Fox (FOX)
Market Price (9/21/2026): $57.91 | Market Cap: $24.3 BilInvestor Relations Sector: Communication Services | Industry: Broadcasting
Fox (FOX)
Market Price (9/21/2026): $57.91Market Cap: $24.3 BilSector: Communication ServicesIndustry: Broadcasting
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Digital Content & Streaming, Digital Advertising, and Markets & Betting. Themes include Video Streaming, Show more. | Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.46 | Key risksFOX key risks include [1] significant legal liabilities from high-profile defamation lawsuits and shareholder actions questioning board oversight, Show more. |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, Digital Advertising, and Markets & Betting. Themes include Video Streaming, Show more. |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 10.46 |
| Key risksFOX key risks include [1] significant legal liabilities from high-profile defamation lawsuits and shareholder actions questioning board oversight, Show more. |
Qualitative Assessment
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Fox (FOX) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q4 2026 Earnings, driven by the FIFA World Cup and Tubi growth, were tempered by expectations of future earnings decline.
Fox Corporation reported robust financial results for fiscal Q4 2026 (which ended June 30, 2026) on August 6, 2026, with earnings per share (EPS) of $1.79 significantly beating analyst estimates of $1.44. Quarterly revenue increased 28.1% year-over-year to $4.21 billion, also surpassing analyst expectations of $3.64 billion. This strong performance was primarily fueled by a 78% surge in advertising revenue, largely attributed to the FIFA World Cup broadcast and continued growth from its ad-supported streaming service, Tubi. Additionally, the company's new direct-to-consumer streaming service, FOX One, gained 2.8 million subscribers in June 2026, largely due to the World Cup. However, despite this strong performance, FOX's earnings are expected to decrease by 2.69% in fiscal year 2027.
2. The strategic acquisition of Roku for $22 billion introduced both long-term growth potential and short-term market uncertainty.
On June 14, 2026, Fox announced a definitive agreement to acquire Roku for approximately $22 billion in a cash-and-stock deal, or $160 per share, aiming to bolster its position in the ad-supported streaming market and gain access to Roku's extensive household reach. While this acquisition is seen as a strategic move to "transform" Fox's growth profile, the company's stock initially fell about 14% in pre-market trading following the announcement, reflecting investor concerns over the high deal valuation and potential integration challenges. Further, the transaction faced extended regulatory scrutiny, as the U.S. Department of Justice issued a Second Request for additional information on September 8, 2026, delaying the anticipated closing until the first half of calendar year 2027.
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Fox (FOX) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Strong Fiscal Q4 2026 Earnings, driven by the FIFA World Cup and Tubi growth, were tempered by expectations of future earnings decline.
Fox Corporation reported robust financial results for fiscal Q4 2026 (which ended June 30, 2026) on August 6, 2026, with earnings per share (EPS) of $1.79 significantly beating analyst estimates of $1.44. Quarterly revenue increased 28.1% year-over-year to $4.21 billion, also surpassing analyst expectations of $3.64 billion. This strong performance was primarily fueled by a 78% surge in advertising revenue, largely attributed to the FIFA World Cup broadcast and continued growth from its ad-supported streaming service, Tubi. Additionally, the company's new direct-to-consumer streaming service, FOX One, gained 2.8 million subscribers in June 2026, largely due to the World Cup. However, despite this strong performance, FOX's earnings are expected to decrease by 2.69% in fiscal year 2027.
2. The strategic acquisition of Roku for $22 billion introduced both long-term growth potential and short-term market uncertainty.
On June 14, 2026, Fox announced a definitive agreement to acquire Roku for approximately $22 billion in a cash-and-stock deal, or $160 per share, aiming to bolster its position in the ad-supported streaming market and gain access to Roku's extensive household reach. While this acquisition is seen as a strategic move to "transform" Fox's growth profile, the company's stock initially fell about 14% in pre-market trading following the announcement, reflecting investor concerns over the high deal valuation and potential integration challenges. Further, the transaction faced extended regulatory scrutiny, as the U.S. Department of Justice issued a Second Request for additional information on September 8, 2026, delaying the anticipated closing until the first half of calendar year 2027.
3. Positive analyst sentiment and a significant insider transaction indicated underlying confidence amidst market pressures.
