NASDAQ: FOX · Broadcasting
Fox Corporation (Class B)
Fox Corporation is a U.S. news, sports and entertainment company: Cable Network Programming (FOX News, FOX Business, FS1, FS2, Big Ten Network) and Television (the FOX broadcast network, 29 owned stations, and the free ad-supported streaming service Tubi). Fiscal 2026 (year ended June 30, 2026) revenue was $17,126 million — distribution $8,058 million, advertising $7,339 million — and net income $1,727 million, lowered by a $761 million loss on its Flutter stake. In June 2026 it agreed to acquire Roku for 0.9693 FOX Class A shares plus $96.00 in cash per Roku share; FOX Class B holders approved the share issuance on October 14, 2026, and antitrust review is under way. This page covers the voting Class B shares (FOX).
Last updated
Analysis last edited: October 24, 2026 · Financial data fetched: October 24, 2026 09:56 (SEC EDGAR) · Source 10-K filed: August 6, 2026
Built on10-K FY2026 · filed 2026-08-0610-Q (quarter ended 2026-09-30) · filed 2026-11-02Proxy statement (2026)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 5.8%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- —
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- —
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- —
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.14x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 12.4x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.74
Higher than 31% of 372 non-financial companies
Average yearly growth over the years shown
Latest fiscal year (FY2026)
Return on capital above (or below) its estimated cost
Below 0 means more cash than debt
Higher than 18% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$61.16close on 2026-11-04
Market cap$25.66B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 12.4x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 2.2x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- —
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 5.7%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 0.9%
At FY2026 year-end: 12.2x
Earnings: trailing 12 months to 2026-09-30
At FY2026 year-end: 1.7x
Book value at FY2026 year-end
At FY2026 year-end: —
EBITDA for FY2026
At FY2026 year-end: 7.5%
Free cash flow for FY2026
Dividends per share for FY2026
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$3.74B → $4.57B (vs. a year earlier)↑ +22.3%$3.74B → $4.57B (vs. a year earlier)
- Net income$609M → $957M (vs. a year earlier)↑ +57.1%$609M → $957M (vs. a year earlier)
- Diluted EPS$1.32 → $2.20 (vs. a year earlier)↑ +66.7%$1.32 → $2.20 (vs. a year earlier)
- Cash$4.21B → $4.54B (vs. previous quarter-end)↑ +7.9%$4.21B → $4.54B (vs. previous quarter-end)
- Long-term debt$6.61B → $6.61B (vs. previous quarter-end)→ +0.0%$6.61B → $6.61B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 2, 2026.
Key changes
Q1 revenue up 22% to $4.57B. Source sentence
The Company reported total quarterly revenue of $4.57 billion, an increase of $833 million or 22% as compared to the amount reported in the prior year quarter.
Advertising revenue up 47%, helped by the FIFA World Cup. Source sentence
Advertising revenue increased 47%, primarily due to the current year broadcast of the FIFA Men's World Cup ("World Cup"), higher political advertising revenue, and continued digital growth led by the Tubi AVOD service.
