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- **Advertising Dominance**: Record Q2 ad revenue across Sports (MLB, NFL), News (highest ever), and Tubi (+19% revenue). FOX Sports leads live sports viewing for 6th year.
- **Digital Expansion Success**: FOX One exceeds expectations with 1/3 News engagement, Tubi EBITDA profitable for 2nd quarter. FOX News Digital social views +170% YoY.
- **Shareholder Returns**: $1.8B bought back YTD (total $8.4B), $10.4B returned to shareholders since 2019. Semiannual dividend $0.28 declared.
- **Strategic Growth**: FIFA World Cup, Daytona 500, and Entertainment recovery drive future momentum. Sports betting partnerships valued at $2.8B.

**【CEO Summary Section】**
- **Record Advertising Growth**: Q2 total advertising revenue reached new highs, driven by Sports (MLB Postseason, NFL Regular Season), News (highest Q2 ad revenue ever), and Tubi (19% revenue growth). FOX Sports led live sports viewing for the 6th year in a row.
- **FOX One Success**: Launched 5 months ago, FOX One exceeded expectations with 1/3 of users engaging with News content, outperforming non-News viewers in weekly engagement. Subscribers declined 6.3% YoY (excluding FOX One), marking sequential improvement.
- **Digital Expansion**: FOX News Digital social views up 170% YoY, ranking #1 in YouTube views. Tubi achieved EBITDA profitability for the second consecutive quarter with 27% view time growth.
- **Upcoming Events**: FIFA World Cup, Daytona 500, and Indy 500 expected to drive Sports engagement, while FOX News maintains #1 cable news position across all political demographics.

**【CFO Financial Commentary】**
- **Revenue Performance**: Total revenue $5.18B (+2% YoY). Distribution revenue +4% (Cable +5%, TV +1%), offset by Entertainment content declines. Adjusted EBITDA $692M (-12% YoY) due to sports rights and Tubi investments.
- **Free Cash Flow**: Q2 deficit $791M (seasonal), with $1.8B share buybacks YTD (total $8.4B repurchased). Semiannual dividend $0.28 declared, bringing total shareholder returns to $10.4B since 2019.
- **Segment Breakdown**: Cable EBITDA $687M (+5%), TV EBITDA $143M (-30%) due to Entertainment studio timing. Corporate expenses grew due to FOX One platform costs.

**【Q&A Key Highlights】**
- **Ad Market Strength**: News scatter pricing +47% YoY, 200 new advertisers added. Expect robust political ad cycle with FOX News as top choice for all political parties.
- **NFL Renewal Strategy**: Will balance portfolio to offset potential cost increases, maintaining sports leadership.
- **Entertainment Recovery**: New shows like *Memory of a Killer* drove 13-year-high Q2 Entertainment ad revenue growth.
- **FOX One Economics**: Platform costs in Corporate segment, affiliate fees paid to Cable/TV segments. No subscriber cannibalization observed.
- **Tubi Growth**: 70% of users cord cutters/nevers, direct response ad growth driven by younger, diverse audience.
- **Sports Betting**: 2.5% stake in Flutter (worth $700M) and FanDuel option ($2.1B value) provide long-term upside.

Fox Corporation (FOXA) Q2 2026 Earnings Call Transcript

- **Revenue Growth**: 5% total revenue increase, 6% ad revenue growth despite no political ads.
- **FOX One Success**: Exceeds subscriber expectations, targeting low-mid single-digit million subscribers.
- **Tubi Milestone**: Q1 profitability with 7% revenue growth, 18% view time increase.
- **Share Buyback**: $1.5B ASR announced, reflecting strong balance sheet ($4.4B cash).
- **Sports Dominance**: NFL viewership +12%, World Series ad revenue surpassing last year.
- **FOX News Leadership**: #1 network in total day, 65% share vs. news competitors.

