Fox's TV profit overtakes cable in a World Cup quarter

Fox’s television business overtook cable in adjusted profit in the quarter ended September 30, 2026. World Cup broadcasts, political advertising and Tubi helped television generate $934 million, compared with cable’s $859 million.

A year earlier, the order was reversed: television produced $399 million and cable $800 million. Fox calls this measure adjusted EBITDA. It excludes interest, taxes and charges that spread the cost of long-lived assets over time, as well as certain other costs and gains.

Television supplied almost all the profit increase

Research by Ticker Byline shows that television contributed $535 million of Fox’s $576 million increase in adjusted EBITDA, or about 93%. Cable added $59 million, while corporate costs increased.

Advertising revenue across the company rose 47% to $2.081 billion. Television advertising increased 60%. Fox attributed the gains to the World Cup, the election cycle and growth at its ad-supported streaming service Tubi.

The broadcasts also cost more. Sports rights and production expenses rose, while the timing of NFL games reduced some other costs in television. The World Cup had already boosted Fox’s June quarter, so the September report captures another part of the same tournament.

Growth beyond the advertising calendar

Distribution revenue, paid by companies carrying Fox’s channels, rose 9% to $2.084 billion. Cable benefited from higher contract rates and growth in average subscribers. Television’s distribution revenue also grew.

Reported net income attributable to Fox shareholders rose to $943 million from $599 million. Cash from operations reached $616 million, compared with a $130 million outflow a year earlier. Fox said stronger receipts and the timing of content payments helped the cash improvement.

The cash arrives before a larger streaming transaction

Fox held $4.536 billion of cash and had $6.607 billion of borrowings at September 30. It made no share repurchases during the quarter.

Its planned Roku acquisition remains pending. Shareholders of both companies approved it in October, while U.S. antitrust clearance is still required. Fox expects to fund the cash portion with borrowing and existing cash.

The Fox company profile records the segment comparison, cash position and pending Roku terms, including financing commitments that have not been drawn.