Total Revenue Growth
Total revenues of $5.18 billion, a 2% increase year-over-year, driven by strength in advertising, distribution, and streaming.
Distribution Revenue Expansion
Distribution revenue grew 4% in the quarter, helped by pricing gains on affiliate renewals and improved sequential subscriber decline trends (subscriber decline improved to ~6.3%, excluding Fox One).
Cable Segment Outperformance
Cable reported revenues of $2.28 billion and adjusted EBITDA of $687 million, both up 5% year-over-year; cable advertising revenues grew 7% driven by higher pricing in news and sports.
Tubi: Audience and Revenue Momentum
Tubi delivered its most-streamed quarter ever with total viewer time up 27% YoY, revenue up 19% in the quarter, and achieved EBITDA profitability for the second consecutive quarter.
Record Sports and News Advertising
Record-breaking ad revenue for MLB postseason, highest ad revenue for NFL Sunday packages and college football regular season; Fox News achieved its highest second-quarter advertising revenue ever and added ~200 new advertisers in the half.
Digital and Engagement Strength
Fox News Digital social media views increased ~170% YoY; Fox News and Fox Business ranked #1 in YouTube video views among peers; total minutes viewed across sports, news, entertainment, and Tubi rose 15% YoY in calendar 2025.
Fox One Early Traction
Fox One (launched five months ago) exceeded expectations: meaningful direct sign-ups and partnerships, no noticeable cannibalization of traditional subscribers, news comprises ~1/3 of minutes viewed and news viewers engage ~2x more days/week and ~3x more minutes/week vs non-news viewers.
Shareholder Returns and Balance Sheet Discipline
Repurchased an additional $1.8 billion this fiscal year (cumulative $8.4 billion since 2019 ≈ 35% of shares outstanding), announced a $0.28/share semiannual dividend, and reported $2.0 billion cash vs $6.6 billion debt.