Fox Corp (FOXA) · Nov 2, 2026 · Earnings
Beat — Adjusted EPS $2.54 vs ~$2.07 consensus
Fox earnings beat consensus as World Cup, political advertising and Tubi drove record revenue and EBITDA, while distribution growth stayed healthy.
Fox is in the middle of shifting from a traditional news-and-sports broadcaster toward a broader ad-supported digital platform: Tubi is scaling, FOX One has launched, and the company has agreed to acquire Roku to combine its content with a much larger connected-TV ecosystem.
The quarter materially beat the operating bar. Adjusted EPS of $2.54 exceeded the published consensus of about $2.07, while revenue of $4.57 billion topped the roughly $4.32 billion expectation. The filing shows the upside was broad enough to matter: advertising rose 47%, distribution rose 9%, and adjusted EBITDA increased 54%.
| Figure | Q1 FY27 | Q1 FY26 | Consensus |
|---|---|---|---|
| Revenue (Financial Highlights) | $4.571B (+22%) | $3.738B | ~$4.32B |
| Adjusted EPS (Adjusted EPS reconciliation) | $2.54 (+68%) | $1.51 | ~$2.07 |
| Adjusted EBITDA (Financial Highlights) | $1.641B (+54%) | $1.065B | |
| Advertising revenue (Revenues by Component) | $2.081B (+47%) | $1.412B | |
| Distribution revenue (Revenues by Component) | $2.084B (+9%) | $1.915B |
Television carried the surprise, not just the cycle. Television segment EBITDA more than doubled to $934 million, helped by 60% advertising growth from the World Cup, political spending and Tubi. That is the clearest evidence that FOX is monetizing its combined broadcast, sports and digital reach, although the World Cup and election timing make the magnitude unusually favorable rather than a clean recurring run rate.
The underlying distribution engine also held up. Cable Network Programming EBITDA rose only 7%, but distribution revenue increased 10% in that segment through contractual price increases and subscriber growth, while Television distribution revenue rose 4%. This matters because it supports the more durable part of the story while advertising captures the event-driven upside.
Cash generation improved sharply, but the filing does not raise the forward bar. Operating cash flow swung to $616 million from negative $130 million a year earlier, while the company made no share repurchases during the quarter versus $250 million previously. There is no new quantitative guidance, so the quarter strengthens execution and gives FOX more flexibility around the Roku strategy rather than formally changing its outlook.
Bottom line: This was a clear earnings beat that advances FOX’s digital-and-live-content monetization story, with the strongest evidence coming from advertising and Television. The result matters, but part of the upside is tied to the unusually favorable World Cup and political calendar rather than a fully repeatable baseline.
Roku transaction closing and integration
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