FOX · Other

Fox Corp

Ranked earnings events from SEC filings, earnings calls, press releases and news. Full Picture: what to focus on this earnings window

News · 2026-08-07

• Acquisition / Partnership / DivestitureImportance 71 · Surprise 60
  Fox registered shares for a two-step merger to acquire Roku and make it a wholly owned subsidiary. Roku shareholders would receive 0.9693 shares of Fox Class A common stock plus $96.00 in cash for each Roku share. The…

Earnings call · 2026-08-06

• Political Advertising DemandImportance 77 · Surprise 82
  Management expects the upcoming midterm election cycle to set a record for FOX political advertising. Independent tracking firms estimate more than $11 billion of total political advertising spending for the midterms.…
• Political Advertising OutlookImportance 77 · Surprise 82
  Management cited independent tracking estimates of more than $11 billion in political advertising spending for the upcoming midterm election. FOX generated more than $400 million of political revenue during the 2024…
• Capital Return ProgramImportance 64 · Surprise 42
  FOX repurchased an additional $2 billion of shares during fiscal 2026 and distributed approximately $243 million in dividends.The company raised its semiannual dividend to $0.29 per share.FOX has returned $10.7 billion…
• Liquidity and Debt PositionImportance 64 · Surprise 42
  FOX ended fiscal 2026 with approximately $4.2 billion of cash and $6.6 billion of debt.The balance sheet ended the year as planned in preparation for the Roku transaction.Management expects approximately 2.8x net…
• Digital Investment OutlookImportance 60 · Surprise 74
  FOX reduced collective digital investment from just under $300 million in fiscal 2025 to less than $200 million in fiscal 2026 as Tubi and FOX One performed ahead of expectations. Management characterized the reduction…
• Margin and Expense DriversImportance 58 · Surprise 56
  Fiscal fourth-quarter EBITDA increased 27% to $1.2 billion, while adjusted EPS rose 41% to $1.79 from $1.27 in the prior-year quarter.Total expenses increased 28% in the quarter, primarily because of higher sports…
• Sports Content and Audience ReachImportance 58 · Surprise 42
  The 2026 FIFA Men’s World Cup generated record U.S. audiences and demonstrated FOX’s ability to distribute premium live sports across its network, stations, FOX Sports, FOX One, Tubi and digital assets. FOX carried all…
• Guidance / OutlookImportance 57 · Surprise 60
  Management expects fiscal first-quarter 2027 advertising momentum to benefit from the World Cup, early midterm political activity and strength across national, local and digital properties.FOX reported one of its…
• Digital Investment TrendsImportance 54 · Surprise 74
  Digital investment declined from just under $300 million in fiscal 2025 to less than $200 million in fiscal 2026 as Tubi and FOX One performed ahead of expectations.Management expects bottom-line improvement in the…
• CTV Competition and PricingImportance 54 · Surprise 74
  Management characterized the connected-TV advertising market as highly active, competitive and price sensitive, with substantial new inventory available. Despite the competitive environment, Tubi achieved 35% revenue…
• Tubi Growth and PositioningImportance 46 · Surprise 56
  Tubi delivered its highest-revenue and most-streamed quarter, with revenue growth of 35% and total viewing time up 17%. The platform’s World Cup Hub attracted more than 20 million viewers, while two early-round…
• Acquisition / Partnership / DivestitureImportance 44 · Surprise 60
  FOX announced a pending acquisition of Roku to expand its connected-TV distribution and advertising capabilities.The transaction is intended to combine FOX's premium live content and market relationships with Roku's…
• Free Cash FlowImportance 44 · Surprise 24
  FOX generated $726 million of quarterly free cash flow in fiscal fourth quarter 2026.Free cash flow was affected by World Cup working-capital timing because tournament rights payments were made in fiscal 2026 while…
• Revenue Performance and MixImportance 43 · Surprise 32
  Fiscal 2026 revenue grew 5% to more than $17 billion, driven by record advertising and distribution revenue, while fiscal 2026 EBITDA increased 8% to a record $3.9 billion.
• Advertising Demand TrendsImportance 42 · Surprise 40
  FOX reported strong advertising demand across sports, news, local stations, Tubi and entertainment. Upfront volume increased by double digits across sports, news and Tubi, with management describing rates of change as…
• Segment Revenue PerformanceImportance 41 · Surprise 48
  Cable Network Programming revenue grew 9% in the fourth quarter, including 22% advertising growth and 7% distribution growth, while cable EBITDA declined 3%.Cable distribution growth reflected affiliate pricing gains…
• FOX One Subscriber AdoptionImportance 40 · Surprise 42
  FOX One exceeded expectations in subscriber acquisition and retention, with the World Cup serving as a customer-acquisition opportunity. Management said subscriber retention rates surpassed expectations and that churn…
• Pay-TV Subscriber TrendsImportance 31 · Surprise 32
  Cable distribution pricing gains from affiliate renewals exceeded the effect of continuing subscriber losses. Net subscriber declines across third-party distributors remained below 6.5%, consistent with the prior…
• Mexico NFL Rights ExpansionImportance 31 · Surprise 42
  FOX expanded its NFL rights portfolio by taking the NFL rights for Mexico. Management said FOX will continue promoting and amplifying NFL games and the league, building on a relationship that has lasted 30 years. The…

