FOX · 10-Q · 2026Q3 · Full report

Operating Margin Drivers

Fox Corp (FOX, FOXA) · 2026-11-02 · Importance 52 · Surprise 32

Cable Network Programming Segment EBITDA increased $59 million, or 7%, in the quarter, as revenue growth outweighed higher expenses. Sports programming rights amortization and production costs—including soccer rights for the FIFA Men’s World Cup—and higher news programming costs contributed to the segment’s $90 million increase in operating expenses. Television Segment EBITDA increased $535 million, driven by higher advertising and distribution revenue, partly offset by higher programming and digital content costs. Corporate and Other EBITDA decreased $18 million, or 13%, to a loss of $152 million, primarily because FOX One intercompany branded-content and marketing costs more than offset related distribution revenue.

Key facts

• Fox's Corporate and Other EBITDA decreased $18 million, or 13%, primarily because intercompany FOX-branded content and marketing costs at FOX One exceeded related distribution revenue. source