olivLaw · US equity research
Fox Corporation FOX
Television Broadcasting Stations · SIC 4833 · Vertical: Television Broadcasting Stations (SIC 4833)
Fox Corporation is an American news, sports and entertainment company with cable networks, the FOX broadcast network and the AVOD service Tubi. In fiscal 2026 it reported revenue above 17 billion USD, and its announced acquisition of Roku, with cash and stock terms, could substantially change its growth and debt profile.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Fox Corporation (FOX) stock was 61.62 USD (+3.34% on the day), with market capitalisation 62 USD, P/E 13.0 on diluted EPS of 4.73 USD over the last 12 months, dividend yield 454,397,922.75%, beta 0.62, 52-week range 44.39–67.76 USD. Latest reported quarter (Q1 2027): revenue of 4.6 bn USD (+22.3% YoY), net income of 957.0 m USD (+57.1% YoY), diluted EPS 2.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 62.6
- strong (55–70)
- Bollinger (20, 2)
- 54.27 – 61.17
- above the upper band · %B 1.07 · band width 12.0%
- SMA 50 / 200
- 57.98 / 55.80
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.41 / 0.16
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.7% | −1.1% | +9.8 pp | — |
| 3 months | +18.0% | −0.5% | +18.5 pp | — |
| 6 months | +9.6% | +4.4% | +5.2 pp | — |
| Year to date | −5.1% | +12.3% | −17.4 pp | — |
| 1 year | +6.0% | +13.5% | −7.6 pp | −3.7% |
| 3 years | +110.1% | +76.4% | +33.7 pp | +3.5% |
| 5 years | +59.6% | +63.7% | −4.1 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 5.1 bn | 4.4 bn | 3.3 bn | 3.7 bn | 5.2 bn | 4.0 bn | 4.2 bn | 4.6 bn |
| SG&A | 525.0 m | 551.0 m | 590.0 m | 552.0 m | 595.0 m | 546.0 m | 637.0 m | 567.0 m |
| Depreciation & amortisation | 97.0 m | 95.0 m | 102.0 m | 98.0 m | 100.0 m | 101.0 m | 111.0 m | 118.0 m |
| Interest expense | 117.0 m | 94.0 m | 90.0 m | 100.0 m | 120.0 m | 89.0 m | 92.0 m | 114.0 m |
| Pre-tax income | 515.0 m | 474.0 m | 959.0 m | 799.0 m | 322.0 m | 236.0 m | 921.0 m | 1.3 bn |
| Income tax | 127.0 m | 120.0 m | 240.0 m | 190.0 m | 75.0 m | 61.0 m | 225.0 m | 326.0 m |
| Net income | 388.0 m | 354.0 m | 719.0 m | 609.0 m | 247.0 m | 175.0 m | 696.0 m | 957.0 m |
| Diluted EPS | 0.81 | 0.75 | 1.57 ≈ | 1.32 | 0.52 | 0.38 | 1.63 ≈ | 2.20 |
| Operating cash flow | -362.0 m ≈ | 2.0 bn ≈ | 1.5 bn | -130.0 m | -669.0 m ≈ | 1.9 bn ≈ | 867.0 m | 616.0 m |
| Capex | 74.0 m ≈ | 74.0 m ≈ | 119.0 m | 104.0 m | 122.0 m ≈ | 135.0 m ≈ | 141.0 m | 113.0 m |
| Dividends paid | 3.0 m ≈ | 133.0 m ≈ | 10.0 m | 138.0 m | 9.0 m ≈ | 128.0 m ≈ | 12.0 m | 131.0 m |
| Share repurchases | 250.0 m ≈ | 250.0 m ≈ | 250.0 m | 250.0 m | 1.6 bn ≈ | 100.0 m ≈ | 100.0 m | 0 |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 52 percentile of its own 31-quarter history (min 9.0, median 12.9, max 18.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 11.4 bn | 12.3 bn | 12.9 bn | 14.0 bn | 14.9 bn | 14.0 bn | 16.3 bn | 17.1 bn |
| Revenue YoY | +12.2% | +8.0% | +4.9% | +8.3% | +6.7% | −6.3% | +16.6% | +5.1% |
| Net income | 1.6 bn | 1.1 bn | 2.2 bn | 1.2 bn | 1.3 bn | 1.6 bn | 2.3 bn | 1.7 bn |
| Net income YoY | −26.3% | −35.4% | +107.3% | −44.0% | +1.6% | +24.0% | +47.6% | −24.7% |
| Diluted EPS | 2.57 | 1.62 | 3.61 | 2.11 | 2.33 | 3.13 | 4.91 | 3.84 |
| Diluted EPS YoY | −27.0% | −37.0% | +122.8% | −41.6% | +10.4% | +34.3% | +56.9% | −21.8% |
| net % | 14.4% | 8.6% | 17.1% | 8.8% | 8.4% | 11.1% | 14.1% | 10.1% |
| Free cash flow | 2.3 bn | 2.0 bn | 2.2 bn | 1.6 bn | 1.4 bn | 1.5 bn | 3.0 bn | 1.5 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 30 Jun 2026
- Cash
- 4.2 bn USD
- Financial debt
- 6.6 bn USD
- Net debt
- 2.4 bn USD
- Equity
- 11.7 bn USD
- Total assets
- 22.5 bn USD
- Debt / equity
- 0.56x
- Current ratio