10-K · 2026-08-06

• Capital Return ProgramImportance 78 · Surprise 74
  Net cash used in financing activities increased $656 million, or 37%, to $2.411 billion in fiscal 2026. The increase was primarily caused by stock repurchase activity, including a $1.5 billion accelerated share…
• Roku AcquisitionImportance 71 · Surprise 60
  On June 14, 2026, FOX agreed to acquire Roku for $96.00 in cash plus 0.9693 FOX Class A shares for each Roku Class A or Class B share. Roku will become a wholly owned FOX subsidiary after required stockholder,…
• Operating Margin DriversImportance 69 · Surprise 64
  Adjusted EBITDA increased $282 million, or 8%, to $3.906 billion from $3.624 billion. Television Segment EBITDA increased $493 million, or 52%, to $1.438 billion because higher sports and digital revenue coincided with…
• Regulatory Approval RiskImportance 65 · Surprise 60
  The Roku transaction requires approval from FOX and Roku stockholders, clearance under the Hart-Scott-Rodino Antitrust Improvements Act, approvals under other antitrust laws, and certain investment-screening laws. FOX…
• Liquidity and Debt PositionImportance 64 · Surprise 42
  FOX held approximately $4.2 billion of cash and cash equivalents at June 30, 2026. The company also had an unused $1.0 billion five-year unsecured revolving credit facility maturing in June 2028. FOX could draw on the…
• Operating Cash Flow TrendsImportance 58 · Surprise 56
  Net cash provided by operating activities declined $1.354 billion, or 41%, to $1.970 billion in fiscal 2026 from $3.324 billion in fiscal 2025. The decline reflected lower advertising receipts because Super Bowl LIX…
• Revenue Performance and MixImportance 49 · Surprise 32
  Fiscal 2026 revenue increased $826 million, or 5%, to $17.126 billion from $16.300 billion in fiscal 2025. Distribution revenue rose $278 million, or 4%, to $8.058 billion, driven by approximately $440 million of…
• Advertising Demand TrendsImportance 49 · Surprise 32
  Advertising revenue increased 7% to $7.339 billion in fiscal 2026, driven by sports programming, including the FIFA Men’s World Cup and additional NFL and MLB postseason games, as well as higher pricing. Continued…
• Distribution Subscriber TrendsImportance 49 · Surprise 32
  Distribution revenue increased 4% to $8.058 billion, primarily because average rates per subscriber rose and fees from FOX Network-affiliated television stations increased. The benefit was partly offset by an…
• FOX One Launch CostsImportance 45 · Surprise 50
  Consolidated operating expenses increased $335 million, or 3%, to $10.853 billion in fiscal 2026. The increase was primarily attributable to FOX One launch costs and higher digital content costs. Selling, general and…
• Sports Content DemandImportance 44 · Surprise 24
  Sports programming was the principal growth driver for fiscal 2026 advertising and content revenues. FOX benefited from broadcasts of the FIFA Men’s World Cup, additional NFL postseason games, and additional MLB…
• FCC License Impairment RiskImportance 40 · Surprise 42
  FOX recorded a non-cash impairment of approximately $64 million in fiscal 2026, primarily related to FCC licenses in certain television markets. The impairment reflected updated market data, including lower expected…
• Digital Channel and Delivery GrowthImportance 40 · Surprise 42
  FOX launched its direct-to-consumer subscription streaming service FOX One in August 2025 as part of Corporate and Other. The launch generated distribution revenue but also incurred significant operating, marketing,…
• Programming Rights InvestmentImportance 38 · Surprise 24
  FOX holds single- and multi-year contracts for sports and non-sports programming, with sports rights costs primarily amortized based on the current period’s attributable revenue relative to estimated remaining revenue.…
• Income Tax Rate ChangesImportance 36 · Surprise 30
  FOX’s effective tax rate decreased to 24% in fiscal 2026 from 25% in fiscal 2025. Income tax expense declined $217 million, or 28%, to $551 million from $768 million, primarily reflecting lower pretax income. Both…
• Pension Expense and FundingImportance 35 · Surprise 48
  Net periodic pension expense is expected to decrease from $35 million in fiscal 2026 to approximately $28 million in fiscal 2027, a 20% reduction primarily driven by asset gains recognized during fiscal 2026. The…
• Digital Streaming GrowthImportance 34 · Surprise 42
  Digital activity continued to expand, led by the Tubi AVOD service, and contributed to higher advertising revenue in the Television segment. Higher digital content revenue increased content and other revenue by $74…
• Interest Rate EnvironmentImportance 30 · Surprise 40
  Fox expects to use discount rates of 5.6% and 5.1% for fiscal 2027 pension service cost and interest cost, respectively, and an expected long-term asset return rate of 6.1%. Pension and postretirement plan deferred…

