Fox Corporation just posted first-quarter records for revenue and Adjusted EBITDA to open fiscal 2027, and the entertainment and streaming side of that story sits inside the advertising surge. In its earnings release for the quarter ended Sept. 30, 2026, the company reported $4.57 billion in total revenue, up 22% from the prior-year quarter, with advertising revenue up 47%. Executive Chair and CEO Lachlan Murdoch framed those first-quarter records as the product of World Cup reach, an active election cycle, and the same portfolio strength that carried sports, news, and digital into the new fiscal year.
Distribution revenue rose 9%. Advertising did the heavy lifting. Content and other revenue was $406 million versus $411 million a year earlier. Net income came in at $957 million, and Adjusted EBITDA hit $1.64 billion, up 54%. For anyone watching Fox’s TV and streaming bets, the detail that matters is where that advertising growth landed and how Tubi shows up in the official language.
What Drove the Record Quarter
Fox attributes the 47% advertising jump primarily to three things: the current-year broadcast of the FIFA Men’s World Cup, higher political advertising revenue, and continued digital growth led by the Tubi AVOD service. Distribution growth was split between Cable Network Programming at 10% and Television at 4%. Those are the company numbers, not street chatter. Segment revenue tells the same story in heavier strokes. Television revenue rose 32% to $2.71 billion. Cable Network Programming rose 8% to $1.80 billion.
The Tubi Logo – Tubi
Television advertising alone climbed 60% to $1.71 billion, again citing the World Cup, political ads, and Tubi-led digital growth. Cable advertising rose a more modest 8%, with sports advertising including World Cup inventory helping offset softer digital news advertising. Expenses rose with the sports calendar. Higher sports programming rights amortization and production costs tied to the World Cup, plus higher digital content costs, cut into the revenue gain even as Adjusted EBITDA still set a first-quarter mark.
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Tubi and the Entertainment Read
Fox doesn’t break out a standalone Tubi revenue line in the Q1 package, and it doesn’t report Fox One subscriber or revenue figures in this release. What it does say is that continued digital growth led by the Tubi AVOD service was a primary driver of the companywide advertising increase and Television’s advertising spike.
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Entertainment content shows up on the other side of the ledger. Content and other revenue at Television was $155 million versus $162 million in the prior-year quarter, with Fox citing lower entertainment content revenue for that dip. Corporate and Other revenue rose to $246 million from $89 million, while eliminations widened. The release doesn’t map those Corporate and Other dollars to a named streaming product, so the clean entertainment read stays with what Fox actually labeled: Tubi inside advertising, and a softer entertainment content contribution inside Television.
What the Segment Math Means for Streaming
Television segment EBITDA more than doubled, to $934 million from $399 million, even after higher sports and digital content costs. Cable Network Programming EBITDA rose 7% to $859 million. Adjusted net income attributable to Fox Corporation stockholders was $1.09 billion, or $2.54 per share, versus $686 million, or $1.51 per share, a year earlier.
Put together, the record quarter mostly comes from sports-and-political advertising with a named digital accelerant. Tubi is that accelerant in Fox’s own words. For the entertainment and streaming side that the release does document, the signal is straightforward: advertising is carrying the growth, Tubi is the digital lead Fox wants investors to see, and traditional entertainment content revenue inside Television was a slight drag rather than the headline.
Does a Tubi-led digital callout change how you weigh Fox’s streaming bets against the sports calendar, or are the World Cup and political dollars still the whole story for you? Sound off and let us know!
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