0001628280-26-033145
SEC filingFox Corporation reported Q3 FY2026 revenue of $3.99 billion, down 9% year-over-year, with net income of $175 million and Adjusted EBITDA of $954 million — up 11% — driven by lower sports programming costs offsetting advertising declines from the absence of Super Bowl LIX.
Fox Corporation’s Q3 FY2026 results reflect a deliberate trade-off: significant year-over-year revenue contraction—driven overwhelmingly by the absence of Super Bowl LIX’s outsized advertising contribution—was more than offset by disciplined cost management, particularly in sports programming rights amortization and production expenses. Advertising revenue fell 24% to $1.56 billion, with the Super Bowl effect accounting for the majority of the $480 million decline, partially mitigated by an additional NFL Wild Card game and Tubi’s digital growth. Meanwhile, Distribution revenue rose 3% on contractual price increases at Cable Network Programming (up 5%), and Content & other surged 12% on higher sports sublicensing. The resulting 11% increase in Adjusted EBITDA to $954 million underscores operational leverage: segment-level analysis shows Television’s EBITDA jumped $131 million despite $507 million lower revenue, while Cable Network Programming maintained stable EBITDA amid revenue growth. Management attributed the strength to ‘robust core advertising trends’ and ‘leadership in live programming’, highlighting Tubi’s role and the upcoming FIFA Men’s World Cup as near-term catalysts. Notably, GAAP net income dropped 52% to $166 million, but Adjusted net income rose 12% to $570 million—emphasizing the Company’s focus on underlying profitability excluding restructuring, tax, and non-operating items. With $3.5 billion remaining in its share repurchase program and no forward guidance disclosed, the earnings release signals confidence in cash flow generation and strategic execution rather than near-term top-line recovery.