EX-99.1 2 foxq42026earningsrelease.htm EX-99.1 Document Exhibit 99.1 EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026 FOX REPORTS FOURTH QUARTER FISCAL 2026 REVENUE OF $4.21 BILLION, NET INCOME OF $696 MILLION, AND ADJUSTED EBITDA OF $1.20 BILLION FOX REPORTS FULL YEAR FISCAL 2026 REVENUE OF $17.13 BILLION, NET INCOME OF $1.73 BILLION, AND ADJUSTED EBITDA OF $3.91 BILLION NEW YORK, NY, August 6, 2026 – Fox Corporation (Nasdaq: FOXA, FOX; “FOX” or the “Company”) today reported financial results for the three and twelve months ended June 30, 2026. Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said: “Fiscal 2026 was an exceptional year for FOX, capped by our broadcast of a remarkable FIFA Men's World Cup. We successfully launched our direct-to-consumer streaming service, FOX One, continued to keep America informed across a dynamic news cycle, enhanced Tubi's position as a leading streaming service, and announced the acquisition of Roku which will transform the scope and growth profile of our company. Financially, these milestones were underpinned by the delivery of record top-line revenue which converted into record EBITDA. With strong momentum across our portfolio, we enter fiscal 2027 exceptionally well positioned to drive sustained growth and long-term shareholder value." FOURTH QUARTER COMPANY RESULTS The Company reported total quarterly revenue of $4.21 billion, an increase of $925 million or 28% from the amount reported in the prior year quarter. Distribution revenue increased 5%, driven by 7% growth at the Cable Network Programming segment. Advertising revenue increased 78%, primarily due to the current year broadcast of the FIFA Men’s World Cup (“World Cup”), and continued digital growth led by the Tubi AVOD service. Content and other revenue was $262 million as compared to the $269 million reported in the prior year quarter, primarily due to the timing of sports sublicensing revenue. The Company reported quarterly net income of $696 million as compared to the $719 million reported in the prior year quarter. Net income attributable to Fox Corporation stockholders was $691 million ($1.61 per share) as compared to the $717 million ($1.57 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders 1 was $765 million ($1.79 per share) as compared to the $581 million ($1.27 per share) reported in the prior year quarter. Quarterly Adjusted EBITDA 2 was $1.20 billion, an increase of $256 million or 27% from the amount reported in the prior year quarter, as the revenue increase noted above was partially offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs, led by the current year broadcast of the World Cup , and costs associated with the launch of FOX One. 1 Excludes net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provision and Noncontrolling interest adjustments. See Note 1 for a description of adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders, which are considered non-GAAP financial measures, and a reconciliation of reported net income attributable to Fox Corporation stockholders and earnings per share attributable to Fox Corporation stockholders to adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders. 2 Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA. Page 1 EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026 FULL YEAR COMPANY RESULTS The Company reported total full year revenue of $17.13 billion, an increase of $826 million or 5% from the amount reported in the prior year. Distribution revenue increased 4%, driven by 5% growth at the Cable Network Programming segment. Advertising revenue increased 7%, primarily due to the current year broadcast of the World Cup and continued digital growth led by the Tubi AVOD service, partially offset by the absence of the prior year broadcast of Super Bowl LIX and lower political advertising revenue. Content and other revenue increased 4%, primarily due to higher sports sublicensing revenue. The Company reported full year net income of $1.73 billion as compared to the $2.29 billion reported in the prior year. Net Income attributable to Fox Corporation stockholders was $1.69 billion ($3.84 per share) as compared to the $2.26 billion ($4.91 per share) reported in the prior year. Adjusted net income attributable to Fox Corporation stockholders was $2.38 billion ($5.42 per share) as compared to the $2.20 billion ($4.78 per share) reported in the prior year. Full