Fox revenue tops $5B on live sports and news strength

Fox (NASDAQ:FOX) delivered a second-quarter revenue beat on Wednesday, as the company’s grip on live sports and national news helped offset a predictable decline in political advertising following the prior-year cycle.

The New York-based media company reported revenue of $5.18 billion for the fiscal second quarter ended Dec. 31, 2025, a 2% increase that surpassed the $5.06 billion analysts had projected.

Net income attributable to stockholders was $229 million, or 52 cents per share.

On an adjusted basis, Fox earned 82 cents per share, comfortably ahead of the Zacks Consensus Estimate of 47 cents.

"FOX delivered robust results in the second quarter of fiscal 2026 with broad-based contributions from across our portfolio," Executive Chair and CEO Lachlan Murdoch said in the statement.

He specifically pointed to the "notable strength" in the advertising market and the continued scaling of the company’s ad-supported streaming service, Tubi.

Television segment revenues reached $2.94 billion, supported by the NFL on FOX and high-profile college football matchups, including the Michigan-Ohio State game which drew over 18 million viewers.

Advertising revenues saw a slight 1% uptick as higher pricing for sports and news, combined with Tubi's expansion, mitigated the absence of heavy mid-term political spending.

Cable Network Programming revenue rose to $2.24 billion, fueled by a 5% increase in distribution fees.

FOX News Media maintained its position as the most-watched cable network, providing the company with significant leverage in both affiliate negotiations and national brand advertising.

While revenue grew, adjusted EBITDA fell to $692 million from $781 million a year ago.

The company attributed the dip to higher expenses for sports programming rights and increased digital marketing costs as it continues to push Tubi into new international markets and expand its "FOX One" streaming bundles.