Despite the mixed reactions, several analysts showed bullish sentiment towards FOX. In August 2026, firms like JPMorgan and Wells Fargo upgraded Fox to 'Overweight' with price targets between $80 and $82, while Deutsche Bank reiterated a 'Buy' rating with an $80 target, citing strengths in cable advertising and the long-term strategic value of the Roku acquisition. Reinforcing this confidence, Executive Chair and CEO Lachlan K. Murdoch facilitated the purchase of 149,934 shares of FOX Class A stock, valued at approximately $10.3 million, into the LKM Family Trust on September 15, 2026, at an average price of $68.53 per share.
4. Broader macroeconomic headwinds, including rising Treasury yields, created an offsetting drag on stock performance.
The period also saw Fox's stock movement influenced by a challenging macroeconomic backdrop. General weakness in the Communication Services sector and rising Treasury yields, approaching 5%, exerted downward pressure on growth and media stocks in September 2026, partially counteracting positive company-specific developments.
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Stock Movement Drivers
Fundamental Drivers
The 1.1% change in FOX stock from 5/31/2026 to 9/20/2026 was primarily driven by a 5.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 57.11 | 57.74 | 1.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,201 | 17,126 | 5.7% |
| Net Income Margin (%) | 10.6% | 9.8% | -6.8% |
| P/E Multiple | 14.2 | 14.4 | 1.5% |
| Shares Outstanding (Mil) | 424 | 419 | 1.2% |
| Cumulative Contribution | 1.1% |
Market Drivers
5/31/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| FOX | 1.1% | |
| Market (SPY) | 0.9% | -12.0% |
| Sector (XLC) | -4.2% | 38.2% |
Fundamental Drivers
The 12.8% change in FOX stock from 2/28/2026 to 9/20/2026 was primarily driven by a 22.5% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 51.20 | 57.74 | 12.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,578 | 17,126 | 3.3% |
| Net Income Margin (%) | 11.4% | 9.8% | -13.7% |
| P/E Multiple | 11.7 | 14.4 | 22.5% |
| Shares Outstanding (Mil) | 433 | 419 | 3.3% |
| Cumulative Contribution | 12.8% |
Market Drivers
2/28/2026 to 9/20/2026| Return | Correlation | |
|---|---|---|
| FOX | 12.8% | |
| Market (SPY) | 11.6% | -4.2% |
| Sector (XLC) | -5.8% | 31.0% |
Fundamental Drivers
The 7.5% change in FOX stock from 8/31/2025 to 9/20/2026 was primarily driven by a 34.7% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 53.72 | 57.74 | 7.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,300 | 17,126 | 5.1% |
| Net Income Margin (%) | 13.9% | 9.8% | -29.1% |
| P/E Multiple | 10.7 | 14.4 | 34.7% |
| Shares Outstanding (Mil) | 449 | 419 | 7.2% |
| Cumulative Contribution | 7.5% |
Market Drivers
8/31/2025 to 9/20/2026| Return | Correlation | |
|---|---|---|
| FOX | 7.5% | |
| Market (SPY) | 19.4% | 3.1% |
| Sector (XLC) | 0.5% | 29.6% |
Fundamental Drivers
The 96.4% change in FOX stock from 8/31/2023 to 9/20/2026 was primarily driven by a 20.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312023 | 9202026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.40 | 57.74 | 96.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 14,913 | 17,126 | 14.8% |
| Net Income Margin (%) | 8.3% | 9.8% | 18.4% |
| P/E Multiple | 12.0 | 14.4 | 19.8% |
| Shares Outstanding (Mil) | 505 | 419 | 20.5% |
| Cumulative Contribution | 96.4% |
Market Drivers
8/31/2023 to 9/20/2026| Return | Correlation | |
|---|---|---|
| FOX | 96.4% | |
| Market (SPY) | 75.6% | 30.7% |
| Sector (XLC) | 68.8% | 40.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FOX Return | |||||||
| Peers Return | 18% | -21% | 12% | 8% | 45% | 10% | 79% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| FOX Win Rate | |||||||
| Peers Win Rate | 48% | 45% | 47% | 53% | 57% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| FOX Max Drawdown | |||||||
| Peers Max Drawdown | -30% | -40% | -32% | -31% | -26% | -19% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LYV, OMC, SIRI, WBD, FOXA.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | FOX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -17.9% | -18.8% |
| % Gain to Breakeven | 21.7% | 23.1% |
| Time to Breakeven | 127 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -11.7% | -9.5% |
| % Gain to Breakeven | 13.3% | 10.5% |
| Time to Breakeven | 194 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -14.2% | -6.7% |
| % Gain to Breakeven | 16.6% | 7.1% |
| Time to Breakeven | 89 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.0% | -24.5% |
| % Gain to Breakeven | 29.8% | 32.4% |
| Time to Breakeven | 628 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.8% | -33.7% |
