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what it is
Fox sells your attention around news, sports, and entertainment, then gets paid again by cable and streaming distributors.
how it gets paid
Last year Fox made $16.3B in revenue. distribution revenue was the main engine at $7.3B, or 45% of sales.
why it's growing
Revenue grew 16.6% last year. Content and other revenues, fox’s smallest unit, registered a 12% top-line gain, owing to higher entertainment content deliveries.
what just happened
Latest quarter revenue hit $8.9 billion, while EPS reached $1.85, showing Fox still gets paid when live events stack up.
At a glance
A balance sheet — strong enough to weather a downturn
90/100 earnings predictability — you can trust these numbers
15.5x trailing p/e — the market's not buying it — or you found a deal
0.8% dividend yield — cash in your pocket every quarter
10.0% return on capital — nothing to write home about
xvary composite: 75/100 — average
What they do
Fox sells your attention around news, sports, and entertainment, then gets paid again by cable and streaming distributors.
Fox owns the stuff people still watch live. That matters because live viewing keeps ad dollars from drifting away as fast as scripted TV. You can skip a sitcom later, but you usually watch the Super Bowl or election night in real time, and that helps Fox hold a 22.5% operating margin.
How they make money
$16.3B
annual revenue · their business grew +16.6% last year
distribution revenue
$7.3B
+3.0%
advertising revenue
$5.5B
+6.0%
content and other
$2.5B
+12.0%
tubi media group
$1.0B
+27.0%
The products that matter
cable news and entertainment broadcasting
Cable Networks
$16.3B revenue base
this is still the center of gravity. the company generated $16.3B in revenue last year, and fox news remains the anchor asset behind that scale.
core cash flow
television station advertising
Local Broadcast Stations
advertising +6%
ad revenue at the station level grew 6% from a year ago. that matters because ad markets are cyclical, and growth here says demand has not rolled over yet.
cyclical support
free ad-supported streaming
Tubi
revenue +27%
Tubi revenue jumped 27% in the latest quarter, viewtime rose 18%, and the platform finished in the black. it is still smaller than linear tv, but it is the clearest proof Fox can grow outside the bundle.
the growth piece
Key numbers
15.5x
trailing p/e
P/E ratio → price compared with earnings → so what: you are paying a market-like multiple for a business with a 22.5% operating margin.
22.5%
operating margin
Operating margin → profit after running the business → so what: Fox keeps about $0.23 of operating profit from every $1 of sales.
$6.6B
long-term debt
Long-term debt → money owed over many years → so what: debt is 17% of capital, which is modest for a company producing $16.3 billion in annual revenue.
10.0%
return on capital
Return on capital → profit earned on the money tied up in the business → so what: Fox earns $0.10 for every $1 invested, solid but not elite.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 3 — safer than 50% of stocks
- price stability 75 / 100
- long-term debt $6.6B (17% of capital)
- net profit margin 13.7% — keeps 14 cents of every dollar in revenue
- return on equity 12% — $0.12 profit for every $1 investors have put in
A — among the top-rated companies for balance sheet quality.
Total return vs. market
You invested $10,000 in FOXA 3 years ago → it's now worth $23,900.
The index would have given you $14,770.
source: institutional data · total return
What just happened
beat estimates
Latest quarter revenue hit $8.9 billion, while EPS reached $1.85, showing Fox still gets paid when live events stack up.
Fiscal 2026 started well, with sales up 5% and ad revenue up 6% in fiscal Q1, according to the company's update. Tubi was the standout, with revenue up 27% and viewtime up 18%.
$8.9B
revenue
$1.85
eps
+27%
tubi revenue growth
the number that mattered
Tubi's 27% growth matters most because it is one of the few pieces growing faster than linear TV is shrinking.
-
fox corp. began fiscal 2026 on a good note. (year ends june 30th.) earnings per share and sales grew 4% and 5%, respectively, in the september period.
-
advertising revenues increased 6% vs. prior year, while distribution revenues (including affiliate fees at linear channels and directto-consumer streaming subscription fees) climbed 3%.
-
content and other revenues, fox’s smallest unit, registered a 12% top-line gain, owing to higher entertainment content deliveries.
-
moreover, revenues at tubi jumped 27% from the year-ago figure, spurred by an 18% increase in viewtime, and the subsidiary finished in the black during the first quarter.
-
the company launched streaming service fox one in late august.thus far, subscriber growth has exceeded expectations, thanks to direct acquisition and partnerships, and fox expects there will be robust opportunity as it rolls out bundled subscription options.
source: company earnings report, 2026
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What could go wrong
the #1 risk is linear tv erosion outrunning Tubi and Fox One growth.
med
linear tv weakens faster than the streaming offset arrives
Fox still relies on a $16.3B legacy media base with advertising and distribution at the center. If cord-cutting or viewership pressure picks up, the old cash engine can shrink before the new one matters enough.
A business earning a 13.2% net margin does not need a collapse to feel pain — even modest pressure on affiliate fees can hit earnings fast.
med
advertising is holding up now, but ad markets do not stay kind forever
Advertising revenue rose 6% in the latest period. That is good news. It is also cyclical. If marketers pull back, local stations and broader network demand can soften quickly.
The latest quarter worked because ad growth was stronger than distribution growth. Reverse that, and the quarter reads very differently.
med
Fox One may launch well without becoming durable
Management said subscriber growth has exceeded expectations so far. Early launch momentum is useful. It is not proof of long-term retention, pricing power, or bundle economics.
If Fox One stalls after launch and Tubi slows from its current 27% growth rate, the streaming narrative loses most of its valuation support.
The risk stack is specific: Fox has a strong balance sheet, but the debate still comes back to whether enough of the $16.3B revenue base can migrate to healthier digital economics before linear tv slips.
source: institutional data · regulatory filings · risk analysis
Pay attention to
trend
Tubi at +27%
This is the fastest-growing disclosed piece of the story. If it stays near that pace, the streaming argument gets louder.
metric
distribution growth only +3%
Affiliate and subscription-style revenue matters because it is usually steadier than advertising. Slower growth here is the number to keep in view.
launch
Fox One after the initial rollout
Management says early subscriber growth beat expectations. The next update matters more than the launch press line.
risk
advertising momentum
Advertising grew 6% in the latest period. If that cools while streaming stays small, the legacy narrative comes right back.
Analyst rankings
short-term outlook
top 20%
momentum score 2 — analysts expect above-average price performance in the year ahead. in human-speak, they think the stock still has room.
risk profile
average
stability score 3 — typical risk profile. not unusually defensive, not unusually fragile.
chart momentum
average
technical score 3 — the chart is not sending a special signal. the thesis still has to come from the business.
earnings predictability
90 / 100
management has been reliable enough that surprise usually comes from the market's reaction, not the print itself.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 331 buyers vs. 325 sellers in 3q2025. total institutional holdings: 0.2B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$60
$98
$74
current price
$79
target midpoint · +7% from current · 3-5yr high: $85 (+15% · 5% ann'l return)
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