FOX's earnings discussion highlights Tubi’s 35% YoY growth driven by engagement and World Cup Hub, with underlying momentum from increased viewing time and a cord-cutting audience. FY25 digital investments sit just under $300 million, FY26 is projected below $200 million, and the free cash flow outlook hinges on working-capital timing, with potential improvement into FY27 as receivables shift.
Generated by Dafinchi AI. Source-grounded AI analysis, not investment advice.
I have two as well. Just first on Tubi and the very strong 35% year-over-year growth. Maybe you could just help us break that down between benefits from things like the World Cup Hub versus underlying? And then could you just remind us what the digital loss number or digital investment number was for fiscal '25, so we can model off of that. And could you just comment on the free cash flow outlook for next year?
Management characterized Tubi’s World Cup Hub revenue as “important revenue,” but “relatively small in the context of the overall revenue growth of Tubi.” 1
They also gave direct Hub-scale engagement indicators: Tubi’s World Cup Hub attracted over 20 million viewers across the tournament, and simulcast of 2 early round matches drove 2 of the highest-traffic days in platform history. 2
Additionally, they noted platform engagement lift around the event: Tubi delivered its most streamed and highest revenue quarter ever, with fourth-quarter revenue growth accelerating to 35%, fueled by a 17% increase in total viewing time. 2
Management tied Tubi’s momentum to engagement and audience composition rather than only event monetization:
The excerpts do not provide a quantitative revenue or EBITDA contribution amount from the World Cup Hub versus “underlying.” What is directly supported is:
So, for modeling: you can treat the World Cup Hub as an incremental catalyst to both traffic and monetization, while the majority of the 35% growth should be attributed to ongoing engagement/ad monetization dynamics (viewing time → impressions/ad revenue) rather than event revenue alone. 13
Management’s “digital investments” figure for fiscal 2025 (the baseline you asked for) is explicitly stated:
And they also provided the direction of change:
For modeling off your requested baseline: use ~$300M (just under) for FY25 digital investment. 4
Note on wording: the transcript answers your “digital loss number or digital investment number” request by giving a digital investment metric rather than a “digital loss” metric. 4
Management described the key mechanical driver of cash flow around the World Cup:
This implies (still based on their explanation) that:
For what could happen next year, management pointed to continued portfolio momentum and moderated digital investment (which can support cash conversion):
They also flagged macro/cyclical tailwinds that can support cash generation through higher advertising:
From the excerpts, the most defensible outlook is:
However, the excerpts do not provide a specific numeric free cash flow guidance range for next year—they provide the mechanism (working capital timing) and directional expectations (bottom-line improvement and cyclical advertising tailwinds). 56
Disclaimer: The output generated by dafinchi.ai, a Large Language Model (LLM), may contain inaccuracies or "hallucinations." Users should independently verify the accuracy of any mathematical calculations, numerical data, and associated units, as well as the credibility of any sources cited. The developers and providers of dafinchi.ai cannot be held liable for any inaccuracies or decisions made based on the LLM's output.
Fox outlines a cautious but confident NFL rights plan through 2029, signaling no immediate changes and valuing a strong league relationship. The company intends to defer substantive negotiations until closer to the 2030 window while continuing to promote and expand NFL coverage, including in Mexico, to maintain momentum and leverage in future talks.
Sources used
Research questionWhat did management say about NFL rights strategy post-2029 opt-out?
Answer outline
Fox plans to leverage the 2026 FIFA World Cup as a multi-platform programming and marketing opportunity, emphasizing broad broadcast coverage, integrated digital platforms, and strategic monetization to maximize engagement and revenue.
Sources used
Research questionHow will the FIFA Men's World Cup impact Fox's broadcasting strategy for 2026?
Answer outline
Datadog's Q2 results frame non-AI acceleration as sustainable, driven by existing customers' higher usage and broad product adoption within cloud modernization. New logos contribute, but ROI-focused conversations about cost savings apply to both AI and non-AI spend, with multi-product adoption signaling deeper engagement. Additionally, multi-product adoption is expanding, suggesting deeper engagement beyond simple customer wins. Overall, the trajectory emphasizes durable value from existing relationships and technology upgrades.