**【CEO Summary Section】**
- **Revenue Growth**: Total revenue increased 5% YoY, driven by 6% advertising revenue growth (despite no political ads) and 3% distribution revenue growth. EBITDA rose 2% to $1.07 billion.
- **FOX One Launch Success**: Launched in Q1 with subscriber acquisition exceeding expectations, with a balanced mix of sports (weekends) and news (weekdays) engagement. Partnerships with ESPN and Verizon are key growth drivers.
- **Sports Dominance**: NFL viewership up 12% to 22M average, FOX One World Series post-season ad revenue surpassing last year. College football viewership up 22%.
- **Tubi Milestone**: Reached profitability in Q1 with 7% revenue growth, 18% view time increase, and 6.5B social media video views.
- **FOX News Leadership**: Remains #1 network in total day and primetime, with highest Q1 ad revenue and 65% share vs. news competitors.
- **Share Buyback**: Announced $1.5B accelerated share repurchase (ASR), reflecting confidence in financial strength ($4.4B cash, $6.6B debt).

**【CFO Financial Commentary】**
- **Financial Highlights**: GAAP net income $599M (-28% YoY due to prior year political ads), adjusted EPS $1.51 (+4%). Free cash flow negative $234M (seasonal payments).
- **Segment Performance**: 
  - **Cable**: EBITDA +7% to $800M, driven by FOX News ad growth and cable affiliate fee increases.
  - **Television**: EBITDA +7% to $399M, boosted by sports ad revenue and Tubi profitability.
- **Investment Update**: $350M digital investment estimate remains conservative; Tubi's profitability may moderate future spending.

**【Q&A Key Highlights】**
- **FOX One Strategy**: Aims for low-mid single-digit million subscribers, with Amazon Prime partnership driving early success. Sports and news content differentiation key.
- **Tubi Margin Outlook**: Targeting 20-25% EBITDA margin in medium term, supported by 7% Q1 revenue growth.
- **M&A Activity**: Open to disciplined acquisitions in growth areas (e.g., digital, live sports), avoiding cable/linear entertainment risks.
- **ASR Execution**: $1.5B split 52% Class A, 48% Class B, reflecting 10% B/A discount and historical buyback mix ($5.9B A, $1B B).

Fox Corporation (FOXA) Q1 2026 Earnings Call Transcript

- **Record Financial Performance**: 17% revenue growth to $16B, 26% EBITDA growth to $3.6B, and $3B free cash flow in FY25.
- **Digital Expansion Success**: Tubi delivers 32% Q4 ad revenue growth, 35% upfront volume growth, and 17% viewing time growth.
- **Streaming Launch**: FOX One to debut August 21 with $19.99/month price, targeting cordless and authenticated**: $5B buyback authorization and users.
- **Shareholder Returns $0.28 dividend increase, supporting $8.5B total capital returns since spin.
- **Fiscal 2026 Outlook**: $350M EBITDA drag from digital investments offset by FIFA World Cup and MLB monetization.

**【CEO Summary Section】**
- Fiscal 2025 was a record year for FOX with 17% revenue growth to $16 billion, 26% EBITDA growth to $3.6 billion, and free cash flow doubling to $3 billion.
- Super Bowl LIX generated $800 million in ad revenue, while FOX News achieved 70% cable news audience share and 1.5 billion YouTube views.
- FOX One streaming service launching August 21 at $19.99/month, targeting cordless and authenticated pay-TV users.
- $5 billion share buyback authorization announced, bringing total capital returns since spin to $8.5 billion.

**【CFO Financial Commentary】**
- Q4 2025 results: 6% revenue growth to $4.2 billion, 21% EBITDA growth to $920 million, and 41% adjusted EPS growth to $1.27.
- Advertising revenue up 7% driven by Tubi (32% Q4 growth) and FOX News (15% ad revenue increase).
- Affiliate fees grew 3% despite industry subscriber declines, with Television segment EBITDA up 100% to $308 million.
- Fiscal 2026 outlook: $350 million EBITDA drag from digital investments (FOX One, LatAm sports), offset by FIFA World Cup and MLB rights monetization.

