Exhibit 99.1 EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
Fox Corporation (Nasdaq: FOXA, FOX; “FOX” or the “Company”) today reported financial results for the three months ended September 30, 2026.
The Company reported total quarterly revenue of $4.57 billion, an increase of $833 million or 22% as compared to the amount reported in the prior year quarter. Distribution revenue increased 9%, driven by 10% growth at the Cable Network Programming segment and 4% growth at the Television segment. Advertising revenue increased 47%, primarily due to the current year broadcast of the FIFA Men's World Cup ("World Cup"), higher political advertising revenue, and continued digital growth led by the Tubi AVOD service. Content and other revenue was $406 million as compared to the $411 million reported in the prior year quarter.
The Company reported quarterly net income of $957 million as compared to the $609 million reported in the prior year quarter. Net income attributable to Fox Corporation stockholders was $943 million ($2.20 per share) as compared to the $599 million ($1.32 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders 1 was $1.09 billion ($2.54 per share) as compared to the $686 million ($1.51 per share) reported in the prior year quarter.
Quarterly Adjusted EBITDA 2 was $1.64 billion, an increase of $576 million or 54% 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 primarily due to higher sports programming rights amortization and production costs led by the current year broadcast of the World Cup , and higher digital content costs.
Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:
"FOX has had an outstanding start to fiscal 2027 with first-quarter records for revenue and Adjusted EBITDA underpinned by robust growth in both advertising and distribution revenue. We commenced the year with the stellar performance of the FIFA Men’s World Cup, the kickoff of the college football and NFL seasons, and an active election cycle at the national and local levels. These events supported strong contributions from across the company, reflecting the focused strategy we are executing and the strength of our content and brands. These record results coupled with the strong momentum we are continuing to see across our business gives us confidence in delivering value for shareholders in a thoughtful and disciplined manner.”
1 Excludes net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provision and Noncontrolling interest adjustments. See Note 1 for a description of adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders, which are considered non-GAAP financial measures, and a reconciliation of reported net income attributable to Fox Corporation stockholders and earnings per share attributable to Fox Corporation stockholders to adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders.
2 Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted
Three Months Ended September 30, 2026 Revenues by Component: $ Millions 2025 ────────────────────────────────────────────────────────────────────────────── Distribution $ 2,084 $ 1,915 Advertising 2,081 1,412 Content and other 406 411 Total revenues $ 4,571 $ 3,738 Segment Revenues: Cable Network Programming $ 1,803 $ 1,662 Television 2,713 2,050 Corporate and Other 246 89 Eliminations -191 -63 Total revenues $ 4,571 $ 3,738 Adjusted EBITDA: Cable Network Programming $ 859 $ 800 Television 934 399 Corporate and Other -152 -134 Adjusted EBITDA3 $ 1,641 $ 1,065 Depreciation and amortization: Cable Network Programming $ 26 $ 26 Television 58 30 Corporate and Other 34 42 Total depreciation and $ 118 $ 98 amortization
3 Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA. Page 2 EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
Cable Network Programming reported quarterly segment revenue of $1.80 billion, an increase of $141 million or 8% from the amount reported in the prior year quarter. Distribution revenue increased $110 million or 10% primarily due to contractual price increases and an increase in the average number of subscribers. Advertising revenue increased $28 million or 8%, primarily due to higher sports advertising revenue including the current year broadcast of the World Cup , partially offset by lower digital news advertising revenue. Content and other revenue increased $3 million or 1%.
Cable Network Programming reported quarterly segment EBITDA of $859 million, an increase of $59 million or 7% 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 primarily driven by higher sports programming rights amortization and production costs, including the current year broadcast of the World Cup , and higher news programming costs. Page 3 EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
Television reported quarterly segment revenue of $2.71 billion, an increase of $663 million or 32% from the amount reported in the prior year quarter. Advertising revenue increased $641 million or 60%, primarily due to the current year broadcast of the World Cup, higher political advertising revenue, and continued digital growth led by the Tubi AVOD service. Distribution revenue increased $29 million or 4%, driven primarily by higher average rates at the Company's owned and operated television stations and an increase in the average number of subscribers. Content and other revenue was $155 million as compared to the $162 million reported in the prior quarter, primarily due to lower entertainment content revenue.
