Fox (FOXA)


Market Price (8/17/2026): $69.01 | Market Cap: $28.9 BilInvestor Relations Sector: Communication Services | Industry: Broadcasting

Fox (FOXA)


Market Price (8/17/2026): $69.01
Market Cap: $28.9 Bil
Sector: Communication Services
Industry: Broadcasting

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, FCF Yield is 5.1%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%

Stock buyback support
Stock Buyback 3Y Total is 4.0 Bil

Low stock price volatility
Vol 12M is 35%

Megatrend and thematic drivers
Megatrends include Digital Content & Streaming, Digital Advertising, and Markets & Betting. Themes include Video Streaming, Show more.

Meaningful short interest
Short 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 11.51, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%

Key risks
FOXA key risks include [1] heightened legal and regulatory exposure tied to the political nature of its content and potential claims related to workplace conduct.

0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, FCF Yield is 5.1%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%
2 Stock buyback support
Stock Buyback 3Y Total is 4.0 Bil
3 Low stock price volatility
Vol 12M is 35%
4 Megatrend and thematic drivers
Megatrends include Digital Content & Streaming, Digital Advertising, and Markets & Betting. Themes include Video Streaming, Show more.
5 Meaningful short interest
Short 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 11.51, Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 11%
6 Key risks
FOXA key risks include [1] heightened legal and regulatory exposure tied to the political nature of its content and potential claims related to workplace conduct.

FOXA in ETFs

Weight = FOXA's share of each fund

VOO0.02%
IVV0.02%
VTI0.01%
ITOT0.02%
IWB0.02%
RSP0.12%
VTV0.04%
VYM0.05%
+29 more covered ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 8/14/2026

Fox (FOXA) stock has gained about 10% since 4/30/2026 because of the following key factors:

1. Robust Fiscal Q4 2026 Earnings Exceeded Expectations.

Fox Corporation (FOXA) reported strong financial results for its fiscal fourth quarter ended June 30, 2026. The company announced adjusted earnings per share (EPS) of $1.79, significantly surpassing analysts' consensus estimates of $1.44 by $0.35, or approximately 24.3%. Additionally, quarterly revenue rose by 28.1% year-over-year to $4.21 billion, exceeding analyst expectations of $3.64 billion. This strong performance was primarily driven by substantial advertising revenue growth, notably from the broadcast of the FIFA Men's World Cup and continued digital expansion of the Tubi AVOD service, which experienced 35% revenue growth.

2. Strategic Acquisition of Roku Fuels Growth Outlook.

The pending acquisition of Roku for approximately $22 billion (or $23.2 billion) has been a significant catalyst for investor optimism. Analysts anticipate this strategic move will reshape Fox's digital distribution valuation, enhance its competitive position, and could potentially double the company's long-term sales growth rate. An S-4 filing published on August 7, 2026, further supported the valuation, indicating that Fox did not overpay for the deal. While the acquisition is expected to add substantial revenue, it is projected to dilute near-term EPS upon its close in early fiscal 2027.

Show more
Updated on 8/14/2026

Fox (FOXA) stock has gained about 10% since 4/30/2026 because of the following key factors:

1. Robust Fiscal Q4 2026 Earnings Exceeded Expectations.

Fox Corporation (FOXA) reported strong financial results for its fiscal fourth quarter ended June 30, 2026. The company announced adjusted earnings per share (EPS) of $1.79, significantly surpassing analysts' consensus estimates of $1.44 by $0.35, or approximately 24.3%. Additionally, quarterly revenue rose by 28.1% year-over-year to $4.21 billion, exceeding analyst expectations of $3.64 billion. This strong performance was primarily driven by substantial advertising revenue growth, notably from the broadcast of the FIFA Men's World Cup and continued digital expansion of the Tubi AVOD service, which experienced 35% revenue growth.

2. Strategic Acquisition of Roku Fuels Growth Outlook.

The pending acquisition of Roku for approximately $22 billion (or $23.2 billion) has been a significant catalyst for investor optimism. Analysts anticipate this strategic move will reshape Fox's digital distribution valuation, enhance its competitive position, and could potentially double the company's long-term sales growth rate. An S-4 filing published on August 7, 2026, further supported the valuation, indicating that Fox did not overpay for the deal. While the acquisition is expected to add substantial revenue, it is projected to dilute near-term EPS upon its close in early fiscal 2027.

3. Multiple Analyst Upgrades and Increased Price Targets.

Following the positive fiscal Q4 2026 earnings report and developments regarding the Roku acquisition, several Wall Street analysts upgraded Fox Corporation's stock and raised their price targets. JPMorgan, for instance, upgraded FOXA from Neutral to Overweight and increased its price target to $82 from $70, citing strong FIFA World Cup economics and an optimistic outlook for political advertising spending. Similarly, Wells Fargo upgraded FOXA from Equal-Weight to Overweight and raised its price target to $80 from $65. Wolfe Research also upgraded Fox to an Outperform rating, specifically noting the benefits of the Roku merger. The average price target from 18 analysts is $73.56, suggesting a forecasted upside of 12.39% from the stock's price as of August 13, 2026.

