Fox Corp. surpassed Wall Street estimates for third-quarter revenue on Tuesday, bolstered by robust political advertising and continued expansion of its streaming services. The media conglomerate reported revenue of $3.45 billion, exceeding analysts' average forecast of $3.38 billion, according to data from LSEG.
Adjusted earnings per share came in at 96 cents, compared with the expected 89 cents. Shares of Fox rose about 2% in after-hours trading following the announcement.
Political Advertising Boost
The company benefited from a surge in political advertising ahead of the 2026 midterm elections, with revenue from its cable network programming segment, which includes Fox News, rising 4% to $1.52 billion. Fox News continued to dominate cable news ratings, attracting both viewers and advertisers during a heated election cycle.
Streaming Growth
Fox's streaming platform, Tubi, saw a 15% increase in revenue, reaching $380 million, as more viewers cut the cord and shifted to ad-supported streaming. Total advertising revenue across the company climbed 6% to $2.1 billion.
“Our results reflect the strength of our brands and the successful execution of our strategy to diversify revenue streams,” said CEO Lachlan Murdoch in a statement. “We are particularly pleased with the momentum at Tubi and the continued leadership of Fox News.”
Other Segments
Revenue from Fox’s television segment, which includes the Fox broadcast network and local stations, rose 3% to $1.93 billion, driven by higher affiliate fees and sports programming. The company’s sports rights, including the NFL and college football, remained a key driver of viewership and ad sales.
Looking ahead, Fox expects continued growth in political advertising through the remainder of the year and plans to invest further in digital and streaming initiatives.