Television reported quarterly segment EBITDA of $934 million, an increase of $535 million or 134% 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 primarily driven by higher sports programming rights amortization and production costs, led by the current year broadcast of the World Cup partially offset by lower NFL costs driven by the timing of games, and higher digital content costs. Page 4 EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026 CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “could,” “should,” “would,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to the impact of the Roku transaction and related risks, changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the Company’s businesses. More detailed information about these factors is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as the joint proxy statement/prospectus filed with the SEC in connection with the Roku transaction.
Statements in this press release speak only as of the date they were made, and the Company undertakes no duty to update or release any revisions to any forward-looking statement made in this press release or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in the Company’s expectations, except as required by law.
To access a copy of this press release through the Internet, access Fox Corporation’s corporate website located at http://www.foxcorporation.com.
Gabrielle Brown, Investor Relations Brian Nick, Press Inquiries 212-852-7720 310-369-3545 Charlie Costanzo, Investor Relations Lauren Townsend, Press Inquiries 212-852-7908 310-369-2729
Three Months Ended September 30, 2026 $ Millions, except per share amounts 2025 ────────────────────────────────────────────────────────────────────────────── Revenues $ 4,571 $ 3,738 Operating expenses -2,363 -2,121 Selling, general and -567 -552 administrative Depreciation and -118 -98 amortization Restructuring, impairment and other -17 8 corporate matters Equity losses of — -1 affiliates Interest expense, net -80 -50 Non-operating other, -143 -125 net Income before income 1,283 799 tax expense Income tax expense -326 -190 Net income 957 609 Less: Net income attributable to -14 -10 noncontrolling interests Net income attributable to Fox $ 943 $ 599 Corporation stockholders Weighted average 428 455 shares: Net income attributable to Fox $ 2.20 $ 1.32 Corporation stockholders per share:
Page 6 EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026 CONSOLIDATED BALANCE SHEETS
Assets: September 30,2026 Current assets: $ Millions June 30,2026 ────────────────────────────────────────────────────────────────────────────── Cash and cash $ 4,536 $ 4,205 equivalents Receivables, net 3,657 3,455 Inventories, net 689 487 Other 320 306 Total current assets 9,202 8,453 Non-current assets: Property and equipment, 1,850 1,842 net Intangible assets, net 2,834 2,870 Goodwill 3,647 3,647 Deferred tax assets 2,316 2,443 Other non-current 3,244 3,227 assets Total assets $ 23,093 $ 22,482 Liabilities and Equity: Current liabilities: Accounts payable, accrued expenses and $ 2,429 $ 2,667 other current liabilities Total current 2,429 2,667 liabilities Non-current liabilities: Borrowings 6,607 6,606 Other liabilities 1,400 1,395 Redeemable noncontrolling 86 86 interests Commitments and contingencies Equity: Class A common stock, 2 2 $0.01 par value Class B common stock, 2 2 $0.01 par value Additional paid-in 7,294 7,274 capital Retained earnings 5,277 4,457 Accumulated other -109 -107 comprehensive loss Total Fox Corporation stockholders’ 12,466 11,628 equity Noncontrolling 105 100 interests Total equity 12,571 11,728 Total liabilities and $ 23,093 $ 22,482 equity
Three Months Ended September 30, 2026 OPERATING ACTIVITIES: $ Millions 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 957 $ 609 Adjustments to reconcile net income to net cash provided by (used in) operating activities Depreciation and 118 98 amortization Restructuring, impairment and other 17 -8 corporate matters Equity-based compensation 36 28 Equity losses of — 1 affiliates Non-operating other, net 143 125 Deferred income taxes 127 90 Change in operating assets and liabilities, net of acquisitions and dispositions Receivables and other -192 -437 assets Inventories net of -567 -525 programming payable Accounts payable and -179 -132 accrued expenses Other changes, net 156 21 Net cash provided by (used in) operating 616 -130 activities INVESTING ACTIVITIES: Property and equipment -113 -104 Purchase of investments — -135 Other investing -26 -16 activities, net Net cash used in -139 -255 investing activities FINANCING ACTIVITIES: Dividends paid and -131 -138 distributions Repurchase of shares — -250 Purchase of — -208 noncontrolling interest Other financing -15 -2 activities, net Net cash used in -146 -598 financing activities Net increase (decrease) in cash and cash 331 -983 equivalents Cash and cash equivalents, beginning of 4,205 5,351 year Cash and cash equivalents, end of $ 4,536 $ 4,368 period
The Company uses net income attributable to Fox Corporation stockholders and earnings per share (“EPS”) attributable to Fox Corporation stockholders excluding net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provision and Noncontrolling interest adjustments (“Adjusted Net Income” and “Adjusted EPS” respectively) to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period.