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Stock Movement Drivers

Fundamental Drivers

The 8.7% change in FOXA stock from 4/30/2026 to 8/16/2026 was primarily driven by a 18.1% change in the company's P/E Multiple.
(LTM values as of)43020268162026Change
Stock Price ($)63.4969.048.7%
Change Contribution By: 
Total Revenues ($ Mil)16,57817,1263.3%
Net Income Margin (%)11.4%9.8%-13.7%
P/E Multiple14.517.218.1%
Shares Outstanding (Mil)4334193.3%
Cumulative Contribution8.7%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/16/2026
ReturnCorrelation
FOXA8.7% 
Market (SPY)8.0%-9.1%
Sector (XLC)-3.1%21.9%

Fundamental Drivers

The -4.7% change in FOXA stock from 1/31/2026 to 8/16/2026 was primarily driven by a -20.4% change in the company's Net Income Margin (%).
(LTM values as of)13120268162026Change
Stock Price ($)72.4269.04-4.7%
Change Contribution By: 
Total Revenues ($ Mil)16,47417,1264.0%
Net Income Margin (%)12.4%9.8%-20.4%
P/E Multiple15.917.27.9%
Shares Outstanding (Mil)4474196.7%
Cumulative Contribution-4.7%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/16/2026
ReturnCorrelation
FOXA-4.7% 
Market (SPY)12.5%1.9%
Sector (XLC)-5.6%25.5%

Fundamental Drivers

The 25.0% change in FOXA stock from 7/31/2025 to 8/16/2026 was primarily driven by a 28.0% change in the company's P/E Multiple.
(LTM values as of)73120258162026Change
Stock Price ($)55.2369.0425.0%
Change Contribution By: 
Total Revenues ($ Mil)16,10517,1266.3%
Net Income Margin (%)11.6%9.8%-15.0%
P/E Multiple13.417.228.0%
Shares Outstanding (Mil)4534198.1%
Cumulative Contribution25.0%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/16/2026
ReturnCorrelation
FOXA25.0% 
Market (SPY)23.9%6.0%
Sector (XLC)6.2%25.8%

Fundamental Drivers

The 114.4% change in FOXA stock from 7/31/2023 to 8/16/2026 was primarily driven by a 25.4% change in the company's Net Income Margin (%).
(LTM values as of)73120238162026Change
Stock Price ($)32.2169.04114.4%
Change Contribution By: 
Total Revenues ($ Mil)14,91417,12614.8%
Net Income Margin (%)7.8%9.8%25.4%
P/E Multiple14.317.219.7%
Shares Outstanding (Mil)52141924.3%
Cumulative Contribution114.4%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/16/2026
ReturnCorrelation
FOXA114.4% 
Market (SPY)75.6%29.9%
Sector (XLC)69.4%36.8%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
FOXA Return28%-17%-1%66%52%-10%141%
Peers Return1%-28%11%3%48%-5%16%
S&P 500 Return27%-19%24%23%16%14%108%

Monthly Win Rates [3]
FOXA Win Rate58%42%33%67%75%62% 
Peers Win Rate50%44%56%48%54%30% 
S&P 500 Win Rate75%42%67%75%67%50% 

Max Drawdowns [4]
FOXA Max Drawdown-22%-35%-20%-12%-18%-36% 
Peers Max Drawdown-35%-46%-31%-27%-28%-26% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: DIS, CMCSA, WBD, PARA, NXST. See FOXA Returns vs. Peers.
[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 8/14/2026 (YTD)

How Low Can It Go

EventFOXAS&P 500
2025 US Tariff Shock
  % Loss-17.4%-18.8%
  % Gain to Breakeven21.1%23.1%
  Time to Breakeven114 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-11.0%-9.5%
  % Gain to Breakeven12.4%10.5%
  Time to Breakeven146 days24 days
2023 SVB Regional Banking Crisis
  % Loss-13.9%-6.7%
  % Gain to Breakeven16.1%7.1%
  Time to Breakeven420 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-24.2%-24.5%
  % Gain to Breakeven31.9%32.4%
  Time to Breakeven628 days427 days
2020 COVID-19 Crash
  % Loss-46.5%-33.7%
  % Gain to Breakeven86.9%50.9%
  Time to Breakeven344 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-20.5%-12.2%
  % Gain to Breakeven25.8%13.9%
  Time to Breakeven69 days62 days

Compare to DIS, CMCSA, WBD, PARA, NXST

In The Past

Fox's stock fell -17.4% during the 2025 US Tariff Shock. Such a loss loss requires a 21.1% 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.

EventFOXAS&P 500
2022 Inflation Shock & Fed Tightening
  % Loss-24.2%-24.5%
  % Gain to Breakeven31.9%32.4%
  Time to Breakeven628 days427 days
2020 COVID-19 Crash
  % Loss-46.5%-33.7%
  % Gain to Breakeven86.9%50.9%
  Time to Breakeven344 days140 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-20.5%-12.2%
  % Gain to Breakeven25.8%13.9%
  Time to Breakeven69 days62 days
2014-2016 Oil Price Collapse
  % Loss-30.9%-6.8%
  % Gain to Breakeven44.8%7.3%
  Time to Breakeven667 days15 days
2010 Eurozone Sovereign Debt Crisis / Flash Crash
  % Loss-27.2%-15.4%
  % Gain to Breakeven37.4%18.2%
  Time to Breakeven216 days125 days
2008-2009 Global Financial Crisis
  % Loss-75.8%-53.4%
  % Gain to Breakeven314.1%114.4%
  Time to Breakeven1102 days1085 days

Compare to DIS, CMCSA, WBD, PARA, NXST

In The Past

Fox's stock fell -17.4% during the 2025 US Tariff Shock. Such a loss loss requires a 21.1% 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 (FOXA)

Fox Corporation (FOXA) is a prominent U.S. media company primarily engaged in producing and distributing news, sports, and entertainment content. The company operates through two main segments: Cable Network Programming and Television, alongside a smaller segment that manages production facilities. Its business model centers on creating engaging content and distributing it across various platforms, reaching a wide audience.