**【Q&A Key Highlights】**
- **Digital Growth**: Tubi achieved 17% viewing time growth and 35% upfront volume growth, with LatAm expansion via Caliente TV acquisition.
- **Capital Allocation**: $5 billion buyback authorization and $0.28 dividend increase, supporting 31% share repurchase since 2019.
- **Risks**: 2026 political ad decline ($270M headwind), FIFA World Cup timing (rights paid in 2026, ad revenue collected in 2027).
- **FOX One Strategy**: Minimal original programming investment, focused on marketing and tech costs for modest subscriber targets.

Fox Corporation (FOX) Q4 2025 Earnings Call Transcript

- **Super Bowl Dominance**: $800M ad revenue from Super Bowl LIX, driving 65% YoY ad revenue growth and record 128M viewers.
- **Tubi Surge**: 35% Q3 revenue growth, 24M Super Bowl viewers, and 24% April view time increase highlight AVOD leadership.
- **Fox One Launch**: Cordless-focused D2C service set for football season launch, with 30% of shares repurchased since 2019.
- **Record Cash Flow**: $1.9B Q3 free cash flow supports $800M buybacks and $7B authorization.

**【CEO Summary Section】**
- **Record Advertising Revenue Growth**: Total company advertising revenue surged 65% YoY, driven by $800M from Super Bowl LIX, the most-watched telecast in US history. Fox News Channel achieved 48% total day audience growth and 58% demo growth, with Fox Sports leading live sports viewership with 3.3B hours, 17% ahead of competitors.
- **Tubi's Accelerating Momentum**: Q3 revenue grew 35% YoY, outpacing the 31% growth in the prior quarter. Super Bowl drove 24M unique Tubi viewers, 40% in the 18-34 demo, with 8M new registered users. April view time rose 24% YoY.
- **Fox One D2C Launch**: Set to launch before the 2025 football season, targeting cordless viewers with pricing aligned to wholesale rates. Will bundle with other streaming services while supporting traditional cable distribution.

**【CFO Financial Commentary】**
- **Q3 Financial Highlights**: Total revenue rose 27% to $3.1B, with adjusted EBITDA of $856M. Free cash flow hit a record $1.9B, enabling $800M in share buybacks (total $6.4B repurchased since 2019). Cash balance stands at $4.8B, supporting $7B buyback authorization.
- **Segment Performance**: Cable segment EBITDA grew 7% on 26% ad revenue increase. Television segment saw 40% revenue growth, driven by Super Bowl and Tubi. Affiliate fees rose 3% YoY across Fox-owned and affiliated stations.
- **2026 Outlook**: Fiscal '26 will lack political ad revenue and Super Bowl rights costs, but Fox News and Tubi ad growth, plus affiliate fee resilience, position the company for continued strength. Fox One launch costs may impact near-term margins.

**【Q&A Key Takeaways】**
- **Fox One Strategy**: Focused on cordless market with no intent to poach cable subscribers. Will partner with other streaming services for distribution. Pricing reflects fair value to advertisers.
- **Tubi Profitability**: Tubi's 35% Q3 revenue growth reflects engagement-driven monetization. While not yet profitable, Fox views it as a long-term growth engine with 65% cordless audience share.
- **Balance Sheet Utilization**: Prioritize share buybacks (30% of shares repurchased since 2019) and organic investments in Tubi and Fox One. FCC reverse retransmission cap risks seen as manageable.
- **FanDuel Licensing**: Actively pursuing state-by-state approvals for 18.6% stake. Intrinsic value of $2.8B makes exercise highly favorable, with 5% annual strike price increase.

