Core Insights - Fox Corporation (FOXA) reported first-quarter fiscal 2026 adjusted earnings per share of $1.51, exceeding the Zacks Consensus Estimate by 42.45% and reflecting a year-over-year increase of 4.1% [1][8] - Total revenues for the quarter grew 4.9% year over year to $3.74 billion, surpassing the consensus mark by 4.66% [1][8] Revenue Breakdown - Distribution revenues, accounting for 51.2% of total revenues, rose 2.5% year over year to $1.92 billion, driven by 3% growth in Cable Network Programming and 2% growth in the Television segment [1][2] - Advertising revenues, making up 37.8% of total revenues, increased 6.2% year over year to $1.41 billion, primarily due to digital growth from the Tubi AVOD service and higher sports pricing, despite a decline in political advertising [2][8] - Content and other revenues, which represent 11% of total revenues, saw a 12% year-over-year increase to $411 million, mainly from higher entertainment content revenues [2] Segment Performance - Cable Network Programming revenues increased 4.1% year over year to $1.66 billion, with advertising revenues growing 7.5% and distribution revenues rising 2.6% [3] - Television revenues rose 5% year over year to $2.05 billion, with advertising revenues up 5.9% and distribution revenues growing 1.9% [4] Operating Expenses and EBITDA - Operating expenses increased 3.3% year over year to $2.08 billion, with operating expenses as a percentage of revenues contracting by 90 basis points to 55.8% [5] - Selling, general & administrative (SG&A) expenses rose 17.3% year over year to $589 million, expanding as a percentage of revenues by 170 basis points to 15.8% [5] - Total adjusted EBITDA increased 1.6% year over year to $1.07 billion, with the adjusted EBITDA margin contracting by 90 basis points to 28.5% [5] Balance Sheet - As of September 30, 2025, Fox had $4.37 billion in cash and cash equivalents, down from $5.35 billion as of June 30, 2025 [7] - Total borrowings remained unchanged at $6.6 billion as of September 30, 2025 [7]
FOXA Q1 Earnings Surpass Estimates, Revenues Increase Y/Y