Fox Reports Mixed Q3 2026 Results: Revenue Dips, EBITDA Rises

Event summary

  • Fox Corporation reported Q3 2026 revenue of $3.99 billion, down 9% YoY from $4.37 billion.
  • Adjusted EBITDA increased 11% YoY to $954 million, driven by lower expenses.
  • Advertising revenue fell 23% YoY to $1.56 billion, impacted by the absence of Super Bowl LIX.
  • Cable Network Programming revenue grew 6% YoY to $1.74 billion, with distribution revenue up 5%.
  • Fox repurchased $100 million of its Class A and B common stock during the quarter.

The big picture

Fox's Q3 2026 results highlight the volatility in sports-driven advertising revenue, a key challenge for traditional broadcasters. The company's focus on cost management and digital growth through Tubi reflects broader industry shifts toward streaming and direct-to-consumer models. The upcoming FIFA Men's World Cup presents a significant opportunity to bolster advertising revenue, but long-term success will depend on balancing traditional and digital revenue streams.

What we're watching

Advertising Recovery
Whether Fox can sustain advertising growth without major sports events like the Super Bowl.
Subscriber Trends
The pace at which Fox can offset net subscriber declines with contractual price increases.
Streaming Strategy
How Tubi's growth will impact Fox's overall digital revenue mix.