The Cable Network Programming segment focuses on producing and licensing a diverse array of content. Key offerings include national news and business channels like FOX News and FOX Business, as well as major sports networks such as FS1, FS2, and the Big Ten Network. These channels are primarily distributed to subscribers through traditional cable television systems, direct broadcast satellite operators, telecommunications companies, and online multi-channel video programming distributors.

The Television segment encompasses the acquisition, production, and distribution of broadcast network programming through The FOX Network, which broadcasts popular sports and entertainment content. This segment also owns and operates 29 broadcast television stations across the United States. Additionally, Fox has expanded into digital streaming with Tubi, a free advertising-supported video-on-demand service, broadening its reach to consumers and offering new opportunities for advertisers.

AI Analysis | Feedback

Here are 1-2 brief analogies to describe Fox (FOXA):

  • It's like a combination of CNN and ESPN, plus a major broadcast TV network similar to NBC.
  • Think of it as a media company similar to Paramount Global, but with a strong focus on national news and sports, and a free streaming service like Pluto TV.

AI Analysis | Feedback

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  • News and Business News Programming: Operates national cable channels such as FOX News and FOX Business, providing extensive news and financial reporting.
  • Sports Programming Networks: Offers a portfolio of national sports networks including FS1, FS2, FOX Sports Racing, FOX Soccer Plus, FOX Deportes, and Big Ten Network, delivering diverse sports content.
  • Broadcast Television Network: Operates The FOX Network, a national broadcast network that distributes a variety of sports and entertainment programming.
  • Free Advertising-Supported Video-on-Demand (AVOD): Provides Tubi, a streaming service offering free, ad-supported video content to consumers.
  • Television Production Services: Develops and produces unscripted, alternative, and animated programming through studios like Fox Alternative Entertainment and Bento Box.
  • Broadcast Television Stations: Owns and operates 29 local broadcast television stations across the United States.
  • Studio Production Facilities: Manages the FOX Studios lot, offering comprehensive production and post-production services, including sound stages and editing facilities.
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AI Analysis | Feedback

Fox (FOXA) sells primarily to other companies, which act as distributors of its content to individual consumers, and to advertisers.

Its major customers for content distribution include:

  • Comcast Corporation (CMCSA), operator of Xfinity cable services.
  • Charter Communications, Inc. (CHTR), operator of Spectrum cable services.
  • DISH Network Corporation (DISH), a direct broadcast satellite provider and operator of Sling TV.
  • Alphabet Inc. (GOOGL), which operates the YouTube TV streaming service.
  • The Walt Disney Company (DIS), through its majority ownership of Hulu + Live TV.
  • Verizon Communications Inc. (VZ), for its Fios TV service.

Additionally, a significant portion of Fox's revenue comes from **advertisers** across various industries, who purchase advertising space and time on its broadcast networks, owned-and-operated stations, cable channels, and the Tubi streaming service.

AI Analysis | Feedback

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AI Analysis | Feedback

Lachlan K. Murdoch, Executive Chair and Chief Executive Officer

Lachlan K. Murdoch oversees Fox Corporation's 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. Prior to his current role, Mr. Murdoch founded Illyria Pty, a private investment company, which notably acquired 50 percent of DMG Radio (later renamed NOVA Entertainment), where he became Chairman and saw significant growth. He has also held various senior executive roles within News Corporation and 21st Century Fox over three decades, including overseeing U.S. television stations and publishing assets like the New York Post.

Steve Tomsic, Chief Financial Officer

Steve Tomsic is responsible for Fox Corporation'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. He previously served as Deputy Chief Financial Officer of 21st Century Fox (21CF). His extensive background includes various senior finance roles across 21CF's international operations, such as Sky Deutschland, Sky Italia, and Foxtel in Australia. Before joining 21CF, Mr. Tomsic worked in Australia at the Boston Consulting Group, Nomura, and ANZ Bank.

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, with oversight of the company's finance, strategy, business development, distribution, real estate, and human resources organizations. He has a long tenure with the Fox family of companies, joining News Corporation (later 21st Century Fox) in 1995. Before his current role, Mr. Nallen served as Chief Operating Officer since the establishment of Fox Corporation in March 2019, and prior to that, he was Senior Executive Vice President and Chief Financial Officer for 21st Century Fox, a position he assumed in 2013, leading all financial aspects including capital markets and M&A. He was also Executive Vice President and Deputy Chief Financial Officer for 21st Century Fox starting in 2001.

Adam G. Ciongoli, Chief Legal and Policy Officer

Adam G. Ciongoli leads all legal, compliance, and regulatory matters for Fox Corporation and oversees government and public affairs. He joined FOX in 2023. Prior to his role at Fox, Mr. Ciongoli served as Executive Vice President, General Counsel, and Chief Sustainability, Corporate Responsibility, and Governance Officer for Campbell Soup Company.