8-K · 2026-08-06

• Operating Margin DriversImportance 73 · Surprise 66
  Consolidated fourth-quarter Adjusted EBITDA increased 27% to $1.20 billion, but higher sports programming rights amortization, World Cup production costs, and FOX One launch costs partially offset revenue growth. Cable…
• Acquisition / Partnership / DivestitureImportance 72 · Surprise 100
  FOX announced the acquisition of Roku during fiscal 2026, identifying Roku as a transaction intended to expand the company's scope and growth profile. The earnings release did not disclose a purchase price, closing…
• Liquidity and Debt PositionImportance 71 · Surprise 48
  Cash and cash equivalents declined $1.15 billion year over year to $4.21 billion at June 30, 2026. Borrowings were $6.61 billion at year-end, essentially unchanged from $6.60 billion a year earlier. Fiscal-year…
• Revenue Performance and MixImportance 69 · Surprise 64
  Fourth-quarter revenue increased 28% year over year to $4.21 billion, including a 78% increase in advertising revenue to $1.92 billion. Distribution revenue increased 5% to $2.03 billion, while content and other…
• Segment Revenue PerformanceImportance 69 · Surprise 64
  Cable Network Programming revenue increased 9% year over year to $1.67 billion in the fourth quarter and increased 6% to $7.35 billion for the full year. Television revenue increased 45% to $2.48 billion in the fourth…
• Capital ExpendituresImportance 69 · Surprise 64
  FOX invested $502 million in property and equipment during fiscal 2026, compared with $331 million in fiscal 2025. The $171 million increase represented 52% year-over-year growth and exceeded the materiality threshold.…
• Advertising Demand TrendsImportance 69 · Surprise 64
  Quarterly advertising revenue increased 78% to $1.916 billion, primarily reflecting FOX’s broadcast of the FIFA Men’s World Cup and continued digital growth led by Tubi AVOD. Television advertising revenue rose 108% to…
• Sports Content DemandImportance 69 · Surprise 64
  The FIFA Men’s World Cup materially increased FOX’s quarterly advertising demand and Television segment revenue, with Television advertising up $755 million year over year. The event also supported Cable Network…
• Operating Expense TrendsImportance 64 · Surprise 56
  Consolidated operating expenses increased to $2.38 billion from $1.76 billion in the fourth quarter and to $10.85 billion from $10.52 billion for the full year. Fourth-quarter expense growth was primarily driven by…
• Capital Return ProgramImportance 64 · Surprise 42
  FOX repurchased approximately $100 million of common stock during the fourth quarter, split approximately equally between Class A and Class B shares. Cumulative repurchases reached approximately $6.7 billion of Class A…
• Dividend DeclarationImportance 63 · Surprise 50
  FOX's Board authorized an increase in the semi-annual dividend and declared a $0.29 dividend per Class A and Class B share. The dividend is payable on September 23, 2026, to shareholders of record on September 2, 2026.…