| % Gain to Breakeven | 88.1% | 50.9% |
| Time to Breakeven | 345 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -19.3% | -12.2% |
| % Gain to Breakeven | 23.8% | 13.9% |
| Time to Breakeven | 64 days | 62 days |
In The Past
Fox's stock fell -17.9% during the 2025 US Tariff Shock. Such a loss loss requires a 21.7% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | FOX | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -23.0% | -24.5% |
| % Gain to Breakeven | 29.8% | 32.4% |
| Time to Breakeven | 628 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.8% | -33.7% |
| % Gain to Breakeven | 88.1% | 50.9% |
| Time to Breakeven | 345 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -28.7% | -6.8% |
| % Gain to Breakeven | 40.3% | 7.3% |
| Time to Breakeven | 667 days | 15 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -27.5% | -15.4% |
| % Gain to Breakeven | 38.0% | 18.2% |
| Time to Breakeven | 231 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -73.6% | -53.4% |
| % Gain to Breakeven | 279.3% | 114.4% |
| Time to Breakeven | 1205 days | 1085 days |
In The Past
Fox's stock fell -17.9% during the 2025 US Tariff Shock. Such a loss loss requires a 21.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Fox (FOX)
Fox Corporation (FOX) is a prominent U.S. media company specializing in news, sports, and entertainment content. The company's core operations are primarily driven by its Cable Network Programming segment, which produces and licenses a robust portfolio of channels. These include national news and business networks like FOX News and FOX Business, alongside a strong sports presence with channels such as FS1, FS2, FOX Deportes, and the Big Ten Network. This content is distributed to customers primarily through traditional cable and satellite television systems, as well as modern online multi-channel video programming distributors.
Beyond its cable offerings, Fox's Television segment encompasses the national FOX broadcast network, which delivers a wide array of sports and entertainment programming. This segment also owns and operates 29 local broadcast television stations across the United States. Expanding into the digital realm, Fox operates Tubi, a free, advertising-supported video-on-demand streaming service. The company also produces its own content through studios like Fox Alternative Entertainment and Bento Box, and provides production and post-production services via its FOX Studios lot in Los Angeles. Fox primarily serves a broad audience of television viewers and streaming subscribers, with advertisers forming a significant portion of its customer base across its various platforms.
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Here are 1-3 brief analogies for Fox (symbol: FOX):
- It's like CNN and ESPN rolled into one, that also owns a major broadcast TV network like NBC or CBS.
- Think of it as a media company akin to Paramount Global (owners of CBS and Pluto TV), but with a much sharper focus on prominent national news and live sports content.
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- Cable Television Networks: Provides news, business news, and sports content through channels like FOX News, FOX Business, FS1, FS2, FOX Sports Racing, FOX Soccer Plus, FOX Deportes, and Big Ten Network.
- Broadcast Television Networks: Operates national networks such as The FOX Network and MyNetworkTV, distributing sports and entertainment programming.
- Local Broadcast Television Stations: Owns and operates 29 local broadcast television stations across the U.S.
- Video-on-Demand (VOD) Streaming Service: Offers Tubi, a free advertising-supported video-on-demand platform.
- Television and Film Content Production: Develops and produces unscripted, alternative, and animated programming through Fox Alternative Entertainment and Bento Box.
- Studio Production Facilities: Provides comprehensive production and post-production services through the FOX Studios lot in Los Angeles.
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Fox Corporation (FOX) primarily sells its content and services to other companies, rather than directly to individual consumers. Its major customers are the distributors who license Fox's news, sports, and entertainment content for distribution to their own subscribers.
The major customer categories and examples of companies within those categories include:
- Cable Television Systems: These companies carry Fox's various cable networks (e.g., FOX News, FS1, Big Ten Network) and the FOX broadcast network.
- Comcast Corporation (CMCSA)
- Charter Communications, Inc. (CHTR)
- Direct Broadcast Satellite Operators: These providers distribute Fox's channels to satellite subscribers.