Kevin Lord, Executive Vice President and Chief Human Resources Officer

Kevin Lord oversees Fox Corporation's talent acquisition, colleague development, culture and belonging, compensation and benefits, and employee volunteering strategies, and leads all aspects of the human resources function for FOX News. He joined Fox in early 2017. Previously, Mr. Lord held HR leadership positions at TEGNA (a spinoff from Gannett), NBC News, where he was instrumental in the ownership transition from GE to Comcast, and General Electric. His career began at Burlington Industries, followed by roles at Hewlett-Packard, Colgate-Palmolive, and Roche.

AI Analysis | Feedback

Here are the key risks to Fox Corporation (FOXA):

  1. Declining Traditional Pay TV Bundle and Intense Industry Competition: Fox Corporation heavily relies on the traditional pay TV bundle for its revenue streams, particularly through its cable networks and broadcast television segments. However, the media industry is experiencing rapid disruption due to technological advancements and changing consumer behaviors, leading to a significant trend of cord-cutting and a shift towards digital platforms. This dependence poses a substantial risk to the company's revenue streams as subscriber numbers decline. Furthermore, Fox operates in an intensely competitive environment, vying for viewership and advertising dollars against traditional media companies and emerging digital platforms. A critical aspect of this competition is the escalating cost of acquiring and renewing premium live sports rights, such as those for the NFL, which can significantly pressure Fox's margins and profitability given its strategic focus on live sports content.
  2. Regulatory and Legal Challenges: Fox Corporation faces ongoing regulatory and legal challenges, which can have a material adverse effect on its business, financial condition, and operations. The company has been subject to significant legal claims and regulatory inquiries, including defamation and disparagement lawsuits. The outcomes of such legal proceedings, as demonstrated by past settlements, can result in substantial financial liabilities and reputational damage, requiring continuous attention and resources.

AI Analysis | Feedback

The clear emerging threat for Fox Corporation is the ongoing and accelerating shift of consumers away from traditional linear television (cable, satellite, and broadcast) towards various streaming services (subscription video on demand - SVOD, advertising-supported video on demand - AVOD, and free ad-supported streaming TV - FAST).

This trend, commonly referred to as cord-cutting and cord-shaving, directly threatens Fox's primary revenue streams from its Cable Network Programming segment, which relies on affiliate fees and traditional advertising revenue from its channels like FOX News, FS1, and FS2. It also impacts the advertising revenue and overall reach of its Television segment's broadcast network (The FOX Network) and owned-and-operated stations as viewership migrates to digital platforms. While Fox operates Tubi as its own FAST service, it faces intense competition within this increasingly crowded streaming landscape for both viewers and advertising dollars.

AI Analysis | Feedback

Fox Corporation operates within several large addressable markets in the United States for its news, sports, entertainment, and production services.

Cable Network Programming

  • News and Business News: The broader U.S. broadcasting and cable TV market was valued at over USD 127.53 billion in 2025 and is projected to exceed USD 155.46 billion by 2035. Fox News's revenue alone was approximately $3.3 billion in 2022.
  • Sports Content: The United States sports broadcasting media market was valued at USD 30.23 billion in 2025 and is expected to grow to USD 34.40 billion by 2035. Additionally, spending on U.S. sports rights surged to $30.5 billion in 2025. The U.S. Sports Broadcasting Technology Market reached USD 25.1 billion in 2024.

Television

  • Broadcast Network Programming: The U.S. television services market was valued at USD 117.68 billion in 2024 and is projected to reach approximately USD 186.90 billion by 2034. The overall U.S. broadcasting and cable TV market, which includes broadcast television, was valued at over USD 127.53 billion in 2025. The United States television market is expected to grow from USD 67.27 billion in 2024 to USD 91.43 billion in 2032.
  • Streaming (Tubi - Advertising-Supported Video-On-Demand or AVOD): The U.S. AVOD market was valued at USD 18.52 billion in 2025 and is projected to reach USD 73.42 billion by 2033. Another estimate places the U.S. AVOD market size at USD 15.0 billion in 2024, anticipating growth to USD 125.8 billion by 2033. The U.S. AVOD market is also projected to reach a valuation of USD 21.7134 billion by 2033, from USD 12.0112 million in 2024. Furthermore, U.S. AVOD viewers are expected to reach 164 million by 2025.

Other, Corporate and Eliminations

  • Production and Post-Production Services (Fox Alternative Entertainment, Bento Box, FOX Studios lot): The television production market in the U.S. was valued at $69.0 billion in 2024 and is projected to be $70.1 billion in 2025. The broader motion picture, TV, and video production industry in the U.S. generates about $89.3 billion annually. Specifically for TV Commercial Production, the market size in the U.S. is estimated at USD 13,250.75 million in 2024 and is projected to reach USD 23,240.40 million by 2032.

