Advertising tied to the 2026 midterm elections and the FIFA World Cup helped Fox Corp. post record results in its fiscal first quarter, the company said Monday. Revenue reached $4.57 billion, a 22% increase from the same period a year earlier, while advertising revenue rose 47% to $1.7 billion. Net income increased to $957 million from $609 million.
The quarter included the World Cup final, described by Fox as the most-watched soccer game in U.S. history, along with the start of the NFL season and the MLB playoffs. A competitive midterm election cycle also lifted national advertising and spending across Fox’s local television stations.
CEO Lachlan Murdoch said political advertising had surpassed $350 million, a record for a midterm cycle. More than $250 million came from local stations, while Tubi and Fox’s national networks each contributed another $50 million.
Fox News faced a difficult ratings comparison with the previous year. Murdoch attributed some of the decline to viewer fatigue following an intense news cycle, saying viewers were watching somewhat less television overall rather than moving to another news channel. He added that Fox remained ahead of CNN and MS NOW combined.
Tubi, Fox’s free streaming service, also recorded advertising gains. Murdoch highlighted its targeting capabilities and described the platform as a useful channel for political advertising sales.
The company reported growth in both its cable and television segments. Cable distribution revenue, led by Fox News, rose to $1.2 billion from $1.09 billion, while advertising increased to $373 million from $345 million. In the television segment, advertising revenue climbed to more than $1.7 billion from $1.07 billion, and distribution revenue reached $850 million, compared with $821 million a year earlier.
Murdoch said Fox was working constructively with the Department of Justice to complete its deal for Roku. In a statement, he described the start of fiscal 2027 as strong, citing the World Cup, the college football and NFL seasons, and election activity at both national and local levels.
Sources: The Hollywood Reporter.