Revenue rose 2% year-over-year to $5.18 billion, up from $5.08 billion in the same period last year, topping Wall Street’s consensus estimate of $5.06 billion.

Adjusted net income increased to $360 million, or 82 cents per share, surpassing analysts’ expectations of 50 cents per share and declining from $442 million, or 96 cents per share, a year earlier.

Segment Performance

Distribution revenue rose 3.6% to $2.00 billion, primarily driven by 5% growth at the Cable Network Programming segment.

Advertising revenue advanced 1.4% to $2.46 billion, primarily due to higher sports and news pricing, digital growth led by the Tubi AVOD service, and additional MLB postseason games, partially offset by lower political advertising revenues and lower ratings.

Content and other revenue increased 0.3% to $725 million.

Financial Position and Buyback Program

Fox reported an operating cash outflow of $669 million for the quarter and closed the period with $2.02 billion in cash and cash equivalents as of December 31.

The company has declared a dividend of 28 cents per share payable on March 25, 2026, with a record date of March 4, 2026.

During the quarter, the company repurchased approximately $750 million of its Class A common stock and $800 million of its Class B common stock.

Lachlan Murdoch, Executive Chair and CEO, highlighted the company’s strong performance in the second quarter of fiscal 2026, with broad-based contributions from various sectors of its portfolio.

Despite a strong political advertising revenue performance last year, Fox still saw growth in total company advertising revenue, he added.

In the earnings call, Murdoch said the advertising market stayed strong through the second quarter and remains healthy, with positive trends across the company’s media portfolio.

He said Fox expects a boost from political advertising and continued growth in its streaming and digital businesses, supported by major upcoming events such as the FIFA World Cup and motorsports programming.

FOX Price Action: Fox shares were up 0.87% at $63.73 at the time of publication on Wednesday, according to Benzinga Pro data.

Photo by Piotr Swat via Shutterstock