Midterm Elections and FIFA World Cup Power Record-Breaking Quarter for Fox Corp.

Advertising associated with the 2026 midterm elections and this year’s FIFA World Cup helped Fox Corp. delivered record-breaking revenue last quarter, the company’s fiscal Q1, it said Monday morning.

Fox’s revenue in the quarter was $4.57 billion, up 22 percent from a year ago, with advertising revenue up an astonishing 47 percent from a year ago. Net income was $957 million, up from $609 million a year ago.

The quarter included the World Cup final, which was the most-watched soccer game in U.S. history, the beginning of the MLB playoffs and the start of the NFL season. The midterms, meanwhile, are competitive across the country, leading to a surge in both national ads and ads across Fox’s local TV portfolio.

“Political advertising has passed $350 million, a record for a midterm cycle,” Fox CEO Lachlan Murdoch told Wall Street analysts Monday morning. That includes over $250 million at the local stations, with another $50 million each at Tubi and at national networks.

That was despite a “difficult” ratings comparison at Fox News in the quarter compared to a year ago, recognizing the ratings declines. Murdoch elaborated on those ratings concerns on the call, reiterating that Fox is beating CNN and MS NOW combined.

“What we are seeing is some viewer fatigue, where our viewers have gone through an incredible news cycle last year with the inauguration, the Charlie Kirk tragedy, DOGE, flooding, it was an incredible news cycle last year,” Murdoch said, comparing what is happening to the 2006 midterms, when President George W. Bush was midway through his second term. “Those viewers are not switching to another news channel, they are just fatigued and watching slightly less television overall. We have seen this playbook, and we know how to move through it.”

Tubi, Fox’s free streaming service, also posted gains in advertising, with Murdoch touting it as a political ad sales funnel thanks to its targeting capabilities.

“Fox has had an outstanding start to fiscal 2027 with first-quarter records for revenue and Adjusted EBITDA underpinned by robust growth in both advertising and distribution revenue,” Murdoch said in a statement. “We commenced the year with the stellar performance of the FIFA Men’s World Cup, the kickoff of the college football and NFL seasons, and an active election cycle at the national and local levels.”

The Fox mogul added, “These events supported strong contributions from across the company, reflecting the focused strategy we are executing and the strength of our content and brands. These record results coupled with the strong momentum we are continuing to see across our business gives us confidence in delivering value for shareholders in a thoughtful and disciplined manner.”

Fox is also working “constructively” with the Department of Justice to close its deal for Roku, Murdoch told Wall Street, reiterating that the company believes that it will enable it to double down on its strengths.

In the cable segment, which is anchored by Fox News, distribution rose to $1.2 billion from $1.09 billion while advertising rose to $373 million from $345 million.

In the TV segment, which is led by the Fox broadcast network, advertising revenue passed $1.7 billion, up from $1.07 billion, while distribution revenue rose to $850 million from $821 million. Tubi also contributed to advertising growth.