Fox Corporation

Q2 FY26Media

Fox Corporation Q2 FY26 Results — Earnings Call Analysis

Q2 FY26 earnings call: what management guided on revenue, margins and order book.

Price₹66

Market cap₹27.7K Cr

P/E17.1

Published29 May 2026

What the Q2 FY26 call signalled

1 of 3 strong

RevenueRank 3

MarginRank 3

CapexYes

Not discussed on this call: fundraise, order book.

The short version

- Fox News shows strong year-on-year advertising growth, driven by record ratings and expanded advertiser base; added 200 new premium advertisers in fiscal ’26, topping 500 new advertisers over two years. - Fox Corporation expects continued strong financial performance supported by momentum across advertising and distribution revenue growth.

From Fox Corporation's Q2 FY26 earnings-call transcript · updated 29 May 2026.

Revenue & Sales Performance

Rank 3

Fox News shows strong year-on-year advertising growth, driven by record ratings and expanded advertiser base; added 200 new premium advertisers in fiscal ’26, topping 500 new advertisers over two years.
National pricing (CPMs) for Fox News up over 45%, with significant upside potential to narrow gap versus broadcast competitors.
FOX One's subscriber additions are additive and churn lower than expected; strong viewership in news and sports content.
Cable distribution revenue grew 5% in Q3, with stabilized subscriber declines below 6.5%, excluding FOX One.
Digital investments focused on Tubi and FOX One; Tubi reached breakeven for 3 consecutive quarters and revenue grew 23% in Q3 with 19% increase in engagement.
Advertising revenue poised for double-digit growth excluding Super Bowl effects; political ad market expected to hit midterm record (~$11B).
FIFA World Cup coverage will boost FOX One and Tubi engagement, supporting brand and revenue growth.
Overall, expect continued revenue growth driven by distribution, advertising, digital expansion, and major sports events.

Profitability & Margins

Fox Corporation expects continued strong financial performance supported by momentum across advertising and distribution revenue growth.
Adjusted net income rose 20% year-on-year to $570 million and adjusted EPS increased 20% to $1.32 in Q3 FY26.
Advertising revenue, excluding last year's Super Bowl impact, showed double-digit growth, with FOX News achieving its highest third-quarter ad revenue ever.
Distribution revenue grew 3%, driven by Cable segment growth and FOX One subscriber additions.
FOX News national pricing and CPMs rose over 45%, indicating pricing power with upside potential to narrow gaps with broadcast competitors.
FOX One and Tubi digital investments are progressing, with Tubi nearing breakeven for three consecutive quarters.
Fiscal '26 investments are paced within $290 million, similar to last year, with cautious but opportunistic capital deployment planned in fiscal '27.
Political advertising and major sporting events like the World Cup are expected to drive incremental revenue and profits in upcoming quarters.

See what Fox Corporation said on profitability & margins — free account, 30 seconds.

Capital Expenditure Plans

Yes

Fox Corporation is making moderate net digital investments, primarily through Tubi and FOX One.
Investment in Tubi involves launch costs, marketing, and technology expenses, which are expected to reduce as Tubi continues to grow.
Digital investments overall are modest, with the company being thoughtful in capital deployment.
Fiscal year-to-date, the company is pacing better on investments compared to the prior year.
Full-year investments in digital are expected to be comfortably within or below the previous year’s level of approximately $290 million, indicating no significant surprises anticipated for fiscal ’27.
Fox is open to further investments if opportunities arise but is currently satisfied with the level of investment.
No specific large-scale future capital expenditure or strategic investment announcements were made, focusing instead on incremental digital growth and maintaining a disciplined capital approach.

Fundraising & Capital Structure

No mention of any current or planned new fundraising through debt or equity in the transcript.
The company ended the quarter with approximately $3.6 billion in cash and $6.6 billion in debt, indicating a strong balance sheet.
Steve Tomsic noted thoughtful deployment of capital with investments pacing better year-to-date than the prior year.
There is no indication of plans for surprise or additional capital raising for fiscal ’27.
The company focuses on using free cash flow and existing balance sheet capacity to support investments and capital allocation like share buybacks.
Lachlan Murdoch emphasized a disciplined approach to investments but did not mention new debt or equity fundraising.

See what Fox Corporation said on fundraising & capital structure — free account, 30 seconds.

Order Book & Pipeline

The earnings call transcript on page 7 and surrounding pages does not provide explicit details on current or expected orderbook or pending orders for Fox Corporation. Instead, the discussion focuses on: - Strong advertising client acquisition: Over 200 new premium advertising clients added in fiscal 2026, on top of 350 new clients in fiscal 2025. - Positive advertising revenue trends, especially at FOX News with a 45%+ increase in CPMs. - Continued investment in digital platforms like Tubi and FOX One, with Tubi achieving breakeven for three quarters. - No mention of specific orderbook or pending contracts in the transcript. Therefore, no direct details on orderbook or pending orders are available in this earnings call.

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Frequently Asked Questions

What were Fox Corporation Q2 FY26 results?

What is Fox Corporation share price analysis?

Fox Corporation currently shows a below-average growth signal. The stock trades at a P/E of 17.1 with a market cap of $27,661. Investors should review the full earnings analysis for detailed insights.

Is Fox Corporation planning capital expenditure?

- Fox Corporation is making moderate net digital investments, primarily through Tubi and FOX One.

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This analysis is AI-generated based on publicly available earnings data and concall transcripts. This is not investment advice. Please consult a SEBI-registered advisor before making investment decisions.