The Company reported total quarterly revenue of $3.99 billion as compared to the $4.37 billion reported in the prior year quarter. Distribution revenue increased 3%, driven by 5% growth at the Cable Network Programming segment. Advertising revenue was $1.56 billion as compared to the $2.04 billion reported in the prior year quarter, primarily due to the absence of the prior year broadcast of Super Bowl LIX, partially offset by the impact of an additional NFL Wild Card game and continued digital growth led by the Tubi AVOD service. Content and other revenue increased 12% primarily due to higher sports sublicensing revenue.
The Company reported quarterly net income of $175 million as compared to the $354 million reported in the prior year quarter. Net income attributable to Fox Corporation stockholders was $166 million ($0.38 per share) as compared to the $346 million ($0.75 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders[1] was $570 million ($1.32 per share) as compared to the $507 million ($1.10 per share) reported in the prior year quarter.
Quarterly Adjusted EBITDA[2] was $954 million, an increase of $98 million or 11% from the amount reported in the prior year quarter, as the revenue decrease noted above was more than offset by lower expenses. The decrease in expenses was primarily due to lower sports programming rights amortization and production costs, led by the absence of the prior year broadcast of Super Bowl LIX, partially offset by the impact of an additional NFL Wild Card game and costs associated with the launch of Fox One.
Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:
"Our fiscal third quarter results once again demonstrate continued strength and momentum across our business. This strong performance, led by robust core advertising trends, underscores FOX's leadership in live programming, bolstered by continued strength at our leading free streaming service, Tubi. Against this backdrop, we are proud to be bringing the world's biggest sporting event to American homes with the FIFA Men's World Cup hosted here in North America across June and July. Meanwhile we remain steadfast in our commitment to delivering long-term shareholder value supported by our strong balance sheet."
REVIEW OF OPERATING RESULTS
Three Months Ended March 31,
Nine Months Ended March 31,
2026
2025
2026
2025
$ Millions
Revenues by Component:
Distribution[3]
$ 2,107
$ 2,039
$ 6,024
$ 5,840
Advertising
1,556
2,036
5,423
5,787
Content and other
331
296
1,467
1,386
Total revenues
$ 3,994
$ 4,371
$ 12,914
$ 13,013
Segment Revenues:
Cable Network Programming
$ 1,741
$ 1,636
$ 5,678
$ 5,398
Television
2,197
2,704
7,184
7,618
Corporate and Other
152
58
365
181
Eliminations
(96)
(27)
(313)
(184)
Total revenues
$ 3,994
$ 4,371
$ 12,914
$ 13,013
Adjusted EBITDA:
Cable Network Programming
$ 884
$ 878
$ 2,371
$ 2,283
Television
191
60
733
637
Corporate and Other
(121)
(82)
(393)
(235)
Adjusted EBITDA[4]
$ 954
$ 856
$ 2,711
$ 2,685
Depreciation and amortization:
Cable Network Programming
$ 25
$ 24
$ 78
$ 69
Television
32
28
92
87
Corporate and Other
44
43
129
127
Total depreciation and amortization
$ 101
$ 95
$ 299
$ 283
CABLE NETWORK PROGRAMMING
Three Months EndedMarch 31,
Nine Months EndedMarch 31,
2026
2025
2026
2025
$ Millions
Revenues
Distribution
$ 1,233
$ 1,169
$ 3,486
$ 3,340
Advertising
390
372
1,226
1,153
Content and other
118
95
966
905
Total revenues
1,741
1,636
5,678
5,398
Operating expenses
(702)
(601)
(2,831)
(2,657)
Selling, general and administrative
(155)
(158)
(476)
(467)
Amortization of cable distribution investments
—
1
—
9
Segment EBITDA
$ 884
$ 878
$ 2,371
$ 2,283
Cable Network Programming reported quarterly segment revenue of $1.74 billion, an increase of $105 million or 6% from the amount reported in the prior year quarter. Distribution revenue increased $64 million or 5% as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenue increased $18 million or 5%, primarily due to higher news pricing partially offset by lower ratings, and the current year broadcast of the World Baseball Classic. Content and other revenue increased $23 million or 24%, primarily due to higher sports sublicensing revenue.
Cable Network Programming reported quarterly segment EBITDA of $884 million, an increase of $6 million or 1% from the amount reported in the prior year quarter, as the revenue increase noted above was partially offset by higher expenses. The increase in expenses was driven by higher sports programming rights amortization.
TELEVISION
Three Months EndedMarch 31,
Nine Months EndedMarch 31,
