New York, NY – Fox Corp. announced Thursday a quarter of exceptional financial performance, propelled by the resounding success of the 2026 FIFA World Cup hosted across North America this past summer. The media giant reported a significant surge in advertising revenue, attributing much of this growth to the global football spectacle and the burgeoning popularity of its free streaming service, Tubi. This robust performance underscores the enduring power of live sports content in a rapidly evolving media landscape, reaffirming Fox’s strategic focus on news and sports as cornerstones of its business model.
The company’s overall revenue climbed an impressive 28% to $4.21 billion for its fiscal fourth quarter, compared to the same period in the previous year. This substantial increase was largely fueled by a remarkable 78% jump in advertising revenue, which reached $1.92 billion. Fox’s fiscal fourth-quarter and annual earnings report, released Thursday, highlighted the critical role of the World Cup in driving these figures, alongside the consistent growth of Tubi.
The Unprecedented Spectacle of the 2026 FIFA World Cup
The 2026 FIFA World Cup, co-hosted by the United States, Canada, and Mexico, was a landmark event for international football, marking the first time the tournament expanded to 48 teams and was spread across three nations. The tournament culminated in a thrilling final on July 19, 2026, at MetLife Stadium in East Rutherford, New Jersey, where Spain triumphed over Argentina in a hotly contested match. This particular event captured the imagination of millions, translating into record viewership figures for broadcasters.
Fox, holding the English-language broadcast rights in the U.S., meticulously covered the 104-match tournament, averaging roughly 7.7 million viewers across its platforms. The final match between Spain and Argentina shattered previous records, drawing an astounding nearly 39 million viewers across Fox’s various platforms, according to Nielsen data. This figure not only cemented the 2026 final as the most-watched soccer telecast in U.S. history but also demonstrated the immense, undiminished appeal of major live sporting events.
The success was not limited to Fox. NBCUniversal’s Telemundo and its streaming service Peacock, which aired the Spanish-language broadcasts of the games, also reaped strong viewership and significant advertising dollars. This dual success across both English and Spanish-language markets underscored the broad appeal of football in North America and its increasing cultural penetration. The World Cup’s timing during the summer provided a significant boost during what can often be a quieter period for television viewership, particularly outside of major seasonal programming.
Lachlan Murdoch on Record Performance and Strategic Vision
During Thursday’s earnings call with investors, Fox CEO Lachlan Murdoch lauded the company’s fiscal year as one of "record financial performance." He emphasized the remarkable nature of these results, especially when compared to the prior year, which had benefited from the quadrennial boost of a Super Bowl broadcast and a U.S. presidential election cycle. "These are excellent results made even more impressive by the comparison to the especially strong prior year which benefitted from the Super Bowl and presidential election," Murdoch stated, highlighting the organic growth and strategic success driven by the World Cup.
Murdoch’s commentary resonated with the broader industry sentiment that live sports remain a powerful antidote to the fragmentation of audience attention in the digital age. In a media landscape grappling with traditional pay-TV subscriber losses and the stagnation of subscriber additions for many streaming services, live sports continue to draw large, engaged audiences, making them invaluable for advertisers seeking broad reach and impact.
The Resurgence of Advertising as a Profit Driver
The earnings report underscored a critical trend: advertising has once again emerged as a pivotal component for driving revenue and profitability in the media sector. As distribution revenue from traditional pay-TV subscriptions continues its decline, and the "streaming wars" intensify, media companies are increasingly leaning on advertising models to sustain growth. Fox, with its strategic portfolio heavily weighted towards sports and news networks, has maintained consistent advertising revenue, a testament to its focused approach since selling its entertainment assets to Disney in 2019.
Murdoch further elaborated on the strength of Fox’s advertising business, noting that the company experienced one of its "strongest Upfronts in our history with double-digit growth in volume." Upfronts, the annual presentations where networks pitch their upcoming content slate to advertisers, are crucial indicators of future advertising commitments. The strong performance at these events signals robust advertiser confidence in Fox’s programming, particularly its sports and news offerings. This positive outlook from advertisers indicates a recognition of the value proposition Fox delivers, especially through high-impact live events like the World Cup.
