The Company reported total quarterly revenues of $5.18 billion, an increase of $104 million or 2% from the amount reported in the prior year quarter. Distribution revenues increased 4%, primarily driven by 5% growth at the Cable Network Programming segment. Advertising revenues increased 1%, primarily due to higher sports and news pricing, continued digital growth led by the Tubi AVOD service, and the impact of additional MLB postseason games, partially offset by lower political advertising revenues and lower ratings. Content and other revenues were essentially unchanged from the prior year quarter.
The Company reported quarterly net income of $247 million as compared to the $388 million reported in the prior year quarter. Net income attributable to Fox Corporation stockholders was $229 million ($0.52 per share) as compared to the $373 million ($0.81 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $360 million ($0.82 per share) as compared to the $442 million ($0.96 per share) reported in the prior year quarter.
Quarterly Adjusted EBITDA2 was $692 million as compared to $781 million reported in the prior year quarter as the revenue increase noted above was more than offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs, and higher digital marketing costs, partially offset by lower entertainment programming rights amortization and production costs.
Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:
"FOX delivered robust results in the second quarter of fiscal 2026 with broad based contributions from across our portfolio, including notable strength in advertising, where despite strong political advertising revenues a year ago, we still grew total company advertising revenue. These results represent a continuation of the operating and financial momentum that we have delivered over the last several years and are a product of both a highly differentiated strategy and high quality execution that reflect the power of our leadership brands across news, sports, streaming and entertainment."
REVIEW OF OPERATING RESULTS
Three Months Ended December 31,
Six Months Ended December 31,
2025
2024
2025
2024
$ Millions
Revenues by Component:
Distribution3
$ 2,002
$ 1,933
$ 3,917
$ 3,801
Advertising
2,455
2,422
3,867
3,751
Content and other
725
723
1,136
1,090
Total revenues
$ 5,182
$ 5,078
$ 8,920
$ 8,642
Segment Revenues:
Cable Network Programming
$ 2,275
$ 2,165
$ 3,937
$ 3,762
Television
2,937
2,961
4,987
4,914
Corporate and Other
124
58
213
123
Eliminations
(154)
(106)
(217)
(157)
Total revenues
$ 5,182
$ 5,078
$ 8,920
$ 8,642
Adjusted EBITDA:
Cable Network Programming
$ 687
$ 657
$ 1,487
$ 1,405
Television
143
205
542
577
Corporate and Other
(138)
(81)
(272)
(153)
Adjusted EBITDA4
$ 692
$ 781
$ 1,757
$ 1,829
Depreciation and amortization:
Cable Network Programming
$ 27
$ 25
$ 53
$ 45
Television
30
30
60
59
Corporate and Other
43
42
85
84
Total depreciation and amortization
$ 100
$ 97
$ 198
$ 188
CABLE NETWORK PROGRAMMING
Three Months EndedDecember 31,
Six Months EndedDecember 31,
2025
2024
2025
2024
$ Millions
Revenues
Distribution
$ 1,163
$ 1,109
$ 2,253
$ 2,171
Advertising
491
460
836
781
Content and other
621
596
848
810
Total revenues
2,275
2,165
3,937
3,762
Operating expenses
(1,426)
(1,354)
(2,129)
(2,056)
Selling, general and administrative
(162)
(158)
(321)
(309)
Amortization of cable distribution investments
—
4
—
8
Segment EBITDA
$ 687
$ 657
$ 1,487
$ 1,405
Cable Network Programming reported quarterly segment revenues of $2.28 billion, an increase of $110 million or 5% from the amount reported in the prior year quarter. Distribution revenues increased $54 million or 5% as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenues increased $31 million or 7%, primarily due to higher news and sports pricing, partially offset by lower ratings. Content and other revenues increased $25 million or 4%, primarily due to higher sports sublicensing revenues.
Cable Network Programming reported quarterly segment EBITDA of $687 million, an increase of $30 million or 5% from the amount reported in the prior year quarter, primarily due to the revenue increase noted above, partially offset by higher expenses. The increase in expenses was driven by higher sports programming rights amortization and production costs, partially offset by lower newsgathering costs.
TELEVISION
Three Months EndedDecember 31,
Six Months EndedDecember 31,
2025
2024
2025