- DISH Network Corporation (DISH)
- DirecTV (While not publicly traded as a standalone entity, it represents a major distributor type.)
- Telecommunications Companies (offering video services): Telcos often provide video services that include Fox's content.
- Verizon Communications Inc. (VZ)
- AT&T Inc. (T)
- Online Multi-Channel Video Programming Distributors (MVPDs): These are streaming services that bundle live TV channels, including those from Fox.
- Alphabet Inc. (GOOGL) (for YouTube TV)
- The Walt Disney Company (DIS) (for Hulu + Live TV)
- Advertisers: For its advertising-supported platforms like Tubi and its broadcast networks, advertisers are key customers purchasing ad inventory. Fox also generates advertising revenue from its cable and broadcast networks through the distributors listed above.
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Lachlan K. Murdoch, Executive Chair and Chief Executive Officer
Lachlan K. Murdoch is the Executive Chair and Chief Executive Officer of Fox Corporation, overseeing its portfolio of news, sports, and entertainment assets. He was instrumental in the spinoff of FOX by 21st Century Fox and its establishment as a standalone public company. Mr. Murdoch has spent three decades building, operating, and investing in prominent television and publishing businesses. He founded Illyria Pty, a private investment company, which acquired 50 percent of DMG Radio (later renamed NOVA Entertainment) and subsequently purchased the remaining 50 percent. Under his chairmanship, NOVA Entertainment experienced significant growth. Mr. Murdoch previously served as Deputy Chief Operating Officer of 21st Century Fox, Chairman of Fox Television Stations, and Publisher of the New York Post. He currently serves as the Chair of News Corp and Executive Chairman of NOVA Entertainment.
John P. Nallen, President and Chief Operating Officer
John P. Nallen serves as President and Chief Operating Officer for Fox Corporation and is a member of the Office of the Chairman. In this role, he oversees the company's finance, strategy, business development, distribution, real estate, and human resources organizations. Prior to this, Mr. Nallen was the Senior Executive Vice President and Chief Financial Officer for 21st Century Fox, a role in which he led all financial matters, including capital market and merger and acquisition transactions. He joined 21st Century Fox (then News Corporation) in 1995 from Arthur Andersen, where he was a partner leading its Media and Entertainment practice. Mr. Nallen has also served on the corporate boards of Sky TV plc, Endemol Shine, and Penske Entertainment Group.
Steve Tomsic, Chief Financial Officer
Steve Tomsic serves as Chief Financial Officer of Fox Corporation, where he oversees the company's corporate and operational finance activities, including capital markets, merger and acquisition transactions, treasury, risk management, tax, financial planning and analysis, accounting, and external reporting. Before joining Fox Corporation, Mr. Tomsic served as Deputy Chief Financial Officer of 21st Century Fox (21CF) and Executive Vice President, Corporate Finance of 21CF. He also spent five years as the Chief Financial Officer of the German publicly listed company Sky Deutschland AG. His earlier career includes various finance roles across 21CF's Europe & Asia corporate offices, European channels businesses, Sky Italia, and FOXTEL in Australia, and prior to 21CF, he worked at the Boston Consulting Group, Nomura, and ANZ Bank.
Adam G. Ciongoli, Chief Legal and Policy Officer
Adam G. Ciongoli is the Chief Legal and Policy Officer for Fox Corporation, leading all legal, compliance, and regulatory matters, and overseeing government and public affairs. He joined FOX in December 2023 from Campbell Soup Company, where he served as Executive Vice President, General Counsel and Chief Sustainability, Corporate Responsibility and Governance Officer. His previous roles include Executive Vice President and General Counsel of Lincoln Financial Group, Group General Counsel and Secretary for Willis Group Holdings, PLC, and Senior Vice President and General Counsel for Time Warner, Europe. Before transitioning to the private sector, Mr. Ciongoli served as counselor to U.S. Attorney General John Ashcroft, chief counsel to the U.S. Senate Subcommittee on the Constitution, Federalism and Property Rights, and as a law clerk to United States Supreme Court Justice Samuel A. Alito, Jr.
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Key Risks to Fox Corporation (FOX)
- Litigation and Reputational Damage: Fox Corporation faces significant financial and reputational risks stemming from ongoing and potential defamation lawsuits, particularly those related to content broadcast on FOX News. The company previously settled a lawsuit with Dominion Voting Systems for $787.5 million due to statements made on FOX News, and another substantial lawsuit with Smartmatic is pending. The perception among viewers that non-news shows are actual journalism, and the inadequate differentiation between news reporting and opinion programming, contribute to these risks, potentially leading to further legal challenges and damage to the company's brand and bottom line.