Adjusted EBITDA $1.64B, up 54%. Source sentence
Quarterly Adjusted EBITDA 2 was $1.64 billion, an increase of $576 million or 54% from the amount reported in the prior year quarter, as the revenue increase noted above was partially offset by higher expenses.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- Fox Corp
- Headquarters
- NEW YORK, NY
- Incorporated in
- Delaware
- Fiscal year end
- 06/30
- Exchange & ticker
- NASDAQ: FOX
- Industry
- Broadcasting
- CIK
- 1754301
Workforce (as of FY2026 year-end)
Employees
10,550
Source: Form 10-K (FY2026) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q2 FY2027
Quarter end: December 2026. In past years, Q2 results were released 35–38 days after quarter end (Feb 4, 2026; Feb 4, 2025; Feb 7, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around June 30.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 30–42 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q1 FY2027 | Sep 30, 2026 | Nov 2, 2026 (+33 days) | Nov 2, 2026 10-Q (+33 days) |
| Q4 FY2026 | Jun 30, 2026 | Aug 6, 2026 (+37 days) | Aug 6, 2026 10-K (+37 days) |
| Q3 FY2026 | Mar 31, 2026 | May 11, 2026 (+41 days) | May 11, 2026 10-Q (+41 days) |
| Q2 FY2026 | Dec 31, 2025 | Feb 4, 2026 (+35 days) | Feb 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Sep 30, 2025 | Oct 30, 2025 (+30 days) | Oct 30, 2025 10-Q (+30 days) |
| Q4 FY2025 | Jun 30, 2025 | Aug 5, 2025 (+36 days) | Aug 6, 2025 10-K (+37 days) |
| Q3 FY2025 | Mar 31, 2025 | May 12, 2025 (+42 days) | May 12, 2025 10-Q (+42 days) |
| Q2 FY2025 | Dec 31, 2024 | Feb 4, 2025 (+35 days) | Feb 4, 2025 10-Q (+35 days) |
| Q1 FY2025 | Sep 30, 2024 | Nov 4, 2024 (+35 days) | Nov 4, 2024 10-Q (+35 days) |
| Q4 FY2024 | Jun 30, 2024 | Aug 6, 2024 (+37 days) | Aug 8, 2024 10-K (+39 days) |
| Q3 FY2024 | Mar 31, 2024 | May 8, 2024 (+38 days) | May 8, 2024 10-Q (+38 days) |
| Q2 FY2024 | Dec 31, 2023 | Feb 7, 2024 (+38 days) | Feb 7, 2024 10-Q (+38 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Cable Network Programming
FOX News Media
FOX News and FOX Business cable news networks.
Cable Network Programming
FOX Sports cable
FS1, FS2 and the Big Ten Network.
Television
FOX Network and stations
FOX broadcast network (NFL, MLB, FIFA World Cup, entertainment) and 29 owned full-power stations.
Television
Tubi
Free ad-supported video-on-demand streaming service.
Corporate and Other
FOX One, Credible, FOX Studio Lot
Direct-to-consumer subscription streaming, consumer finance marketplace and studio lot.
From the Form 10-K, FY2026, year ended 2026-06-30.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
FOX News
U.S. national cable news
U.S. share
#1 in weekday primetime
Company-disclosed“For over 24 consecutive years, FOX News has been the top-rated national cable news channel in Monday to Friday primetime viewing, according to … Nielsen.”
Worldwide share
—
Not disclosedTubi
U.S. free ad-supported streaming
U.S. share
About 2.2% of TV viewing
Company-disclosed“Tubi finished the fiscal year among the most-watched free ad-supported streaming services in the U.S., averaging approximately 2.2% of all television viewing.”
Worldwide share
—
Not disclosed
Sources:
Shares are viewing measures from Nielsen cited in the 10-K, not revenue shares.
07
Recent strategic focusSite analysis
Recent developments.
Fiscal 2026
Revenue $17,126M versus $16,300M (+5%); advertising +7% on news and sports pricing and the FIFA World Cup; net income $1,727M versus $2,293M after a $761M loss on equity securities (Flutter).
Source: Form 10-K (FY2026, year ended 2026-06-30)
Roku deal
Merger agreement signed June 14, 2026: each Roku share gets 0.9693 FOX Class A shares and $96.00 cash; FOX Class B holders approved the share issuance (99.9% of votes cast) on October 14, 2026.
Source: Form 8-K (2026-10-14) — Item 5.07 Class B special meeting vote
Dividend
Semi-annual dividend raised to $0.29 per share after June 30, 2026.
Source: Form 10-K (FY2026, year ended 2026-06-30)
Capex ÷ D&A (FY2026)
1.22x
Roughly matches depreciation — mostly maintenance/replacement
formulacapital expenditures ÷ depreciation & amortization
e.g.$502M ÷ $410M = 1.22x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
M&A spend (6-year total)
$399M
Latest year: $8M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $484M in FY2021 to $502M in FY2026
- Capex
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-06
08
Key figures at a glanceFrom SEC data
FY2021–FY2026, 6 years.
Revenue (FY2026)
$17.13B
As reported in the 10-K
Revenue CAGR (5 years)
+5.8%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($17,126M ÷ $12,909M) ^ (1÷5) − 1 = 5.8%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2026)
—
formulaoperating income ÷ revenue × 100
ROE (FY2026)
14.6%▲favorable
6-year average: 15.3%
As reported in the 10-K
P/B (FY2026 end)
1.69x
formulafiscal year-end closing price ÷ book value per share
e.g.$46.84 ÷ $27.71 = 1.69x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2026 end)
—
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +5.8% a year over 5 years (strong growth)
From $12.91B in FY2021 to $17.13B in FY2026. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Equity ratio is 51.7% (a high level of financial stability)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 15.3% over 6 years (latest: 14.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Roku, Inc.
