The 2026 FIFA Men’s World Cup delivered record audience levels for Fox and it showed up on the balance sheet.Fox Corporation reported revenues of $4.12 billion for the three months ending June 30, an increase of 28% over the same quarter last year and well ahead of estimates from Wall Street analysts. Adjusted earnings per share were $1.79, the company announced Thursday in its earnings statement, also better than expected.Advertising revenue was up 78% in that period, largely due to World Cup, which exceeded the company’s expectations.In the United States, 128.4 million people watched some portion of the World Cup across Fox’s broadcast network, its cable outlet FS1 and streaming platform Tubi. The 104 matches averaged a record high 7.7 million viewers, a 116% increase over the 2022 World Cup in Qatar. Fox saw 11 matches top 15 million viewers.“At a time when audiences are increasingly fragmented, the World Cup demonstrated the unique power of Fox to deliver live premium sports that bring people together at scale,” Fox Corp. Chief Executive Lachlan Murdoch told analysts on the company’s earnings call.Fox Corporation’s stock jumped nearly 5% in early trading, rising to nearly $55 a share.The World Cup helped boost a strong fiscal year for Fox, which reported revenue of $17.13 billion, an increase of 5% over the previous year which included a Super Bowl telecast. Net income came in at $1.73 billion compared to $2.29 billion the previous year as the company faced higher costs with the launch of direct-to-consumer streaming service Fox One and other investments in digital.Fox also cited digital growth at the company led by its ad supported streaming service Tubi, which saw its year-to-year revenue rise by 35%. Fox One — which offers Fox News and other cable channels — is also ahead of schedule in its contribution to the company’s financial performance. The service saw 2.8 million sign-ups in June, its strongest month since the service’s launch last year.Murdoch said total viewing time on Tubi grew by 17%. He noted that 70% of Tubi users do not have cable subscriptions, making the platform appealing to advertisers who want to reach consumers not watching traditional TV.Fox has a deal to buy streaming platform Roku for $22 billion in cash and stock, which is expected to transform the company. Until recently, the media giant has been cautious about expanding outside of cable and broadcast TV.Murdoch said Fox has no plans to reopen its current NFL deal. Commissioner Roger Goodell has stated a desire to renegotiate the current pact that pays the league $76 billlion over 11 years, as live sports continue to be the only surefire ratings attraction left on traditional TV while streaming services are looking for more events. The league can opt out of the contract after the 2029-30 season, which aligns with Fox‘s timing.“We’ll be ready to engage with the NFL on the opt out seasons and beyond at a day closer to the 2030 season, which has been the customary timetable,” Murdoch said.
