FOX · Q2 2026 Earnings

Neutral

Fox Corporation (Class B)

Reported February 4, 2026

30-second summary

Fox printed Q2 FY2026 revenue of $5.18B (+2% YoY), non-GAAP EPS of $0.82, and adjusted EBITDA of $692M at a 13.4% margin — the seasonal Q2 low point that reflects NFL and MLB postseason sports rights amortization and production costs concentrated in the December quarter. Television revenue declined 0.8% YoY to $2.94B, but the decline was content-and-other timing (-19%, entertainment delivery timing); Television advertising was essentially flat (+0.1%) and Cable advertising grew +7%. Segment EBITDA at Television fell to $143M, while Cable Network Programming held up (+5% revenue, 30.2% EBITDA margin). The signal of the quarter is the $1.55B of share repurchases executed ($750M Class A + $800M Class B, with $3.6B remaining authorization), confirming management is leaning into capital return rather than preserving cash for FOX One.

Headline numbers

EPS

Q2 FY2026

$0.82

Revenue

Q2 FY2026

$5.18B

+2.0% YoY

Operating margin

Q2 FY2026

13.4%

Key financials

Q2 FY2026

Metric	Q2 FY2026	YoY	Q1 FY2026	QoQ
Revenue	$5.18B	+2.0%	$3.74B	+38.6%
EPS	$0.82	—	$1.51	-45.7%
Operating margin	13.4%	—	—	—

Guidance

No quantitative guidance provided this quarter; unable to assess raises, lowers, or beats.

Segment performance

Q2 FY2026

Segment	Q2 FY2026	YoY
Cable Network Programming	$2.275B	+5.1%
Television	$2.937B	-0.8%
Distribution	$2.002B	+3.6%
Advertising	$2.455B	+1.4%
Content and Other	$0.725B	+0.3%
Cable Network Programming EBITDA	$687M	—
Cable Network Programming EBITDA Margin	30.2%	—
Television EBITDA	$143M	—
Distribution Revenue Growth	3.6%	—
Advertising Revenue Growth	1.4%	—

Profitability

Q2 FY2026

Segment	Q2 FY2026
Adjusted EBITDA	$692M
Adjusted EBITDA Margin	13.4%

Other KPIs

Q2 FY2026

Segment	Q2 FY2026
Share Repurchases (Quarter)	$1,550M

Management tone

No earnings call transcript was available for this quarter, so a multi-quarter call-commentary arc cannot be constructed. The written CEO commentary continues the Q1 pattern of qualitative confidence ("robust results," "operating and financial momentum") paired with quantitative restraint on forward guidance. The clearest non-verbal signal is the $1.55B of buybacks executed in the quarter ($750M Class A + $800M Class B). Management is voting with the balance sheet through the seasonal Q2 sports-cost trough — when NFL and MLB postseason rights amortization and production costs concentrate in the December quarter — which reads as confidence that the reported 13.4% margin is a calendar pattern, not a structural step-down.

Answers to last quarter's watch list

FOX One disclosure — The Q2 release provides no FOX One subscriber count, ARPU, content cost breakout, or segment-level streaming P&L. The 13.4% adjusted EBITDA margin in Q2 is consistent with sports rights amortization seasonality rather than visible streaming drag, but without management disclosure the launch economics remain a black box.

Continue monitoring

Buyback execution — Resolved on execution: $1.55B of repurchases in Q2 ($750M Class A + $800M Class B) on top of cumulative repurchases of ~$6.6B Class A and ~$1.8B Class B to date, with $3.6B remaining authorization. Pace of further repurchases against the remaining authorization is the next question.

Resolved positively

Cable advertising pricing — Cable Network Programming advertising grew +7% to $491M with segment EBITDA margin holding at 30.2%, consistent with news and sports pricing strength sustaining.

Resolved positively

Distribution revenue — Total distribution revenue grew +3.6%, with Cable distribution +5% on contractual price increases partially offset by net subscriber declines and Television distribution +1%.

Resolved positively

Adjusted EBITDA margin direction — Margin printed 13.4% in Q2, reflecting the seasonal concentration of sports programming rights amortization and production costs in the December quarter. Q3 normalization is the natural test of whether the seasonal frame holds. Status: Tracking in line with seasonal pattern

What to watch into next quarter

Q3 margin normalization: with peak sports rights amortization out of the comp, does adjusted EBITDA margin snap back in Q3 FY2026? A weaker-than-seasonal rebound would signal FOX One investment is structurally compressing the margin profile.

Television revenue direction: -0.8% in Q2 was a content-timing story. Watch whether entertainment delivery timing reverses in Q3 and whether Television advertising stays positive against an easier political comp.

FOX One first disclosure: management has now had two quarters since launch without quantifying it. Pressure to provide a subscriber number, ARPU, or segment-level streaming contribution should build into the Q3 print.

Cable Network Programming margin: 30.2% in Q2 is the cleanest positive signal in the quarter. Watch whether this holds as news-cycle comparisons normalize.

Remaining buyback authorization and pace: $3.6B remaining after $1.55B in Q2. Watch whether management signals continued buyback intensity or moderation to fund FOX One.

Sources

Fox Corporation Q2 Fiscal 2026 Earnings Release, filed with SEC on February 4, 2026 — https://www.sec.gov/Archives/edgar/data/1754301/000162828026005277/foxearningsreleaseq226.htm
Fox Corporation Q1 Fiscal 2026 Earnings Release (prior-quarter reference)

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