Fox Revenue Jumps to $5B

Fox Corporation announced a 2% year-over-year increase in revenue for its fiscal second quarter of 2026 (ended December 2025), reporting total revenues of $5.18 billion. 

This figure exceeded Wall Street expectations, which had anticipated around $5.05–$5.06 billion. The results were released before the market opened on Tuesday, February 4, 2026, and helped drive a positive pre-market reaction in the company's shares.

The revenue growth was primarily fueled by a 4% rise in distribution revenues, led by 5% growth in the cable network programming segment. Advertising revenues contributed a modest 1% increase, supported by several key positive factors: higher pricing for sports and news content, ongoing expansion at the Tubi streaming service (AVOD platform), and the addition of more MLB postseason games during the quarter.

These gains helped counterbalance headwinds, including reduced political advertising spending (typical in a non-election cycle compared to prior periods) and lower overall ratings across some programming.Other highlights from the quarter included adjusted EBITDA of $692 million, net income of $247 million (down from $388 million in the prior year), and adjusted earnings per share of $0.82, which beat consensus estimates of around $0.49. The company also declared a quarterly dividend of $0.28 per share and continued its share repurchase program, buying back $1.55 billion in stock during the period.

Overall, the results reflect resilience in Fox's core distribution and advertising businesses amid a mixed media landscape, with strength in sports rights pricing, news, and digital streaming helping offset cyclical pressures in political ads and audience metrics.