Fox's Q1 2026 Report Reveals Streaming Success and Strong Ad Performance

Fox Corporation's latest earnings are in, and it's great news for fans of free streaming, live sports, and top-tier news, with impressive revenue growth and Tubi hitting profitability ahead of schedule.

TL;DR

• Fox Corporation reported a robust $3.74 billion in Q1 2026 revenue, marking a significant 5% increase year-over-year and surpassing analyst forecasts.
• Tubi, Fox's popular ad-supported streaming service, achieved profitability sooner than anticipated, driven by a 27% surge in revenue and an 18% jump in viewing time.
• The company's traditional strengths in live sports (NFL) and news (Fox News Channel) continued to deliver strong audience engagement and record-breaking advertising revenue.

Alright, movie and TV buffs, gather 'round! When big media companies drop their quarterly earnings reports, it's not just about boring numbers for Wall Street types. It actually tells us a lot about what new content we might see, where our favorite shows are headed, and which platforms are winning the streaming wars. Fox Corporation just shared its results for the first quarter of fiscal year 2026 (that's July, August, and September 2025 for us regular folks), and spoiler alert: they're doing pretty darn well!

In an increasingly competitive and ever-changing media landscape, Fox has managed to pull off some impressive feats. From their free streaming service reaching a huge milestone to their traditional broadcast channels continuing to pull in massive audiences, there's a lot to unpack. Let's dive into what these latest figures mean for Fox, its future, and most importantly, for your viewing pleasure!

Peeking Behind the Curtain: A Closer Look at Fox's Financial Performance for Q1

First things first, let's talk about the cold, hard cash. Fox Corporation raked in a whopping $3.74 billion in revenue during this past quarter. That's a solid 5% jump, or an extra $174 million, compared to the same time last year. And guess what? They totally blew past what analysts were expecting, which was around $3.57 billion. So, right off the bat, Fox is flexing its financial muscles.

When it came to earnings per share (which is basically how much profit the company makes per share of its stock), Fox delivered an adjusted $1.51. This number absolutely crushed the average analyst estimate of $1.06 to $1.08. Talk about exceeding expectations! Now, you might notice that their net income attributable to shareholders actually dipped a bit to $599 million ($1.32 per share) from $827 million ($1.78 per share) last year. But don't let that fool you into thinking it's bad news. The company mentioned higher operating expenses, which often means they're investing more money into things like digital marketing, creating new content, and securing programming rights. For us viewers, that usually translates to more and better stuff to watch, so it's often a good sign for future content!

Overall, Fox's cable operations saw revenue climb 4%, bringing in an extra $65 million, while their linear TV operations (your traditional broadcast channels) grew by 5%, adding $97 million. These numbers show that even in a world obsessed with streaming, Fox's core businesses are still incredibly strong and continue to be a major part of their success.

Tubi Takes the Crown: Free Streaming Service Reaches Unexpected Profitability

Now, for arguably the biggest and most exciting piece of news from this earnings report: Tubi is profitable! Yes, you read that right. Fox's free, ad-supported streaming service (often called an AVOD, or Ad-Supported Video On Demand) has officially hit profitability, and get this, it happened "faster than previously anticipated." This is a massive deal in the streaming world, especially when many big-name, subscription-based services are still bleeding money chasing subscribers.

Why is Tubi's profitability so important? It proves that there's a highly successful business model in offering a vast library of content for free, supported by commercials. You don't need to spend billions on brand-new, premium original content to attract viewers and make money. Tubi's strategy has been to focus on a huge, diverse library and championing new voices, and it's clearly paying off. The numbers speak for themselves: Tubi saw a massive 27% revenue growth and an 18% increase in total viewing time this quarter! Fox CEO Lachlan Murdoch even proudly called it "the top premium AVoD platform in the U.S."

What does this mean for us? Well, a profitable Tubi means a more stable, robust platform. We can expect continued investment in its content library and user experience. Just recently, Tubi struck a deal with Kevin Hart's Hartbeat for a slate of new films, and its digital creator library is nearing an incredible 10,000 titles. Plus, this newfound profitability might even lead to a "partial moderation in overall investment" in their digital operations, suggesting they're finding more efficient ways to grow. Essentially, more free movies and shows for you, without worrying about subscription fees!

Dominating Screens: How Live Sports and News Continue to Drive Success for Fox

While Tubi is making waves in streaming, let's not forget the heavy hitters that have always defined Fox: live sports and news. These two categories are absolute goldmines in television, consistently drawing massive, dedicated live audiences that advertisers are just desperate to reach. And Fox is absolutely crushing it in both areas.

First up, the National Football League. Fox's NFL broadcasts are more popular than ever! In September, NFL games on Fox averaged nearly 22 million viewers, which is an incredible 12% jump from last year. This marks the strongest start to an NFL season ever for the network. When you think about it, there's nothing quite like the shared experience of watching a live football game, and advertisers know that's prime real estate for their messages.

Then there's Fox News Channel. This cable news powerhouse continues to sustain strong ratings and audience momentum. It was once again "the most-watched cable network in total day and in prime time." Even more impressively, Fox News holds the title of "most-viewed network in all television in weekday prime calendar year to date," outperforming major broadcast networks like ABC, CBS, and NBC in weekday primetime viewers, according to Nielsen Media Research. That's serious reach!

