Fox’s first quarter results were driven by major events and digital expansion, which the market responded to with notable enthusiasm. Management attributed the revenue surge to substantial advertising gains from the Super Bowl broadcast and accelerating growth at Tubi, its ad-supported streaming platform. CEO Lachlan Murdoch described the Super Bowl as generating “over $800 million of gross advertising revenue across our businesses,” while also highlighting Fox News’ strong ratings momentum and digital engagement. The positive performance was also supported by improving trends in affiliate fees and effective cost management, despite higher sports rights costs.

Is now the time to buy FOXA? Find out in our full research report (it’s free).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions FOX’s Q1 Earnings Call

• Michael Morris (Guggenheim): Asked about Fox One’s pricing, target market, and bundling strategy. CEO Lachlan Murdoch said Fox One will target the cordless segment with pricing in line with wholesale rates and confirmed plans to partner with distributors.
• John Hodulik (UBS): Inquired about brand advertiser growth at Fox News and pricing compared to direct response ads. Murdoch highlighted over 200 new advertisers and noted that scatter pricing increased more than 50% above upfront rates.
• Jessica Reif Ehrlich (Bank of America): Asked about Tubi’s path to profitability and capital allocation. Murdoch emphasized Tubi’s audience growth and engagement, while CFO Steve Tomsic discussed continued investment and disciplined capital deployment.
• Benjamin Swinburne (Morgan Stanley): Sought clarity on the D2C strategy’s impact on affiliate revenues and regulatory risks. Murdoch reiterated support for traditional cable bundles and explained that Fox’s D2C efforts are focused solely on cord-nevers, minimizing risk to core distribution.
• Steven Cahall (Wells Fargo): Questioned Fox One’s launch timing and bundling partnerships, as well as the timeline for exercising the FanDuel option. Murdoch confirmed an aggressive timeline for Fox One and plans for broad bundling, while Tomsic detailed the regulatory steps required for the FanDuel stake.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will closely monitor (1) the rollout and subscriber traction of Fox One, (2) continued revenue and engagement growth at Tubi as it approaches profitability, and (3) stability in affiliate fee trends as cord-cutting pressures persist. Progress on digital investments and execution during major live events will also serve as important indicators of Fox’s ability to sustain its current momentum.

FOX currently trades at $56.76, up from $50.28 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).

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