The quarter materially exceeded published expectations. Consensus estimates were roughly $1.34–$1.44 for quarterly EPS and $3.58–$3.71 billion of revenue; FOX delivered $1.79 of adjusted EPS and $4.21 billion of revenue, a clear beat on both measures.
| $ millions, except per-share data | Q4 FY2026 | Q4 FY2025 | Full-year FY2026 | Full-year FY2025 |
|---|---|---|---|---|
| Revenue | $4,212 (Financial Highlights) | $3,287 (Financial Highlights) | $17,126 (Financial Highlights) | $16,300 (Financial Highlights) |
| Adjusted EPS | $1.79 (Adjusted Net Income reconciliation) | $1.27 (Adjusted Net Income reconciliation) | $5.42 (Adjusted Net Income reconciliation) | $4.78 (Adjusted Net Income reconciliation) |
| Adjusted EBITDA | $1,195 (Adjusted EBITDA reconciliation) | $939 (Adjusted EBITDA reconciliation) | $3,906 (Adjusted EBITDA reconciliation) | $3,624 (Adjusted EBITDA reconciliation) |
| Net cash from operations | — | — | $1,970 (Cash Flow statement) | $3,324 (Cash Flow statement) |
| Share repurchases | — | — | $2,000 (Cash Flow statement) | $1,000 (Cash Flow statement) |
The headline beat was heavily event-driven, not broad-based. Advertising revenue surged 78% in the quarter, led by the FIFA Men's World Cup, while Television segment EBITDA rose 129% to $705 million (Segment results — Television). That more than offset a 3% decline in Cable Network Programming EBITDA to $728 million, where higher World Cup rights amortization and production costs consumed the revenue benefit (Segment results — Cable Network Programming). The full-year picture is sturdier but less explosive: revenue rose 5% and adjusted EBITDA 8%, with the World Cup and Tubi digital growth doing much of the work (Financial Highlights).
Underlying distribution trends remain restrained. Cable distribution revenue grew 7% in the quarter and 5% for the year, but FOX said contractual price increases were partly offset by net subscriber declines (Segment results — Cable Network Programming). Television distribution revenue was essentially flat both quarterly and annually (Segment results — Television). That limits how much of the reported growth can be viewed as recurring organic momentum once the World Cup benefit rolls off.
Cash conversion was the main blemish versus the earnings strength. Operating cash flow fell to $1.97 billion from $3.32 billion, driven in part by larger uses from receivables and inventory (Cash Flow statement). FOX also spent $2.0 billion on share repurchases, up from $1.0 billion, while ending cash declined to $4.21 billion from $5.35 billion despite borrowings remaining broadly flat at $6.61 billion (Cash Flow statement; Consolidated Balance Sheets). The increased semi-annual dividend to $0.29 per share and continued buybacks reinforce shareholder returns, but they also make the weaker cash generation more relevant (Dividend announcement; Cash Flow statement).
Net read: a genuine positive surprise, with quality caveats. The magnitude of the revenue and adjusted-EPS beat is too large to dismiss, even though the World Cup was a known catalyst and the filing provides no new fiscal 2027 numerical guidance. The offset is that Cable EBITDA softened, distribution growth remains modest, and cash flow declined sharply. The Roku acquisition is mentioned as part of management's strategic outlook, but this filing adds no transaction terms or updated economics, so it contributes little incremental information here (Management commentary; Forward-looking statements).
Read the original 8-K on SEC EDGAR ↗