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Fox Corporation

FOXA Communication Services Entertainment

Fox Corporation’s revenue for fiscal 2026 (year ended June 2026) was $17.1 billion, up 5.07% from fiscal 2025.

Revenue
+22.3%
EPS
+72.2%
Free cash flow
+315.0%
Total debt
+0.06%

Quarter to September 2026, against a year earlier

66.64 1.03 −1.52%
Market cap
$26.8B
P/E
13.9×
Fwd P/E
11.7×
Dividend yield
0.86%
F-score
8/9
Altman Z
3.12
Beneish M
−2.22
Dividend safety
82/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2026

  • Television
  • Cable Network Programming
  • Other, not broken out

Every year since 2017 →

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 53.24%

Capital & Financial Ratios $m

Size
Market Cap 26,820.00
Revenue ttm 17,959.00
Net income ttm 2,075.00
Free cash flow ttm 2,205.00
Net debt Q 2,071.00
Valuation
P/E 13.93
Forward P/E 11.70
Price / sales 1.56
Forward P/S Powerpack
Price / FCF 12.72
Price / book 2.23
Financial health
Current ratio Q 3.79 (at or above 1.5: strong)
Debt / equity Q 0.53
Interest coverage Q 19.04
Growth
Revenue growth Q +22.28% (above 0%: growing)
Operating income growth Q +57.50% (above 0%: growing)
EPS, this year +10.02%
EPS, next year A −2.03% (below 0%: weak)
Revenue, next year A +5.10%
EPS, past 5 yrs +1.24%
EPS, next 5 yrs A +7.52%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.7×, against a ten-year median of 1.7×; over the ten years it ranged from 1.2× in 2023 to 2.5× in 2019.
P/E against its own 10 years 53.40%
10-year low 10-year high
P/S against its own 10 years 57.14%
10-year low 10-year high
P/B against its own 10 years 81.58%
10-year low 10-year high
EV/Sales against its own 10 years 51.43%
10-year low 10-year high
EV/FCF against its own 10 years 62.69%
10-year low 10-year high

Dividends raised 6 years running

Yield
0.86%
Annual rate
0.57
Payout ratio
12.0%
Growth, 2018–26
+5.91%/yr
  1. 0.36 ’18
  2. 0.64 ’19 +78
  3. 0.46 ’20 −28
  4. 0.47 ’21 +2
  5. 0.49 ’22 +4
  6. 0.51 ’23 +4
  7. 0.53 ’24 +4
  8. 0.55 ’25 +4
  9. 0.57 ’26 +4
paid change on the year, % Powerpack

Assets vs Liabilities $m

2024 2025 2026 Q'26
Cash 4,319 5,351 4,205 4,536
Receivables 2,364 2,472 3,455 3,657
Inventory 626 432 487 689
Other 192 174 306 320
7,501 8,429 8,453 9,202
2024 2025 2026 Q'26
Payables 2,353 2,897 2,667 2,429
ST’ Debt 599 — — —
Other — — — —
2,952 2,897 2,667 2,429

Compound Annual Growth %

10y 5y 3y
Sales 6.77% 5.82% 4.72%
Cash Flow 6.03% (5.68%) 3.05%
Earnings 4.63% (4.76%) 10.79%
Book Value — 1.06% 3.94%

Earnings Trends EPS, adjusted, against the consensus

Q1 FY27 Estimate 1.99 Actual 2.54

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY26 0.47 0.82 Beat by 0.35
Q3 FY26 1.02 1.32 Beat by 0.30
Q4 FY26 1.34 1.79 Beat by 0.45
Q1 FY27 1.99 2.54 Beat by 0.55
Q2 FY27 0.88 — Reports 3 February 2027

EPS $

Sep Dec Mar Jun Year
’26 2.24 — — — —
’26 1.32 0.52 0.38 1.61 3.84
’25 1.78 0.81 0.75 1.57 4.91
’24 0.82 0.23 1.40 0.68 3.13
’23 1.10 0.58 (0.10) 0.74 2.33
’22 1.21 (0.15) 0.50 0.55 2.11
’21 1.83 0.37 0.96 0.43 3.61
Fiscal quarters ending in the months shown.

Revenue $m

Sep Dec Mar Jun Year
’26 4,571 — — — —
’26 3,738 5,182 3,994 4,212 17,126
’25 3,564 5,078 4,371 3,287 16,300
’24 3,207 4,234 3,447 3,092 13,980
’23 3,192 4,605 4,084 3,032 14,913
’22 3,045 4,441 3,455 3,033 13,974
’21 2,717 4,087 3,215 2,890 12,909
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Sep Dec Mar Jun Year
’26 616 — — — —
’26 (130) (669) 1,902 867 1,970
’25 158 (362) 2,015 1,513 3,324
’24 1 (536) 1,476 899 1,840
’23 270 (531) 1,568 493 1,800
’22 29 (685) 1,607 933 1,884
’21 267 (30) 1,629 773 2,639
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Sep Dec Mar Jun Year
’26 503 — — — —
’26 (234) (791) 1,767 726 1,468
’25 94 (436) 1,941 1,394 2,993
’24 (70) (615) 1,393 787 1,495
’23 196 (610) 1,484 373 1,443
’22 (24) (753) 1,537 817 1,577
’21 150 (155) 1,538 622 2,155
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 1.9% a year for ten years. It grew 5.6% a year over the last ten.

