FOX · 8-K · 20260806PR053892

Operating Margin Drivers

Fox Corp · 2026-08-06 · Importance 73 · Surprise 66 · In source text

Consolidated fourth-quarter Adjusted EBITDA increased 27% to $1.20 billion, but higher sports programming rights amortization, World Cup production costs, and FOX One launch costs partially offset revenue growth. Cable Network Programming fourth-quarter EBITDA declined 3% to $728 million because higher sports rights amortization and production costs exceeded its 9% revenue growth. Television fourth-quarter EBITDA increased 129% to $705 million, with the 45% revenue increase partially offset by higher World Cup-related programming and production costs. Full-year Television EBITDA increased 52% to $1.44 billion because of revenue growth and lower expenses, while Cable Network Programming EBITDA increased 2% to $3.10 billion.

Key facts

• The increase in Television full year segment EBITDA of $493 million or 52% was driven by revenue increases and lower expenses, with the decrease in expenses primarily driven by lower sports programming rights amortization partially offset by higher digital content costs. source
• Quarterly Adjusted EBITDA for the three months ended June 30, 2026: $1,195 million, an increase of $256 million or 27% from the prior year quarter. source
• Full year Adjusted EBITDA for the twelve months ended June 30, 2026: $3,906 million, an increase of $282 million or 8% from the prior year. source

Impact estimates