How did Fox (NASDAQ:FOX) perform in Q3 2026?

Fox reported Q3 2026 revenue of $3.99 billion, down from $4.37 billion a year ago. The decline was expected due to the absence of Super Bowl LIX. Despite lower revenue, the company beat Wall Street estimates of $3.82 billion, supported by an extra NFL Wild Card game and strong pricing at Fox News Media.

What were Fox’s profitability metrics in Q3 2026?

Fox’s net income fell to $175 million ($0.41 per share) from $354 million a year ago, reflecting the lower revenue from missing the Super Bowl. However, Adjusted EBITDA rose 11% to $954 million, driven primarily by the Television segment, which saw EBITDA more than triple to $191 million due to lower sports programming and production costs.

How did the Television segment perform for Fox?

The Television segment was a key driver of margin expansion in Q3 2026. EBITDA more than tripled to $191 million, largely because the prior-year "Super Bowl quarter" had unusually high sports programming and production costs. Lower costs and a strong performance from Fox’s ad-supported streaming service, Tubi, contributed to the segment’s improvement.

How did Fox’s Cable Network Programming segment contribute to results?

Fox’s Cable Network Programming segment grew revenue 6% to $1.64 billion in Q3 2026. The growth was supported by a 5% increase in affiliate fee revenue, reflecting sustained demand for Fox’s live sports and news bundles, which remain a stable driver of cash flow for the company.

What role did Tubi play in Fox’s Q3 2026 results?

Tubi, Fox’s ad-supported streaming service, continued its double-digit growth trajectory in Q3 2026. Its performance was fueled by higher engagement among younger demographics, helping offset the broader softening in linear advertising revenue. Tubi’s growth contributed meaningfully to Fox’s overall margin expansion.

Fox beats revenue estimates as streaming and news cushion advertising dip

Written by Isaac FrancisPublished May. 11 2026Last Updated May. 11 2026

Fox (NASDAQ:FOX) posted fiscal third-quarter 2026 revenue of $3.99 billion, a decline from the $4.37 billion reported in the prior-year period.

The decrease was widely anticipated, reflecting the absence of Super Bowl LIX from the network's rotation.

However, the results comfortably beat Wall Street consensus estimates of $3.82 billion, buoyed by the addition of an extra NFL Wild Card game and sustained pricing power at Fox News Media.

While net income fell to $175 million ($0.41 per share) from $354 million a year ago, Adjusted EBITDA rose 11% to $954 million.

This margin expansion was primarily driven by the Television segment, where EBITDA more than tripled to $191 million.

Management attributed the gain to lower overall sports programming and production costs compared to the prior-year "Super Bowl quarter," alongside a record performance from its ad-supported streaming service, Tubi.

The Cable Network Programming segment remained a steady engine for the conglomerate, with revenue growing 6% to $1.64 billion.

This was supported by a 5% increase in affiliate fee revenue, highlighting the continued demand for Fox's live sports and news bundles.

Elsewhere, Tubi continued its double-digit growth trajectory, benefiting from a surge in younger demographics and higher engagement levels that helped offset the broader softening in the linear advertising market.

Meanwhile, Fox remains aggressive in its capital return strategy, having now repurchased approximately $8.5 billion of its stock since the inception of its buyback program.

The company also noted it has $3.5 billion remaining under its current authorization and intends to continue using its robust cash flow—which stood at nearly $4 billion in total liquidity—to drive shareholder value.