NEW YORK, July 20, 2026, 08:11 EDT
Early figures indicate TKO Group Holdings NYSE:TKO appears poised to claim the highest gross cash among U.S.-listed companies benefiting from the World Cup. Fox Corp NASDAQ:FOXA reported clearer earnings dynamics.
The figures released to the public on Monday were not audited and did not represent the final World Cup revenue. Instead, they reflected limited cash amounts, advertising expenditure, or anticipated host earnings.
The difference is important. At the Milano Cortina Olympics, On Location brought in $177.5 million in revenue and incurred $139.4 million in direct costs for hospitality. The approximate 79% ratio highlights how hospitality revenue can give a misleading impression of profit.
FIFA projects that income for the 2023-2026 period will exceed $15 billion. The organisation stated this number is a forecast, not a confirmed total.
TKO reported $937.3 million in restricted cash as of March 31. The company attributed the $582.4 million quarterly increase to On Location’s World Cup initiative.
On Location subsequently reported over 500,000 hospitality packages allocated. Sales, as of March 31, had already more than doubled all earlier World Cup programs. “Demand for FIFA World Cup 2026 is exceeding our most ambitious projections,” President Paul Caine stated. investor.tkogrp.com
English-language advertising spend reached $459 million through the semifinals, according to MediaRadar data. This represented 94.6% of Fox’s $485 million rights fee.
The final was excluded. Fox required an additional $26 million to meet its reported rights fee. That projected amount is still an early estimate.
Morgan Stanley NYSE:MS projected that Fox would generate $300 million to $400 million in advertising sales before kickoff. MediaRadar’s gross-spending estimate had surpassed those figures. Affiliate economics complicate a direct comparison.
Comcast Corp NASDAQ:CMCSA was the second-largest broadcaster in the United States. Spending on Spanish-language advertising totaled $356 million by the semifinals. Telemundo refrained from offering full-screen hydration-break ads similar to those seen on Fox.
Comcast is said to have spent $600 million to acquire Spanish-language rights. The company’s spending proxy accounted for 59.3% of the total, while Fox’s figure reached 94.6%. The difference could shrink with more Peacock subscriptions.
Airbnb Inc NASDAQ:ABNB gave a softer indication for the public company. Hosts in the 16 cities are expected to collectively make $212 million. The bulk of that money will go to hosts rather than to Airbnb.
The observed hierarchy was as follows:
| Company | World Cup-linked measure | Preliminary investor read |
|---|---|---|
| TKO | $582.4 million increase in World Cup-related restricted cash for the first quarter SEC | Appears to lead in gross cash; final margin not yet determined |
| Fox | $459 million spent on English-language advertising through the semifinals Sports Business Journal | Best advertising position relative to rights cost |
| Comcast | $356 million spent on Spanish-language advertising through the semifinals Sports Business Journal | Substantial inflow, but lags in cost coverage |
| Airbnb | $212 million in estimated host earnings Airbnb Newsroom | Gains indirect; earnings go mainly to hosts |
The measures are intentionally limited. There is no new company-level revenue data on sponsor exposure or wider tourism benefits.
As of 08:11 EDT, U.S. regular trading was yet to commence, with premarket sessions underway. Fox climbed 6.5% from July 10 to July 17. Comcast posted a 0.9% increase, TKO added 0.4%, while Airbnb declined 1.8%.
Comcast is scheduled to announce second-quarter earnings on Thursday at 08:30 EDT, marking the first official update of the week. Fox will publish its results for the fiscal year ended in June on August 6; both reports will exclude the closing rounds of July.
Risks: These numbers serve as early estimates and are not audited revenue figures. Rankings may shift due to factors such as affiliate divisions, fulfillment expenses, supplier settlements, refunds, and amortization of rights.
Based on the latest data, TKO took the lead in the gross cash race. Fox, meanwhile, may have come out ahead on margins. Comcast’s results will be the first to watch on Thursday.
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