07 · what it does
Key activities
- FOX News Media, FOX Sports cable networks
- FOX Network and FOX Television Stations
- Tubi AVOD and FOX One subscription streaming
06 · what it draws on
Key resources
- About 10,550 full-time employees
- Long-term sports rights (NFL, Super Bowl, FIFA World Cup and others)
- 29 full-power TV stations incl. 11 duopolies
02 · why customers buy
Value propositions
- News (FOX News), sports and entertainment programming and the FOX network.
04 · how it keeps them
Customer relationships
- Multi-year affiliate and retransmission agreements; advertising sales.
03 · how it reaches them
Channels
- Cable, satellite and virtual MVPDs, affiliated TV stations and Tubi streaming.
01 · who it serves
Customer segments
- Traditional and virtual MVPDs
- Advertisers
- Viewers in the U.S.
09 · where money goes
Cost structure
FY2026, share of revenue ($17.13B)
- Selling, general & administrative13.8%
Depreciation & amortization (inside the costs above): $410M. Capital spending: $502M.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Distribution $8,058M
- Advertising $7,339M
- Content and other $1,729M (fiscal 2026)
Value propositions, channels and customer relationships: Form 10-K (FY2026)
Earns affiliate (distribution) fees from cable, satellite and virtual MVPDs and retransmission from TV stations, plus advertising on networks, stations and Tubi, and content licensing.
01 what it draws on
Inputs & resources
- About 10,550 full-time employees
- Long-term sports rights (NFL, Super Bowl, FIFA World Cup and others)
- 29 full-power TV stations incl. 11 duopolies
02 what it does
Activities
- FOX News Media, FOX Sports cable networks
- FOX Network and FOX Television Stations
- Tubi AVOD and FOX One subscription streaming
03 who it serves
Customers
- Traditional and virtual MVPDs
- Advertisers
- Viewers in the U.S.
04 how money comes in
How it earns
- Distribution $8,058M
- Advertising $7,339M
- Content and other $1,729M (fiscal 2026)
How the business makes money
- FOX News has been the top-rated national cable news channel in weekday primetime for over 24 consecutive years (Nielsen).
- Tubi view time grew 20% in fiscal 2026, about 2.2% of all U.S. TV viewing.
- Returned about $2.3B to shareholders in fiscal 2026, including a $1.5B accelerated share repurchase.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
FOX’s stations must meet FCC programming rules and it can receive production incentives.
Approvals & licenses
FCC station rules
Stations breaking programming or commercial rules can face fines and sanctions.
Constrains the businessTouches: ActivitiesSource: Form 10-K (FY2026)
Government funding & tax credits
Production incentives
May receive government incentives for producing owned programming.
Supports the businessTouches: Inputs & resourcesSource: Form 10-K (FY2026)
Revenue by segment (FY2026 (year ended June 30, 2026))
Unit: $M — bar length = revenue, (%) = share of total company revenue
Television
9,666 (57%)Cable Network Programming
7,348 (43%)
Source: Form 10-K (FY2026, year ended 2026-06-30) — Note on segment information Segment revenues before Corporate and Other ($526M) and eliminations (−$414M); total revenues $17,126M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Pending or recent acquisition
Roku, Inc.
Merger agreement signed June 14, 2026 (0.9693 FOX Class A shares + $96.00 cash per Roku share); pending antitrust clearance.
Source: Form 8-K (2026-06-15) — Item 1.01 merger agreement with Roku
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
MVPDs and virtual MVPDs paying affiliate fees, advertisers, and viewers.
Named by the company
No customer is named.
Suppliers
Sports leagues and rights holders, content producers.
Named by the company
No supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K names competitors by business.
Competitors named in the 10-K
Broadcast networks
- Walt Disneysite ↗
- Comcastsite ↗
- Paramount Skydancesite ↗
Cable news and business news
Sports networks and streaming
Peer group the company chose
Fiscal 2026 compensation peer group (13 companies), from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Peers reviewed with FW Cook; Paramount Global was replaced by Paramount Skydance and Versant was added.