Fox (FOXA)-12 May 25-2025 Q3 Earnings call transcript

- **Record EBITDA growth**: Q2 EBITDA up 123% to $781M, revenue +20% to $5.01B. Advertising revenue surged 21%.
- **Dominant news platform**: Fox News Media commands 60%+ cable news share, 4.5B content hours in Q2.
- **Tubi momentum**: Ad revenue +31% (ex-political), Super Bowl livestream to drive user acquisition.
- **D2C strategy**: Launching cord-cutter focused service by end-2024 with no incremental rights costs.
- **Share buybacks**: $6.15B repurchased (29% of shares), $120M dividend boost.

**【CEO Summary Section】**
- Q2 EBITDA surged 123% YoY to $781 million, driven by 20% revenue growth to $5.01 billion. Advertising revenue jumped 21%, fueled by record political ad spend ($400M+ in H1) and strong sports viewership (NFL, MLB postseason). Tubi's ad revenue rose 31% excluding politics.
- Cable affiliate fees grew 6% despite 7% sub declines, with all 2025 renewals completed. Sports sublicensing boosted other revenue by 70%.
- Fox News Media dominates cable news with 60%+ share, 4.5B content hours in Q2, and 13.5M primetime viewers. Fox News Channel grew total day audience 40% YoY.
- Launching D2C service targeting cord cutters by end-2024, with no incremental rights costs. Super Bowl on Tubi aims to capture 1st-party data and expand user base.

**【CFO Financial Commentary】**
- GAAP net income $373M ($0.81 EPS), up 243% YoY. Adjusted EBITDA $781M, vs. $351M prior. Free cash flow deficit $436M (seasonal). 
- Cable segment: +31% ad rev, +16% EBITDA. Television: +16% rev, +$343M EBITDA. 
- Buyback program repurchased $550M YTD, total $6.15B (29% of shares). Semi-annual dividend raised 27%.

**【Q&A Highlights】**
- D2C service will bundle existing content, priced for modest subs. No impact on traditional cable. Launching Super Bowl on Tubi with 275K+ library access post-game.
- Sub declines improving (7% Q2 vs. 8% Q1). Skinny bundles include full Fox portfolio, positioning for cordless growth.
- Tubi on track for breakeven, investing $40M less YTD. Sports betting partnerships (18.6% FanDuel, 2.5% Flutter) add $3.9B+ value.

Actual					0.93	0.62	1.18	0.16	0.88	0.65	1.11	0.13	0.81	0.74	1.21	0.48	0.94	0.88	1.09	0.34	1.09	0.9	1.45	0.96	1.1	1.27	1.51	0.82
Forecast					0.7058	0.5822	0.7593	-0.0274	0.5797	0.57	1.0305	0.0389	0.8616	0.752	1.1426	0.4754	0.8719	0.7121	0.9977	0.13	0.9604	0.8171	1.1258	0.6804	0.9115	0.9899	1.1039	0.4979
Surprise	0.00%	0.00%	0.00%	0.00%	+31.77%	+6.49%	+55.41%	+683.94%	+51.80%	+14.04%	+7.71%	+234.19%	-5.99%	-1.60%	+5.90%	+0.97%	+7.81%	+23.58%	+9.25%	+161.54%	+13.49%	+10.15%	+28.80%	+41.09%	+20.68%	+28.30%	+36.79%	+64.69%

FOXA

FOXA fundamentals

FOXA Q2 2026 Earnings

Earnings Call

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FOXA

FOXA fundamentals

FOXA Q2 2026 Earnings

Earnings Call

FOXA Earnings Call Summary for Q2/20268:30 AM on Feb 4, 2026

FOXA Earnings Call Summary for Q1/20268:00 AM on Oct 30, 2025

FOXA Earnings Call Summary for Q4/20258:30 AM on Aug 5, 2025

FOXA Earnings Call Summary for Q3/20258:30 AM on May 12, 2025

FOXA Earnings Call Summary for Q2/20258:30 AM on Feb 4, 2025

You can ask Aime