Adjusted Net Income and Adjusted EPS may not be comparable to similarly titled measures reported by other companies. Adjusted Net Income and Adjusted EPS are not measures of performance under GAAP and should be considered in addition to, and not as substitutes for, net income attributable to Fox Corporation stockholders and EPS as reported in accordance with GAAP. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to management, investors and equity analysts to assist in their analysis of the Company’s performance relative to prior periods and the Company’s competitors.
The following table reconciles net income attributable to Fox Corporation stockholders and EPS attributable to Fox Corporation stockholders to Adjusted Net Income and Adjusted EPS for the three months ended September 30, 2026 and 2025:
Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Adjusted EBITDA does not include: Depreciation and amortization, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non- operating other, net and Income tax expense.
Management believes that information about Adjusted EBITDA assists all users of the Company’s Unaudited Consolidated Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect Net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Adjusted EBITDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).
Adjusted EBITDA is considered a non-GAAP financial measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment charges, which are significant components in assessing the Company’s financial performance. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.
The following table reconciles net income to Adjusted EBITDA for the three months ended September 30, 2026 and 2025:
Three Months Ended September 30, 2026 $ Millions 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 957 $ 609 Add: Depreciation and amortization 118 98 Restructuring, impairment and other 17 -8 corporate matters Equity losses of affiliates — 1 Interest expense, net 80 50 Non-operating other, net 143 125 Income tax expense 326 190 Adjusted EBITDA $ 1,641 $ 1,065
Full text with the tables
Exhibit 99.1 EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
FOX REPORTS FIRST QUARTER FISCAL 2027
REVENUE OF $4.57 BILLION,
NET INCOME OF $957 MILLION, AND
ADJUSTED EBITDA OF $1.64 BILLION
NEW YORK, NY, November 2, 2026 –
Fox Corporation (Nasdaq: FOXA, FOX; “FOX” or the “Company”) today reported
financial results for the three months ended September 30, 2026.
The Company reported total quarterly revenue of $4.57 billion, an increase of
$833 million or 22% as compared to the amount reported in the prior year
quarter. Distribution revenue increased 9%, driven by 10% growth at the Cable
Network Programming segment and 4% growth at the Television segment. Advertising
revenue increased 47%, primarily due to the current year broadcast of the FIFA
Men's World Cup ("World Cup"), higher political advertising revenue, and
continued digital growth led by the Tubi AVOD service. Content and other revenue
was $406 million as compared to the $411 million reported in the prior year
quarter.
The Company reported quarterly net income of $957 million as compared to the
$609 million reported in the prior year quarter. Net income attributable to Fox
Corporation stockholders was $943 million ($2.20 per share) as compared to the
$599 million ($1.32 per share) reported in the prior year quarter. Adjusted net
income attributable to Fox Corporation stockholders 1 was $1.09 billion ($2.54
per share) as compared to the $686 million ($1.51 per share) reported in the
prior year quarter.
Quarterly Adjusted EBITDA 2 was $1.64 billion, an increase of $576 million or
54% 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 primarily due to higher sports programming rights amortization and
production costs led by the current year broadcast of the World Cup , and higher
digital content costs.
Commenting on the results, Executive Chair and Chief Executive Officer Lachlan
Murdoch said:
"FOX has had an outstanding start to fiscal 2027 with first-quarter records for
revenue and Adjusted EBITDA underpinned by robust growth in both advertising and
distribution revenue. We commenced the year with the stellar performance of the
FIFA Men’s World Cup, the kickoff of the college football and NFL seasons, and
an active election cycle at the national and local levels. These events
supported strong contributions from across the company, reflecting the focused
strategy we are executing and the strength of our content and brands. These
record results coupled with the strong momentum we are continuing to see across
our business gives us confidence in delivering value for shareholders in a
thoughtful and disciplined manner.”
