Fox Corp Class B

Fox Corporation delivered a headline-beating second quarter for fiscal 2026, posting adjusted EPS of $0.82 against a consensus estimate of $0.52, a 58.61% beat, while revenue of $5.18 billion edged past the $5.03 billion estimate and grew 2.0% year over year. The outperformance on earnings, however, masked a more complicated underlying picture: adjusted EBITDA fell to $692 million from $781 million a year ago, as accelerating sports programming rights costs and elevated digital marketing expenses more than offset the revenue gains. The primary revenue driver was the Cable Network Programming segment, where distribution and advertising revenues both climbed on higher sports and news pricing, lifting segment revenues 5% to $2.27 billion. Fox also drew attention for its aggressive capital return posture, repurchasing approximately $1.55 billion in stock during the quarter alone, a pace that raises questions about balancing shareholder payouts against rising content investment. A quarterly dividend of $0.28 per share was declared alongside the results.