- 3.17x
- ROE
- 14.5%
- ROA
- 7.6%
- FCF margin
- 8.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 12.9 bn | 14.0 bn | 14.9 bn | 14.0 bn | 16.3 bn | 17.1 bn | SEC (XBRL)· 06 Aug 2026verified |
| SG&A | 1.8 bn | 1.9 bn | 2.0 bn | 2.0 bn | 2.2 bn | 2.4 bn | SEC (XBRL)· 06 Aug 2026verified |
| Depreciation & amortisation | 300.0 m | 363.0 m | 411.0 m | 389.0 m | 385.0 m | 410.0 m | SEC (XBRL)· 06 Aug 2026verified |
| Interest expense | 395.0 m | 377.0 m | 349.0 m | 405.0 m | 403.0 m | 401.0 m | SEC (XBRL)· 06 Aug 2026verified |
| Pre-tax income | 2.9 bn | 1.7 bn | 1.7 bn | 2.1 bn | 3.1 bn | 2.3 bn | SEC (XBRL)· 06 Aug 2026verified |
| Income tax | 717.0 m | 461.0 m | 483.0 m | 550.0 m | 768.0 m | 551.0 m | SEC (XBRL)· 06 Aug 2026verified |
| Net income | 2.2 bn | 1.2 bn | 1.3 bn | 1.6 bn | 2.3 bn | 1.7 bn | SEC (XBRL)· 06 Aug 2026verified |
| Diluted EPS | 3.61 | 2.11 | 2.33 | 3.13 | 4.91 | 3.84 | SEC (XBRL)· 06 Aug 2026verified |
| Weighted average diluted shares | 595.0 m | 570.0 m | 531.0 m | 480.0 m | 461.0 m | 439.0 m | SEC (XBRL)· 06 Aug 2026verified |
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.9 bn | 5.2 bn | 4.3 bn | 4.3 bn | 5.4 bn | 4.2 bn | SEC (XBRL)· 06 Aug 2026verified |
| Receivables | 2.0 bn | 2.1 bn | 2.2 bn | 2.4 bn | 2.5 bn | 3.5 bn | SEC (XBRL)· 06 Aug 2026verified |
| Inventories | 729.0 m | 791.0 m | 543.0 m | 626.0 m | 432.0 m | 487.0 m | SEC (XBRL)· 06 Aug 2026verified |
| Current assets | 8.7 bn | 8.3 bn | 7.3 bn | 7.5 bn | 8.4 bn | 8.5 bn | SEC (XBRL)· 06 Aug 2026verified |
| Property, plant & equipment, net | 1.7 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.7 bn | 1.8 bn | SEC (XBRL)· 06 Aug 2026verified |
| Goodwill | 3.4 bn | 3.6 bn | 3.6 bn | 3.5 bn | 3.6 bn | 3.6 bn | SEC (XBRL)· 06 Aug 2026verified |
| Intangibles (excl. goodwill) | 3.2 bn | 3.2 bn | 3.1 bn | 3.0 bn | 3.0 bn | 2.9 bn | SEC (XBRL)· 06 Aug 2026verified |
| Total assets | 22.9 bn | 22.2 bn | 21.9 bn | 22.0 bn | 23.2 bn | 22.5 bn | SEC (XBRL)· 06 Aug 2026verified |
| Accounts payable | 2.3 bn | 2.3 bn | 2.5 bn | 2.4 bn | 2.9 bn | 2.7 bn | SEC (XBRL)· 06 Aug 2026verified |
| Short-term debt | 749.0 m | 0 | 1.2 bn | 599.0 m | 0 | — | SEC (XBRL)· 06 Aug 2025verified |
| Long-term debt | 7.2 bn | 7.2 bn | 6.0 bn | 6.6 bn | 6.6 bn | 6.6 bn | SEC (XBRL)· 06 Aug 2026verified |
| Current liabilities | 3.0 bn | 2.3 bn | 3.8 bn | 3.0 bn | 2.9 bn | 2.7 bn | SEC (XBRL)· 06 Aug 2026verified |
| Equity | 11.1 bn | 11.4 bn | 10.4 bn | 10.8 bn | 12.1 bn | 11.7 bn | SEC (XBRL)· 06 Aug 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 2.6 bn | 1.9 bn | 1.8 bn | 1.8 bn | 3.3 bn | 2.0 bn | SEC (XBRL)· 06 Aug 2026verified |
| Capex | 484.0 m | 307.0 m | 357.0 m | 345.0 m | 331.0 m | 502.0 m | SEC (XBRL)· 06 Aug 2026verified |
| Free cash flow | 2.2 bn ≈ | 1.6 bn ≈ | 1.4 bn ≈ | 1.5 bn ≈ | 3.0 bn ≈ | 1.5 bn ≈ | SEC (XBRL)· 06 Aug 2026derived |
| Investing cash flow | -528.0 m | -513.0 m | -438.0 m | -452.0 m | -537.0 m | -705.0 m | SEC (XBRL)· 06 Aug 2026verified |
| Financing cash flow | -870.0 m | -2.1 bn | -2.3 bn | -1.3 bn | -1.8 bn | -2.4 bn | SEC (XBRL)· 06 Aug 2026verified |
| Dividends paid | 330.0 m | 307.0 m | 299.0 m | 281.0 m | 277.0 m | 287.0 m | SEC (XBRL)· 06 Aug 2026verified |
| Share repurchases | 1.0 bn | 1.0 bn | 2.0 bn | 1.0 bn | 1.0 bn | 2.0 bn | SEC (XBRL)· 06 Aug 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 87 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 62 USD
Key indicators
Coverage and freshness
Score by group
- Valuation87
- Balance sheet100
- Quality95
- Growth70