1 Excludes net income effects of Restructuring, impairment and other corporate
matters, adjustments to Equity earnings (losses) of affiliates, Non-operating
other, net, Tax provision and Noncontrolling interest adjustments. See Note 1
for a description of adjusted net income attributable to Fox Corporation
stockholders and adjusted earnings per share attributable to Fox Corporation
stockholders, which are considered non-GAAP financial measures, and a
reconciliation of reported net income attributable to Fox Corporation
stockholders and earnings per share attributable to Fox Corporation stockholders
to adjusted net income attributable to Fox Corporation stockholders and adjusted
earnings per share attributable to Fox Corporation stockholders.
2 Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a
description of Adjusted EBITDA and a reconciliation of net income to Adjusted
EBITDA.
Page 1
EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
REVIEW OF OPERATING RESULTS
Three Months Ended
September 30,
2026
Revenues by Component: $ Millions 2025
──────────────────────────────────────────────────────────────────────────────
Distribution $ 2,084 $ 1,915
Advertising 2,081 1,412
Content and other 406 411
Total revenues $ 4,571 $ 3,738
Segment Revenues:
Cable Network Programming $ 1,803 $ 1,662
Television 2,713 2,050
Corporate and Other 246 89
Eliminations -191 -63
Total revenues $ 4,571 $ 3,738
Adjusted EBITDA:
Cable Network Programming $ 859 $ 800
Television 934 399
Corporate and Other -152 -134
Adjusted EBITDA3 $ 1,641 $ 1,065
Depreciation and
amortization:
Cable Network Programming $ 26 $ 26
Television 58 30
Corporate and Other 34 42
Total depreciation and $ 118 $ 98
amortization
3 Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a
description of Adjusted EBITDA and a reconciliation of net income to Adjusted
EBITDA.
Page 2
EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
CABLE NETWORK PROGRAMMING
Three Months Ended
September 30,
2026
Revenues $ Millions 2025
──────────────────────────────────────────────────────────────────────────────
Distribution $ 1,200 $ 1,090
Advertising 373 345
Content and other 230 227
Total revenues 1,803 1,662
Operating expenses -793 -703
Selling, general and -151 -159
administrative
Segment EBITDA $ 859 $ 800
Cable Network Programming reported quarterly segment revenue of $1.80 billion,
an increase of $141 million or 8% from the amount reported in the prior year
quarter. Distribution revenue increased $110 million or 10% primarily due to
contractual price increases and an increase in the average number of
subscribers. Advertising revenue increased $28 million or 8%, primarily due to
higher sports advertising revenue including the current year broadcast of the
World Cup , partially offset by lower digital news advertising revenue. Content
and other revenue increased $3 million or 1%.
Cable Network Programming reported quarterly segment EBITDA of $859 million, an
increase of $59 million or 7% 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 primarily driven by higher sports
programming rights amortization and production costs, including the current year
broadcast of the World Cup , and higher news programming costs.
Page 3
EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
TELEVISION
Three Months Ended
September 30,
2026
Revenues $ Millions 2025
──────────────────────────────────────────────────────────────────────────────
Advertising $ 1,708 $ 1,067
Distribution 850 821
Content and other 155 162
Total revenues 2,713 2,050
Operating expenses -1,496 -1,385
Selling, general and -283 -266
administrative
Segment EBITDA $ 934 $ 399
Television reported quarterly segment revenue of $2.71 billion, an increase of
$663 million or 32% from the amount reported in the prior year quarter.
Advertising revenue increased $641 million or 60%, primarily due to the current
year broadcast of the World Cup, higher political advertising revenue, and
continued digital growth led by the Tubi AVOD service. Distribution revenue
increased $29 million or 4%, driven primarily by higher average rates at the
Company's owned and operated television stations and an increase in the average
number of subscribers. Content and other revenue was $155 million as compared to
the $162 million reported in the prior quarter, primarily due to lower
entertainment content revenue.
Television reported quarterly segment EBITDA of $934 million, an increase of
$535 million or 134% 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 primarily driven by higher sports programming rights
amortization and production costs, led by the current year broadcast of the
World Cup partially offset by lower NFL costs driven by the timing of games, and
higher digital content costs.
Page 4
EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as “may,”
“will,” “could,” “should,” “would,” “likely,” “anticipates,” “expects,”
“intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar
expressions are used to identify these forward-looking statements. These
statements are based on management’s current expectations and beliefs and are
subject to uncertainty and changes in circumstances. Actual results may vary
materially from those expressed or implied by the statements in this press
release due to the impact of the Roku transaction and related risks, changes in
economic, business, competitive, technological, strategic and/or regulatory
factors and other factors affecting the operation of the Company’s businesses.
