Fox Revenue Rises 22% on Tubi, Political Ads

Fox Corporation reported fiscal first-quarter 2027 revenue of $4.6 billion, with record quarterly EBITDA and strong growth at its Tubi streaming service.

Updated on Nov. 2, 2026 in Corporate Finance

Bold vector editorial illustration of steel stadium light towers under a pale sky, abstractly evoking live broadcast advertising revenue. — Fox Corporation reported 22% revenue growth to $4.6 billion for its fiscal first quarter, citing strong live sports advertising, record political ad sales and gains at its Tubi streaming service. AI Illustration. Upload story photo >

Fox Corporation reported total revenue growth of 22% to $4.6 billion for fiscal first quarter 2027, which ended September 30, 2026. The company also posted record quarterly EBITDA of $1.64 billion, supported by strong advertising demand.

Why it matters

The results show Fox gaining ground in streaming and political advertising, two areas that are reshaping how television networks earn revenue. Strong ad pricing during live programming and midterm election spending helped lift the quarter.

Fox reported $4.6 billion in fiscal first-quarter 2027 revenue, up 22%, with Tubi revenue growing 35% and total viewing time on the platform rising 23%. The company holds $4.5 billion in cash, and management has not yet specified when Tubi's margins will reach their projected mature range of about 20%.

The players

Fox Corporation

Fox Corporation is a major American media company whose holdings include the Fox broadcast network, Fox News, Fox Sports and the Tubi streaming service.

The details

Fox attributed growth to live broadcasts such as the FIFA Men's World Cup, which supported advertising pricing power, and to midterm elections that drove political ad sales to record levels. Its Fox 1 subscription streaming service is attracting viewers who do not buy traditional cable packages, and management said those subscribers are almost entirely incremental to its existing base.

September 30, 2026: Fox's fiscal first quarter 2027 ended.
November 2, 2026: Fox held its earnings call reviewing the quarter's results.
This quarter: Fox plans to resume share repurchases.

Market Dynamics

Fox's results extend a broader movement of advertising dollars from linear cable toward ad-supported streaming and live sports, where Tubi's 35% revenue growth stands out. The record political spending tied to the midterm cycle adds a cyclical boost that management is pairing with structural streaming gains.

Fox's plan to resume share repurchases this quarter could return cash to shareholders and affect per-share value for holders of its stock. Investors tracking Tubi's margin progression can use management's projected 20% mature margin range as a benchmark for future reported results.

The takeaway

Advertising growth at Fox is coming from live events, political spending and streaming at the same time, which makes its revenue mix more diversified than in past cycles. Readers tracking media stocks should watch whether Tubi's margins expand as ad volume grows.