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 76,807,466,755.05 – 523,834,782,350.05 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)76,807,466,755.05 – 523,834,782,350.05 (Mid 133,379,051,357.64)WACC 4.5% · starting FCFF 2.5 bn USD · terminal value share of EV 91%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)unavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 87/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | 11.6% | 90 (vs peers) | 10% |
| FCF conversion · Quality | 106.3% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | 4.7% | 39 (on a fixed band) | 13% |
| EPS CAGR 3Y · Growth | 18.1% | 100 (on a fixed band) | 13% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.8x | 100 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 13.0x | 77 (on a fixed band) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 3,578,383,641.7% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 3,294,384,940.0% | 100 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 12.7% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth70/100 · 2/2 factors with a value
- Quality95/100 · 2/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation87/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
FOX CORPORATION (FOX). Latest full fiscal year: 2026; data up to 2026-09-30.
Figures computed from the financial statements: revenue 17.1 bn USD in 2026; YoY growth 5.1%; net margin 11.6%; ROE 16.8%.
The estimated value range is 76,807,466,755.05–523,834,782,350.05 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 133,379,051,357.64 USD, the price of 61.62 USD leaves a potential of 216,454,156,598.5% (value / price − 1) and a margin of safety of 100.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 87/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 11.6%
- FCF conversion: 106.3%
- EPS CAGR 3Y: 18.1%
- Current ratio: 3.8x
- P/E (TTM): 13.0x
- FCF yield: 3,578,383,641.7%
- Shareholder yield (distributions): 3,294,384,940.0%
- Payout ratio (FCF): 12.7%
- The price is below the estimated value range
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Television Broadcasting Stations (SIC 4833) · same industry (4-digit SIC) · compared with 11 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PSKYSkydance Corp | 10.5 bn | — | — | — | −1.5% | unavailable / unavailable |
| NXSTNexstar Media Group, Inc. | 5.7 bn | 34.0 | 8.3% | 3.2% | −8.5% | −4% / +30% |
| FOXFox Corporation | 62 | 13.0 | 16.8% | 11.6% | +5.1% | +6% / +110% |
| GTNGray Media, Inc. | — | — | -1.2% | -0.8% | −15.1% | +1% / −36% |
| SSPThe E.w. Scripps Company | — | — | -174.7% | -58.0% | −14.3% | −9% / −45% |
| FWONALiberty Media Corporation | — | — | 5.4% | 9.4% | +22.7% | +4% / +59% |
| VSNTVersant Media Group, Inc. | — | — | 9.0% | 11.1% | −5.3% | unavailable / unavailable |
| EVCEntravision Communications Corporation | — | 710.6 | 4.8% | 0.6% | +22.6% | +162% / +83% |
| NMAXNewsmax Inc. | — | — | -5.8% | -3.2% | +10.7% | −2% / unavailable |
| SBGISinclair, Inc. | — | 10.2 | 25.4% | 2.8% | −10.7% | −11% / +12% |
| TVGrupo Televisa, S.A.B. | — | — | -7.5% | -13.3% | −6.0% | −15% / −29% |
| FENGPhoenix New Media Limited | — | — | 15.4% | 30.2% | −15.8% | −34% / −5% |
1- and 3-year price returns: for FOX from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 16,013,204,537.31 Total return 25,987,024,466% · Per year 25,987,024,466% | 28,307,121,192.64 Total return 45,938,203,718% · Per year 45,938,203,718% | 42,634,354,532.83 Total return 69,189,150,391% · Per year 69,189,150,391% |
| 3 years | 15,609,948,062.29 Total return 25,332,599,806% · Per year 63,174% | 31,042,473,484.04 Total return 50,377,269,429% · Per year 79,469% | 51,325,427,602.13 Total return 83,293,455,924% · Per year 93,989% |
| 5 years | 15,216,846,692.96 Total return 24,694,655,358% · Per year 4,670% | 34,042,146,265.94 Total return 55,245,287,576% · Per year 5,503% | 61,788,188,126.86 Total return 100,272,943,955% · Per year 6,213% |
