Fox's Record Quarter: World Cup, Midterm Ads and Tubi Explained
Fox had the biggest first quarter in its history. On November 2, 2026, Fox Corporation reported revenue of $4.57 billion for its fiscal first quarter of 2027, the three months ended September 30, up 22% from a year earlier. The FIFA Men's World Cup, midterm political ads and continued growth at Tubi drove the jump. Here's what the numbers show and what they mean if you watch FOX sports, FOX News, Tubi or FOX One.
Fox's fiscal year starts in July, so this July-September period is fiscal Q1 2027, even though some outlets call it the third quarter.
Fox's fiscal Q1 2027 at a glance
| Q1 FY2027 (Jul-Sep 2026) | Year earlier | Change | |
|---|---|---|---|
| Total revenue | $4.57 billion | $3.74 billion | +22% |
| Advertising revenue | $2.08 billion | $1.41 billion | +47% |
| Distribution revenue | $2.08 billion | $1.92 billion | +9% |
| Net income | $957 million | $609 million | +57% |
| Net income attributable to stockholders | $943 million ($2.20/share) | $599 million ($1.32/share) | +57% |
| Adjusted EBITDA (non-GAAP) | $1.64 billion | $1.07 billion | +54% |
From Fox Corporation's November 2, 2026 earnings release for the quarter ended September 30, 2026. Percentages for net income are our calculation.
What drove the record quarter
- The World Cup. FOX's broadcast of the FIFA Men's World Cup was the first reason Fox gave for higher ad revenue in both its broadcast and cable segments. It also raised costs, since sports rights and production expenses went up.
- Political ads. Fox cited higher political advertising ahead of the midterms as a main driver of a 60% rise in advertising revenue at its Television segment. It didn't break out a dollar figure.
- Tubi. Fox credited "continued digital growth led by the Tubi AVOD service" for part of the ad gains. The release doesn't give a separate Tubi revenue or viewing-time number.
- Cable and fees. Cable Network Programming, home to FOX News and FS1, grew revenue 8% to $1.80 billion, with distribution revenue up 10% on contractual rate increases and more subscribers.
CEO Lachlan Murdoch highlighted the World Cup, the start of football seasons and election advertising as contributors to the quarter.
What it means for viewers
- Tubi is still free with ads. Strong ad sales give Fox more reason to keep investing in it; no price or plan change was announced. See Is Tubi really free?
- FOX One pricing and plans weren't changed in the release. For the basics, read Does FOX One have ads? and Is FOX One free with DIRECTV?
- Roku wasn't part of these results. The acquisition closed November 6, after the quarter ended. See what changes for Roku users now that Fox owns Roku.
- Pay-TV customers help fund Fox through distribution fees, which grew 9%. The release doesn't announce any carriage changes with DIRECTV or other providers.
Want FOX, FS1 and FOX News without juggling apps? Find FOX News and FOX Sports channels on DIRECTV, or call +1-855-690-9884 to compare packages at your address.
Frequently asked questions
How much did Fox make last quarter?
Fox reported fiscal first-quarter 2027 revenue of $4.57 billion, net income of $957 million and net income attributable to stockholders of $943 million for the three months ended September 30, 2026.
Why did Fox's revenue jump?
Fox said advertising revenue rose 47%, mainly because of its FIFA Men's World Cup broadcast, higher political advertising and continued digital growth led by Tubi. Distribution revenue rose 9%.
Is this Fox's third quarter or first quarter?
Fox calls July through September its fiscal first quarter of 2027. Some outlets describe it as the third calendar quarter.
Does this include Roku?
No. The quarter ended September 30, and Fox completed its Roku acquisition on November 6, 2026.
Is Tubi still free?
Yes. Tubi is free with ads, and Fox didn't announce any change to that.