Fox reported strong fiscal Q4 2026 results, driven by the FIFA World Cup and Tubi. Management is optimistic about fiscal 2027, citing a robust ad market, strong upfronts, and continued growth in streaming. Fox reported record fiscal year revenue of $17B and EBITDA of $3.9B.
Fox reported strong fiscal Q4 2026 results, driven by the FIFA World Cup and Tubi. Management is optimistic about fiscal 2027, citing a robust ad market, strong upfronts, and continued growth in streaming. Fox reported record fiscal year revenue of $17B and EBITDA of $3.9B.
Management described a very strong advertising market across their portfolio, with double-digit volume growth in the upfront and continued momentum into the first quarter. They highlighted strength in sports, news, local stations, and Tubi, with Tubi's revenue growth…
Management described a very strong advertising market across their portfolio, with double-digit volume growth in the upfront and continued momentum into the first quarter. They highlighted strength in sports, news, local stations, and Tubi, with Tubi's revenue growth…
World Cup drove a 78% increase in advertising revenue in Q4.
Tubi revenue grew 35% in Q4, reaching 110M MAUs, with 2026 digital investment losses under $200M.
Management described a very strong advertising market across their portfolio, with double-digit volume growth in the upfront and continued momentum into the first quarter. They highlighted strength in sports, news, local stations, and Tubi, with Tubi's revenue growth accelerating to 35% in the fiscal fourth quarter.
Management noted that the level of investment in digital-led growth initiatives moderated in fiscal 26 versus the prior year, and they expect continued bottom-line improvement in this portfolio going into fiscal 27. This indicates a more disciplined approach to spending on digital initiatives, though specific capex guidance was not provided.
Management expressed strong confidence in the business, citing record financial performance, successful execution of the World Cup, and positive outlook for advertising and distribution.
“we will not be making any amendments to our existing contractual relationship, which extends to the completion of the 2029 season.”
“it's that I think it's close to 70% of Tubi's viewers are cordless... This far exceeds any of our competitors in the marketplace.”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| RevenuePOLITICAL | FY2027 | $260M | $260M | GUIDED |
The pending acquisition is a major strategic move for both Fox and Roku to combine content with distribution platform.
“The addition of Roku to Fox will expand our digital footprint and offerings even further. Roku brings us streaming at scale”
… long-term growth profiles. Fox has deep digital resources and skills, most notably seen in our consumer-facing products such as Tubi, Fox One, Fox Nation, and Fox News and Fox Sports Digital. We have developed these businesses across their growth path to become important digital brands. For example, When we acquired Tubi in its early stages, we have turned it into a leading streaming platform with 10 times the revenue from when we started. The addition of Roku to Fox will expand our digital footprint and offerings even further. Roku brings us streaming at scale through its open, partner-friendly platform that makes it a leading TV streaming platform in the US. Together, Fox and Roku combine premium live content deep market relationships, scale distribution and leading platform capabilities, including subscriptions to respond to the evolving needs of consumers and advertisers. I know I speak for Anthony in saying that we are eager to get the transaction closed and for our teams to get started. While we are in the early approval process, only in the early approval process, the transaction is on track and we expect closing in the first half calendar 2027. We have had an …
Fox's strong World Cup performance strengthens its position for future FIFA rights negotiations.
“The success of the World Cup led Fox to top all networks in live event sports consumption in fiscal 26”
… programming over the course of the tournament. We deployed all of our platforms including the stations, the network, Fox Sports, Fox News, Fox One, Tubi, and our other digital assets to proactively drive record-breaking broadcasts from Fox. From the flawless simulcast of the opening matches on Tubi right through to the historic final, we brought the 104 matches and shoulder programming to American homes and watch parties like no other World Cup before. The success of the World Cup led Fox to top all networks in live event sports consumption in fiscal 26, a remarkable achievement given that the next highest rated broadcast network benefited from both the Super Bowl and the Winter Olympics. The tournament also proved to be a customer acquisition opportunity for Fox One, driving incremental subscriber acquisition and strong retention rates that surpassed our expectations. Importantly, through Fox One, we continue to see minimal cannibalization of our traditional pay TV business, reinforcing our strategy of targeting the cordless population, which has delivered meaningful additional distribution revenue across the company. We are a nimble, purposeful company, expert at delivering …
Fox's decision to maintain NFL rights at current terms through 2029 avoids a costly bidding war in the near term.
… our strategy of targeting the cordless population, which has delivered meaningful additional distribution revenue across the company. We are a nimble, purposeful company, expert at delivering complex events at scale. We'll demonstrate this expertise again as we begin another broadcast season of the NFL on Fox starting next month. In advance of the season, we've had a recent thorough and productive discussions with the league. And as a result, we will not be making any amendments to our existing contractual relationship, which extends to the completion of the 2029 season. We'll be ready to engage with the NFL on the opt-out seasons and beyond at a date closer to the 2030 season, which has been the customary timetable. While our sports calendar had the most attention in the quarter, Fox News remained the leader in live news, finishing the quarter and the year as both the most watched cable network in total day and in prime time, while continuing to reinforce its leadership position with market share levels well ahead of all of its competitors combined. This robust audience engagement, combined with the addition of another 400 new advertisers to the platform during the year, helped …
Fox's decision to NOT renegotiate NFL rights prices through 2029 indicates stable content costs, which is a positive margin driver for its broadcast segment. — Avoids a major cost increase, potentially protecting Fox's sports margins and signaling a shift in NFL's negotiating power.
… our strategy of targeting the cordless population, which has delivered meaningful additional distribution revenue across the company. We are a nimble, purposeful company, expert at delivering complex events at scale. We'll demonstrate this expertise again as we begin another broadcast season of the NFL on Fox starting next month. In advance of the season, we've had a recent thorough and productive discussions with the league. And as a result, we will not be making any amendments to our existing contractual relationship, which extends to the completion of the 2029 season. We'll be ready to engage with the NFL on the opt-out seasons and beyond at a date closer to the 2030 season, which has been the customary timetable. While our sports calendar had the most attention in the quarter, Fox News remained the leader in live news, finishing the quarter and the year as both the most watched cable network in total day and in prime time, while continuing to reinforce its leadership position with market share levels well ahead of all of its competitors combined. This robust audience engagement, combined with the addition of another 400 new advertisers to the platform during the year, helped …
Tubi's growth is driven by being a 'cordless' platform, capturing a hard-to-reach audience that is valuable to advertisers.