- Exit P/E± 7,760,618,371.01
- Net margin± 5,432,432,859.71
- Annual revenue growth± 4,449,868,395.45
- Annual dilution± 456,477,276.56
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
In brief
Fox Corporation is an American news, sports and entertainment company with cable networks, the FOX broadcast network and the AVOD service Tubi. In fiscal 2026 it reported revenue above 17 billion USD, and its announced acquisition of Roku, with cash and stock terms, could substantially change its growth and debt profile.2
SWOT
Strengths
- Strong news and sports brands with leading live audiences and a significant presence in the largest U.S. markets.
- Revenue diversified across distribution, advertising and content, with a solid balance sheet and substantial liquidity.
- Tubi is growing quickly and attracts a younger audience, while the owned station network provides extensive local reach.
Weaknesses
- Reliance on traditional subscriptions, which are declining, exposes distribution revenue to structural decline.
- Advertising revenue is volatile and tied to sports and election events, while rights costs are high.
- The Corporate and Other segment posted growing losses as FOX One launched.
Opportunities
- Growth in direct-to-consumer streaming and FAST could offset the decline of linear television.
- Integrating a connected TV platform such as Roku could open new advertising and data revenue streams.
- Successful sports rights, such as the FIFA World Cup, can attract new audiences and advertisers.
Threats
- Audience migration to streaming and ad-skipping technologies could reduce advertising prices.
- Competition for sports rights and content talent could raise costs.
- If the Roku transaction is not completed or is delayed, the company could face significant costs and uncertainty.
Risks
- Completion of the Roku acquisitionhigh
The transaction depends on shareholder approvals and antitrust authorities. If it is delayed or fails, the company could pay termination fees and incur transaction costs.1
- Higher debt loadhigh
Funding the cash portion could substantially increase indebtedness, which could limit dividends and strategic flexibility.1
- Subscriber declinemedium
Falling subscribers at traditional distributors could weigh on distribution revenue in coming years.1
- Advertising volatilitymedium
Advertising revenue depends on sports and election cycles and on audiences, and declines can be sudden.1
- Shareholder dilutionmedium
Issuing Class A shares for Roku could pressure the share price and change the voting structure.1
Investment thesis
What would need to be true (bull case)
- If the Roku integration succeeds, the company could accelerate revenue growth in digital advertising and streaming.
- Leadership in news and sports and Tubi's growth could support advertising prices and audiences over the long term.
- Cash generation and a possible tax benefit from the asset step-up could fund investment and shareholder returns.
What would break the thesis
- The decline of traditional subscriptions could prove faster than expected, weighing on distribution revenue.
- The additional debt from the acquisition could limit the company's ability to invest and to pay dividends.
- Integrating a large business and new services could meet difficulties and unforeseen costs.
What to watch
- Status of antitrust and shareholder approvals for the Roku acquisition2027
- Trend in traditional MVPD subscriber counts and distribution revenueQ1 2027
- Losses in the Corporate and Other segment as FOX One maturesnext 10-K
- Debt level after financing the Roku transaction and reduction plans2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (02 Nov 2026 · results), 10-Q (02 Nov 2026).