- AMC Networkssite ↗
- Charter Communications (Spectrum)site ↗
- Comcastsite ↗
- Liberty Globalsite ↗
- Live Nation Entertainmentsite ↗
- Netflixsite ↗
- Nexstar Media Groupsite ↗
- Paramount Skydancesite ↗
- Sinclairsite ↗
- Sirius XMsite ↗
- Warner Bros. Discoverysite ↗
- Walt Disneysite ↗
- Versant Media Groupsite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-06
Profit over time (operating → net)
Unit: $M
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-06
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-06
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-06
| Line item | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ | FY202610-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 12,909 | 13,974 | 14,913 | 13,980 | 16,300 | 17,126 |
| Pretax income | 2,918 | 1,694 | 1,736 | 2,104 | 3,061 | 2,278 |
| Net income (attributable) | 2,201 | 1,233 | 1,253 | 1,554 | 2,293 | 1,727 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 8.3% | 6.7% | -6.3% | 16.6% | 5.1% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 17.1% | 8.8% | 8.4% | 11.1% | 14.1% | 10.1% |
| Balance sheet ($M) | ||||||
| Total assets | 22,926 | 22,185 | 21,866 | 21,972 | 23,195 | 22,482 |
| Total equity | 11,125 | 11,375 | 10,445 | 10,814 | 12,067 | 11,728 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 7,951 | 7,206 | 7,210 | 7,197 | 6,602 | 6,606 |
| Equity ratio | 48.5% | 51.1% | 47.5% | 48.8% | 51.6% | 51.7% |
| ROE | 19.8% | 11.0% | 11.5% | 14.7% | 20.2% | 14.6% |
| Cash flow ($M) | ||||||
| Operating CF | 2,639 | 1,884 | 1,800 | 1,840 | 3,324 | 1,970 |
| Investing CF | -528 | -513 | -438 | -452 | -537 | -705 |
| Financing CF | -870 | -2,057 | -2,290 | -1,341 | -1,755 | -2,411 |
| Free cash flowcalccash flow from operations − capital expenditures | 2,155 | 1,577 | 1,443 | 1,495 | 2,993 | 1,468 |
| Cash and equivalents | 5,886 | 5,200 | 4,272 | 4,319 | 5,351 | 4,205 |
| Per share & other | ||||||
| EPS ($) | 3.61 | 2.11 | 2.33 | 3.13 | 4.91 | 3.84 |
| BVPS ($) | 19.30 | 20.59 | 20.82 | 23.23 | 26.80 | 27.71 |
| Dividend per share ($) | 0.46 | 0.48 | 0.50 | 0.52 | 0.54 | 0.56 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 12.7% | 22.7% | 21.5% | 16.6% | 11.0% | 14.6% |
| P/E (x) | 9.8 | 14.1 | 13.7 | 10.2 | 10.5 | 12.2 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.82 | 1.44 | 1.53 | 1.38 | 1.93 | 1.69 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Net income | Diluted EPS |
|---|---|---|---|
| 2026-09-30 | $4.57B+22.3% | $957M+57.1% | $2.20 |
| 2026-06-30 † | $4.21B+28.1% | $696M-3.2% | — |
| 2026-03-31 | $3.99B-8.6% | $175M-50.6% | $0.38 |
| 2025-12-31 | $5.18B+2.0% | $247M-36.3% | $0.52 |
| 2025-09-30 | $3.74B | $609M | $1.32 |
| 2025-06-30 † | $3.29B | $719M | — |
| 2025-03-31 | $4.37B | $354M | $0.75 |
| 2024-12-31 | $5.08B | $388M | $0.81 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
Not enough data (operating income, equity, etc.) to compute ROIC/WACC.
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
2.7%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.9% − 5.2%
Past FCF growth (FY2021–FY2026)
-7.4%
Compound annual rate, 5 years
Past revenue growth (FY2021–FY2026)
+5.8%
Compound annual rate, 5 years
Inputs (FY2026): free cash flow $1.47B (operating CF − capex); enterprise value $28.06B = market cap $25.66B (latest close, 2026-11-04) + debt $6.61B − cash and short-term investments $4.21B; r = WACC of 7.9% using this page’s default assumptions (β 0.74, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$28.23B
FCF $1.47B ÷ (7.9% − 2.7%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.9% | 6.9% | 7.9% | 8.9% | 9.9% |
|---|---|---|---|---|---|
| 0% | 0.89x | 0.76x | 0.66x | 0.59x | 0.53x |
| 2% | 1.34x | 1.07x | 0.89x | 0.76x | 0.66x |
| 4% | 2.75x | 1.80x | 1.34x | 1.07x | 0.89x |
| 6% | — | 5.81x | 2.75x | 1.80x | 1.34x |
| 8% | — | — | — | 5.81x | 2.75x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.32x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -1.1%
A small share of profit rests on accounting estimates.