AI Analysis | Feedback

Fox Corporation (FOXA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends: * **Continued Growth and Profitability of Tubi:** Tubi, Fox's free advertising-supported video-on-demand (AVOD) service, is a significant growth driver. The platform has demonstrated strong revenue growth, increased total view time, and achieved profitability earlier than anticipated. Tubi's expansion into new regions, such as the UK where its content offering has tripled, further positions it for international growth and increased user engagement. * **Robust Advertising Market and Pricing Strength in News and Sports:** Fox anticipates continued strong advertising demand and favorable pricing across its news and sports programming. FOX News Media has experienced consistent advertising revenue growth for seven consecutive quarters, with executives noting that ad rates remain competitive compared to broadcast television, indicating potential for further price increases. Strong engagement and pricing in live sports, particularly with the NFL and MLB postseason games, also contribute significantly to advertising revenue. * **Major Sports Events and Strategic Sports Rights:** Upcoming major sports events, such as the FIFA World Cup 2026, are viewed as "generational opportunities" that are expected to generate record-breaking advertising revenue. Fox's commitment to retaining key sports rights, including its willingness to "rebalance" its sports portfolio for the NFL, underscores the strategic importance of live sports content in driving viewership and ad spending. * **Significant Political Advertising Revenue:** The 2026 U.S. Midterm Elections are projected to deliver a substantial influx of political advertising revenue, particularly benefiting Fox's owned-and-operated television stations. Industry forecasts suggest this election cycle could see around $11 billion in total political advertising across all media, with a considerable share expected to flow to local television and digital platforms. * **Expansion of FOX One Direct-to-Consumer Service:** The launch of FOX One, a new direct-to-consumer streaming service, is a strategic move to address subscriber declines in traditional linear television. Initial results indicate positive subscriber uptake and engagement, with the service specifically targeting cord-cutters and cord-nevers. FOX One is expected to achieve multi-year growth benchmarks and contribute to the company's EBITDA in the near term.

AI Analysis | Feedback

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

  • On June 17, 2021, the Board of Directors authorized an additional $2 billion for stock repurchases, bringing the total authorization to $4 billion, with over $1.56 billion already completed at that time.
  • On August 5, 2025, the Board authorized incremental stock repurchases of an additional $5 billion, increasing the total stock repurchase authorization to $12 billion.
  • An accelerated share repurchase transaction of $1.5 billion was announced on October 30, 2025.

Share Issuance

  • The number of shares outstanding has consistently declined, indicating a net reduction through repurchases rather than issuance. Shares outstanding were 0.531 billion in 2023, 0.48 billion in 2024 (a 9.6% decline from 2023), and 0.461 billion in 2025 (a 3.96% decline from 2024).
  • As of December 31, 2025, shares outstanding were 441 million, representing a 4.55% year-over-year decrease.

Outbound Investments

  • In April 2020, Fox Corporation acquired the streaming service Tubi for $440 million, boosting its digital footprint.
  • In September 2021, the company acquired TMZ from WarnerMedia for approximately $50 million.
  • In July 2025, Fox Corporation announced the acquisition of a one-third stake in Penske Entertainment, the parent company of the IndyCar Series and Indianapolis Motor Speedway.

Capital Expenditures

  • Capital expenditures for fiscal years ending June 2021 to 2025 averaged $364.8 million.
  • Capital expenditures peaked at $484 million in June 2021 and were $331 million in fiscal year 2025.
  • Expected capital expenditures for 2026 are projected to be $412.1 million, with a primary focus on broadcasting, news, sports assets, and digital growth initiatives like Tubi.

Better Bets vs. Fox (FOXA)

Peer Outperformance in Broadcasting

FOXA has outperformed 100% of its 13 Broadcasting peers over 5Y. Broadcasting ranks 7th of 9 industries in Communication Services by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Broadcasting constituents that FOXA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
73%
of 15 industry peers · 19.4% return
3Y
85%
of 13 industry peers · 117.6% return
5Y
100%
of 13 industry peers · 99.1% return
No Broadcasting peer with a comparable growth profile has beaten FOXA by more than 20pp over 5Y.
Median price return by industry across the Communication Services sector, ranked by 5Y. Broadcasting is FOXA's own industry. Use this to see which corners of the sector have carried the returns.
Industry Names 1Y med3Y med5Y med Top 3 by 5Y
Wireless Telecommunication Services 3 7.2%40.0%35.7% ECHO 272% · TMUS 36% · SHEN -53%
Publishing 5 28.2%6.0%32.7% NYT 41% · SCHL 40% · NWSA 33%
Integrated Telecommunication Services 22 -9.5%6.4%-10.5% IQST 1781% · GSAT 310% · AD 152%
Movies & Entertainment 23 15.6%90.1%-18.6% IMAX 266% · MSGS 174% · SPHR 170%
Alternative Carriers 4 54.4%21.2%-37.8% IRDM 37% · UNIT -38% · LUMN -38%
Advertising 18 -4.6%-10.2%-54.8% APP 404% · EVC 73% · OMC 40%
Broadcasting ← 14 4.0%-10.4%-59.7% FOXA 99% · NXST 55% · WBD -2%
Interactive Media & Services 31 -24.5%-33.6%-67.4% GOOGL 155% · AREN 117% · META 66%
Interactive Home Entertainment 8 -35.1%-45.3%-87.8% TTWO 51% · RBLX -51% · PINS -57%
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

