FOX · Q3 2026 Earnings

Neutral

Fox Corporation (Class B)

Reported May 11, 2026

30-second summary

Fox printed Q3 FY2026 revenue of $3.99B, down 8.6% YoY against the prior-year Super Bowl LIX comp, with adjusted EBITDA of $954M at a 23.9% margin and non-GAAP EPS of $1.32. The optical -23.5% advertising decline and -18.8% Television revenue drop are the Super Bowl base effect, not a demand reversal — Cable Network Programming revenue grew 6.4% and Cable EBITDA hit $884M, the cleanest signal in the print. Management offered no quantitative Q4 or FY2026 guidance for the fourth consecutive quarter, leaving the FIFA Men's World Cup (June–July) as the qualitative anchor without numbers attached.

Headline numbers

EPS

Q3 FY2026

$1.32

Revenue

Q3 FY2026

$3.99B

-8.6% YoY

Key financials

Q3 FY2026

Metric	Q3 FY2026	YoY	Q2 FY2026	QoQ
Revenue	$3.99B	-8.6%	$5.18B	-22.9%
EPS	$1.32	—	$0.82	+61.0%

Guidance

No quantitative guidance provided; company offered only qualitative commentary on Q3 results and forward momentum.

Segment performance

Q3 FY2026

Segment	Q3 FY2026	YoY
Cable Network Programming	$1.741B	+6.4%
Television	$2.197B	-18.8%
Distribution Revenue	$2.107B	+3.3%
Advertising Revenue	$1.556B	-23.5%
Content and Other Revenue	$0.331B	+11.8%
Cable Network Programming EBITDA	$884 million	—
Television Segment EBITDA	$191 million	—
Cable Network Programming Revenue Growth	6% YoY	—

Platform metrics

Q3 FY2026

Segment	Q3 FY2026
Distribution Revenue Growth	3% YoY

Profitability

Q3 FY2026

Segment	Q3 FY2026
Adjusted EBITDA	$954 million
Adjusted EBITDA Margin	23.9%

Management tone

Narrative arc: Q4 FY2025 FOX One launch positioning → Q1 FY2026 capital-return signaling ($1.5B ASR) → Q2 FY2026 buyback intensity through the seasonal trough → Q3 FY2026 World Cup forward pivot.

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 four-quarter pattern of qualitative confidence — "continued strength and momentum" this quarter — paired with quantitative restraint. The Q3 release adds one new forward anchor: the FIFA Men's World Cup hosted in North America across June and July, explicitly framed as "the world's biggest sporting event." That is the first Q4-specific forward signal management has offered in this fiscal year, but it arrives without a number attached.

The "robust core advertising trends" phrasing in the qualitative commentary, set against a -23.5% reported advertising print, is the tension worth flagging. Management is asking readers to look through the Super Bowl comp to underlying ad demand — a reasonable ask, but one that would land more credibly with a Q4 number to back it up.

Answers to last quarter's watch list

Q3 margin normalization — Adjusted EBITDA margin snapped back to 23.9% from Q2's 13.4% seasonal trough, confirming the Q2 framing of sports-cost calendar concentration rather than structural FOX One drag. The 23.9% sits below Q1's 28.5% but Q1 carried the easier comp; the Q3 print is consistent with seasonal normalization.

Resolved positively

Television revenue direction — Television revenue printed -18.8% YoY at $2.197B, but this is the Super Bowl LIX comp dropping out, not an underlying reversal. The press release does not separately disclose Television advertising vs. content-and-other splits at the granularity needed to confirm whether Q2's entertainment delivery timing reversed.

Continue monitoring

FOX One first disclosure — Three quarters since launch and still no FOX One subscriber count, ARPU, content cost, or segment-level streaming contribution. The 23.9% adjusted EBITDA margin does not show a visible streaming drag relative to seasonal expectations, but the black box remains a black box.

Not resolved

Cable Network Programming margin — Cable EBITDA of $884M on $1.741B revenue implies an ~50.8% segment margin in Q3, down 290 bps YoY but up sharply from Q2's 30.2%. This reflects sports-cost seasonality plus sustained news pricing, partially offset by higher sports programming rights amortization. The directional answer to "does the margin hold" is yes at the segment-margin level, though Q3 benefits from the sports calendar and the YoY trend is modestly compressive.

Resolved positively

Remaining buyback authorization and pace — The Q3 release discloses ~$100M repurchased in the quarter ($50M Class A + $50M Class B) with $3.5B authorization remaining as of March 31, 2026. Pace stepped down materially from the Q1–Q2 cadence, consistent with cash preservation as the World Cup investment window approaches. Status: Resolved

What to watch into next quarter

Q4 World Cup revenue contribution: FIFA Men's World Cup broadcasts span June–July, straddling the Q4 FY2026 / Q1 FY2027 boundary. Watch whether Q4 advertising revenue swings back above the prior-year $1.16B Q4 FY2025 advertising base, and whether management quantifies the World Cup contribution separately.

FOX One disclosure pressure: four quarters in, the absence of any subscriber number, ARPU, or streaming-segment economics is conspicuous. The Q4 print is the natural moment for a FY2026 streaming retrospective — its absence would itself be a signal.

Cable Network Programming margin sustainability: ~50.8% in Q3 is exceptional. Watch whether Q4 Cable margin holds above the 30% level printed in Q2, or whether the Q3 print proves to be a sports-calendar peak.

Buyback activity through the FOX One investment window: with $3.5B authorization remaining as of March 31, 2026 and only ~$100M repurchased in Q3, watch whether Q4 disclosure shows a re-acceleration of repurchases or sustained moderation suggesting cash is being preserved for streaming and World Cup investment.

Distribution revenue trajectory: +3.3% in Q3 is the third consecutive quarter at ~3%. Watch whether contractual price increases continue to offset accelerating net subscriber declines, or whether the line drifts toward +2%.

Sources

Fox Corporation Q3 Fiscal 2026 Earnings Release, filed with SEC on May 11, 2026 — https://www.sec.gov/Archives/edgar/data/1754301/000162828026033145/foxearningsreleaseq326.htm
Fox Corporation Q2 Fiscal 2026 Earnings Release (prior-quarter reference), filed February 4, 2026
Fox Corporation Q1 Fiscal 2026 Earnings Release (prior-quarter reference), filed October 30, 2025
Fox Corporation Q4 and Full Year Fiscal 2025 Earnings Release (prior-year Q3 baseline reference), filed August 5, 2025

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