Fox Corporation reported a 2% jump in revenue its second quarter earnings for 2026 on Tuesday morning before the market opened.
This was driven by a 4% increase in distribution revenue, thanks to 5% growth in the cable network programming segment, as well as a 1% increase in advertising revenues. Higher sports and news pricing led to that advertising boost as did Tubi’s continued growth and the impact of additional MLB postseason games. Those three factors helped offset the lower political advertising revenues and lower ratings that were seen during the quarter.
Fox News added 200 new advertisers during the quarter — a number that’s in addition to the 350 new advertisers the company added last year. Scatter pricing for news increased “46 or 47%” year over year, Lachlan Murdoch, the executive chairman and CEO of Fox Corporation, said during the company’s second quarter earnings call. The CEO expects that Fox will benefit from a growing appetite for national political advertising.
“We couldn’t be more pleased with the performance of advertising sales at Fox News moving forward into the political cycle, we expect that that’s only a positive for us,” Murdoch said.
Fox Corporation’s increase in revenue was especially notable considering that Fox spent more this quarter than in previous ones. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) came in at $692 million a 11% decrease compared to the second quarter of 2025. Higher costs around sports programming rights and production as well as higher costs around digital marketing led to this increase in spending. These were partially offset by lower entertainment programming rights amortization and production costs.
Here are the key results:
Net Income: $247 million, a 36% year-over-year decrease compared to the second quarter of 2025.
Earnings Per Share: $0.82 adjusted, a 15% year-over-year decrease.
Revenue: $5.18 billion, 2% increase year-over-year compared to the second quarter of 2025. This is also a 1.8% increase compared to the $5.09 billion predicted by analysts, according to Yahoo Finance.
Adjusted EBITDA: $692 million, an 11% year-over-year decrease.
On the distribution side, Fox saw a 6.3% decline in its cable news subscriber base, a figure Murdoch was pleased with considering the bleak state of the cable ecosystem. That number does not include Fox One subscribers, who were excluded “out of an abundance of caution,” Murdoch said. As more companies launch skinny bundles that include Fox, subscriptions are expected to increase.
Murdoch also shared some insights on Fox One, the company’s streaming platform that launched in August. Live sports drove the majority of engagement on Fox One, but news views accounted for a third of total minutes watched. News viewers also engage with the platform twice as many days per week as non-news viewers and watch nearly three times as many minutes per week on average. Murdoch noted that the company is “encouraged” by consumer response to the offering.
Tubi also saw a strong quarter. The free ad-supported streamer had its most-watched quarter of all time with total viewer view time increasing by 27% compared to the previous year. This was due to expanded programming, which included a simulcast of the NFL Thanksgiving game and the movie “Sidelined 2: Intercepted.” Tubi’s engagement was the strongest the platform has seen in seven quarters thanks to an increase in on-demand viewing, which accounted for 95% of consumption. Tubi’s revenue also increased 19% during the quarter.
It wasn’t just Fox One and Tubi that saw a boost in viewership during the quarter. The total minutes of Fox content viewed across sports, news, entertainment and Tubi increased 15% year over year. Murdoch specifically highlighted the premiere of Patrick Dempsey’s “Memory of a Killer,” which saw over 10 million viewers in its first week across multiple platforms and is the best season launch Fox’s entertainment network has had in roughly 13 years.
Fox Corporation also repurchased an additional $1.8 billion through its share buyback program. Since the buyback program launched in 2019, Fox has repurchased $8.4 billion, which translates to roughly 35% of its total outstanding shares.
Last quarter was a big one for Fox, marking the first time Tubi reached profitability. Tubi generated a 27% increase in revenue during the period. When paired with the return of the Super Bowl on Fox and a 6% growth in revenue due to strong news pricing and higher sports pricing, Fox Corporation reported a 5% year-over-year increase in revenue during its first quarter.
