Revenue grew 22% year-over-year to $1.35 billion for Q2 2026, driven by strong gains in advertising and subscriptions.
Net income for the quarter was $164.2 million, reversing a net loss of $5.8 million in Q2 2025.
The company entered into a merger agreement with Fox Corporation, expected to close in the first half of 2027.
Advertising revenue increased 25% year-over-year to $672.8 million, with video ad impressions up 40%.
Subscriptions revenue rose 22% to $548.2 million, driven by an 11% increase in subscriptions and a 25% rise in average price per subscription.
Devices revenue declined 1% to $133.7 million, as device shipments fell 31% but average selling prices rose 35%.
Gross profit increased 31% to $413.9 million, with platform gross margin at 39% and devices at 2%.
Adjusted EBITDA for the quarter was $254.3 million, up from $78.2 million a year ago.
Free cash flow for the trailing twelve months reached $704.1 million, up from $392.0 million in the prior year.
The merger with Fox is anticipated to close in the first half of 2027, subject to regulatory and shareholder approvals.
Management expects continued growth in platform revenue and profitability, with a focus on expanding advertising and subscription services.
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