- Cord-Cutting and Dependence on Linear Television and Sports Rights: Fox Corporation's business model is heavily reliant on linear television programming, making it vulnerable to the accelerating trend of cord-cutting. The decline in traditional cable television subscriptions poses a challenge to the company's revenue and profitability. Furthermore, Fox's significant dependence on high-profile sports rights, such as the NFL, introduces considerable risk, especially with impending renegotiations for these media rights, which could lead to increased costs and eroded margins.
- Integration Risks from the Roku Acquisition: While the acquisition of Roku Inc. is intended to diversify Fox's portfolio and mitigate risks associated with its linear-heavy business model, it introduces new and substantial integration risks. Combining a traditional media company with a major technology platform like Roku could prove challenging, leading to execution complexities, operational difficulties, increased costs, and potential attrition of key talent. There is also a risk that Roku's market share could erode due to intense competition from other connected television platforms, which could further complicate Fox's strategic objectives for the acquisition.
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Clear emerging threats to Fox (FOX) include:
- Accelerated Cord-Cutting and Cord-Needing: The ongoing and accelerating trend of consumers canceling traditional cable and satellite subscriptions, or opting never to subscribe to linear TV services (cord-nevers). This directly erodes the subscriber base for Fox's Cable Network Programming segment, impacting affiliate fees, and reduces viewership for its Television segment's broadcast network and stations, thereby decreasing advertising revenue.
- Direct-to-Consumer (DTC) Sports Offerings by Leagues and Rights Holders: An emerging trend where major sports leagues and content rights holders bypass traditional broadcasters and cable channels to offer their content directly to fans through their own subscription streaming services. This threatens the value proposition of Fox's extensive sports programming (e.g., FS1, FS2, Big Ten Network, The FOX Network's sports broadcasts) by fragmenting the sports viewing audience and potentially driving up the cost of retaining exclusive sports rights or leading to the loss of key content.
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Fox Corporation operates within several significant addressable markets in the United States, primarily centered around news, sports, and entertainment content distribution, as well as ad-supported video-on-demand (AVOD) services. The key addressable markets for its main products and services include:
- U.S. Sports Broadcasting Media Market: This market, which encompasses Fox's national multi-sport networks like FS1, FS2, FOX Deportes, and Big Ten Network, as well as sports programming on The FOX Network, reached a value of approximately 30.23 billion USD in 2025. It is projected to expand to about 34.40 billion USD by 2035.
- U.S. Linear TV Advertising Market: This market covers advertising revenue generated from traditional broadcast and cable television, which includes Fox's broadcast network, television stations, and cable news and sports channels. U.S. linear TV ad spend is expected to be approximately 55.2 billion USD in 2025, with a forecast to decrease to 48 billion USD by 2026 as advertising budgets shift towards digital platforms.
- U.S. Advertising Video-On-Demand (AVOD) Market: Fox's Tubi service operates in this rapidly growing market. The U.S. AVOD market size was valued at 18.6 billion USD in 2025. This market is projected for substantial growth, with expectations to reach 132.1 billion USD by 2034, driven by increasing internet accessibility, diverse device usage, and targeted advertising.
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Fox Corporation (FOX) is anticipated to drive future revenue growth over the next two to three years through several key strategies:
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Affiliate Fee Growth: Fox consistently experiences positive growth in affiliate fee revenues across its Television and Cable segments. This growth is primarily fueled by favorable pricing stemming from recent distribution renewals. The company expects to complete the renewal of approximately one-quarter of its distribution revenue in fiscal year 2025, further supporting this revenue stream.
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Expansion of Tubi: Tubi, Fox's free advertising-supported video-on-demand (AVOD) service, is a significant driver of digital revenue. Tubi has demonstrated strong year-over-year revenue growth (22-27% in recent quarters), alongside increases in total view time and monthly active users. The platform has achieved pre-tax profitability and is expanding its content library with creator-led titles and Tubi originals. Fox anticipates Tubi will be a meaningful contributor to EBITDA, with expected margins in the 20-25% range in the medium term. The acquisition of Red Seat Ventures in early 2025 also integrates podcasting and direct-to-consumer media businesses under Tubi Media Group, broadening its digital footprint.