Latest Trefis Analyses

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

FOXADISCMCSAWBDPARANXSTMedian
NameFox Walt Dis.Comcast Warner B.Banzai I.Nexstar . 
Mkt Price69.04106.8526.1827.991.70189.5748.52
Mkt Cap28.9185.793.370.3-5.870.3
Rev LTM17,12698,861124,90536,115125,87626,620
Op Inc LTM3,49615,02718,3142,203-191,0582,850
FCF LTM1,4688,29317,8172,180-167431,824
FCF 3Y Avg1,9859,26615,3404,327-108723,156
CFO LTM1,97016,98932,5173,423-168942,696
CFO 3Y Avg2,37816,46330,1255,476-101,0163,927

Growth & Margins

FOXADISCMCSAWBDPARANXSTMedian
NameFox Walt Dis.Comcast Warner B.Banzai I.Nexstar . 
Rev Chg LTM5.1%4.6%0.6%-6.1%70.1%10.5%4.8%
Rev Chg 3Y Avg5.1%4.0%1.2%-4.8%-4.0%4.0%
Rev Chg Q28.1%6.8%-1.2%-11.2%-20.2%62.2%2.8%
QoQ Delta Rev Chg LTM5.7%1.6%-0.3%-2.9%-5.6%14.9%0.7%
Op Inc Chg LTM8.3%7.5%-18.6%129.0%-28.3%-12.5%-2.5%
Op Inc Chg 3Y Avg9.4%27.6%-7.0%153.2%-0.2%9.4%
Op Mgn LTM20.4%15.2%14.7%6.1%-165.3%18.0%14.9%
Op Mgn 3Y Avg19.3%14.2%17.4%2.4%-208.8%19.4%15.8%
QoQ Delta Op Mgn LTM0.4%0.9%-0.6%1.4%-16.3%0.2%0.3%
CFO/Rev LTM11.5%17.2%26.0%9.5%-139.8%15.2%13.4%
CFO/Rev 3Y Avg15.0%17.4%24.4%14.2%-123.6%18.9%16.2%
FCF/Rev LTM8.6%8.4%14.3%6.0%-139.8%12.6%8.5%
FCF/Rev 3Y Avg12.5%9.8%12.4%11.2%-123.6%16.2%11.8%

Valuation

FOXADISCMCSAWBDPARANXSTMedian
NameFox Walt Dis.Comcast Warner B.Banzai I.Nexstar . 
Mkt Cap28.9185.793.370.3-5.870.3
P/S1.71.90.71.9-1.01.7
P/Op Inc8.312.45.131.9-5.58.3
P/EBIT10.812.85.1-46.1-8.28.2
P/E17.221.68.3-22.2-30.917.2
P/CFO14.710.92.920.5-6.510.9
Total Yield6.8%5.1%17.2%-4.5%-7.1%6.8%
Dividend Yield1.0%0.5%5.2%0.0%-3.9%1.0%
FCF Yield 3Y Avg9.3%4.8%13.5%18.2%-16.3%13.5%
D/E0.30.21.00.5-2.00.5
Net D/E0.10.20.90.4-2.00.4

Returns

FOXADISCMCSAWBDPARANXSTMedian
NameFox Walt Dis.Comcast Warner B.Banzai I.Nexstar . 
1M Rtn19.8%9.4%10.0%4.2%-3.4%4.2%6.8%
3M Rtn6.5%4.8%7.2%3.7%-3.4%-2.0%4.3%
6M Rtn23.1%2.1%-15.0%0.0%-3.4%-16.4%-1.7%
12M Rtn19.4%-6.1%-12.6%136.2%-3.4%-4.7%-4.0%
3Y Rtn117.6%28.3%-32.7%119.4%-3.4%35.4%31.8%
1M Excs Rtn18.2%3.8%5.3%-0.8%-6.8%0.0%1.9%
3M Excs Rtn1.9%-1.7%1.6%-0.6%-7.2%-5.8%-1.1%
6M Excs Rtn9.0%-8.8%-29.6%-14.4%-17.4%-31.1%-15.9%
12M Excs Rtn-2.5%-27.5%-31.6%111.9%-23.8%-25.9%-24.9%
3Y Excs Rtn32.7%-48.3%-105.5%24.1%-77.7%-45.0%-46.6%

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Television9,3257,8758,7107,6857,048
Cable Network Programming6,9305,9556,0436,0975,683
Corporate and Other244209217233 
Eliminations-199-59-57-41 
Other, Corporate and Eliminations    178
Total16,30013,98014,91313,97412,909


Operating Income by Segment
$ Mil20252024202320222021
Cable Network Programming3,0302,6932,4722,9342,876
Television9455061,009347555
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
Total3,2292,4782,7642,5742,765


Assets by Segment
$ Mil20252024202320222021
Corporate and Other10,75510,090   
Television7,9247,9617,8037,9157,305
Cable Network Programming2,8952,7922,6582,6822,577
Investments1,6211,1291,034578899
Other, Corporate and Eliminations  10,37111,01012,145
Total23,19521,97221,86622,18522,926


Price Behavior

Price Behavior
Market Price$69.04 
Market Cap ($ Bil)29.3 
First Trading Date03/11/1996 
Distance from 52W High-8.8% 
   50 Days200 Days
DMA Price$57.84$63.04
DMA Trendindeterminatedown
Distance from DMA19.4%9.5%
 3M1YR
Volatility51.1%35.5%
Downside Capture-34.5825.71
Upside Capture0.7240.24
Correlation (SPY)-9.7%4.6%
FOXA Betas & Captures as of 7/31/2026