• Distribution Subscriber TrendsImportance 49 · Surprise 32
  Cable Network Programming distribution revenue increased 7% in the quarter and 5% for the full year as contractual price increases were partially offset by net subscriber declines. Television distribution revenue was…
• Net Income and EPS PerformanceImportance 48 · Surprise 30
  Fourth-quarter net income declined to $696 million from $719 million, while net income attributable to Fox Corporation stockholders declined to $691 million from $717 million. Fourth-quarter reported EPS increased to…
• Income Tax Rate ChangesImportance 48 · Surprise 30
  Fourth-quarter income tax expense declined to $225 million from $240 million despite pretax income of $921 million versus $959 million. Full-year income tax expense declined to $551 million from $768 million as pretax…
• Digital Channel and Delivery GrowthImportance 34 · Surprise 42
  FOX launched the FOX One direct-to-consumer streaming service during fiscal 2026. Management also highlighted continued digital growth at Tubi, its advertising-supported video-on-demand service. FOX reported that costs…
• Streaming Product ExpansionImportance 31 · Surprise 42
  FOX launched the direct-to-consumer streaming service FOX One during fiscal 2026, adding a subscription-based distribution channel. The company said Tubi strengthened its position as a leading streaming service, with…

News · 2026-08-06

• Advertising Demand TrendsImportance 77 · Surprise 82
  The FIFA Men's World Cup materially increased FOX's advertising demand, with advertising sales rising 78% in the fiscal fourth quarter. The tournament aired across FOX's broadcast, pay-TV and streaming platforms and…
• Revenue Performance and MixImportance 59 · Surprise 48
  Fox reported fiscal fourth-quarter revenue of $4.21 billion, up 28% year over year, for the quarter ended June 30, 2026. Advertising revenue increased 78%, driven primarily by the FIFA Men’s World Cup broadcast across…
• Net Income and ProfitabilityImportance 53 · Surprise 38
  Fox reported fourth-quarter net income of $696 million and adjusted EBITDA of $1.20 billion for the period ended June 30, 2026. Fiscal 2026 net income totaled $1.73 billion, while full-year adjusted EBITDA reached…
• NFL Media Rights ContractImportance 46 · Surprise 42
  FOX will not renegotiate its NFL media-rights agreement before the league's 2029 opt-out window. The current agreement remains in place until the NFL can exercise that opt-out closer to 2030. The NFL has discussed…
• Capital Return ProgramImportance 44 · Surprise 24
  Fox continued repurchasing shares during fiscal 2026. Cumulative share repurchases were reported at $8.6 billion. The company also paired the repurchase activity with a $0.29-per-share semi-annual dividend increase…
• Dividend DeclarationImportance 26 · Surprise 24
  Fox’s board approved a semi-annual dividend of $0.29 per share following fiscal 2026 results. The dividend was described as an increase tied to the company’s record fiscal-year revenue and adjusted EBITDA. The payment…