Sources used
Research questionWhat is the sustainability of acceleration in the non-AI portion of the business, and is growth driven by new logos or higher usage? Will non-AI areas be more sensitive to CFO budget tightening than AI products?
Answer outline
AMD does not provide a fixed 2027 gigawatt target in the transcripts; instead it frames the ramp through growth rates and the Helios ramp trajectory, signaling that the AI datacenter demand will drive the ramp rather than a single GW target. Management indicates double-digit billions in revenue per gigawatt within a broader data-center AI growth narrative, underscoring the mix and capacity timing as primary upside and risk drivers.
Sources used
Research questionLisa, I'm curious with all the announcements that you have made, how many gigawatt of compute does AMD have line of sight into for 2027 and what is AMD's monetization per gigawatt. I think the current assumption from everything you've announced is about 3 gigawatts and I think from some of the warrant numbers that you had mentioned before, right? It seems to be at least $15 billion per gigawatt. But so I'm just curious if you agree with those views and then what is the upside or downside to either the gigawatt or the content assumption?
Answer outline
SPGI's 10-year MI renewal contributed to quarterly subscription revenue, lifting growth to 6% (reported and organic), but the exact incremental impact remains undisclosed. The company notes lumpiness in renewals and cautions that such upfront effects may not recur quarter-to-quarter, while signaling customer confidence and strong overall execution through 2026.
Sources used
Research questionHow much did the 10-year MI software renewal contribute to subscription revenue in the quarter, and can such lumpiness be sustained?
Answer outline
Ford Pro subscriptions are expected to continue contributing to overall margins, with Pro software delivering higher-margin growth. Management indicated a potential half-point margin upside from integrated services and highlighted a growing Pro Intelligence subscriber base (over 900k, about 1.6 million total paid subscriptions in Q2 2026) as a key driver of margin quality.
Sources used
Research questionWhat did management say about Ford Pro subscriptions margin contribution?
Answer outline
Honeywell projects about 15% ARR growth for 2026, fueled by deeper penetration of Forge-based solutions and AI-enabled product expansion, which expands the pipeline. In 2H 2026, margins are influenced by a higher repositioning cost spike in Q2—expected to pay back with benefits in the second half and next year—and Catalyst volumes normalizing upward, with margins depending on the mix between unique IP and market-priced catalysts. Management also highlights that near-term costs are expected to deliver longer-term cost absorption benefits.
Sources used
Research questionWhat is driving the 15% software ARR growth, and how do higher repositioning costs and Catalyst volumes impact margins in the second half of 2026?
Answer outline
ServiceNow's Q2 2026 earnings discussion indicates no evidence of elongated buying cycles as AI adoption accelerates; instead, AI creates urgency at the C-suite, fueling faster production deployments, broader deal breadth, and meaningful pricing uplift. The result is robust AI-related ACV momentum, renewed guidance, and confidence in sustainable revenue growth as use cases expand across departments.
Sources used
Research questionDo you see any elongation in buying cycles or changes in deal decision timelines as AI adoption accelerates, and how might that affect your outlook?
Answer outline
CrowdStrike maps FY27 ARR trajectory around a strong Q1 and a heavier 2H, with high visibility into the full-year ARR guide. Upside hinges on faster AI-driven demand conversion and continued pipeline momentum.
Sources used
Research questionWhat is the expected ARR trajectory for rest of the year given Q1 strength and pipeline, and how should we think about visibility into the ARR guide and upside?
Answer outline
An analysis of Tyler Technologies' Q1 2026 revenue performance and insights into its confidence level regarding cloud transition.
Sources used
Research questionWhat is Tyler Technologies' confidence level in its cloud transition for 2026?
Answer outline
This analysis reviews American Tower's Q1 2026 earnings, with a focus on technology investments and their influence on financial results, highlighting ongoing AI/tech spending amid operational efficiency initiatives.
Sources used
Research questionWhat are the key growth drivers for digital infrastructure, including AI spend and capital expenditures, in 2026?
Answer outline
Synchrony Financial’s Q1 2026 discussion highlights initial technology expense increases driven by AI and cloud investments, with management expecting these to support cost efficiencies and earnings growth through operational leverage.
Sources used
Research questionHow is Synchrony Financial's AI spend and capital expenditure expected to impact its Q1 2026 financial performance?
Answer outline
Dafinchi