FOX · every analyst question and management's answer
Nov 2, 2026 earnings call — Record quarter driven by sports and Fox 1
Revenue grew 22% to $4.6 billion, with record EBITDA of $1.64 billion.
Revenue $4.6B (est $4.3B) · EPS $2.54 (est $2.07)
Key quotes
"I think it is something like 97% of new subscribers into Fox 1 subscribers into Fox 1. 97% do not have a cable subscription."
"We began the quarter with a historic broadcast of the FIFA Men's World Cup final, the most watched soccer telecast in US history."
"Tubi grew revenue 35%, year on year, underpinned by a 23% increase in total view time."
Analyst Q&A 5
Fox 1 subscribers and distribution revenue
Q (Michael Ng · Goldman Sachs): He asked how Fox 1 growth affects long-term distribution revenue and what drives Fox 1 gross additions into NFL season.
A: Management said Fox 1 is performing very well and its subscribers are almost all incremental. They said about 97% of new Fox 1 subscribers do not have a cable subscription. They also warned Fox 1 subscriptions will be somewhat seasonal with sports.
"The most pleasing aspect of this is the fact that the subscribers are almost entirely incremental to our subscriber base." — Lachlan Keith Murdoch (CHAIR)
Advertising trends and CTV ad market health
Q (John Hodulik · UBS): He asked about closing CPM gaps on broadcast/news and asked what they see in the CTV ad market given Tubi's revenue growth.
A: Management said overall advertising trends are incredibly healthy for the company. They said political revenue is now over $350 million in the cycle, including about $20 million to $25 million plus on local, about $50 million of Tubi revenue, and another $50 million plus of national political advertising. They said there is room to push CPMs toward broadcast levels and that Tubi growth is driven by TVT growth and hard-to-reach audiences.
"So overall, you know, advertising trends for us, and I cannot talk to the market, but are incredibly healthy." — Lachlan Keith Murdoch (CHAIR)
Ratings, ad impact, and Fox 1 bundling
Q (Michael Morris · Guggenheim): He asked why Nielsen showed ratings declines at Fox News, what that means for ad revenue and content strategy, whether Fox 1 is in Nielsen, and why bundles had modest impact.
A: Management said the business finished the year strong and is number 1 with more share than the two cable competitors combined. They said recent declines reflect viewer fatigue, not viewers switching to other news channels, and they expect viewers to watch slightly less TV overall. They also said Fox 1 will bundle with many distributors and they will roll out more bundles as the service develops.
"Those viewers are not going to any other news channel." — Lachlan Keith Murdoch (CHAIR)
Tubi margins and buyback timing
Q (Jessica Reif Ehrlich · BofA): She asked about Tubi's margin outlook and whether resuming buybacks signals timing for the transaction close.
A: Management said Tubi continues to grow and they expect it to be a "20% range" margin business at maturity. They also noted positive EBITDA momentum this quarter. On buybacks, they said do not link restarting the buyback to the transaction timing; they are separate decisions.
"And margins, we think, you know, I think we have said many times before, we think it will be a 20% range margin business." — Lachlan Keith Murdoch (CHAIR)
Digital ad performance and World Cup rights
Q (David Karnovsky · JPMorgan): He asked for detail on lower year-over-year cable digital news ad revenue and how platforms are doing, and whether they will bid for 2030 World Cup rights.
A: Management said Fox News Digital is the number 1 digital news site in America and that the digital ad market is hyper-competitive but they are pleased with results. On sports rights, they said they will look at rights for 2030 and 2034 in a disciplined way, as they do with all sports rights.
"We will be looking at the rights for 2030 and 2034 in a disciplined manner as we would with all sports rights." — Lachlan Keith Murdoch (CHAIR)
Aug 6, 2026 earnings call — World Cup boost and pending Roku acquisition
Q4 total revenue increased 28% to $4.2 billion and EBITDA improved 27% to $1.2 billion.
Revenue $4.2B (est $3.6B) · EPS $1.79 (est $1.44)
Key quotes
"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."
"Tubi and FOX One are the result of a successful strategy and skilled execution."
"This transaction will bolster our position in connected TV distribution and advertising, which have compelling long-term growth profiles."
Analyst Q&A 6
ad market strength and NFL rights timing
Q (John Hodulik · UBS): He asked about the underlying ad market: upfront pricing and demand for sports and news, CTV pricing and fill rates (Tubi), and clarification on NFL rights pricing until 2030 and how that came to be.
