Q1 2026 Fox Corp Earnings Call Transcript
Key Points
- Fox Corp (FOX) reported a strong start to fiscal 2026 with a 5% increase in revenue and a 2% growth in EBITDA.
- Advertising revenue grew by 6%, driven by robust trends in news, sports, entertainment, and Tubi, despite the absence of last year's political revenue.
- Tubi achieved 27% revenue growth in the first quarter and reached profitability, marking a significant milestone for the platform.
- Fox News maintained its status as the most-watched cable network, contributing to the highest first-quarter ad revenue in its history.
- The NFL on Fox experienced a 12% increase in viewership, marking the best start to an NFL season for Fox, with American's Game of the Week ranking as TV's number one show.
- Net income attributable to stockholders decreased to $599 million from $827 million in the prior year period.
- Free cash flow was negative $234 million in the quarter, consistent with the seasonality of their working capital cycle.
- Total company expenses increased by 6% year-over-year, largely due to investments in digital-led growth initiatives and higher entertainment programming costs.
- Subscriber declines remained below 7% for the third consecutive quarter, indicating ongoing challenges in maintaining subscriber numbers.
- The absence of last year's political advertising revenues partially offset the growth in television advertising revenues.
Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation's first-quarter fiscal year 2026 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I'll now turn the conference over to Chief Investor Relations Officer, Ms. Gabrielle Brown. Please go ahead, Ms. Brown.
Thank you, Pauly. Good morning, and welcome to our fiscal 2026 first-quarter earnings call. Joining me on the call today are Lachlan Murdoch, Executive Chair and Chief Executive Officer; John Nallen, Chief Operating Officer; and Steve Tomsic, our Chief Financial Officer. First, Lachlan and Steve will give some prepared remarks on the most recent quarter, and then we'll take questions from the investment community.
Please note that this call may include forward-looking statements regarding Fox Corporation's financial performance and operating results. These statements are based on management's current expectations, and actual
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