FOX · Q1 2026 Earnings

Bullish

Fox Corporation (Class B)

Reported October 30, 2025

30-second summary

Fox opened FY2026 with revenue of $3.74B (+5% YoY), adjusted EPS of $1.51, adjusted EBITDA of $1.065B at a 28.5% margin — and the headline capital-return action of the quarter: a $1.5B accelerated share repurchase transaction commencing October 31, 2025 ($700M Class A + $800M Class B), expected to complete in 2H FY2026. That sits on top of ~$250M of Class A repurchases already executed during Q1 and $5.15B of remaining authorization. Cable Network Programming revenue grew +4% and Television +5%, with Cable advertising +7% on stronger news pricing and Television advertising +6% led by Tubi and the NFL. Management's framing — "quality of our assets and their consistent capacity to deliver financially" alongside the ASR — reads as confidence in cash generation through the FOX One launch window, not capital preservation.

Headline numbers

EPS

Q1 FY2026

$1.51

Revenue

Q1 FY2026

$3.74B

+5.0% YoY

Key financials

Q1 FY2026

Metric	Q1 FY2026	YoY	Q4 FY2025	QoQ
Revenue	$3.74B	+5.0%	$3.29B	+13.7%
EPS	$1.51	—	$1.27	+18.9%

Guidance

No quantitative guidance provided this quarter; company reaffirms qualitative momentum narrative with no measurable forward targets to compare.

Segment performance

Q1 FY2026

Segment	Q1 FY2026	YoY
Cable Network Programming	$1.662B	+4.0%
Television	$2.05B	+5.0%
Distribution Revenue	$1.915 billion	—
Advertising Revenue	$1.412 billion	—
Content and Other Revenue	$0.411 billion	—
Cable Network Programming EBITDA	$800 million	—
Television EBITDA	$399 million	—

Profitability

Q1 FY2026

Segment	Q1 FY2026
Adjusted EBITDA	$1.065 billion
Adjusted EBITDA Margin	28.5%

Other KPIs

Q1 FY2026

Segment	Q1 FY2026
Share Repurchase Authorization Remaining	$5.15 billion

Management tone

No earnings call transcript is available for this quarter, so a multi-quarter tone arc grounded in call commentary cannot be constructed. The written CEO commentary moved from Q4's "solid operational and financial momentum" framing to Q1's "strong operating momentum has carried through" — continuity rather than acceleration. The more important tell is the pairing of "quality of our assets and their consistent capacity to deliver financially" with a $1.5B ASR that Murdoch explicitly says "underscores this confidence." This is not asset-value defense; it is a balance-sheet-backed capital-return action sized to roughly 40% of quarterly adjusted EBITDA annualized, executed into the FOX One launch window.

Answers to last quarter's watch list

FOX One launch economics — The press release does not disclose FOX One subscriber counts, pricing detail, content scope, or first-year revenue/EBITDA impact, and no transcript is available to fill the gap. The 28.5% adjusted EBITDA margin in Q1 FY2026 does not show a visible streaming-launch drag, though Television segment expenses did rise on higher digital content costs and digital marketing.

Continue monitoring

Affiliate fee growth trajectory — Total distribution revenue grew +3% (Cable distribution +3%, Television distribution +2%), the same pace as Q4 FY2025's +3% affiliate print. Cable contractual price increases continue to offset net subscriber declines. Status: Resolved — stable at +3%

Advertising growth composition — Cable advertising +7% on higher news pricing and Television advertising +6% (Tubi + NFL, offset by lower political) confirm the ad story is broad-based and not political-cycle dependent. News pricing strength is the cleanest positive read.

Resolved positively

"Other revenue" durability — Content and other revenue grew +12% to $411M, driven by higher entertainment content revenues (Television +17%) and higher sports sublicensing (Cable +6%).

Resolved positively

Capital allocation ahead of FOX One — Resolved positively for capital-return bulls: $1.5B ASR commencing Oct 31 on top of ~$250M of Q1 Class A repurchases, with $5.15B of authorization still remaining. Management is deploying the balance sheet, not preserving it.

Resolved positively

What to watch into next quarter

FOX One disclosure: any subscriber metric, ARPU, content cost, or segment-level streaming P&L. Until management quantifies the launch, the bull case rests on the asset-quality narrative plus the demonstrated capital return.

ASR execution and incremental authorization use: the $1.5B ASR is expected to complete in 2H FY2026; watch the cadence of additional repurchases against the $5.15B remaining authorization.

Cable advertising pricing: +7% on news pricing is the headline strength — watch whether this holds as the news cycle normalizes.

Distribution revenue: +3% total (Cable +3%, TV +2%) is the run-rate to monitor against accelerating net subscriber declines.

Adjusted EBITDA margin direction: 28.5% in Q1 is a strong starting point. Watch whether digital content and marketing costs tied to FOX One compress this in coming quarters.

Sources

Fox Corporation Q1 Fiscal 2026 Earnings Release, filed with SEC on October 30, 2025 — https://www.sec.gov/Archives/edgar/data/1754301/000162828025047323/foxearningsreleaseq126.htm
Fox Corporation Q4 and Full Year Fiscal 2025 Earnings Release (prior-quarter reference), filed August 5, 2025

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