Fox (FOX) Earnings Date & Reports

Fox Corporation delivered third quarter fiscal 2026 results that exceeded Wall Street expectations on key metrics. Total revenue reached $3.99 billion, topping the $3.78 billion consensus but declining 9% from $4.37 billion a year ago, primarily due to the absence of Super Bowl LIX advertising revenue ($1.56 billion total advertising, down from $2.04 billion). This was partially offset by an extra NFL Wild Card game and Tubi digital growth.

Adjusted earnings per share (EPS) hit $1.32, surpassing the $0.99 estimate and rising 20% year-over-year. GAAP EPS was $0.38, with net income attributable to stockholders at $166 million, down from $346 million.

Adjusted EBITDA climbed 11% to $954 million from $856 million, fueled by lower operating expenses ($2.49 billion, down 16% as a percentage of revenue contracting 540 basis points to 62.4%). By segment: Cable Network Programming revenue up 6% to $1.74 billion (EBITDA $884 million); Television down to $2.20 billion (EBITDA $191 million, up from $60 million). No new guidance was issued.

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Market Reaction and Investor Sentiment

Following the May 11 release, FOX shares jumped over 5% intraday to around $59.68, with FOXA up similarly to $66.19, outperforming the Communication Services sector's decline. The positive response stemmed from EPS and revenue beats, record Adjusted EBITDA, and cost controls, despite the revenue drop. Investors interpreted the results as evidence of underlying strength in core operations and streaming, boosting confidence amid media headwinds.

Forward Outlook and Key Factors to Monitor

With fiscal 2026 winding down (ending June 30), investors should track Q4 results for sustained profitability. The absence of Super Bowl impact fades, but advertising trends in news and sports remain critical.

Tubi's AVOD momentum, highlighted by CEO Lachlan Murdoch, positions Fox for streaming gains. Watch monthly active users and digital ad revenue growth as free ad-supported streaming competes with traditional TV.

Sports rights costs, including upcoming FIFA Men’s World Cup, could pressure margins. Monitor amortization expenses and sublicensing offsets. Cable distribution growth via price hikes may counter subscriber losses.

Capital allocation, including share repurchases, supports shareholder returns. Broader industry dynamics like M&A (mergers and acquisitions) activity and linear TV declines warrant attention. Balanced cost management will be key to navigating these.

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