Fox reported total quarterly revenue of $3.99 billion for its fiscal third quarter ended in March, down from $4.37 billion the year earlier as ad sales dipped due to tough comps without the Super Bowl. But the number still beat Wall Street forecasts and the stock has popped nearly 4% in early trading.

Advertising revenue of $1.56 billion, down from $2 billion, partly offset by the impact of an additional NFL Wild Card game and continued digital growth at Tubi. Excluding the Super Bowl impact, CEO Lachlan Murdoch said later on an investor call, advertising revenue would have grown double digits, driven by strength across the company. He said ad momentum continues in the fiscal fourth quarter on strong tren

Fox will present its 2026 fall lineup to advertisers later today at its annual upfront presentation in NYC.

Distribution revenue increased 3%, driven by 5% growth at the cable network programming segment. Content and other revenue increased 12% on higher sports sub-licensing sales.

“Our fiscal third quarter results once again demonstrate continued strength and momentum across our business. This strong performance, led by robust core advertising trends, underscores FOX’s leadership in live programming, bolstered by continued strength at our leading free streaming service, Tubi,” said CEO Lachlan Murdoch. “Against this backdrop, we are proud to be bringing the world’s biggest sporting event to American homes with the FIFA Men’s World Cup hosted here in North America across June and July. Meanwhile we remain steadfast in our commitment to delivering long-term shareholder value supported by our strong balance sheet.”

Fox is set to host the first World Cup to the United States in over 30 years this summer with an expanded schedule encompassing 104 matches over five weeks. “We’ll see Fox deliver the most matches ever on U.S. broadcast television,” Murdoch said on the call. Tubi will also be part of the coverage and will be home to a FIFA World Cup hub, where Tubi viewers can engage “with a broad assortment of soccer content.”

Murdoch said he also expects the event “to be a positive” for recently launched Fox One.

Adjusted EBITDA of $954 million rose by $98 million or 11% as the revenue dip was more than offset by lower expenses. Adjusted net income of $1.32 a share also beat forecasts. Net income fell to $175 million from $354 million

Fox reports in two divisions: Cable Network Programming reported Q3 revenue of $1.74 billion, up 6%. Distribution revenue rose 5% with contractual price increases were partially offset by net subscriber declines. Advertising revenue rose 5% on higher news pricing. Content and other revenue grew 24% on higher sports sub-licensing sales.

Cable profits rose by $6 million to $884 million.

Television segment revenue of $2.2 billion fell from $2.7 billion. Ad revenue was $1.17 billion vs $1.66 billion on the absence of Super Bowl LIX, partially offset by the broadcast of an additional NFL Wild Card game and growth at Tubi. Distribution revenue was $858 million as vs $870 million on net subscriber declines. Content and other revenue increased $3 million or 2%, primarily due to higher entertainment content revenue.

Television profit of $191 million was up by $131 million as the revenue decrease noted above was more than offset by lower expenses. The decrease in expenses was driven by lower sports programming rights amortization and production costs, led by the absence of the prior year broadcast of Super Bowl LIX, partially offset by the broadcast of an additional NFL Wild Card game.