The business
Fox Corporation produces and distributes news, sports and entertainment content through brands such as FOX News Media, FOX Sports, Tubi, FOX Entertainment and FOX Television Stations. The company reports two reportable segments, Cable Network Programming and Television, while Corporate and Other includes the FOX One streaming service, Credible and the FOX Studio Lot.1 In fiscal 2026 total revenue was 17.13 billion USD and Adjusted EBITDA was 3.91 billion USD.2
The main revenue sources are distribution fees paid by traditional and virtual MVPDs, advertising, and content and other revenue. In fiscal 2026 about 47% of revenue came from distribution, about 43% from advertising and about 10% from other activities.1 The company's position rests on live news and sports events that draw audiences and can support premium advertising rates.1
On June 14, 2026 Fox agreed to acquire Roku, paying 96 USD in cash and 0.9693 FOX Class A shares for each Roku share.1 The cash portion is to be funded with debt and cash on hand, including bridge loans and a term loan, which could significantly increase leverage after completion.1
Segments
Cable Network Programming
The segment produces and licenses news and sports content to traditional cable, satellite, virtual MVPDs and other digital platforms, primarily in the U.S. In fiscal 2026 it generated revenue of 7.35 billion USD and segment EBITDA of about 3.10 billion USD, up 2% from the prior year.2
Television
The segment includes the FOX network, the Tubi AVOD service and 29 owned and operated stations, including 11 duopolies. In fiscal 2026 it reported revenue of 9.67 billion USD, helped by the FIFA World Cup broadcast, while political advertising fell from the prior election year.12
Corporate and Other
The segment covers FOX One, the direct-to-consumer subscription streaming service launched in August 2025, Credible, a U.S. consumer finance marketplace, and the FOX Studio Lot in Los Angeles.1 Its adjusted losses widened in fiscal 2026, reflecting the cost of launching new services.2
Market context
The U.S. television and media market faces declining pay-TV subscriptions and audience migration to streaming. Fox supports its position through live programming with concentrated audiences that remain relevant to advertisers.1 The company describes its advertising audience as increasingly digital, with fast growth at Tubi.1
Pay-TV distributors' subscriber counts and their distribution fees are sensitive to cord-cutting, and retransmission and affiliation agreements are renegotiated periodically.1 The advertising market also depends on the cycle of sports and election events, which makes the company's revenue uneven from year to year.1
Trends
- Shift to streamingmixed
Consumers increasingly move to SVOD, AVOD and FAST services, which reduces traditional subscriptions and cable network audiences. Fox responds with Tubi, FOX One and FOX Nation.1
- Decline of traditional pay-TV subscriptionsheadwind
The decline in MVPD subscribers could continue or even accelerate, affecting distribution revenue and affiliation negotiations.1
- Major live sports rightstailwind
Rights for the NFL, MLB, FIFA and other live competitions support audiences and advertising prices, but they bring high rights amortization costs.12
- Generative artificial intelligencemixed
Rapid development of generative AI could reduce demand for the company's content or open new production methods, and the effects remain uncertain.1
Competitive position
Fox competes with broadcast and cable news networks, with free ad-supported streaming platforms and with SVOD subscription services for viewer attention and advertising budgets.1 Competition for sports rights and younger audiences is intense, and ad-skipping technologies can reduce the value of advertising.1
The Roku acquisition could move the company into connected TV platforms, where competition with large technology and streaming companies is already strong.1 The competitive effect depends on completing the transaction and on antitrust approvals.1
- RokuROKU
Connected TV platform, the target of Fox's acquisition announced in June 2026, whose completion depends on approvals
- Nielsen
Audience measurement company whose methodology underpins the ratings used to price advertising
- NetflixNFLX
SVOD service competing for viewer attention and content budgets
- Amazon Prime Video
Streaming service that buys and produces content and competes in video advertising
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Acțiunile Fox Corp cresc în urma unor upgrade-uri de analiză și a aprobării achiziției Roku - https://www.goldring.ro/roSurge — Google News · 21 Oct 2026 · RO
- Roku (ROKU) Announces Acquisition by Fox Corp for $96 Cash and SharesYahoo Finance — News · 25 Aug 2026 · EN
Sources
- [1] Form 10-K, fiscal year ended 2026-06-30 · SEC / Fox Corporation · 06 Aug 2026
- [2] Form 8-K, results release (exhibit 99.1) · SEC / Fox Corporation · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.