FOX CORPORATION
| Revenue | $17.1B |
|---|---|
| Operating income | $2.3B |
| Net income | $1.7B |
| Free cash flow | $1.5B |
| Operating margin | 13.3% |
| Net margin | 9.8% |
| Return on equity | 14.5% |
| Period | 2026 |
OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Excellent execution, but limited visibility beyond cyclical advertising tailwinds and the pending Roku transaction.
FOX delivered a strong FY2026:
revenue exceeded $17 billion (+5%), EBITDA reached a record $3.9 billion (+8%), and Q4 adjusted EPS rose 41% to $1.79 on 28% revenue growth. Tubi revenue grew 35% with viewing time up 17%, while digital investment fell below $200 million from just under $300 million; however, the results and FY2027 momentum are heavily supported by the nonrecurring World Cup and upcoming political cycle, while Roku integration and future NFL rights remain unquantified. Hold rather than chase the event-driven peak.
- Fy2026 Results
- World Cup
- Tubi Growth
- Fox One
- Midterm Political Ads
- Nfl Rights
Near term
World Cup revenue remains a benefit in fiscal Q1 2027, although management said total tournament revenue was weighted toward fiscal 2026.
The midterm election cycle should support local stations and Tubi advertising, with management expecting a record midterm political cycle versus $260 million in the prior midterm and over $400 million in the 2024 presidential election.
Advertising momentum has continued into Q1, and the upfront delivered double-digit volume growth with management claiming leading rate increases.
Buybacks are expected to continue through and after the Roku transaction; the dividend was raised to $0.29 per share semiannually.
Longer term
Tubi’s 110 million monthly active users, 35% revenue growth, 17% viewing-time growth, and predominantly cordless audience support a potentially durable connected-TV advertising position.
FOX One appears incremental to traditional pay-TV, with churn below expectations, but subscriber scale and economics were not disclosed.
The NFL relationship is unchanged through the 2029 season, reducing near-term rights-cost uncertainty but leaving the post-2029 renewal economics unresolved.
Roku could materially expand FOX’s connected-TV distribution and advertising capabilities, but the investment case depends on regulatory approval and post-close execution.
Red flags
Management did not quantify the World Cup’s contribution to Q4 advertising or profitability, and acknowledged that the event was unique and nonrecurring.
Management said World Cup revenue was relatively small to Tubi’s growth but did not provide the underlying organic growth rate, limiting assessment of the 35% headline increase.
Despite direct analyst questions, FOX provided no sell-through, CPM, fill-rate, or pricing data for Tubi; management only said the CTV market is highly competitive and price-sensitive.
Management declined to explain the NFL discussions or potential economics after 2029, leaving a major sports-rights concentration and renewal risk unresolved.
The Roku transaction remains early in the approval process, and management was unable to discuss deal-specific details; the projected 2.8x closing net leverage adds execution and balance-sheet risk.
Cable subscribers continued to decline by under 6.5% across third-party distributors, with FOX One’s contribution helping offset the traditional distribution pressure.
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-08-06
- Roku Transaction
- Acquisition Financing
- Streaming Strategy
- Sports Rights Commitments
- Earnings Decline
- Dual Class Governance
- Murdoch Ownership
- Share Repurchase
Red flags
- The Roku transaction could require up to $12.0 billion of bridge financing commitments, of which $11.0 billion was available at June 30, 2026, plus a $1.0 billion term loan facility; this compares with $6.65 billion of existing public debt.
- Deal failure is costly: FOX may owe Roku approximately $1.2 billion in specified regulatory-failure scenarios, approximately $866 million in other termination scenarios, and up to $70 million of expenses if FOX fails to obtain required Class B approval.
- Fiscal 2026 net income attributable to FOX fell 26% to $1.685 billion from $2.263 billion, while diluted EPS declined to $3.84 from $4.91.
- FOX has $33.262 billion of disclosed firm commitments, including $24.365 billion for licensed programming and $6.650 billion of borrowings; $6.461 billion of total commitments is due within one year.
- LGC Holdco owns approximately 38.8% of Class B Common Stock, and the company’s $12 billion repurchase program could increase that ownership percentage; approximately $3.4 billion of authorization remained at June 30, 2026.
- The FOX News business faces ongoing sexual-harassment and discrimination claims, litigation and regulatory inquiries; the filing says potential losses beyond accrued amounts could not be estimated.
Upcoming earnings
Earnings transcripts
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Press & signals
- Satelight
Mega takeovers drive record $2.8tn in dealmaking
- Satelight
The future of TV: lots of choice, lots of hassle
- Satelight
Fox to acquire streaming platform Roku for $22bn