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Political Advertising Cycles: Fox expects substantial revenue generation from political advertising, particularly benefiting from the U.S. Presidential Election in fiscal year 2025 and the subsequent 2026 midterm election cycle. Local television stations in key battleground states are projected to be significant beneficiaries of increased political ad spending. The 2026 midterm advertising cycle is projected to reach a record $11 billion.
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Live Sports and News Content: Fox’s strategic emphasis on live, "must-watch" content, particularly in sports and news, is expected to continue boosting advertising and distribution revenues. Key upcoming sporting events, such as the FIFA World Cup in 2026 and the Super Bowl in fiscal 2025, are anticipated to drive advertising demand. Additionally, Fox has secured rights for more NFL regular-season games. The Big Ten Network, 61% owned by Fox, benefits from a new lucrative media rights deal, contributing to the company's sports revenue. In news, FOX News maintains its leadership position, with advertising performance driven by higher news pricing and an expanding digital presence, which is expected to continue through the election cycles.
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Launch of Fox One Streaming Service: In May 2025, Fox announced the launch of Fox One, a new U.S. streaming service slated for August 21, 2025. This service aims to attract "cord-cutters" and "cord-nevers" by offering content from the Fox broadcast network and its cable channels, including live sports and news. Early reports suggest positive engagement, with a significant portion of subscribers streaming news content without negatively impacting traditional pay-TV viewership.
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Share Repurchases
- In November 2019, Fox Corporation's Board of Directors authorized a $2 billion stock repurchase program, initiating with approximately $500 million in repurchases.
- The company's stock repurchase authorization was incrementally increased to $4 billion in June 2021, and further to $7 billion in February 2023 with an additional $3 billion authorization, which included a $1 billion accelerated share repurchase transaction.
- As of August 2025, the total stock repurchase authorization was expanded to $12 billion with an additional $5 billion, and by March 31, 2026, Fox Corporation had cumulatively repurchased approximately $8.5 billion ($6.7 billion Class A and $1.8 billion Class B) of its common stock, with $3.5 billion remaining under authorization.
Share Issuance
- The number of outstanding shares for Fox Corporation has generally declined over the past few years due to ongoing share repurchase programs; for example, 2025 shares outstanding decreased by 3.96% from 2024, 2024 by 9.6% from 2023, and 2023 by 6.84% from 2022.
- In June 2026, Fox Corporation announced the acquisition of Roku, Inc., in a transaction valued at approximately $22 billion, which will be partly funded by the issuance of Fox Class A common stock, with Roku shareholders expected to own approximately 27% of the combined company.
Outbound Investments
- In August 2019, Fox Corporation acquired a 67% majority stake in Credible Labs for $397 million.
- The company acquired the streaming service Tubi for $440 million in April 2020.
- In June 2026, Fox Corporation announced its intent to acquire Roku, Inc. for approximately $22 billion in a combination of cash and stock, aiming to strengthen its digital strategy and combine its content with Roku's platform.
Capital Expenditures
- Fox Corporation's capital expenditures for the latest twelve months ending March 31, 2026, were $480 million.
- From fiscal years ending June 2021 to 2025, capital expenditures averaged $364.8 million, with annual figures ranging from $307 million in 2022 to $484 million in 2021.
- The company's expected capital expenditures are projected to be approximately $471.8 million for fiscal year 2026, $402.2 million for 2027, and $389.4 million for 2028, primarily focused on spending on assets such as office buildings, machines, and vehicles.