Implied
1.9%
10 years, reported
5.6%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to June

Ten-year view Analyst estimates Powerpack
Group Line 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 TTM Sep ’26 Trend 10 yrs 2027e 2028e 2029e Next 3/yr
Income, $m
Income, $m Revenue 9,921 10,153 11,389 12,303 12,909 13,974 14,913 13,980 16,300 17,126 17,959 +6.3% 17,999 17,802 19,391 +4.2%
Gross margin, % 38.51 35.93 35.67 36.54 37.74 34.76 35.03 34.99 35.47 36.63 38.01 (1.9) pt
EBT 2,241 2,170 2,224 1,464 2,918 1,694 1,736 2,104 3,061 2,278 2,762 +0.2%
EBT margin, % 22.59 21.37 19.53 11.90 22.60 12.12 11.64 15.05 18.78 13.30 15.38 (9.3) pt
Net income 1,409 2,228 1,643 1,062 2,201 1,233 1,253 1,554 2,293 1,727 2,075 +2.3%
Per share, $
Per share, $ Revenue 15.98 16.35 18.34 20.07 21.84 24.69 28.19 29.25 35.82 39.74 42.66 +10.7%
Earnings 2.27 3.59 2.57 1.62 3.61 2.11 2.33 3.13 4.91 3.84 4.78 +6.0%
Cash flow 2.67 2.12 4.06 3.86 4.47 3.33 3.40 3.85 7.31 4.57 6.45 +6.2%
Capex (0.31) (0.35) (0.38) (0.59) (0.82) (0.54) (0.67) (0.72) (0.73) (1.16) (1.21) +15.9%
Free cash flow 2.36 1.77 3.69 3.27 3.65 2.79 2.73 3.13 6.58 3.41 5.24 +4.2%
Book value 0.00 15.45 16.04 16.49 18.82 20.10 19.74 22.62 26.52 27.21 29.86 n/m
Shares, m 621 621 621 613 591 566 529 478 455 431 427 (4.0%)
Valuation, ×
Valuation, × P/E 5.09 5.09 13.77 16.66 10.34 15.24 14.66 10.90 11.41 13.62 13.93 11.7
P/S 2.02 2.02 1.96 1.34 1.70 1.30 1.21 1.17 1.56 1.31 1.56 1.6
P/B 2.27 2.27 2.24 1.63 1.97 1.60 1.72 1.51 2.11 1.92 2.23 1.9
EV/Sales 1.85 1.85 2.27 1.61 1.86 1.45 1.40 1.37 1.68 1.49 1.71 1.7
EV/FCF 18.08 18.08 11.28 9.90 11.14 12.88 14.50 12.83 9.14 17.36 13.93 13.5
Cash, $m
Cash, $m Operating cash flow 1,655 1,317 2,524 2,365 2,639 1,884 1,800 1,840 3,324 1,970 2,716 +2.0%
Capex (191) (215) (235) (359) (484) (307) (357) (345) (331) (502) (511) +11.3%
Free cash flow 1,464 1,102 2,289 2,006 2,155 1,577 1,443 1,495 2,993 1,468 2,205 0.0%
Balance, $m
Balance, $m Working capital 765 3,821 4,766 5,580 5,747 5,985 3,494 4,549 5,532 5,786 6,773 +25.2%
Net debt (19) (2,500) 3,517 3,423 2,065 2,113 2,938 2,878 1,251 2,401 2,071 n/m
Shareholders’ equity — 9,594 9,958 10,111 11,125 11,375 10,445 10,814 12,067 11,728 12,571 +2.5%
Returns, %
Returns, % ROA 11.69 33.34 9.78 4.84 9.62 5.34 5.63 6.85 10.02 7.38 8.85 (4.3) pt
ROIC 0.00 19.98 11.28 11.53 13.10 11.93 12.91 11.31 15.15 15.46 17.30 +15.5 pt
ROE 17.49 27.88 16.32 9.96 20.25 10.71 11.36 14.12 19.78 14.16 16.31 (3.3) pt
People
People Employees — — 7,700 9,000 9,000 10,600 10,400 10,200 10,400 10,550 — +4.6%
Revenue/emp, $m 0.00 0.00 1.48 1.37 1.43 1.32 1.43 1.37 1.57 1.62 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Jun 2026 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026

Business profile

Updated

Fox Corporation is a news, sports and entertainment company that produces and distributes programming for viewers, television distributors and advertisers. Founded in 2019, it is headquartered in New York City and led by Chief Executive Officer Lachlan Murdoch.

