Earned & PaidFox
Fox spent $895M on advertising and marketing in fiscal 2026, up 29.0% on the year before and +131% since 2019. That's 5.2% of revenue, more than in 2019: leaning in.
Marketing spend by year
Bars: advertising and marketing expense, $B (10-K). Line: spend as a share of revenue.
Say vs do
We found no statement about the size of Fox's marketing budget on its earnings calls or in its 10-Ks, so here is its record against its peers.
What they said
No statement about the size of its marketing budget.
What they did
| Year | Marketing spend | Change | Share of revenue |
|---|---|---|---|
| FY2026 | $895M | +29.0% | 5.2% |
| FY2025 | $694M | +7.4% | 4.3% |
| FY2024 | $646M | -5.0% | 4.6% |
| FY2023 | $680M | -4.0% | 4.6% |
| FY2022 | $708M | +26.9% | 5.1% |
| FY2021 | $558M | +31.3% | 4.3% |
Against its peers. Compared with the 3 other Media advertisers we track (Disney, Netflix, Warner Bros Discovery): since 2019 its marketing spend went +131% (peer median +51%); its share of revenue moved +1.8 pts (median +0.7); last year +29.0% (median +6.6%).
How we check: a statement gets a verdict only when it's clearly about the size of the whole company's marketing budget over a full fiscal year; we compare it with the advertising and marketing expense in that year's 10-K. Statements about one quarter, one brand or channel, or the mix between brand and performance can't be checked against annual filings.
What they say about media
The marketing channels it talks about using for itself on earnings calls and in its 10-Ks and 10-Qs, since 2019; counts are statements, not spending.
- Sponsorships & athletes “Tubi's World Cup Hub attracted over 20 million viewers across the tournament, while additionally, the simulcast of 2 early round matches generated 2 of the highest traffic days in the platform's history in addition to promoting the tournament in the broadest way possible.” Lachlan Murdoch on the earnings call · Aug 6, 2026 · source
- Connected TV & streaming “This transaction will bolster our position in connected TV distribution and advertising, which have compelling long-term growth profiles.” Lachlan Murdoch on the earnings call · Aug 6, 2026 · source
- Creative campaigns · Affiliate & lead gen “FOX Bet Super 6 in the last year, we grew very aggressively through marketing it across all of our platforms, FOX Sports, FOX Entertainment, FOX News.” Lachlan Murdoch on the earnings call · May 6, 2021 · source
What they see in the market
What its leaders and filings say about the ad market: its own ad business, or the channels advertisers use, since 2019; counts are statements, not spending.
- Linear TV “Advertising revenue during the quarter was notably strong, increasing 78% with growth fueled by continued strength of Tubi, healthy advertising trends across the broader FOX portfolio and our broadcast of the first stages of the 2026 FIFA Men's World Cup.” Lachlan Murdoch on the earnings call · Aug 6, 2026 · source
- Connected TV & streaming “It's not a FAST channel or driven by FAST channels, which is much more akin to a linear stream, which makes its advertising even more valuable for that high engagement with the consumer.” Lachlan Murdoch on the earnings call · Aug 6, 2026 · source
- Affiliate & lead gen “We believe the strength and leadership of our brands will continue to support our ability to secure industry leading affiliate rate and advertising price increases, while enabling us to nimbly respond to the opportunities and challenges traditional media companies are facing as…” 10-K · Aug 6, 2025 · source
- Programmatic & display “Because the way Tubi is structured with our programmatic advertising, in fact, we got a very high rate for our programmatic advertising on Tubi.” Lachlan K. Murdoch on the earnings call · Aug 6, 2021 · source
- Sponsorships & athletes “When we added The Masked Singer to Tubi, it added reach for advertisers, delivered significant view time on the platform and broadened advertisers seeking to be associated with the young, diverse and complementary audience that Tubi adds to the FOX offering.” Lachlan K. Murdoch on the earnings call · Feb 10, 2021 · source