Fox Reports Mixed Q3 FY26 Results: GAAP Net Income Halves, Adjusted EBITDA Rises

summarizeSummary

Fox Corp reported a 52% decline in GAAP net income for Q3 FY26, but saw increases in adjusted net income and Adjusted EBITDA, with revenue impacted by the absence of the Super Bowl broadcast.

check_boxKey Events

• GAAP Net Income and EPS Decline

  Net income attributable to Fox Corporation stockholders fell 52% to $166 million ($0.38 per share) for the quarter ended March 31, 2026, compared to $346 million ($0.75 per share) in the prior year quarter.

• Adjusted Profit Growth

  Adjusted net income attributable to stockholders increased 12% to $570 million ($1.32 per share), and Adjusted EBITDA rose 11% to $954 million, demonstrating operational improvements.

• Revenue Decrease Driven by Super Bowl Comparison

  Total quarterly revenue decreased 9% to $3.99 billion from $4.37 billion in the prior year, primarily due to the absence of the Super Bowl LIX broadcast, partially offset by distribution growth, an additional NFL Wild Card game, and Tubi's digital growth.

• Ongoing Share Repurchase Program

  The company repurchased $100 million ($50 million Class A and $50 million Class B) of its common stock during the quarter, with a remaining authorization of $3.5 billion.

auto_awesomeAnalysis

Fox Corp's latest earnings report presents a mixed financial picture. While GAAP net income and EPS saw significant declines, primarily due to the absence of the Super Bowl broadcast in the prior year's comparable quarter, the company's adjusted net income and Adjusted EBITDA showed healthy growth. This indicates underlying operational strength when accounting for non-recurring events. The ongoing share repurchase program also signals management's commitment to returning capital to shareholders.