- ✓
Days sales outstanding: 57 → 63 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-08-06
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$1,970M ÷ $1,727M = 1.14x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,472M + $3,455M) ÷ 2 ÷ $17,126M × 365 = 63 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else — Class B shares, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 63.9%
- Directors & officers (shares)
- 38.8%
- Everyone else (est.)
- 0.0%
- Directors & officers (voting power)
- 38.8%
- Institutional-ownership rank
- 398 of 416
- Beta (adjusted)
- 0.74
of Class B shares
individuals and other non-13F holders
of all votes, across share classes
1 = most institutional; 95% of covered companies have more
above 1 = swings more than the market
- 140.8M shares reported by 510 13F filers ÷ 220.2M Class B shares outstanding on 2026-08-04. Option positions are excluded.
- Only the listed Class B shares are counted; other share classes (often held by founders) are not in this figure.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days. Only Class B shares vote; they also hold 2.32% of non-voting Class A shares.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-09-17 (beneficial ownership table) · Form 10-K cover page (shares outstanding as of 2026-08-04)
19
Strengths & weaknessesSite analysis
Strengths
1. Leading cable news brand
FOX News was the #1 cable network in weekday primetime and total day viewing for the eleventh straight year.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
2. Marquee sports rights
Long-term rights to NFL games, the Super Bowl and the FIFA Men’s World Cup.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
3. Cash and buybacks
Cash of $4.2B at June 30, 2026 after returning about $2.3B to shareholders.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
Weaknesses
1. Pay-TV dependence
Distribution revenue relies on MVPD subscribers.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
2. Defamation exposure
Paid about $800 million to settle the Dominion matter in April 2023; Smartmatic seeks $2.7 billion.
Evidence: Form 10-K (FY2026, year ended 2026-06-30) — Note 14, Commitments and Contingencies
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2026)
12.2x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2026)
1.20%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2026)
15%
Dividends per share ÷ diluted EPS
FCF yield (FY2026)
7.5%
(Operating CF − capex) ÷ market cap
1. Rising dividend and buybacks
Dividend per share rose from $0.46 (fiscal 2021) to $0.56 (fiscal 2026); share count fell from 576M to 420M.
- What has to hold
- Cash flow funds both.
- The other side
- Roku cash consideration and term loan.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
2. Live news and sports focus
Fox focuses on live and appointment-based content, which it says remains resilient.
- What has to hold
- Live content keeps ad pricing strong.
- The other side
- Cord-cutting.
Evidence: Form 10-K (FY2026, year ended 2026-06-30)
Fiscal years end June 30. Share counts and book value per share combine Class A (FOXA) and Class B (FOX). Fox does not report an operating income line.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2026)
Cash & short-term investments ÷ debt due within a year
—
$4.21B vs. —
Interest coverage (operating income ÷ interest expense)
Not disclosed
The income statement has no operating income line.
Free cash flow ÷ dividends paid
5.1x
$1.47B vs. $287M (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -6.3% in FY2024 ($14.91B → $13.98B) | Yes, by FY2025 |
Covers only the 6 fiscal years on record (FY2021–FY2026), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Recurring distribution fees
Distribution revenue of $8,058M (fiscal 2026) comes from multi-year affiliate agreements.
Source: Form 10-K (FY2026, year ended 2026-06-30)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Fox’s major legal exposure is Smartmatic’s $2.7 billion defamation suit over 2020 election coverage and the related derivative litigation, after paying about $800 million to settle Dominion in 2023. A disclosure suit over the Roku deal was also filed.
3 open matters (1 flagged as major) · 1 settled or closed
Smartmatic defamation lawsuit
PendingLawsuitMajorSmartmatic USA Corp. and affiliates v. Fox Corporation and FOX News
Smartmatic sued in February 2021 seeking $2.7 billion in damages for alleged defamation; Fox believes the suit is without merit and a loss is neither probable nor reasonably estimable.
