Key facts: Fox posts Q1 growth; free cash flow, Tubi and Fox One rise

What happened

Fox reported fiscal Q1 2027 revenue rose 22.3% to $4.57B and adjusted EBITDA climbed 54% to $1.64B. Adjusted EPS rose to $2.54 from $1.51, ad revenue surged 47% to $2.08B, and quarterly free cash flow was $503 million.

Confirmed

Global impact / market context

Higher ad revenue and profit show Fox is selling more advertising and keeping more of each sales dollar, which supports cash generation. With $4.5 billion in cash against $6.6 billion in debt, the planned return of share repurchases, which means buying back its own stock, could lift earnings per share.

Analyst inference

Rising costs for sports rights and World Cup production mean more money goes out even as revenue grows, so profit per sale could narrow ahead. Tubi's 35% revenue growth and 30% higher Fox One sign-ups point to streaming as a driver, while no guidance leaves investors with less visibility.

Analyst inference

What to watch

1. Fox said it expects to resume share repurchases this quarter, which means buying back its own stock and reducing shares outstanding, a move that can raise earnings per share. Confirmed
2. Watch whether Fox's share repurchases actually start and how much cash is spent, since the company held $4.5 billion in cash against $6.6 billion in debt and faces rising sports costs. Proposed
3. Track ad revenue and Tubi growth against rising sports rights and World Cup production costs, because those costs could shrink profit per sale and free cash flow even while revenue rises. Analyst inference

Evidence

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