Fox Corporation‘s Class A shares were down by 3.6% in Wednesday’s trading, as investors reacted to the release of fiscal Q2 2026 financial results that reflected a notable quarter-by-quarter decline in ad revenue.
While the cable ad dollars remain strong, the Fox Television Stations under the leadership of CEO Jack Abernethy, the FOX broadcast networks and its Tubi FAST Channel app saw flat ad revenue.
Looking specifically at segment revenue for fiscal Q2 ’26, “Cable Network Programming” dollars rose to $2.28 billion from $2.17 billion. At the same time, Television revenue slipped to $2.93 billion from $2.96 billion.
Total it up, and revenue for Fox Corporation grew to $5.182 billion, from $5.08 billion.
Adjusted EBITDA for cable increased to $687 million, from $657 million, but for Television it decreased to $143 million on $205 million — likely due to tough comps associated with record political advertising in fiscal 2025.
While ad revenue in total was essentially unchanged, “continued digital growth” for Tubi and additional Major League Baseball post-season games helped financially for Fox.
Distribution revenues increased $7 million (or 1%), driven by higher average rates at the company’s owned and operated television stations and increases in fees from third-party FOX affiliates — something MVPD advocacy groups such as the ATVA will likely bemoan.
Fox Corporation has declared a dividend of $0.28 per Class A and Class B share. This dividend is payable on March 25, with a record date for determining dividend entitlements of March 4, 2026.