- Amounts
- $2.7 billion sought
- Next step
- Summary judgment motions argued December 2, 2025; trial not expected before later in 2026.
Source: Form 10-K (FY2026, year ended 2026-06-30) — Note 14, Commitments and Contingencies
In re Fox Corporation Derivative Litigation
PendingLawsuitStockholders on behalf of Fox v. certain directors and officers (Del. Ch.)
Stockholders allege directors and officers breached fiduciary duties by allowing election-fraud claims to air, leading to defamation litigation; motion to dismiss denied December 27, 2024.
- Next step
- Limited discovery on director independence ahead of a summary judgment motion.
Source: Form 10-K (FY2026, year ended 2026-06-30) — Note 14, Commitments and Contingencies
Thompson v. Fox Corporation (Roku merger disclosure)
PendingClass actionAndrew Thompson v. Fox Corporation and directors (Del. Ch.)
A putative class action filed August 28, 2026 claims the merger registration statement omitted material information; Fox denies the claims but issued supplemental disclosures.
Source: Form 8-K (2026-10-06) — Item 8.01 supplemental disclosures; Thompson complaint
Tubi privacy class actions (Campos / Gregory)
SettledClass actionCampos and Gregory v. Tubi
Claims that Tubi shared viewer information with third parties were resolved by a July 2024 settlement, approved January 24, 2025; an appeal was dismissed June 6, 2025.
Source: Form 10-K (FY2026, year ended 2026-06-30) — Note 14, Commitments and Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2026, year ended 2026-06-30) — Note 14, Commitments and Contingencies, reviewed 2026-10-24. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1M&A & integration
Roku acquisition
- Company disclosure (summarized from the 10-K)
- The Roku deal needs antitrust clearance (an HSR second request was received September 8, 2026) and adds a $1.0B term loan; integration risk follows.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Law & regulation
Defamation litigation
- Company disclosure (summarized from the 10-K)
- Smartmatic’s $2.7B defamation suit and related derivative suits are pending.
- Company’s stated mitigation
- Defending vigorously; loss neither probable nor estimable.
- This site’s assessment
- Impact High / Likelihood High
- 3Competition & technology shift
Cord-cutting and streaming competition
- Company disclosure (summarized from the 10-K)
- Competes with networks, streaming services (YouTube, Peacock, Prime Video, Netflix and others) for audiences and rights.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood High
- 4Costs & inflation
Sports rights costs
- Company disclosure (summarized from the 10-K)
- Sports rights and programming costs are large and rising.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5Governance & key people
Controlled company
- Company disclosure (summarized from the 10-K)
- LGC Holdco, owned by Murdoch family trusts, held about 38.8% of Class B voting power at June 30, 2026, which can affect votes and discourage takeovers.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
The Roku Transaction may not be completed or may be delayed if the closing conditions in the Merger Agreement are not satisfied, and the Merger Agreement may be terminated in accordance with its terms.
On June 14, 2026, FOX and Roku entered into the Merger Agreement pursuant to which Roku will become a wholly owned subsidiary of FOX. Read more
The completion of the Merger is subject to several closing conditions, including requisite FOX and Roku stockholder approvals, clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, the receipt of consents or approvals under certain other antitrust laws and certain investment screening laws and other customary conditions. The regulatory approval process (including if regulatory or governmental authorities seek to impose any terms, conditions, obligations or restrictions as a condition to approval) may lead to lengthy negotiations, jeopardize or delay completion of the Merger or negatively impact its anticipated benefits. The failure to satisfy all required conditions could prevent the Merger from being completed or delay its…
The Merger Agreement also contains customary termination rights and provides that each party is required to pay the other a termination fee of approximately $866 million if the Merger Agreement is terminated in certain circumstances, including due to a change in the recommendation of its board of directors or if the Merger is not consummated by the termination date specified in the agreement. In addition, the Company will be required to pay Roku a termination fee of approximately $1.2 billion if the Merger Agreement is terminated under certain circumstances related to the failure to obtain certain regulatory approvals or upon the entry of a permanent restraint under certain antitrust laws or investment screening laws. FOX has also agreed to reimburse Roku for up to $70 million for reasonable third-party costs and expenses incurred by Roku in connection with the Merger if the Company is…
Entry into the Merger Agreement could have a variety of negative impacts on FOX and the market prices of the Common Stock.