Tubi and Fox One: Diversifying the Streaming Portfolio
Fox’s streaming strategy, distinct from many of its peers, has centered on building out Tubi, an ad-supported video-on-demand (AVOD) service. Unlike subscription-based platforms, Tubi is solely reliant on advertising revenue and has been successful in growing its base of younger viewers – a demographic highly coveted by advertisers. The 2026 World Cup provided a significant boost to Tubi, with dedicated content and specific matches drawing in millions.
"Tubi’s World Cup hub attracted over 20 million viewers across the tournament," Murdoch revealed during the call. He added that the broadcast of two early-round matches on Tubi generated two of the highest traffic days in the platform’s history, showcasing the platform’s capacity to handle major live events and attract substantial audiences. This strategic inclusion of premium sports content, following the successful streaming of the Super Bowl in recent years, validates Tubi’s model and its importance within Fox’s digital ecosystem.
Beyond Tubi, Fox also saw positive results from Fox One, its subscription streaming service launched nearly a year ago. Fox One, which bundles all of Fox’s content, including live sports and news, also benefited from the World Cup. Murdoch reported a 5% increase in distribution revenue for the quarter, partly attributed to Fox One, which he noted "continues to exceed our expectations." The World Cup was instrumental in driving new customer acquisitions and ensuring strong retention rates for the service.
When Fox One launched, company leadership emphasized that it was not intended to cannibalize its traditional pay-TV business – a common concern for media companies venturing into direct-to-consumer streaming. Priced at $19.99 a month, Fox One is also available as part of a bundle with Disney’s ESPN direct-to-consumer streaming platform, priced at $39.99 a month, demonstrating a collaborative approach to navigating the competitive streaming landscape. Murdoch reiterated on Thursday that Fox continues "to see minimal cannibalization of our traditional pay TV business" due to Fox One, and that the service’s subscribers "are truly incremental," further solidifying its strategic value.
The Roku Acquisition: Expanding Advertising Footprint
Looking ahead, Fox’s commitment to expanding its advertising footprint was underscored by its proposed acquisition of Roku for $22 billion, announced in June 2026. Roku, primarily known for its streaming devices, also operates The Roku Channel, an ad-supported streaming service that directly competes with Fox’s Tubi. This acquisition, if approved, would significantly expand Fox’s reach in the connected TV advertising market, providing a powerful platform for further growth in this critical revenue stream.
The move to acquire Roku reflects a broader industry trend where media companies are seeking to control more of the advertising supply chain and diversify their digital assets. By integrating Roku’s extensive user base and advertising technology, Fox would be poised to capture a larger share of the rapidly growing digital advertising market, further insulating itself from the volatility of traditional media revenues. This strategic consolidation highlights Fox’s proactive approach to shaping its future in a media landscape increasingly defined by digital distribution and advertising innovation.
Broader Industry Implications
Fox’s triumphant quarter, largely driven by the World Cup, sends a clear message across the media industry: live sports are more critical than ever. As audiences continue to fragment across myriad streaming options, major sporting events like the World Cup, Super Bowl, and playoff series stand out as unique opportunities to gather massive, concurrent viewership. This makes them indispensable assets for broadcasters and a premium offering for advertisers.
The trend is visible across the board. Just this week, Disney announced during its earnings call that it had already sold out of ad inventory for the upcoming Super Bowl in February, months in advance. This fierce demand for ad slots during top-tier live events underscores their value in an environment where advertisers are increasingly scrutinizing reach and engagement.
Fox’s strategy – focusing on core assets like news and sports, investing in ad-supported streaming with Tubi, introducing a hybrid subscription service like Fox One, and strategically acquiring digital platforms like Roku – positions it uniquely in the evolving media landscape. By prioritizing advertising revenue and leveraging the undeniable appeal of live sports, Fox appears to have found a robust path to profitability and growth, even as the industry navigates profound shifts in consumption habits and business models. The 2026 FIFA World Cup was not just a sporting spectacle; for Fox Corp., it was a powerful catalyst for a record-breaking financial performance, charting a clear course for its future success.
