Fox Corp. (NASDAQ:FOX) (NASDAQ:FOXA) stock rose on Monday after the media company posted fiscal third-quarter 2026 results.

Strong Q3 Earnings Beat Expectations

Revenue fell 8.6% year-over-year to $3.994 billion, down from $4.371 billion in the same period last year, topping Wall Street's consensus estimate of $3.795 billion.

Adjusted net income increased to $570 million, or $1.32 per share, surpassing analysts' expectations of $1.12 per share and growing from $507 million, or $1.10 per share, a year earlier.

Distribution And Streaming Growth Support Results

Distribution revenue rose 3.3% to $2.11 billion, primarily driven by 5% growth at the Cable Network Programming segment.

Advertising revenue declined 23.6% to $1.56 billion, primarily due to the absence of the prior year broadcast of Super Bowl LIX, partially offset by the impact of an additional NFL Wild Card game and continued digital growth led by the Tubi AVOD service.

Content and other revenue increased 11.8% to $331 million, primarily due to higher sports sublicensing revenue.

Cash Position And Share Repurchases Remain Strong

Fox reported operating cash of $1.10 billion for the nine months ended March 31, 2026, and closed the period with $3.60 billion in cash and cash equivalents.

During the quarter, the company repurchased approximately $50 million of its Class A common stock and $50 million of its Class B common stock.

Fox Bets On Sports, Streaming And Political Advertising

Fox executives said the company sees strong momentum across advertising, sports, streaming, and distribution partnerships as it heads into a major sports and political advertising cycle.

CEO Lachlan Murdoch said Fox delivered strong third-quarter results driven by advertising trends, distribution growth, and early success from Fox One.

He said Fox One added subscribers and retained users better than expected, while Tubi continued to grow through sports, creator-led programming, and younger audiences.

Murdoch added that Fox expects the FIFA Men's World Cup and upcoming midterm elections to strengthen advertising and streaming engagement further.

NFL Partnership And Sports Viewership Drive Engagement

Murdoch highlighted Fox's long-term partnership with the NFL and announced that Fox secured rights to two additional nationally televised NFL games for the upcoming season.

He said Fox plans to deepen its relationship with the league while maintaining financial discipline. Executives also pointed to strong sports viewership across the World Baseball Classic, Major League Baseball, IndyCar, and NFL broadcasts as key audience and advertising drivers.

Tubi Profitability And Fox News Advertising Momentum

CFO Steve Tomsic said Fox delivered record third-quarter EBITDA growth and strong free cash flow while continuing aggressive share repurchases.

He added that Fox remains disciplined with investments in Tubi and Fox One, noting that Tubi achieved break-even or better results for three consecutive quarters.

Management also said Fox News continues attracting new advertisers, with national pricing and CPM growth benefiting from strong ratings and audience share gains.

FOX Stock Price Action

FOX Price Action: Fox shares were up 2.12% at $57.80 at the time of publication on Monday, according to Benzinga Pro data.

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