Fox

Cash generation is inherently seasonal and event‑driven: political cycles, the NFL and other sports calendars drive peaks, while rights payments depress first‑half cash flow. Q2 FY2026 showed revenue up 2% but lower net income and EBITDA on higher sports costs and digital marketing.

Longer‑term visibility benefits from multi‑year rights contracts and recurring affiliate fees, but advertising cyclicality, cord‑cutting and legal outcomes reduce predictability. The 2026 FIFA World Cup rights and U.S. midterms could boost results, yet forecasting remains lumpy year to year.