FOX · 10-K · 2026A

Fox Corp (FOX, FOXA)

Filed 2026-08-06 · Other · View original filing on EDGAR

Ranked Events

• 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…
• 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…
• 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…
• 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…
• 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…
• 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,…
• 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…
• 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…

Revenue by Product (in millions)