Peer Outperformance in Broadcasting
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | -15.1% | 26.4% | 41.6% | ECHO 262% · TMUS 42% · SHEN -60% |
| Publishing | 5 | 21.6% | 20.2% | 18.4% | NYT 49% · NWSA 40% · SCHL 18% |
| Integrated Telecommunication Services | 21 | -16.1% | 3.2% | -25.7% | IQST 1481% · GSAT 229% · AD 154% |
| Movies & Entertainment | 24 | -1.1% | 72.3% | -34.3% | IMAX 221% · MSGS 128% · BATRA 116% |
| Alternative Carriers | 4 | 29.6% | 15.9% | -42.7% | IRDM 14% · UNIT -41% · LUMN -45% |
| Advertising | 19 | -18.5% | -10.1% | -61.8% | APP 316% · EVC 50% · OMC 29% |
| Broadcasting ← | 16 | -12.0% | -14.1% | -66.7% | FOXA 85% · FOX 79% · NXST 26% |
| Interactive Media & Services | 30 | -38.1% | -35.1% | -71.0% | GOOGL 154% · META 88% · EVER 13% |
| Interactive Home Entertainment | 8 | -51.8% | -55.1% | -87.6% | TTWO 41% · RBLX -39% · PINS -65% |
Latest Trefis Analyses
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 64.45 |
| Mkt Cap | 27.0 |
| Rev LTM | 22,371 |
| Op Inc LTM | 1,938 |
| FCF LTM | 1,549 |
| FCF 3Y Avg | 1,834 |
| CFO LTM | 2,582 |
| CFO 3Y Avg | 1,982 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.1% |
| Rev Chg 3Y Avg | 5.1% |
| Rev Chg Q | 9.4% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | 1.4% |
| Op Inc Chg 3Y Avg | 0.3% |
| Op Mgn LTM | 6.1% |
| Op Mgn 3Y Avg | 11.3% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 11.5% |
| CFO/Rev 3Y Avg | 14.2% |
| FCF/Rev LTM | 8.6% |
| FCF/Rev 3Y Avg | 11.2% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Television | 9,325 | 7,875 | 8,710 | 7,685 | 7,048 |
| Cable Network Programming | 6,930 | 5,955 | 6,043 | 6,097 | 5,683 |
| Corporate and Other | 244 | 209 | 217 | 233 | |
| Eliminations | -199 | -59 | -57 | -41 | |
| Other, Corporate and Eliminations | 178 | ||||
| Total | 16,300 | 13,980 | 14,913 | 13,974 | 12,909 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Cable Network Programming | 3,030 | 2,693 | 2,472 | 2,934 | 2,876 |
| Television | 945 | 506 | 1,009 | 347 | 555 |
| Amortization of cable distribution investments | -10 | -16 | -16 | -18 | -22 |
| Corporate and Other | -351 | -316 | -290 | -326 | |
| Depreciation and amortization | -385 | -389 | -411 | -363 | -300 |
| Other, Corporate and Eliminations | -344 | ||||
| Total | 3,229 | 2,478 | 2,764 | 2,574 | 2,765 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Corporate and Other | 10,755 | 10,090 | |||
| Television | 7,924 | 7,961 | 7,803 | 7,915 | 7,305 |
| Cable Network Programming | 2,895 | 2,792 | 2,658 | 2,682 | 2,577 |
| Investments | 1,621 | 1,129 | 1,034 | 578 | 899 |
| Other, Corporate and Eliminations | 10,371 | 11,010 | 12,145 | ||
| Total | 23,195 | 21,972 | 21,866 | 22,185 | 22,926 |
Price Behavior
| Market Price | $57.74 | |
| Market Cap ($ Bil) | 24.2 | |
| First Trading Date | 03/11/1996 | |
| Distance from 52W High | -13.9% | |
| 50 Days | 200 Days | |
| DMA Price | $56.00 | $56.61 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 3.1% | 2.0% |
| 3M | 1YR | |
| Volatility | 34.3% | 34.1% |
| Downside Capture | -47.47 | 29.16 |
| Upside Capture | 69.97 | 31.92 |
| Correlation (SPY) | 3.8% | 3.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.34 | -0.03 | -0.50 | -0.16 | 0.06 | 0.57 |
| Up Beta | 0.48 | -0.42 | -1.98 | -1.04 | -0.58 | 0.56 |
| Down Beta | 2.68 | 0.46 | 0.27 | -0.05 | 0.27 | 0.74 |
| Up Capture | 113% | 85% | -15% | 25% | 18% | 27% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 13 | 24 | 36 | 70 | 137 | 412 |
| Down Capture | -217% | -119% | -49% | -4% | 20% | 66% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 8 | 18 | 28 | 56 | 112 | 337 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FOX | |
|---|---|---|---|---|
| FOX | 8.9% | 34.0% | 0.30 | - |
| Sector ETF (XLC) | -5.8% | 15.4% | -0.59 | 30.5% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 3.2% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | -0.8% |
| Commodities (DBC) | 46.3% | 20.6% | 1.73 | 4.7% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 16.3% |
| Bitcoin (BTCUSD) | -30.6% | 44.3% | -0.70 | 2.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FOX | |
|---|---|---|---|---|
| FOX | 13.2% | 28.0% | 0.45 | - |
