Fox Corp. reported a significant boost in revenue driven largely by its coverage of the 2026 FIFA Men’s World Cup, highlighting the enduring appeal of live sports in a fragmented media landscape. For the quarter ending June 30, Fox recorded revenues of $4.12 billion, marking a 28% increase compared to the same period last year and surpassing Wall Street expectations. Adjusted earnings per share reached $1.79, also exceeding forecasts.
Advertising revenue surged by 78% during the quarter, primarily attributed to the World Cup, which drew unprecedented viewership across Fox’s platforms. In the United States, an estimated 128.4 million viewers tuned in at various points through Fox’s broadcast network, cable channel FS1, and the streaming service Tubi. The tournament's 104 matches averaged 7.7 million viewers each, more than doubling the average audience from the 2022 World Cup in Qatar. Eleven matches attracted over 15 million viewers, underscoring the event’s strong pull.
Fox Corp. Chief Executive Lachlan Murdoch emphasized the tournament’s ability to unite audiences amidst increasing content fragmentation. “The World Cup demonstrated the unique power of Fox to deliver live premium sports that bring people together at scale,” he said during the earnings call. The company’s stock responded positively, rising nearly 5% in early trading to almost $55 per share.
The World Cup was a key factor in a solid fiscal year for Fox, which posted total revenues of $17.13 billion, a 5% rise from the previous year despite the latter including a Super Bowl telecast. Net income for the fiscal year was $1.73 billion, down from $2.29 billion the previous year. The decline reflected higher costs related to the launch of Fox’s direct-to-consumer streaming service Fox One and other digital ventures.
Digital growth remains an important focus for Fox, with its ad-supported streaming platform Tubi generating a 35% year-over-year revenue increase. Fox One, which provides Fox News and additional cable channels, also exceeded performance expectations. The streaming service recorded 2.8 million sign-ups in June, its strongest month since launching last year. Murdoch highlighted that 70% of Tubi’s users don’t subscribe to traditional cable, enhancing the platform’s appeal to advertisers targeting non-traditional TV audiences. Additionally, total viewing time on Tubi increased by 17%.
Looking ahead, Fox announced it has agreed to acquire streaming platform Roku in a $22 billion deal combining cash and stock. The acquisition is expected to significantly expand Fox’s presence beyond traditional cable and broadcast television, where it has remained cautious.
Regarding live sports rights, Murdoch indicated Fox has no immediate plans to renegotiate its current NFL contract. NFL Commissioner Roger Goodell has expressed interest in revisiting the deal, which currently guarantees the league $76 billion over 11 years. The contract includes an opt-out after the 2029-30 season, coinciding with the end of Fox’s agreement. Murdoch stated that the company will engage on the future NFL rights closer to the 2030 season, consistent with usual discussions, acknowledging the continued importance of live sports to traditional television.