FOX · 10-K · 2026A · Full report

Operating Margin Drivers

Fox Corp (FOX, FOXA) · 2026-08-06 · Importance 69 · Surprise 64 · In source text

Adjusted EBITDA increased $282 million, or 8%, to $3.906 billion from $3.624 billion. Television Segment EBITDA increased $493 million, or 52%, to $1.438 billion because higher sports and digital revenue coincided with a $207 million decline in operating expenses. Cable Network Programming Segment EBITDA increased $69 million, or 2%, to $3.099 billion, while Corporate and Other EBITDA declined $280 million, or 80%, to a $631 million loss because of FOX One launch costs. Net income decreased $566 million, or 25%, to $1.727 billion, primarily because of changes in the fair value of equity investments, despite higher Segment EBITDA and lower Venu Sports-related legal and other costs.

Key facts

• Television Segment EBITDA increased $493 million or 52% for fiscal 2026, primarily due to revenue increases and lower expenses. source
• Adjusted EBITDA for fiscal 2026 was $3,906 million compared to $3,624 million for fiscal 2025. source
• Operating expenses increased $335 million or 3% for fiscal 2026 compared to fiscal 2025. source
• Net income for fiscal 2026 was $1,727 million, a decrease of $566 million or 25% compared to fiscal 2025. source
• Non-operating other, net was $(773) million for fiscal 2026. source
• Income before income tax expense for fiscal 2026 was $2,278 million, down $783 million or 26% from fiscal 2025. source
• Operating expenses were $10,853 million for fiscal 2026. source
• Selling, general and administrative expenses increased $199 million or 9% for fiscal 2026 and totaled $2,367 million. source

Impact estimates