FOX · Earnings call · 2026Q2T · Full report
Guidance / Outlook
Fox Corp · 2026-08-06 · Importance 57 · Surprise 60 · In source text
Management expects fiscal first-quarter 2027 advertising momentum to benefit from the World Cup, early midterm political activity and strength across national, local and digital properties.FOX reported one of its strongest upfronts with double-digit volume growth across sports, news and Tubi.Management expects the upcoming midterm cycle to produce record political revenue, exceeding $260 million in the prior midterm cycle and the more than $400 million generated in the 2024 presidential election.Fiscal 2027 distribution revenue is expected to grow in both Cable and Television, with renewals more heavily weighted toward Television.
Key facts
- World Cup rights payments landed in fiscal '26 while advertising receivables will be collected early in fiscal '27.
- FOX expects the total tournament revenues to be weighted towards fiscal '26 versus '27, with 2027 revenues strongly weighted towards the television segment which carried the majority of the knockout stage matches.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| operating_income | negative | realized | — | World Cup rights payments landed in fiscal '26 while advertising receivables will be collected early in fiscal '27. |
| cash | positive | probable | — | World Cup rights payments landed in fiscal '26 while advertising receivables will be collected early in fiscal '27. |