year Adjusted EBITDA was $3.91 billion, an increase of $282 million or 8% from the amount reported in the prior year, as the revenue increase noted above was partially offset by higher expenses. The increase in expenses was primarily due to costs associated with the launch of FOX One and higher digital content costs. Page 2 EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026 REVIEW OF OPERATING RESULTS Three Months Ended June 30, Twelve Months Ended June 30, 2026 2025 2026 2025 $ Millions Revenues by Component: Distribution 3 $ 2,034  $ 1,940  $ 8,058  $ 7,780  Advertising 1,916  1,078  7,339  6,865  Content and Other 262  269  1,729  1,655  Total revenues $ 4,212   $ 3,287   $ 17,126   $ 16,300   Segment Revenues: Cable Network Programming $ 1,670  $ 1,532  $ 7,348  $ 6,930  Television 2,482  1,707  9,666  9,325  Corporate and Other 161  63  526  244  Eliminations (101) (15) (414) (199) Total revenues $ 4,212   $ 3,287   $ 17,126   $ 16,300   Adjusted EBITDA: Cable Network Programming $ 728  $ 747  $ 3,099  $ 3,030  Television 705  308  1,438  945  Corporate and Other (238) (116) (631) (351) Adjusted EBITDA 4 $ 1,195   $ 939   $ 3,906   $ 3,624   Depreciation and amortization: Cable Network Programming $ 27  $ 25  $ 105  $ 94  Television 34  32  126  119  Corporate and Other 50  45  179  172  Total depreciation and amortization $ 111   $ 102   $ 410   $ 385   3 The Company generates distribution revenue from agreements with MVPDs for cable network programming and retransmission fees for the broadcast of the Company’s owned and operated television stations and from subscription fees for the Company’s direct-to-consumer streaming services. In addition, the Company generates distribution revenue from agreements with independently owned television stations that are affiliated with the FOX Network. Prior period amounts have been reclassified to conform to the current presentation. 4 Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA. Page 3 EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026 CABLE NETWORK PROGRAMMING Three Months Ended June 30, Twelve Months Ended June 30, 2026 2025 2026 2025 $ Millions Revenues Distribution $ 1,176  $ 1,100  $ 4,662  $ 4,440  Advertising 461  378  1,687  1,531  Content and Other 33  54  999  959  Total revenues 1,670   1,532   7,348   6,930   Operating expenses (731) (618) (3,562) (3,275) Selling, general and administrative (211) (168) (687) (635) Amortization of cable distribution investments —  1  —  10  Segment EBITDA $ 728   $ 747   $ 3,099   $ 3,030   Three Months Ended June 30, 2026 Cable Network Programming reported quarterly segment revenue of $1.67 billion, an increase of $138 million or 9% from the amount reported in the prior year quarter. Distribution revenue increased $76 million or 7% as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenue increased $83 million or 22%, primarily due to the current year broadcast of the World Cup . Content and other revenue was $33 million as compared to the $54 million reported in the prior year quarter, primarily due to the timing of sports sublicensing revenue. Cable Network Programming reported quarterly segment EBITDA of $728 million as compared to the $747 million reported in the prior year quarter, as the revenue increase noted above was more than offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs, led by the current year broadcast of the World Cup. Twelve Months Ended June 30, 2026 Cable Network Programming reported full year segment revenue of $7.35 billion, an increase of $418 million or 6% from the amount reported in the prior year. Distribution revenue increased $222 million or 5%, as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenue increased $156 million or 10%, primarily due to higher news and sports pricing and the current year broadcast of the World Cup , partially offset by lower ratings. Content and other revenue increased $40 million or 4%, primarily due to higher sports sublicensing revenue. Cable Network Programming reported full year segment EBITDA of $3.10 billion, an increase of $69 million or 2% from the amount reported in the prior year, as the revenue increase noted above was partially offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs . Page 4 EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026 TELEVISION Three Months Ended June 30, Twelve Months Ended June 30, 2026 2025 2026 2025 $ Millions