Fox Corp. Reports Record $4.57 Billion Quarter Driven by Elections and World Cup

Fox Corp. posted record revenue of $4.57 billion for its fiscal first quarter, a 22 percent increase from the same period last year. The company reported this on Monday, citing the combined impact of the 2026 midterm elections and the FIFA World Cup. Net income climbed to $957 million, up from $609 million in the prior year.

Advertising was the primary driver of the jump, rising 47 percent year over year. CEO Lachlan Murdoch told Wall Street analysts that political advertising spending has already passed $350 million, setting a new record for a midterm cycle. Of that total, local stations accounted for over $250 million, while the national networks and the streaming service Tubi each generated $50 million.

The quarter included the World Cup final, which became the most-watched soccer match in U.S. history. It also covered the start of the NFL season and the beginning of the MLB playoffs. These events boosted viewership across the company's various segments.

Despite the strong numbers, Fox News faced a difficult ratings comparison against the previous year. Murdoch described the situation as viewer fatigue following an intense news cycle that included the inauguration, the death of Charlie Kirk, the Department of Government Efficiency, and natural flooding. He compared the current environment to the 2006 midterm elections during President George W. Bush's second term. Murdoch noted that viewers are not switching channels but are simply watching less television overall. He stated that the network is still beating CNN and MS NOW combined.

In the cable segment, anchored by Fox News, distribution revenue increased to $1.2 billion from $1.09 billion. Advertising revenue in this segment rose to $373 million from $345 million. In the broadcast segment, led by the Fox network, advertising revenue exceeded $1.7 billion, up from $1.07 billion. Distribution revenue for this segment grew to $850 million from $821 million.

The company is also moving forward with its acquisition of Roku. Murdoch said Fox is working constructively with the Department of Justice to close the deal. He believes the transaction will allow the company to strengthen its existing operations. Tubi also contributed to the advertising growth through its targeting capabilities for political ads.