FOXA · every analyst question and management's answer
Nov 2, 2026 earnings call — Record quarter driven by World Cup and Fox streaming
Fox reported revenue growth of 22% to reach $4.6 billion and record quarterly EBITDA of $1.64 billion.
Revenue $4.6B (est $4.3B) · EPS $2.54 (est $1.99)
Key quotes
"We began the quarter with a historic broadcast of the FIFA Men's World Cup final, the most watched soccer telecast in US history."
"I think it is something like 97% of new subscribers into Fox 1 subscribers into Fox 1. 97% do not have a cable subscription."
"Tubi grew revenue 35%, year on year, underpinned by a 23% increase in total view time."
Analyst Q&A 5
Fox 1 subscriber growth and distribution revenue
Q (Michael Ng · Goldman Sachs): He asked how Fox 1 net subscriber gains affect long-term distribution revenue and where the biggest opportunities for Fox 1 new subscribers are, especially into NFL season.
A: Management said Fox 1 is executing very well and its subscribers are largely incremental to the company. They said about 97% of new Fox 1 subscribers do not have a cable subscription, which helped offset traditional subscriber declines. They also warned Fox 1 will be somewhat seasonal with sports, so exercise modest caution going forward.
"The most pleasing aspect of this is the fact that the subscribers are almost entirely incremental to our subscriber base." — Lachlan Keith Murdoch (CHAIR)
Ad trends, CPMs and CTV/Tubi health
Q (John Hodulik · UBS): He asked for an update on closing CPMs on broadcast/news and for comments on the health of the CTV ad market and Tubi's revenue growth versus peers.
A: Management said advertising trends across the company are incredibly healthy and they have seen a strong political ad cycle. They gave political revenue detail (over $350 million total, with about $20 million to $25 million plus on local, about $50 million of Tubi revenue, and another $50 million plus of national political revenue). They said there is still room to push Fox News CPMs toward broadcast CPMs and attributed Tubi's revenue growth to strong TVT growth and a hard-to-reach audience.
"So overall, you know, advertising trends for us, and I cannot talk to the market, but are incredibly healthy." — Lachlan Keith Murdoch (CHAIR)
Ratings decline, Nielsen and bundling impact
Q (Michael Morris · Guggenheim): He asked why Nielsen showed ratings declines at Fox News ahead of midterms, what that means for ad revenue and content strategy, whether Fox 1 viewing is included in Nielsen, and why bundles have had limited impact.
A: Management said Fox News finished the year strong and remains number 1 with more share than its two cable competitors combined. They said the current decline is mainly viewer fatigue after an intense news cycle and heavy year-ago comps, and viewers are generally watching slightly less TV rather than switching to other news channels. They did not give a clear answer on whether Fox 1 viewing is included in Nielsen, and said Fox 1 bundling is in its infancy and will expand with more distributor deals over time.
"What we are seeing though is some viewer fatigue." — Lachlan Keith Murdoch (CHAIR)
Tubi margins and buyback timing
Q (Jessica Reif Ehrlich · BofA): She asked about Tubi's margin outlook given strong revenue growth, and whether restarting buybacks signals timing for the deal to close.
A: Management said Tubi continues to grow and they now expect it can be a roughly 20% margin business at maturity. They also said Tubi showed positive EBITDA momentum this quarter. On buybacks, management said restarting the buyback should not be read as linked to the transaction close 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 why cable digital news ad revenue was down year over year, how platforms are performing in a weak web traffic environment, and whether Fox will bid for 2030 World Cup rights given combined English/Spanish packaging.
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 the results. On sports rights, they said they were happy with the World Cup performance and that they will look at rights for 2030 and 2034 in a disciplined manner, as they do with other sports rights.
"And 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, FOX One growth and Roku deal
FOX reported record annual revenue of over $17 billion, up 5%, and record EBITDA of $3.9 billion, up 8%.
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."
"Fourth quarter revenue growth accelerated to 35%, fueled by a 17% increase in total viewing time."