These strong performances led to a fantastic quarter for advertising revenue across the board for Fox. Overall ad revenue surged a solid 6% to a little over $1.41 billion, hitting the "highest in Fox News Media history." What's really impressive is that this happened despite not having the boost of political ad spending that was present last year. It shows that demand for advertising on Fox's platforms is robust across sports, news, and entertainment. More ad revenue means more resources for the network to invest in the content we love, whether it's breaking news, thrilling sports, or compelling entertainment.

As Fox CEO Lachlan Murdoch put it, “We are delivering for audiences with continued engagement growth across the portfolio which underpins the robust advertising demand we are seeing across sports, news, entertainment and Tubi.”

A New Player Enters: Fox One's Promising Debut in the Subscription Space

While Tubi captures the free streaming market, Fox isn't ignoring those who prefer a subscription model for their traditional network favorites. The company launched a new direct-to-consumer streamer called Fox One "earlier this year," specifically targeting cord-cutters who want access to the programming usually found on Fox's TV networks without a cable or satellite subscription.

And guess what? Fox One has "exceeded expectations" in its early days, especially thanks to strong weekend viewing of sports. This new service is also growing its reach through strategic bundle partnerships with big names like ESPN and Verizon, building on its existing collaboration with Amazon. Murdoch noted that Fox One is "additive" to their overall subscriber numbers, meaning it's bringing in new viewers without cannibalizing their existing base, with aspirations "remaining in the low to mid" number of subs.

For viewers, this means another option to get your Fox content. If you've cut the cord but still want to catch all the action from Fox's live broadcasts or specific network shows, Fox One offers a dedicated, convenient way to do so. It's Fox's way of making sure their content is available wherever and however you prefer to watch.

Investing in the Future: Share Buybacks and a Confident Outlook

With such strong financial results, it's no surprise that Fox is feeling confident about its future. The company announced plans to kick off a substantial $1.5 billion accelerated share repurchase program starting on Friday, October 31. This program will see Fox buy back $700 million of its Class A Common Stock and $800 million of its Class B Common Stock, with completion expected in the second half of fiscal year 2026. This move isn't just a number on a balance sheet; it's a clear signal from the company that they believe their stock is a good investment and that they have plenty of cash flow. It also adds to the already impressive $6.85 billion in shares repurchased under its existing authorization, showing a long-term commitment to shareholder value.

Investors have certainly taken notice. Shares in Fox Corp have seen impressive growth this year, climbing over 33% and significantly outpacing the S&P 500's 16% rise. In fact, the stock even hit an all-time high during trading on Thursday! This positive market reaction reflects the success of Fox's focused strategy.

Lachlan Murdoch summed up the company's outlook with confidence, stating, "The quality of our assets and their consistent capacity to deliver financially gives me great confidence in the positive outlook for Fox." In a rapidly shifting media landscape, where many companies are struggling with cord-cutting and the high costs of streaming, Fox has found a clear path. By focusing on the enduring appeal of live news and sports (which command premium advertising rates) and smartly investing in an ad-supported streaming model like Tubi, they've positioned themselves uniquely for continued success. For all of us who enjoy what Fox brings to our screens, these results suggest a bright and stable future for their diverse portfolio of entertainment, news, and sports.

FAQ: Your Burning Questions About Fox's Latest Report Answered! What exactly is Tubi and how does it make money? Tubi is Fox's free, ad-supported streaming service. It offers a massive library of movies and TV shows, and it makes money through the advertisements that are shown during its content, much like traditional television. Is Fox One the same as Tubi? No, they're different! Tubi is free and ad-supported, featuring a vast library of films and TV shows. Fox One, on the other hand, is a newer subscription-based streamer launched for cord-cutters who want to access Fox's traditional network programming, including live sports and news, without a cable or satellite service. Why are sports and news so important for Fox's business? Live sports and news are crucial because they consistently attract large, dedicated live audiences. This "must-see-now" viewership is incredibly valuable to advertisers, who are willing to pay premium rates to reach these engaged viewers. In an era of on-demand content, live programming remains a significant draw that helps Fox secure robust advertising revenue. What were Fox Corporation's main financial highlights for Q1 2026? For the first fiscal quarter of 2026, Fox Corporation reported total revenue of $3.74 billion, representing a 5% increase year-over-year. They also announced adjusted earnings per share of $1.51, which beat analyst expectations. A major highlight was Tubi, their ad-supported streaming service, achieving profitability for the first time. Sources

• Variety - Fox Sees Q1 Revenue Grow, But Higher Expenses Cut Profit
• Deadline - Fox Streamer Tubi Turns Profit Earlier Than Expected, Lachlan Murdoch Reveals On First Results Call Since Family Settlement Drama
• The Times - Fox Corporation announces $1.5bn share buyback as revenue rises
• Zacks Equity Research - Fox (FOXA) Q1 Earnings: Taking a Look at Key Metrics Versus Estimates
• Refinitiv - Fox Corp reports results for the quarter ended September 30 - Earnings Summary
• The Streamable - Tubi helps Fox post ad revenue gains in latest quarter
• Associated Press - Fox: Fiscal Q1 Earnings Snapshot
• Barrett Media - FOX Earns More Than $3.5 Billion in Revenue During 2025’s 3rd Quarter
• Simply Wall St - Are Analyst Expectations for FOXA Reflecting True Stability in the Shifting U.S. Media Landscape?