Fox’s second quarter was marked by strong results, with management crediting the outperformance to robust advertising momentum across its live sports and news programming, as well as rapid growth in its streaming platform, Tubi. CEO Lachlan Murdoch highlighted the successful broadcast of the FIFA Men’s World Cup and the launch of FOX One as key contributors to audience engagement and incremental revenue. Murdoch pointed out, “We are very pleased with the strength of the demand for impressions across sports, news, the local stations, Tubi and also entertainment.”

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

While we enjoy listening to the management’s commentary, our favorite part of earnings calls is 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 From FOX’s Q2 Earnings Call

• John Hodulik (UBS) asked about the strength of the ad market and linear versus digital trends. CEO Lachlan Murdoch explained that FOX saw double-digit upfront growth across categories and continued strong demand, while Tubi competed well in a crowded connected TV market.
• Michael Morris (Guggenheim) questioned the sustainability of World Cup-driven gains. Murdoch responded that the event showed FOX’s ability to amplify live sports, helping secure future rights and enhance long-term relationships with leagues and advertisers.
• Michael Ng (Goldman Sachs) focused on Tubi’s revenue drivers and digital investment levels. Murdoch highlighted Tubi’s unique audience characteristics, while CFO Steve Tomsic clarified that digital investments have decreased as platforms scale profitably.
• Peter Supino (Wolfe Research) inquired about Tubi ad sales trends and FOX One subscriber retention. Murdoch noted Tubi’s efficient pricing despite competition and emphasized that FOX One’s new subscribers are incremental, not replacing traditional pay-TV customers.
• Sean Diffley (Morgan Stanley) asked about political ad revenue expectations and capital allocation post-Roku deal. Murdoch projected a record midterm ad cycle, while Tomsic confirmed ongoing share repurchases supported by the company’s balance sheet.

Catalysts in Upcoming Quarters

In the coming quarters, the StockStory team will monitor (1) the pace of digital revenue growth at Tubi and FOX One, (2) the extent to which political advertising provides an uplift during the midterm cycle, and (3) progress on closing and integrating the Roku acquisition. We will also watch for updates on sports rights renewals and subscriber retention across platforms.

FOX currently trades at $63.16, up from $58.68 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free).

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