"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."
Analyst Q&A 6
ad market health and NFL rights timing
Q (John Hodulik · UBS): Analyst asked about the underlying ad market: upfront pricing and demand for sports and news, CTV pricing and fill rates for Tubi, and clarification on whether NFL rights pricing could change before 2030.
A: Management said FOX is seeing a very strong ad market across sports, news, local stations, Tubi and entertainment. They completed upfronts with double-digit volume growth across sports, news and Tubi and are up in 8 of the 10 categories. They said the CTV market is competitive but Tubi grew revenue 35%, and there is no change to contractual NFL terms until the 2030 season.
"So first, on the ad market, we are seeing a very strong ad market for us." — Lachlan Murdoch (CEO·CHAIR)
World Cup impact on revenue and future value
Q (Michael Morris · Guggenheim): Analyst asked how much the World Cup added to ad revenue and profit in fiscal Q4 and expected contribution in fiscal Q1, and how a unique event like the World Cup helps FOX sustainably going forward.
A: Management said the World Cup was a unique event and FOX amplified it across its portfolio with a lot of planning and work. They said the event showed FOX can take events and amplify them in a way unique in the market, and it drove strong viewer and advertiser enthusiasm.
"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 and digital investment levels
Q (Michael Ng · Goldman Sachs): Analyst asked to break Tubi's 35% growth into World Cup-related versus underlying growth, asked the digital loss/investment number for fiscal '25, and asked about free cash flow outlook.
A: Management said Tubi grew 35% and total viewing time grew 17%, driven by a large cordless audience and high on-demand viewing, and that World Cup revenue was important but relatively small versus overall Tubi growth. Steve said digital investments in fiscal '25 were just under $300 million and fell to less than $200 million in fiscal '26, with further improvement expected into fiscal '27.
"Mike, just in terms of the digital investments, just to remind people, in fiscal '25, we were just under $300 million in digital investments." — Steven Tomsic (CFO)
Tubi ad pricing and FOX One bundling
Q (Peter Supino · Wolfe): Analyst asked about Tubi sellout and CPM trends (pricing and sellout levels) and about FOX One subscriber retention and role of bundling in churn.
A: Management said the CTV ad market is very active and competitive and price sensitive, but Tubi has been priced efficiently and has not needed to cut rates to compete. On FOX One, bundling is important and will continue where it makes sense; FOX One subscribers have been incremental, not replacing MVPD customers, and churn has been well below expectations.
"So as we mentioned, the CTV ad market remains very active and very competitive, which means very price sensitive." — Lachlan Murdoch (CEO·CHAIR)
Political ad outlook and buybacks after Roku deal
Q (Sean Diffley · Morgan Stanley): Analyst asked how political ad revenue is shaping up this cycle versus prior cycles, and whether buybacks will continue after the Roku deal.
A: Management said independent trackers estimate over $11 billion of political ad spending this midterm cycle and FOX expects this to be a record midterm cycle, noting past cycles of over $400 million in the 2024 presidential year and over $260 million in the prior midterm. Steve said the Roku deal structure leaves capital allocation flexibility, expects net leverage around 2.8x at close, and said the buyback program should continue unabated through and beyond the transaction.
"This combined with what we're already seeing in an off-cycle year, strong political revenue, we believe this will be a record midterm cycle for us." — Lachlan Murdoch (CEO·CHAIR)
NFL rights timing and future rights strategy
Q (David Karnovsky · JPMorgan): Analyst asked why FOX engaged the NFL now versus waiting for an open market after 2029, and how FOX thinks about its rights portfolio ahead of potential opt-outs.
A: Management said they avoid specifics on partner discussions but described the relationship with the NFL as very positive and ongoing, noting they engage with the league frequently about future rights for the next 4 years and beyond. They said they see a clear path forward through the '29 season and beyond, and pointed to taking NFL rights in Mexico as an example of continued promotion of the league.
"But we feel we continue to have a great relationship with them in a good place." — 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.