The Company is subject to a number of risks in connection with its entry into the Merger Agreement, including:
• restrictions on the conduct of FOX’s business prior to completion of the Merger set forth in the Merger Agreement, including pursuing alternatives to the Merger, which could discourage a potential third party from making an alternative transaction proposal or prevent the Company from making other acquisitions or taking other actions that would have been beneficial to FOX; and
If the Merger is not consummated, in addition to failing to realize it benefits, FOX may experience adverse impacts to its ongoing business, financial condition, results of operations or on the market prices of the Common Stock. Read more
For example, the Company could be subject to litigation related to a failure to complete the Merger or an enforcement proceeding seeking to require FOX to perform its obligations under the Merger Agreement. The cost of defending against such litigation and proceedings may be significant. Similarly, if there are delays in the completion of the Merger, they could, among other things, result in additional transaction costs, loss of revenue or other negative effects associated with uncertainty about completion of the Merger.
Business uncertainties and contractual restrictions on FOX while the Merger is pending could adversely affect FOX’s business and operations.
No longer in the text (4)
Further, as a result of his ability to appoint certain members of the board of directors of the corporate trustee of the Murdoch Family Trust, which beneficially owns less than one percent of the outstanding FOX Class A Common Stock and 43.39% of FOX Class B Common Stock, K. Rupert Murdoch may be deemed to be a beneficial owner of the shares beneficially owned by the Murdoch Family Trust. K. Rupert Murdoch, however, disclaims any beneficial ownership of these shares. Also, K. Rupert Murdoch beneficially owns or may be deemed to beneficially own an additional less than one percent of FOX Class B Common Stock. Thus, K. Rupert Murdoch may be deemed to beneficially own in the aggregate less than one percent of FOX Class A Common Stock and 43.90% of FOX Class B Common Stock.
The indemnification arrangements the Company entered into with 21CF in connection with the Transaction may require the Company to divert cash to satisfy indemnification obligations to 21CF. Read more
The
indemnification from 21CF may not be sufficient to insure the Company against the full amount of liabilities that have been allocated to 21CF.
Pursuant to the agreements the Company and 21CF entered into in connection with the Transaction, 21CF will indemnify the Company for certain liabilities and the Company will indemnify 21CF for certain liabilities. Read more
Payments pursuant to these indemnities may be significant and could negatively impact our business. Third parties could also seek to hold the Company responsible for any of the liabilities of the businesses that were retained by 21CF in connection with the Transaction. 21CF has agreed to indemnify the Company for such liabilities, but such indemnity from 21CF may not be sufficient to protect the Company against the full amount of such liabilities, and 21CF may not be able to fully satisfy its indemnification obligations. Moreover, even if the Company ultimately succeeds in recovering from 21CF any amounts for which it is held liable, the Company may be temporarily required to…
10 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Aug 6, 2026 ↗ with the 10-K filed Aug 6, 2025 ↗.
25
What to watch going forwardSite analysis
- Antitrust review and closing of the Roku acquisition (outside date June 14, 2027, extendable).
- Smartmatic defamation case (summary judgment argued December 2, 2025; trial not before late 2026).
- Tubi growth and FOX One subscriber traction.
- Flutter stake valuation swings in non-operating results.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
- Form 10-K (FY2026, year ended 2026-06-30)
- Proxy statement (2026)
- Form 10-K (FY2024, year ended June 30, 2024)
- Form 10-K (FY2022, year ended June 30, 2022)
- Form 8-K (2026-06-15) — Item 1.01 merger agreement with Roku
- Form 8-K (2026-09-09) — Item 8.01 HSR second request
- Form 8-K (2026-10-06) — Item 8.01 supplemental disclosures; Thompson complaint
- Form 8-K (2026-10-14) — Item 5.07 Class B special meeting vote
Last updated
Analysis last edited: October 24, 2026 · Financial data fetched: October 24, 2026 09:56 (SEC EDGAR) · Source 10-K filed: August 6, 2026
Built on10-K FY2026 · filed 2026-08-06Proxy statement (2026)
Next update expectedAfter FY2027’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Fox Corporation (Class B)’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.