More detailed information about these factors is contained in the documents the
Company has filed with or furnished to the Securities and Exchange Commission,
including the Company’s Annual Report on Form 10-K and subsequent Quarterly
Reports on Form 10-Q, as well as the joint proxy statement/prospectus filed with
the SEC in connection with the Roku transaction.
Statements in this press release speak only as of the date they were made, and
the Company undertakes no duty to update or release any revisions to any
forward-looking statement made in this press release or to report any events or
circumstances after the date of this press release or to reflect the occurrence
of unanticipated events or to conform such statements to actual results or
changes in the Company’s expectations, except as required by law.
To access a copy of this press release through the Internet, access Fox
Corporation’s corporate website located at http://www.foxcorporation.com.
CONTACTS
Gabrielle Brown, Investor Relations Brian Nick, Press Inquiries
212-852-7720 310-369-3545
Charlie Costanzo, Investor Relations Lauren Townsend, Press Inquiries
212-852-7908 310-369-2729
Page 5
EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
September 30,
2026
$ Millions, except per
share amounts 2025
──────────────────────────────────────────────────────────────────────────────
Revenues $ 4,571 $ 3,738
Operating expenses -2,363 -2,121
Selling, general and -567 -552
administrative
Depreciation and -118 -98
amortization
Restructuring,
impairment and other -17 8
corporate matters
Equity losses of — -1
affiliates
Interest expense, net -80 -50
Non-operating other, -143 -125
net
Income before income 1,283 799
tax expense
Income tax expense -326 -190
Net income 957 609
Less: Net income
attributable to -14 -10
noncontrolling
interests
Net income attributable
to Fox $ 943 $ 599
Corporation
stockholders
Weighted average 428 455
shares:
Net income attributable
to Fox $ 2.20 $ 1.32
Corporation
stockholders per share:
Page 6
EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
CONSOLIDATED BALANCE SHEETS
Assets: September 30,2026
Current assets: $ Millions June 30,2026
──────────────────────────────────────────────────────────────────────────────
Cash and cash $ 4,536 $ 4,205
equivalents
Receivables, net 3,657 3,455
Inventories, net 689 487
Other 320 306
Total current assets 9,202 8,453
Non-current assets:
Property and equipment, 1,850 1,842
net
Intangible assets, net 2,834 2,870
Goodwill 3,647 3,647
Deferred tax assets 2,316 2,443
Other non-current 3,244 3,227
assets
Total assets $ 23,093 $ 22,482
Liabilities and Equity:
Current liabilities:
Accounts payable,
accrued expenses and $ 2,429 $ 2,667
other current
liabilities
Total current 2,429 2,667
liabilities
Non-current
liabilities:
Borrowings 6,607 6,606
Other liabilities 1,400 1,395
Redeemable
noncontrolling 86 86
interests
Commitments and
contingencies
Equity:
Class A common stock, 2 2
$0.01 par value
Class B common stock, 2 2
$0.01 par value
Additional paid-in 7,294 7,274
capital
Retained earnings 5,277 4,457
Accumulated other -109 -107
comprehensive loss
Total Fox Corporation
stockholders’ 12,466 11,628
equity
Noncontrolling 105 100
interests
Total equity 12,571 11,728
Total liabilities and $ 23,093 $ 22,482
equity
Page 7
EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
September 30,
2026
OPERATING ACTIVITIES: $ Millions 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 957 $ 609
Adjustments to reconcile
net income to
net cash provided by
(used in) operating
activities
Depreciation and 118 98
amortization
Restructuring, impairment
and other 17 -8
corporate matters
Equity-based compensation 36 28
Equity losses of — 1
affiliates
Non-operating other, net 143 125
Deferred income taxes 127 90
Change in operating
assets and
liabilities, net of
acquisitions and
dispositions
Receivables and other -192 -437
assets
Inventories net of -567 -525
programming payable
Accounts payable and -179 -132
accrued expenses
Other changes, net 156 21
Net cash provided by
(used in) operating 616 -130
activities
INVESTING ACTIVITIES:
Property and equipment -113 -104
Purchase of investments — -135
Other investing -26 -16
activities, net
Net cash used in -139 -255
investing activities
FINANCING ACTIVITIES:
Dividends paid and -131 -138
distributions
Repurchase of shares — -250
Purchase of — -208
noncontrolling interest
Other financing -15 -2
activities, net
Net cash used in -146 -598
financing activities
Net increase (decrease)
in cash and cash 331 -983
equivalents
Cash and cash
equivalents, beginning of 4,205 5,351
year
Cash and cash
equivalents, end of $ 4,536 $ 4,368
period
Page 8
EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
NOTE 1 – ADJUSTED NET INCOME AND ADJUSTED EPS
The Company uses net income attributable to Fox Corporation stockholders and
earnings per share (“EPS”) attributable to Fox Corporation stockholders
excluding net income effects of Restructuring, impairment and other corporate
matters, adjustments to Equity earnings (losses) of affiliates, Non-operating
other, net, Tax provision and Noncontrolling interest adjustments (“Adjusted Net
Income” and “Adjusted EPS” respectively) to evaluate the performance of the
Company’s operations exclusive of certain items that impact the comparability of
results from period to period.