Revenues Advertising $ 1,455  $ 700  $ 5,652  $ 5,334  Distribution 836  840  3,346  3,340  Content and Other 191  167  668  651  Total revenues 2,482   1,707   9,666   9,325   Operating expenses (1,459) (1,117) (7,101) (7,308) Selling, general and administrative (318) (282) (1,127) (1,072) Segment EBITDA $ 705   $ 308   $ 1,438   $ 945   Three Months Ended June 30, 2026 Television reported quarterly segment revenue of $2.48 billion, an increase of $775 million or 45% from the amount reported in the prior year quarter. Advertising revenue increased $755 million or 108%, primarily due to the current year broadcast of the World Cup, continued digital growth led by the Tubi AVOD service and higher political advertising revenue at the FOX Television Stations. Distribution revenue was essentially unchanged from the prior year quarter. Content and other revenue increased $24 million or 14%, primarily due to higher entertainment content revenue. Television reported quarterly segment EBITDA of $705 million, an increase of $397 million or 129% from the amount reported in the prior year quarter, as the revenue increase noted above was partially offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs, led by the current year broadcast of the World Cup . Twelve Months Ended June 30, 2026 Television reported full year segment revenue of $9.67 billion, an increase of $341 million or 4% from the amount reported in the prior year. Advertising revenue increased $318 million or 6%, primarily due the current year broadcast of the World Cup and continued digital growth led by the Tubi AVOD service, partially offset by the absence of the prior year broadcast of Super Bowl LIX and lower political advertising revenue. Distribution revenue was essentially unchanged from the prior year, as higher average rates at the Company's owned and operated television stations and increases in fees from third-party FOX affiliates were partially offset by the net impact of subscriber declines. Content and other revenue increased $17 million or 3%, primarily due to higher digital content revenue. Television reported full year segment EBITDA of $1.44 billion, an increase of $493 million or 52% from the amount reported in the prior year, due to the revenue increase noted above and lower expenses. The decrease in expenses was primarily driven by lower sports programming rights amortization partially offset by higher digital content costs. Page 5 EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026 DIVIDEND The Company’s Board of Directors has authorized an increase in the Company’s semi-annual dividend and has declared a dividend of $0.29 per Class A and Class B share. This dividend is payable on September 23, 2026 with a record date for determining dividend entitlements of September 02, 2026. SHARE REPURCHASE PROGRAM As of June 30, 2026, the Company has cumulatively repurchased approximately $6.7 billion of its Class A common stock and approximately $1.9 billion of its Class B common stock, with a remaining authorization of $3.4 billion. During the quarter, the Company repurchased approximately $50 million of its Class A common stock and $50 million of its Class B common stock. CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Roku transaction. Words such as “may,” “will,” “could,” “should,” “would,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to the impact of the Roku transaction and related risks, changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the Company’s businesses. More detailed information about these factors is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as in the joint proxy statement/prospectus that will be included in the registration statement on Form S-4 that will be filed with the SEC in connection with the Roku transaction. Statements in this press release speak only as of the date they were made, and the Company undertakes no duty to update or release any revisions to any forward-looking statement made in this press release or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in the Company’s expectations, except as required by law. To access a copy of this press release through the Internet, access Fox Corporation’s corporate website located at http://www.foxcorporation.com. CONTACTS Gabrielle Brown, Investor Relations Brian Nick, Press Inquiries 212-852-7720 310-369-3545 Charlie Costanzo, Investor Relations Lauren Townsend, Press