Fox Corp reported stronger-than-expected first-quarter earnings, with revenue climbing 22% to $4.57 billion. This increase was driven by a significant surge in advertising sales, bolstered by this summer's FIFA World Cup and the recent midterm elections.
Advertising revenue alone saw a 47% increase during the period, with the company noting that its streaming platform, Tubi, also contributed to this growth. Fox Corp announced it generated $350 million in political advertising revenue across its platforms during the midterm cycle.
Net income rose to $957 million, or $2.20 per share, compared to $609 million, or $1.32 per share, in the same quarter last year. Adjusted earnings per share (EPS) came in at $2.54, surpassing Wall Street's consensus estimate of $2.02 EPS on $4.32 billion in revenue.
Despite a reported slowdown in Fox News ratings leading up to the midterm elections, Chief Executive Lachlan Murdoch attributed the dip to "viewer fatigue" and particularly strong viewership in the prior year. He highlighted that events such as the September 2025 death of conservative activist Charlie Kirk and multiple natural disasters had previously driven consistent viewer engagement.
Murdoch expressed confidence in the company's ability to navigate such fluctuations. Nielsen data indicated that Fox's prime-time viewership decreased by 28% in October compared to the previous year. However, the network maintained its position as the most-watched cable news channel, ahead of MS Now and CNN.
Fox Corp and The New York Post share common ownership.