Fox Corporation Reports Record Revenue on World Cup Strength, Eyes Roku Integration
The media giant posted 28% revenue growth in Q4 as FIFA tournament broadcasts and streaming momentum drove results to $17 billion annually.
Record Performance Fueled by World Cup
Fox Corporation closed fiscal 2026 with exceptional momentum, reporting annual revenue of "over $17 billion" and EBITDA of $3.9 billion, both company records (earnings call, 2026-08-06). The media company's fourth quarter proved particularly strong, with revenue jumping 28% to $4.2 billion and EBITDA climbing 27% to $1.2 billion.
The standout driver was Fox's broadcast of the 2026 FIFA Men's World Cup, which CEO Lachlan Murdoch credited with demonstrating "the unique power of Fox to deliver live premium sports that bring people together at scale" (earnings call, 2026-08-06). The tournament's success helped Fox lead all networks in live event sports consumption for the fiscal year, despite competitors benefiting from both the Super Bowl and Winter Olympics.
Advertising revenue surged 78% in the fourth quarter, powered by the World Cup, continued strength at streaming platform Tubi, and "healthy advertising trends across the broader Fox portfolio" (earnings call, 2026-08-06). For the full year, advertising revenue grew 7% despite the prior year including Super Bowl 59 and a presidential election cycle.
Streaming Platforms Exceed Expectations
Fox's direct-to-consumer streaming service Fox One "continues to exceed our expectations," Murdoch said, noting the World Cup "drove incremental subscriber acquisition and strong retention rates" (earnings call, 2026-08-06). Importantly, Fox is seeing "minimal cannibalization of our traditional pay-TV business," reinforcing its strategy of targeting cord-cutters.
Tubi delivered its "most streamed and highest revenue quarter ever," with fourth-quarter revenue accelerating 35% on a 17% increase in total viewing time (earnings call, 2026-08-06). The platform closed fiscal 2026 with 110 million monthly active users, with its World Cup hub attracting over 20 million viewers. Tubi was "EBITDA positive in each quarter of fiscal 2026," CFO Steve Tomsic reported (earnings call, 2026-08-06).
Roku Acquisition and NFL Contract Update
Fox's pending acquisition of Roku remains "on track" with closing expected in the first half of calendar 2027 (earnings call, 2026-08-06). Murdoch positioned the deal as an extension of Fox's digital strategy, noting the company turned Tubi into a leading platform "with 10x the revenue from when we started" (earnings call, 2026-08-06).
Regarding its NFL rights, Murdoch confirmed Fox "will not be making any amendments to our existing contractual relationship, which extends to the completion of the 2029 season" following recent discussions with the league (earnings call, 2026-08-06).
Looking Ahead
For fiscal 2027, Fox expects continued World Cup revenue contribution in the first quarter, though "total tournament revenues weighted towards fiscal '26 versus '27" (earnings call, 2026-08-06). The midterm elections are expected to boost advertising revenue, particularly at Fox's local television stations.
The company reported adjusted earnings per share of $5.42 for fiscal 2026, up 13% from the prior year's $4.78. Fourth-quarter adjusted EPS reached $1.79, a 41% increase year-over-year.
Distribution revenue grew 5% in the fourth quarter, with cable network subscriber declines "consistent with the prior quarter at under 6.5% across our third-party distributors" before accounting for Fox One's contribution (earnings call, 2026-08-06).
This article was generated by MarginX from the earnings call on 2026-08-06. It is not investment advice.