FOX · Q4 2026 Earnings

Bullish

Fox Corporation (Class B)

Reported August 6, 2026

30-second summary

Fox printed Q4 FY2026 revenue of $4.21B (+28.1% YoY), non-GAAP EPS of $1.79, and adjusted EBITDA of $1.195B (+27% YoY) as the FIFA Men's World Cup broadcast lifted Television revenue +45.4% to $2.48B and Television EBITDA to $705M from $308M a year ago. Advertising revenue jumped to $1.92B — well above the prior-year $1.08B Q4 FY2025 base flagged as a watch item — resolving the World Cup contribution question decisively even without management quantifying it separately. FY2026 closed at $17.13B (+5.1%) and $5.42 adjusted EPS, but management once again declined to issue quantitative FY2027 guidance, leaving a single sentence — "exceptionally well positioned" — as the entire forward frame.

Headline numbers

EPS

Q4 FY2026

$1.79

Revenue

Q4 FY2026

$4.21B

+28.1% YoY

Key financials

Q4 FY2026

Metric	Q4 FY2026	Q4 FY2025	YoY	Q3 FY2026	QoQ
Revenue	$4.21B	$3.29B	+28.1%	$3.99B	+5.5%
EPS	$1.79	$1.27	+40.9%	$1.32	+35.6%

Guidance

No forward guidance issued this quarter; company enters FY2027 with qualitative statement of strong positioning but without numerical targets for Q1 or full-year FY2027.

Guidance is issued for both next quarter and the full year. Both may appear below.

Actuals vs prior guidance

Metric	Period	Prior guide	Actual	Δ	Result
Revenue	Q4 FY2026	—	$4.212 billion	in-line	Met
EPS (non-GAAP)	Q4 FY2026	—	$1.79	in-line	Met

New guidance

Metric	Period	Guide	YoY
Revenue	FY2026	$17.126 billion	—
EPS (non-GAAP)	FY2026	$5.42	—

Segment performance

Q4 FY2026

Segment	Q4 FY2026	Q4 FY2025	YoY
Cable Network Programming	$1.67B	$1.532B	+9.0%
Television	$2.482B	$1.707B	+45.4%
Cable Network Programming Full Year	$7.348B	—	+6.0%
Television Full Year	$9.666B	—	+3.7%

Platform metrics

Q4 FY2026

Segment	Q4 FY2026	Q4 FY2025	YoY
Distribution Revenue Q4	$2.034 billion	—	—
Advertising Revenue Q4	$1.916 billion	—	—
Distribution Revenue FY2026	$8.058 billion	—	—
Advertising Revenue FY2026	$7.339 billion	—	—

Profitability

Q4 FY2026

Segment	Q4 FY2026	Q4 FY2025	YoY
Adjusted EBITDA Q4	$1.195 billion	—	—
Cable Network Programming EBITDA Q4	$728 million	—	—
Television EBITDA Q4	$705 million	—	—
Full Year Adjusted EBITDA	$3.906 billion	—	—

Management tone

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

No transcript was available for this quarter, so a call-based tone read cannot be constructed. The written release is the shortest forward commentary of the five-quarter arc — a single sentence about being "exceptionally well positioned." That compression is the tone shift worth naming: Q4 FY2025 explicitly framed FOX One and the balance sheet; Q1 FY2026 paired asset-quality language with a $1.5B ASR; Q3 FY2026 named the FIFA World Cup as a specific Q4 anchor. This quarter, with the World Cup revenue now booked and no comparable event on the FY2027 horizon, management chose not to substitute a new forward narrative. Read charitably, that is disclosure restraint through the FOX One ramp. Read strictly, it is the absence of a specific FY2027 revenue driver that the press release could point at.

The second tell — again non-verbal — is that Cable Network Programming EBITDA went slightly negative YoY for the first time in the fiscal year, and the release does not address it. Prior quarters have carried explicit language about news pricing strength; this release does not repeat that anchor even as Cable revenue continued to grow +9%.

Answers to last quarter's watch list

Q4 World Cup revenue contribution — Resolved decisively. Q4 advertising revenue printed $1.916B, ~78% above the prior-year $1.08B base flagged as the threshold. Television revenue +45.4% and Television EBITDA of $705M (vs. $308M a year ago) confirm the World Cup was worth roughly $400M of incremental EBITDA. Management did not quantify the contribution separately, but the segment math does the disclosure.

Resolved positively

FOX One disclosure pressure — Five quarters since launch and the Q4 release still contains no FOX One subscriber count, ARPU, content cost, or segment-level streaming P&L. There is also no FY2026 streaming retrospective. The absence-as-signal has now been established as the disclosure posture, not a lag.

Not resolved

Cable Network Programming margin sustainability — Cable EBITDA margin fell to ~43.6% in Q4 from prior-year ~48.8%, with absolute EBITDA down $19M YoY on +9% revenue. The Q3 ~50.8% print does look like a sports-calendar peak in hindsight, and Q4 shows unexpected cost pressure the release does not explain. Above 30%, yes, but the trend inflected.

Resolved negatively

Buyback activity through the FOX One investment window — The Q4 release discloses ~$100M of Q4 repurchases (~$50M Class A and ~$50M Class B), with $3.4B remaining under the authorization as of June 30, 2026. FY2026 total repurchase cash outflow was $2.0B per the cash flow statement — pace clearly moderated in Q4 versus the earlier-year cadence. Status: Resolved

Distribution revenue trajectory — Distribution revenue in Q4 was $2.034B vs. $1.940B in prior-year Q4, implying ~+5% — broadly in line with the prior pace. Full-year distribution at $8.058B implies ~+4% for FY2026 blended. The line held above +2%.

Resolved positively

What to watch into next quarter

FY2027 revenue anchor beyond the World Cup comp: Q1 FY2027 will begin lapping the FIFA World Cup tailwind (June–July broadcast). Watch whether management provides any quantitative framing of the FY2027 revenue base or continues the qualitative-only posture, and whether Q1 FY2027 revenue holds above the $3.74B prior-year base or gives back the World Cup uplift.

Cable Network Programming margin direction: Q4 EBITDA -2.5% YoY on +9% revenue is the first negative Cable EBITDA print of the fiscal year. Watch whether Q1 FY2027 Cable EBITDA re-accelerates or whether cost pressure — likely FOX One digital costs allocated to Cable, or higher sports rights amortization — is now structural.

FOX One first quantitative disclosure: five quarters of silence is now the pattern. The FY2026 10-K filing is the next natural moment for any segment-level or footnote disclosure on streaming subscribers, revenue, or content cost — its absence in the 10-K would move this from "not disclosed yet" to "not going to be disclosed."

Buyback pace and authorization use: Q4 saw ~$100M repurchased with $3.4B remaining under authorization as of June 30, 2026. Watch the 10-K disclosure and Q1 FY2027 release for whether the pace re-accelerates or continues to moderate.

Television margin normalization post-World Cup: Q4 Television EBITDA margin of ~28.4% is well above the FY2026 blended Television EBITDA margin (~15%). Watch whether Q1 FY2027 Television EBITDA reverts toward the pre-World Cup mid-teens level or whether structural gains stick.

Sources

Fox Corporation Q4 and Full Year Fiscal 2026 Earnings Release, filed with SEC on August 6, 2026 — https://www.sec.gov/Archives/edgar/data/1754301/000162828026053892/foxq42026earningsrelease.htm
Fox Corporation Q3 Fiscal 2026 Earnings Release (prior-quarter reference), filed May 11, 2026
Fox Corporation Q4 and Full Year Fiscal 2025 Earnings Release (prior-year Q4 baseline reference), filed August 5, 2025

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