Inquiries 212-852-7908 310-369-2729      Page 6 EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026 CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended June 30, Twelve Months Ended June 30, 2026 2025 2026 2025 $ Millions, except per share amounts Revenues $ 4,212   $ 3,287   $ 17,126   $ 16,300   Operating expenses (2,380) (1,759) (10,853) (10,518) Selling, general and administrative (637) (590) (2,367) (2,168) Depreciation and amortization (111) (102) (410) (385) Restructuring, impairment and other corporate matters (113) (99) (151) (350) Equity losses of affiliates (2) (18) (20) (29) Interest expense, net (60) (42) (274) (227) Non-operating other, net 12  282  (773) 438  Income before income tax expense 921   959   2,278   3,061   Income tax expense (225) (240) (551) (768) Net income 696   719   1,727   2,293   Less: Net income attributable to noncontrolling interests (5) (2) (42) (30) Net income attributable to Fox Corporation stockholders $ 691   $ 717   $ 1,685   $ 2,263   Weighted average shares: 428  457  439  461  Net income attributable to Fox Corporation stockholders per share: $ 1.61   $ 1.57   $ 3.84   $ 4.91   Page 7 EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026 CONSOLIDATED BALANCE SHEETS June 30, 2026 June 30, 2025 $ Millions Assets: Current assets: Cash and cash equivalents $ 4,205  $ 5,351  Receivables, net 3,455  2,472  Inventories, net 487  432  Other 306  174  Total current assets 8,453  8,429  Non-current assets: Property and equipment, net 1,842  1,705  Intangible assets, net 2,870  2,969  Goodwill 3,647  3,639  Deferred tax assets 2,443  2,721  Other non-current assets 3,227  3,732  Total assets $ 22,482   $ 23,195   Liabilities and Equity: Current liabilities: Accounts payable, accrued expenses and other current liabilities $ 2,667  $ 2,897  Total current liabilities 2,667  2,897  Non-current liabilities: Borrowings 6,606  6,602  Other liabilities 1,395  1,341  Redeemable noncontrolling interests 86  288  Commitments and contingencies Equity: Class A common stock, $0.01 par value 2  2  Class B common stock, $0.01 par value 2  2  Additional paid-in capital 7,274  7,603  Retained earnings 4,457  4,479  Accumulated other comprehensive loss (107) (124) Total Fox Corporation stockholders’ equity 11,628  11,962  Noncontrolling interests 100  105  Total equity 11,728  12,067  Total liabilities and equity $ 22,482   $ 23,195   Page 8 EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026 CONSOLIDATED STATEMENTS OF CASH FLOWS Twelve Months Ended June 30, 2026 2025 $ Millions OPERATING ACTIVITIES: Net income $ 1,727  $ 2,293  Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 410  385  Restructuring, impairment and other corporate matters 151  267  Equity-based compensation 132  135  Equity losses of affiliates 20  29  Cash distributions received from affiliates 32  13  Non-operating other, net 773  (438) Deferred income taxes 271  164  Change in operating assets and liabilities, net of acquisitions and dispositions Receivables and other assets (1,055) (85) Inventories net of programming payable (493) 521  Accounts payable and accrued expenses 66  89  Other changes, net (64) (49) Net cash provided by operating activities 1,970   3,324   INVESTING ACTIVITIES: Property and equipment (502) (331) Purchase of investments (178) (79) Acquisitions, net of cash acquired (8) (97) Other investing activities, net (17) (30) Net cash used in investing activities (705) (537) FINANCING ACTIVITIES: Repurchase of shares (2,000) (1,000) Dividends paid and distributions (287) (277) Purchase of noncontrolling interest (208) —  Repayment of borrowings —  (600) Other financing activities, net 84  122  Net cash used in financing activities (2,411) (1,755) Net (decrease) increase in cash and cash equivalents (1,146) 1,032  Cash and cash equivalents, beginning of year 5,351  4,319  Cash and cash equivalents, end of year $ 4,205   $ 5,351   Page 9 EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026 NOTE 1 – ADJUSTED NET INCOME AND ADJUSTED EPS The Company uses net income attributable to Fox Corporation stockholders and earnings per share (“EPS”) attributable to Fox Corporation stockholders excluding net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provisions and Noncontrolling interest adjustments (“Adjusted Net Income” and “Adjusted EPS” respectively) to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period