Adjusted Net Income and Adjusted EPS may not be comparable to similarly titled
measures reported by other companies. Adjusted Net Income and Adjusted EPS are
not measures of performance under GAAP and should be considered in addition to,
and not as substitutes for, net income attributable to Fox Corporation
stockholders and EPS as reported in accordance with GAAP. However, management
uses these measures in comparing the Company’s historical performance and
believes that they provide meaningful and comparable information to management,
investors and equity analysts to assist in their analysis of the Company’s
performance relative to prior periods and the Company’s competitors.
The following table reconciles net income attributable to Fox Corporation
stockholders and EPS attributable to Fox Corporation stockholders to Adjusted
Net Income and Adjusted EPS for the three months ended September 30, 2026 and
2025:
Three Septem…
Months Septemb… 30,
Ended 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Income EPS Income EPS
$
Million…
except
per
share
data
Net
income
attrib… $ 943 $ 2.20 $ 599 $ 1.32
to Fox
Corpor…
stockh…
Restru…
impair…
and 17 0.04 -8 -0.02
other
corpor…
matters
Non-op…
other, 143 0.33 125 0.27
net
Tax -18 -0.04 -31 -0.07
provis…
Noncon…
intere… — — 1 —
adjust…
Roundi… — 0.01 — 0.01
As $ 1,085 $ 2.54 $ 686 $ 1.51
adjust…
Page 9
EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2026
NOTE 2 – ADJUSTED
EBITDA
Adjusted EBITDA is defined as Revenues less Operating expenses and Selling,
general and administrative expenses. Adjusted EBITDA does not include:
Depreciation and amortization, Restructuring, impairment and other corporate
matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-
operating other, net and Income tax expense.
Management believes that information about Adjusted EBITDA assists all users of
the Company’s Unaudited Consolidated Financial Statements by allowing them to
evaluate changes in the operating results of the Company’s portfolio of
businesses separate from non-operational factors that affect Net income, thus
providing insight into both operations and the other factors that affect
reported results. Adjusted EBITDA provides management, investors and equity
analysts a measure to analyze the operating performance of the Company’s
business and its enterprise value against historical data and competitors’ data,
although historical results, including Adjusted EBITDA, may not be indicative of
future results (as operating performance is highly contingent on many factors,
including customer tastes and preferences).
Adjusted EBITDA is considered a non-GAAP financial measure and should be
considered in addition to, not as a substitute for, net income, cash flow and
other measures of financial performance reported in accordance with GAAP. In
addition, this measure does not reflect cash available to fund requirements and
excludes items, such as depreciation and amortization and impairment charges,
which are significant components in assessing the Company’s financial
performance. Adjusted EBITDA may not be comparable to similarly titled measures
reported by other companies.
The following table reconciles net income to Adjusted EBITDA for the three
months ended September 30, 2026 and 2025:
Three Months Ended
September 30,
2026
$ Millions 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 957 $ 609
Add:
Depreciation and amortization 118 98
Restructuring, impairment and
other 17 -8
corporate matters
Equity losses of affiliates — 1
Interest expense, net 80 50
Non-operating other, net 143 125
Income tax expense 326 190
Adjusted EBITDA $ 1,641 $ 1,065
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