Its Cable Network Programming business produces and licenses news and sports content. Its properties include FOX News, FOX Business, FS1, FS2, the Big Ten Network and FOX Deportes. Cable and satellite providers, internet-based television distributors and other digital platforms carry the programming, primarily in the United States.

Where the money comes from and where it goes Fiscal 2026

Fiscal 2026: revenue by segment, and margins
Television 9,666 56.44%
Cable Network Programming 7,348 42.91%
Other, not broken out 112 0.65%
Gross margin 36.63%
Operating margin 20.41%
Pre-tax margin 13.30%

Revenue by segment since 2017

Fox Corporation vs peers in Entertainment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LYV Live Nation Entertainment, Inc. $42.7B — (loss-making) — (loss-making) +18.89% (above 0%: growing) +135.14% (above 0%: growing) −131.90% (below 0%: shrinking) 0.00% 8.83% Compare
SKYD Skydance Corporation $41.1B — (loss-making) 9.3× +0.93% (above 0%: growing) −82.61% (below 0%: shrinking) +126.32% (above 0%: growing) 35.73% 6.87% Compare
TKO TKO Group Holdings, Inc. $35.8B 30.1× 39.7× +21.45% (above 0%: growing) +660.14% (above 0%: growing) −6.77% (below 0%: shrinking) 64.05% 27.76% Compare
FWONA Liberty Media Corporation - Liberty Formula One Series A $27.0B 97.2× — +24.06% (above 0%: growing) −98.69% (below 0%: shrinking) +35.16% (above 0%: growing) 20.97% 0.00% Compare
FOX Fox Corporation $26.9B 12.4× 11.7× +22.28% (above 0%: growing) +72.21% (above 0%: growing) +314.96% (above 0%: growing) 48.30% 33.32% Compare
FOXA Fox Corporation $26.8B 13.9× 11.7× +22.28% (above 0%: growing) +72.21% (above 0%: growing) +314.96% (above 0%: growing) 48.30% 33.32%
FWONK Liberty Media Corporation - Liberty Formula One Series C $26.5B 102× 89.9× +24.06% (above 0%: growing) −98.69% (below 0%: shrinking) +35.16% (above 0%: growing) 20.97% 0.00% Compare
ROKU Roku, Inc. $23.9B 46.4× 44.4× +24.07% (above 0%: growing) +625.53% (above 0%: growing) +72.39% (above 0%: growing) 43.18% 10.92% Compare
WMG Warner Music Group Corp. $16.7B 24.4× 21.9× +10.36% (above 0%: growing) n/m +1,528.57% (above 0%: growing) 45.82% 16.36% Compare
Median of peers $26.9B 38.3× 30.8× +21.87% +72.21% +53.78% 39.46% 9.88%

All 48 Entertainment stocks →

From the latest earnings call

Updated

  • Lachlan Murdoch said Tubi revenue grew 35% year over year, while Fox One subscriber acquisitions in September increased over 30% from the start of the prior football season.
  • Steve Tomsic said Fox expects full-year share repurchases in line with its historical range and anticipates restarting them after a pause in the quarter.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Citizens Nov 3, 2026 Reiterated — 95.00
JPMorgan Oct 18, 2026 Upgrade — 82.00
Bank of America Oct 16, 2026 Target raised — 54.00 → 85.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 95.01%
Held by the ten largest 46.87%
Holder Shares Stake Change
Vanguard 39.81m 9.49% −414.63k
BlackRock 32.27m 7.69% −120.58k
State Street 30.29m 7.22% −4.04m
Goldman Sachs 19.97m 4.76% −684.32k
Dodge & Cox 18.49m 4.41% +413.45k
Jericho Capital Asset Management L.P. 14.33m 3.42% +7.65m
Independent Franchise Partners LLP 13.88m 3.31% +398.76k
Geode Capital Management 10.29m 2.45% −243.12k
Fidelity (FMR) 9.27m 2.21% +4.22m
STATE OF WISCONSIN INVESTMENT BOARD 8.09m 1.93% +155.12k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 17 September 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2026 31.02m 26.96m 143.00
2025 32.98m 66.32m 156.00
2024 23.81m 19.27m 95.00
2023 21.78m 22.85m 93.00
2022 21.75m 17.35m 85.00

Ownership

Directors and executive officers, together 38.76%
LGC Holdco, LLCc/o Maupin, Cox & LeGoy4785 Caughlin ParkwayReno, Nevada 38.76%
Lachlan K. Murdoch 38.76%
State Street CorporationOne Congress Street, Suite 6.36%
BlackRock, Inc.50 Hudson YardsNew York, NY 5.19%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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FOXA metrics, ten years each

stockrow.com/FOXA · Data as of Nov 6, 2026 · For information only; not investment advice. · © 2026 stockrow.com