Fox Corp. Fox Corp. (FOX) shares climbed Monday after the media company reported fiscal third-quarter results that comfortably beat Wall Street's expectations, showing that its streaming and distribution businesses can pick up the slack when the Super Bowl isn't around.
Revenue fell 8.6% year-over-year to $3.994 billion, down from $4.371 billion in the same period last year, but that still topped the consensus estimate of $3.795 billion. The decline was largely expected — last year's quarter included Super Bowl LIX, a massive advertising event that didn't repeat this year.
Adjusted net income rose to $570 million, or $1.32 per share, surpassing analysts' expectations of $1.12 per share and growing from $507 million, or $1.10 per share, a year earlier.
Distribution and Streaming Growth Support Results
Distribution revenue rose 3.3% to $2.11 billion, driven primarily by 5% growth at the Cable Network Programming segment. That steady stream of affiliate fees provides a reliable base even when advertising ebbs and flows.
Advertising revenue took the expected hit, declining 23.6% to $1.56 billion, mainly because the prior year's broadcast of Super Bowl LIX wasn't there to compare against. But that was partially offset by the impact of an additional NFL Wild Card game and continued digital growth led by Tubi, Fox's free ad-supported streaming service.
Content and other revenue increased 11.8% to $331 million, primarily due to higher sports sublicensing revenue — a reminder that Fox's sports rights portfolio can generate income even when it's not airing the games itself.
Cash Position and Share Repurchases Remain Strong
Fox reported operating cash of $1.10 billion for the nine months ended March 31, 2026, and closed the period with $3.60 billion in cash and cash equivalents. That's a lot of dry powder for a company that's been aggressively buying back its own stock.
During the quarter, the company repurchased approximately $50 million of its Class A common stock and $50 million of its Class B common stock. That's consistent with the capital return strategy Fox has been pursuing.
Fox Bets on Sports, Streaming and Political Advertising
Fox executives said the company sees strong momentum across advertising, sports, streaming, and distribution partnerships as it heads into a major sports and political advertising cycle.
CEO Lachlan Murdoch said Fox delivered strong third-quarter results driven by advertising trends, distribution growth, and early success from Fox One, the company's direct-to-consumer streaming bundle.
He said Fox One added subscribers and retained users better than expected, while Tubi continued to grow through sports, creator-led programming, and younger audiences. Tubi has been a particular bright spot, achieving break-even or better results for three consecutive quarters, according to CFO Steve Tomsic.
Murdoch added that Fox expects the FIFA Men's World Cup and upcoming midterm elections to strengthen advertising and streaming engagement further. Political advertising is typically a huge windfall for broadcasters, and Fox is positioning itself to capture a big share.
NFL Partnership and Sports Viewership Drive Engagement
Murdoch highlighted Fox's long-term partnership with the NFL and announced that Fox secured rights to two additional nationally televised NFL games for the upcoming season. That's a nice pickup that will give Fox more inventory to sell to advertisers.
He said Fox plans to deepen its relationship with the league while maintaining financial discipline. Executives also pointed to strong sports viewership across the World Baseball Classic, Major League Baseball, IndyCar, and NFL broadcasts as key audience and advertising drivers.
Fox News Advertising Momentum
Management also said Fox News continues attracting new advertisers, with national pricing and CPM growth benefiting from strong ratings and audience share gains. That's notable given the broader concerns about cord-cutting and linear TV decline — Fox News has been a consistent ratings powerhouse, and advertisers are still willing to pay up for that audience.
FOX Stock Price Action
Fox shares were up 2.12% at $57.80 at the time of publication on Monday, according to market data.