 1M2M3M6M1Y3Y
Beta-0.37-0.69-0.480.000.140.56
Up Beta-1.26-3.11-2.84-1.27-0.600.52
Down Beta0.04-0.15-0.080.060.080.69
Up Capture61%-50%-16%13%31%28%
Bmk +ve Days11223567138427
Stock +ve Days13243368143408
Down Capture-116%7%26%75%52%72%
Bmk -ve Days11212859114326
Stock -ve Days9193058109340

[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 FOXA
FOXA18.0%35.4%0.53-
Sector ETF (XLC)2.7%15.0%-0.0323.6%
Equity (SPY)21.5%12.8%1.254.1%
Gold (GLD)30.0%28.5%0.91-0.2%
Commodities (DBC)38.1%20.1%1.497.4%
Real Estate (VNQ)14.4%13.9%0.7314.2%
Bitcoin (BTCUSD)-49.1%42.8%-1.450.9%

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 FOXA
FOXA15.1%28.5%0.51-
Sector ETF (XLC)7.5%20.9%0.2743.3%
Equity (SPY)13.4%17.2%0.6039.5%
Gold (GLD)19.5%18.6%0.852.7%
Commodities (DBC)9.6%19.6%0.3815.1%
Real Estate (VNQ)2.3%18.9%0.0235.0%
Bitcoin (BTCUSD)8.0%52.8%0.3415.6%

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 FOXA
FOXA11.9%31.2%0.43-
Sector ETF (XLC)9.3%22.2%0.4743.5%
Equity (SPY)15.4%17.9%0.7343.2%
Gold (GLD)12.0%16.2%0.602.4%
Commodities (DBC)7.7%18.0%0.3418.1%
Real Estate (VNQ)5.0%20.7%0.2038.6%
Bitcoin (BTCUSD)59.9%66.1%1.009.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date7312026
Short Interest: Shares Quantity44.3 Mil
Short Interest: % Change Since 7152026-8.1%
Average Daily Volume3.8 Mil
Days-to-Cover Short Interest11.5 days
Basic Shares Quantity419.0 Mil
Short % of Basic Shares10.6%

Earnings Returns History

Updated 8/17/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20265.3%7.4% 
5/11/20267.6%3.0%8.5%
2/4/2026-3.6%-9.8%-16.1%
10/30/20257.7%6.5%9.2%
8/5/2025-3.7%-4.4%5.9%
5/12/20254.3%11.6%8.9%
2/4/20255.2%2.5%9.0%
11/4/20242.7%6.5%10.8%
...
SUMMARY STATS   
# Positive161717
# Negative987
Median Positive5.2%5.0%8.5%
Median Negative-3.6%-4.3%-4.4%
Max Positive7.7%11.6%27.5%
Max Negative-7.3%-9.8%-16.1%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/6/20265.3%7.4% 
5/11/20267.6%3.0%8.5%
2/4/2026-3.6%-9.8%-16.1%
10/30/20257.7%6.5%9.2%
8/5/2025-3.7%-4.4%5.9%
5/12/20254.3%11.6%8.9%
2/4/20255.2%2.5%9.0%
11/4/20242.7%6.5%10.8%
8/6/20246.7%6.8%14.0%
5/8/20242.6%3.1%6.3%
2/7/2024-6.8%-6.1%-8.5%
11/2/20231.6%0.2%-0.9%
8/8/20235.6%2.3%-4.4%
5/9/2023-1.5%-3.6%3.7%
2/8/20234.4%5.0%-1.6%
11/1/20225.7%0.9%12.4%
8/10/20223.4%8.2%0.1%
5/10/2022-2.4%1.4%2.6%
2/9/20227.4%5.7%-2.0%
11/3/2021-0.6%-2.1%-13.3%
8/4/20216.6%7.3%7.2%
5/5/20213.4%4.4%2.3%
2/9/2021-6.0%-2.9%27.5%
11/3/2020-1.3%-4.2%11.7%
8/4/2020-7.3%-7.5%5.4%
SUMMARY STATS   
# Positive161717
# Negative987
Median Positive5.2%5.0%8.5%
Median Negative-3.6%-4.3%-4.4%
Max Positive7.7%11.6%27.5%
Max Negative-7.3%-9.8%-16.1%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/06/202610-K
03/31/202605/11/202610-Q
12/31/202502/04/202610-Q
09/30/202510/30/202510-Q
06/30/202508/06/202510-K
03/31/202505/12/202510-Q
12/31/202402/04/202510-Q
09/30/202411/04/202410-Q
06/30/202408/08/202410-K
03/31/202405/08/202410-Q
12/31/202302/07/202410-Q
09/30/202311/02/202310-Q
06/30/202308/11/202310-K
03/31/202305/09/202310-Q
12/31/202202/08/202310-Q
09/30/202211/01/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/06/202610-K
03/31/202605/11/202610-Q
12/31/202502/04/202610-Q
09/30/202510/30/202510-Q
06/30/202508/06/202510-K
03/31/202505/12/202510-Q
12/31/202402/04/202510-Q
09/30/202411/04/202410-Q
06/30/202408/08/202410-K
03/31/202405/08/202410-Q
12/31/202302/07/202410-Q
09/30/202311/02/202310-Q
06/30/202308/11/202310-K
03/31/202305/09/202310-Q
12/31/202202/08/202310-Q
09/30/202211/01/202210-Q
06/30/202208/12/202210-K
03/31/202205/10/202210-Q
12/31/202102/09/202210-Q
09/30/202111/04/202110-Q
06/30/202108/10/202110-K
03/31/202105/06/202110-Q
12/31/202002/09/202110-Q
09/30/202011/03/202010-Q
06/30/202008/10/202010-K
03/31/202005/07/202010-Q
12/31/201902/05/202010-Q
09/30/201911/06/201910-Q

