Fox Corporation delivered a standout top-line performance in QQ1 2026 with revenue of $3.738 billion, rising 20.9% year over year, supported by strong demand across its Entertainment portfolio and continued monetization of live sports and news franchises. Net income of $599 million and diluted earnings per share of $1.32 (GAAP $1.34) reflect improved profitability even as the company absorbed ongoing content and platform investments. EBITDA came in at $261 million, with an EBITDA margin of approximately 6.98%, underscoring FoxA’s ongoing leverage to its high-value sports and news assets. However, cash conversion remained challenging, with operating cash flow of -$130 million and free cash flow of -$130 million for the quarter, driven by working capital movements and non-cash items. The balance sheet shows robust liquidity (cash and cash equivalents of $4.37 billion) and manageable leverage (net debt around $2.24 billion on a ~3.0 billion quarterly EBITDA run-rate on a trailing-twelve-month basis). The company returned capital to shareholders via $138 million in dividends and $250 million of share repurchases during the period, highlighting a disciplined capital allocation approach. Going forward, the absence of formal guidance in the release means investors should anchor expectations to macro ad-market dynamics, streaming monetization (notably Tubi), and the sustainability of sports-right economics, while monitoring balance sheet liquidity and cash flow normalization over the coming quarters.