A: Management said their ad market is very strong across sports, news, local stations, Tubi and entertainment, with double-digit volume growth in the upfront and momentum into the first quarter. They said the CTV market is competitive but Tubi grew revenue 35% and is competing well. On the NFL, they said there are no contractual changes until the 2030 season and they would not provide background color on that.
"So first, on the ad market, we are seeing a very strong ad market for us." — Lachlan Murdoch (CEO·CHAIR)
World Cup impact and lasting benefits
Q (Michael Morris · Guggenheim): He asked how much the World Cup contributed to ad revenue and profit in fiscal fourth quarter and fiscal first quarter, and how a unique event like the World Cup helps the business sustainably going forward.
A: Management said the World Cup was a unique event and FOX amplified it across its portfolio, producing a very strong result for FIFA, fans and FOX. They said the timing and limited sports competition in the summer, plus enthusiasm from viewers and advertisers, all aligned to deliver the result. They emphasized that the event shows leagues the value FOX brings in marketing, reach, planning and production.
"I think it illustrated that really only FOX can take events like this and amplify them in a way that's frankly, unique in the market." — Lachlan Murdoch (CEO·CHAIR)
Tubi growth, digital investment, free cash flow
Q (Michael Ng · Goldman Sachs): He asked how much of Tubi's 35% growth came from the World Cup Hub versus underlying growth, what the fiscal '25 digital loss/investment number was, and to comment on free cash flow outlook for next year.
A: Management said Tubi's 35% growth was driven by total viewing time, which grew 17%, and by Tubi’s large cordless audience (about 70%) and high VOD viewing (about 96%), all of which boost impressions and ad revenue. They said World Cup revenue for Tubi was important and good but relatively small compared with overall Tubi growth. They reported digital investments were "just under $300 million" in fiscal '25 and fell to "less than $200 million" in fiscal '26, with improvement expected into fiscal '27; they did not give a free cash flow outlook in this exchange.
"It was important revenue, good revenue, but it's relatively small in the context of the overall revenue growth of Tubi." — Lachlan Murdoch (CEO·CHAIR)
Tubi ad pricing and FOX One churn
Q (Peter Supino · Wolfe): He asked about Tubi ad sales: sellout and CPM trends and sellout levels, and about FOX One subscriber retention and the importance of bundling to reduce churn.
A: Management said the CTV ad market is active and price sensitive, but Tubi has been priced very efficiently and has not had to cut advertising rates to compete. On FOX One, they said bundling is important and they will continue to bundle where it makes sense; FOX One subscribers have been incremental, not churning MVPD customers, and churn has been well below expectations into the first quarter.
"Tubi, though, has always been priced very efficiently for the current environment." — Lachlan Murdoch (CEO·CHAIR)
political ad demand and buyback plans
Q (Sean Diffley · Morgan Stanley): He asked how political ad revenue is shaping up versus prior cycles and whether buybacks will continue given the Roku deal.
A: Management said independent trackers estimate over "$11 billion" of political ad spending for the upcoming midterm and that, combined with strong off-cycle political revenue, they expect a record midterm cycle that should beat prior cycles. On capital allocation, they said the balance sheet is where they expected it to be for the Roku transaction, expect to close with about "net leverage of 2.8x," and that the deal structure gives flexibility. They said the buyback program should continue unabated through the pendency of the transaction and beyond.
"So you should expect that our buyback program continues unabated through the pendency of the transaction and beyond." — Steven Tomsic (CFO)
NFL relationship and future rights plans
Q (David Karnovsky · JPMorgan): He asked why they engage with the NFL now versus waiting for an open market after '29, and how they think about their rights portfolio if the NFL were to opt out.
A: Management said they avoid specifics about discussions but described their relationship with the NFL as very positive and ongoing, noting continuous engagement about rights for the next 4 years and beyond the opt-out. They said they will discuss contractual extensions closer to the date, pointed to acquiring NFL rights in Mexico, and said they see a clear path forward through the '29 season and beyond.
"But suffice to say that our relationship with the NFL is an incredibly positive one." — Lachlan Murdoch (CEO·CHAIR)
AI-generated notes on the earnings call transcript. Quotes are taken from the transcript. This is not a FolioObs investment view.