FOXA Television and Tubi Drive Q4 Earnings as Cable Faces Higher Costs

FOX One continued to exceed internal expectations, adding subscribers on the strength of the World Cup while producing minimal cannibalization of the traditional pay TV base. Tubi posted its highest revenue quarter on record, up 35% on a 17% rise in total viewing time, closing the fiscal year with 110 million monthly active users.

FOXA Advertising Revenues Get World Cup Boost

Advertising revenues jumped 77.7% year over year to $1.92 billion, topping the Zacks Consensus Estimate of $1.73 billion by 10.5%. Distribution revenues rose 4.8% to $2.03 billion and exceeded the $1.93 billion estimate by 5.6%. Content and other revenues declined 2.6% to $262 million, missing the $433.86 million estimate by 39.6%, primarily due to the timing of sports sublicensing revenue.

The advertising gains reflected strong demand across sports, news, local stations, Tubi and entertainment. FOX's upfront also delivered double-digit volume growth across sports, news and Tubi, while strength extended across several major advertising categories, including entertainment, financial services, auto, pharma, dining, retail, technology and telecom.

FOX Television Leads Segment Performance

Television revenues increased 45.4% year over year to $2.48 billion, beating the Zacks Consensus Estimate of $2.33 billion by 6.6%. Advertising revenues surged 107.9% to $1.46 billion and topped the $1.38 billion consensus by 5.7%, driven by the World Cup, higher political advertising at FOX Television Stations and continued Tubi growth. 

Television adjusted EBITDA soared 128.9% to $705 million, surpassing the $516.9 million consensus by 36.4%.

FOXA Cable Results Face Content Headwinds

Cable Network Programming revenues rose 9% to $1.67 billion but missed the Zacks Consensus Estimate of $1.73 billion by 3.3%. Distribution revenue increased 6.9% to $1.18 billion, beating the $1.10 billion estimate by 6.8%, while advertising revenue climbed 22% to $461 million and topped the $369.15 million consensus by 24.9%. 

Cable adjusted EBITDA declined 2.5% to $728 million and fell 4.5% short of the $762.5 million consensus. Revenue growth was more than offset by a 20% increase in expenses, primarily reflecting higher sports programming rights amortization and production costs associated with the World Cup. Content and other revenues dropped 38.9% to $33 million, missing the $228.1 million Zacks estimate by 85.5%.

FOX Digital Growth Gains Momentum

Tubi remained a key contributor to FOX's growth. Revenues increased 35% in the quarter, supported by a 17% increase in total viewing time. Tubi's World Cup Hub attracted more than 20 million viewers during the tournament, while two early-round match simulcasts generated two of the platform's highest-traffic days. 

FOX One also benefited from the World Cup, driving incremental subscriber acquisition and strong retention. Management said the service produced minimal cannibalization of the traditional pay-TV business, while contributing meaningful additional distribution revenue across the company.

Zacks Rank & Stocks to Consider

Fox currently carries a Zacks Rank #3 (Hold). 

Some better-ranked stocks in the broader Zacks Consumer Discretionary sector are Newsmax NMAX, H World Group Limited HTHT and Viking Holdings VIK, each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Shares of Newsmax have returned 16.1% in the year-to-date period. Newsmax is slated to report second-quarter 2026 results on Aug. 13.

Shares of H World Group Limited have declined 9.9% in the year-to-date period. H World Group Limited is slated to report second-quarter 2026 results on Aug. 17.

Shares of Viking Holdings have returned 48.2% in the year-to-date period. Viking Holdings is slated to report second-quarter 2026 results on Aug. 19.

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