| Sector ETF (XLC) | 6.7% | 21.0% | 0.23 | 45.9% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 40.8% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 2.3% |
| Commodities (DBC) | 11.2% | 19.5% | 0.45 | 13.9% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 37.5% |
| Bitcoin (BTCUSD) | 12.5% | 52.5% | 0.42 | 16.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FOX | |
|---|---|---|---|---|
| FOX | 10.2% | 30.6% | 0.38 | - |
| Sector ETF (XLC) | 9.1% | 22.1% | 0.46 | 46.1% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 45.3% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 2.8% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 18.4% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 40.6% |
| Bitcoin (BTCUSD) | 62.6% | 66.2% | 1.02 | 10.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 7/17/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/30/2025 | 8.2% | 7.4% | 9.2% |
| 8/5/2025 | -3.7% | -4.6% | 6.0% |
| 5/12/2025 | 4.3% | 11.0% | 7.7% |
| 2/4/2025 | 4.8% | 2.4% | 7.4% |
| 11/4/2024 | 2.8% | 6.9% | 13.3% |
| 8/6/2024 | 6.3% | 6.5% | 13.0% |
| 5/8/2024 | 2.5% | 3.7% | 7.1% |
| 2/7/2024 | -6.5% | -6.7% | -10.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 16 |
| # Negative | 8 | 7 | 6 |
| Median Positive | 4.6% | 4.2% | 7.3% |
| Median Negative | -3.0% | -3.2% | -4.5% |
| Max Positive | 8.2% | 11.0% | 24.2% |
| Max Negative | -7.0% | -6.7% | -13.2% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/30/2025 | 8.2% | 7.4% | 9.2% |
| 8/5/2025 | -3.7% | -4.6% | 6.0% |
| 5/12/2025 | 4.3% | 11.0% | 7.7% |
| 2/4/2025 | 4.8% | 2.4% | 7.4% |
| 11/4/2024 | 2.8% | 6.9% | 13.3% |
| 8/6/2024 | 6.3% | 6.5% | 13.0% |
| 5/8/2024 | 2.5% | 3.7% | 7.1% |
| 2/7/2024 | -6.5% | -6.7% | -10.1% |
| 11/2/2023 | 2.0% | 1.1% | 1.3% |
| 8/8/2023 | 5.6% | 2.0% | -6.1% |
| 5/9/2023 | -1.5% | -3.2% | 5.5% |
| 2/8/2023 | 4.4% | 4.2% | -2.9% |
| 11/1/2022 | 5.2% | 0.9% | 12.2% |
| 8/10/2022 | 3.3% | 7.6% | -0.5% |
| 5/10/2022 | -2.2% | 1.8% | 3.0% |
| 2/9/2022 | 6.9% | 4.7% | -1.4% |
| 11/3/2021 | -0.5% | -2.1% | -13.2% |
| 8/4/2021 | 5.1% | 5.8% | 6.5% |
| 5/5/2021 | 3.3% | 2.7% | 0.4% |
| 2/9/2021 | -5.9% | -2.9% | 24.2% |
| 11/3/2020 | -0.7% | -2.6% | 11.8% |
| 8/4/2020 | -7.0% | -6.6% | 5.7% |
| SUMMARY STATS | |||
| # Positive | 14 | 15 | 16 |
| # Negative | 8 | 7 | 6 |
| Median Positive | 4.6% | 4.2% | 7.3% |
| Median Negative | -3.0% | -3.2% | -4.5% |
| Max Positive | 8.2% | 11.0% | 24.2% |
| Max Negative | -7.0% | -6.7% | -13.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-K |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-Q |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-K |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/04/2025 | 10-Q |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-K |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/07/2024 | 10-Q |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-K |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-Q |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/06/2026 | 10-K |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-Q |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-K |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/04/2025 | 10-Q |
| 09/30/2024 | 11/04/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-K |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/07/2024 | 10-Q |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/11/2023 | 10-K |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/08/2023 | 10-Q |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-K |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 02/09/2022 | 10-Q |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/10/2021 | 10-K |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/09/2021 | 10-Q |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-K |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/05/2020 | 10-Q |
| 09/30/2019 | 11/06/2019 | 10-Q |
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Broadcasting Resources |
| Broadcasting & Cable |
| TV Technology |
| Radio Ink |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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