FOX · 10-K · 2026A · Full report

Distribution Subscriber Trends

Fox Corp (FOX, FOXA) · 2026-08-06 · Importance 49 · Surprise 32

Distribution revenue increased 4% to $8.058 billion, primarily because average rates per subscriber rose and fees from FOX Network-affiliated television stations increased. The benefit was partly offset by an approximately $160 million impact from a lower average number of subscribers. Cable Network Programming distribution revenue increased 5%, with higher average rates per subscriber offsetting a decrease in average subscribers. Television distribution revenue was broadly unchanged because higher average rates and fees from affiliated stations were offset by fewer subscribers at FOX-owned and operated stations.

Key facts

• The increase of $278 million or 4% in distribution revenue was due to higher average rates per subscriber and higher fees from FOX-affiliated television stations of approximately $440 million, partially offset by an approximately $160 million impact of a lower average number of subscribers. source
• Cable Network Programming distribution revenue increased $222 million or 5% in fiscal 2026 to $4,662 million. source
• The Company identified further declines in the number of subscribers to MVPD services as a factor that could cause actual results to differ materially. source