Insider Activity

Updated 8/12/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Murdoch, Lachlan KExecutive Chair, CEODirectSell313202658.20637,75237,116,7668,846Form
2Murdoch, Lachlan KExecutive Chair, CEOLKM Family TrustBuy313202660.63175,37210,632,80475,895,361Form
3Murdoch, Lachlan KExecutive Chair, CEODirectSell313202657.69247,25714,264,78610,126,355Form
4Nallen, JohnPresident, COODirectSell313202657.68216,80612,505,06920,891,539Form
5Murdoch, Lachlan KExecutive Chair, CEODirectSell313202657.74242,74714,015,14310,133,983Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Murdoch, Lachlan KExecutive Chair, CEODirectSell313202658.20637,75237,116,7668,846Form
2Murdoch, Lachlan KExecutive Chair, CEOLKM Family TrustBuy313202660.63175,37210,632,80475,895,361Form
3Murdoch, Lachlan KExecutive Chair, CEODirectSell313202657.69247,25714,264,78610,126,355Form
4Nallen, JohnPresident, COODirectSell313202657.68216,80612,505,06920,891,539Form
5Murdoch, Lachlan KExecutive Chair, CEODirectSell313202657.74242,74714,015,14310,133,983Form
6Nallen, JohnPresident, COODirectSell313202657.74242,30913,989,91620,649,399Form
7Ciongoli, Adam GChief Legal and Policy OfficerDirectSell1209202569.5529,8972,079,3362,502,270Form
8Murdoch, Keith Rupert K. Rupert Murdoch 2004 Revocable TrustSell1125202559.26100,0005,926,00065,237,082Form
9Tomsic, StevenChief Financial OfficerDirectSell1110202566.54138,3979,208,93612,014,196Form
10Murdoch, Keith Rupert DirectSell1107202565.97168,756  Form
11Ryan, Paul D DirectSell1031202564.3617,767  Form
12Lgc, Holdco, Llc DirectBuy91220250.009,498  Form
13Lgc, Holdco, Llc DirectBuy91220250.0034,268,895  Form
14Mft, Sh Family Trust DirectSell910202533.999,498  Form
15Mft, Sh Family Trust DirectSell910202540.4051,103,911  Form

Investor Activity (13F)

Updated Aug 17, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Logan Stone Capital, LLC$96.4 Mil26.8%133ADD +258.1%13F
Jericho Capital Asset Management L.P.$390.4 Mil5.8%23ADD +124.9%13F
Deltroit Asset Management (UK) LLP$31.2 Mil5.4%39TRIM -41.0%13F
Independent Franchise Partners LLP$759.3 Mil5.3%26TRIM -9.8%13F
Summit Street Capital Management, LLC$18.5 Mil2.6%31Hold13F
Hound Partners, LLC$16.7 Mil2.1%34Hold13F
Hook Mill Capital Partners, LP$23.5 Mil2.1%39New13F
Hancock Prospecting Pty Ltd$53.8 Mil1.6%36ADD +34.7%13F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Hook Mill Capital Partners, LP$23.5 Mil2.1%39New13F
Logan Stone Capital, LLC$96.4 Mil26.8%133ADD +258.1%13F
Jericho Capital Asset Management L.P.$390.4 Mil5.8%23ADD +124.9%13F
Hancock Prospecting Pty Ltd$53.8 Mil1.6%36ADD +34.7%13F
Active ManagerValue% of PortfolioTotal PositionsQoQAs OfFiling
Rothschild & Co Wealth Management UK Ltd$29.9 Mil0.5%25ExitedDec 31, 202513F
Northern Right Capital Management, L.P.$24.3 Mil6.4%27ExitedDec 31, 202513F
Ovata Capital Management Ltd$11.5 Mil2.1%45ExitedDec 31, 202513F
Long Corridor Asset Management Ltd$5.8 Mil0.4%20ExitedDec 31, 202513F
Deltroit Asset Management (UK) LLP$31.2 Mil5.4%39TRIM -41.0%Mar 31, 202613F
Independent Franchise Partners LLP$759.3 Mil5.3%26TRIM -9.8%Mar 31, 202613F
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Independent Franchise Partners LLP$759.3 Mil5.3%26TRIM -9.8%13F
Jericho Capital Asset Management L.P.$390.4 Mil5.8%23ADD +124.9%13F
Logan Stone Capital, LLC$96.4 Mil26.8%133ADD +258.1%13F
Hancock Prospecting Pty Ltd$53.8 Mil1.6%36ADD +34.7%13F
Deltroit Asset Management (UK) LLP$31.2 Mil5.4%39TRIM -41.0%13F
Hook Mill Capital Partners, LP$23.5 Mil2.1%39New13F
Summit Street Capital Management, LLC$18.5 Mil2.6%31Hold13F
Hound Partners, LLC$16.7 Mil2.1%34Hold13F
Core Cache Last Updated: 8/16/2026