Fox Corp. reported record revenue for its fiscal first quarter on Monday, November 2, with advertising tied to the FIFA World Cup and the 2026 midterm elections helping drive growth. Revenue reached $4.57 billion, an increase of 22 percent from the same period a year earlier, while advertising revenue climbed 47 percent. Net income rose to $957 million from $609 million.
The quarter featured the World Cup final, which became the most-watched soccer match in U.S. history, along with the opening of the NFL season and the beginning of the MLB playoffs. Competitive midterm races across the country also increased demand for advertising on Fox’s national networks and local television stations.
Chief executive Lachlan Murdoch told Wall Street analysts that political advertising had exceeded $350 million, setting a company record for a midterm election cycle. Local stations accounted for more than $250 million, while the free streaming service Tubi and the national networks each generated another $50 million.
Tubi contributed to the broader increase in advertising revenue. Murdoch highlighted its targeting capabilities as an advantage in attracting political advertising. In a statement accompanying the results, he said Fox had opened fiscal 2027 with first-quarter records for both revenue and adjusted EBITDA, supported by growth in advertising and distribution revenue.
The gains came despite lower ratings at Fox News compared with the year-earlier quarter. Murdoch acknowledged the challenging comparison but said the network continued to outperform CNN and MS NOW combined. He attributed the decline to viewers watching less television because of fatigue, rather than moving to competing news channels.
In explaining that fatigue, Murdoch cited a prior-year news cycle that included the inauguration, the Charlie Kirk tragedy, DOGE and flooding. He compared the audience pattern with the 2006 midterms, when President George W. Bush was halfway through his second term, and said Fox had experience managing such periods.
Fox’s cable business, anchored by Fox News, increased distribution revenue to $1.2 billion from $1.09 billion a year earlier. Advertising revenue in that segment rose to $373 million from $345 million. In the television division, led by the Fox broadcast network, advertising revenue exceeded $1.7 billion, compared with $1.07 billion, while distribution revenue increased to $850 million from $821 million.
Murdoch also told analysts that Fox was working constructively with the Department of Justice to complete its deal for Roku. He reiterated the company’s view that the transaction would help it build on its strengths.
