Fox

FOXA · Nasdaq · Communication Services · Financials, fiscal 2017 to 2026

FOXA · Last close · October 26, 2026

$65.33

Fox's revenue rose 5.1% to $17.1 billion in fiscal 2026. Its net margin was 10.1%, down from 14.1% a year earlier. Free cash flow was $1.5 billion, down 51.0%. It paid out $2.3 billion in dividends and buybacks, 156% of free cash flow. The diluted share count fell 4.8%.

Fox Corporation Latest fiscal year ended June 30, 2026 10-K filed August 6, 2026 · 0001628280-26-053960 Updated October 9, 2026

Revenue

$17.1B

5.1%

Net margin

10.1%

4.0 pts

Net income

$1.7B

24.7%

Free cash flow

$1.5B

51.0%

Return on capital

14.8%

4.4 pts

Market cap

$28.7B

Oct 26 close

P/E

17.0x

On $3.84 EPS, FY26

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Fox does

Fox is a news, sports and entertainment company that operates primarily in the U.S. Its brands include FOX News Media, FOX Sports, Tubi Media Group, FOX Entertainment and FOX Television Stations. It reaches viewers through the FOX broadcast network, cable channels such as FOX News, FOX Business and FS1, 29 full power broadcast television stations, and FOX One, its own subscription streaming service. Tubi, its free streaming service paid for by advertising, has a library of over 350,000 movies and television episodes and streamed over 13 billion hours of content in fiscal 2026.

Fox reports two segments. Cable Network Programming produces and licenses news and sports content to cable, satellite and phone companies, online TV services and other digital platforms. Television covers the FOX network, Tubi, its stations and production companies. Fox makes money through a combination of affiliate fees and advertising sales. FOX News is available in approximately 55 million U.S. households through pay-TV distributors, and in more through FOX One. FOX Sports programs the NFL, college football, Major League Baseball, INDYCAR and NASCAR.

In June 2026 Fox agreed to acquire Roku, which runs a connected TV platform, paying $96.00 in cash and 0.9693 shares of Fox Class A stock for each Roku share. The deal still needs approval from both companies' stockholders and antitrust clearance. Fox also owns the FOX Studio Lot in Los Angeles and a stake in Flutter, an online sports betting and gaming company.

Its biggest risks, as it describes them

The Roku deal may be delayed or not completed, and Fox may fail to combine the two businesses and get the benefits it expects.
Fewer people paying for cable and satellite TV could cut its distribution and advertising revenue.
It earns much of its revenue from a few distributors and may fail to renew carriage deals on good terms.
Failing to renew sports rights on good terms, or the sports it airs becoming less popular, could cut its revenue.
Damage to its brands, especially the FOX brand, or to its reputation.

From Fox's annual report on Form 10-K, filed August 6, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2017 to 2026, earnings per share grew 6.3% a year and net income 2.3% a year, as buybacks cut the share count by 29%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Fox yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Fox's 10-K and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Fox's fiscal 2026 free cash flow of $1.5B, net cash of −$2.4B at June 30, 2026 and 439 million diluted shares, from its filings. The scenarios are fitted to Fox: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 4.7% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9% for a business of moderate risk (Broadcasting); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2026.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at June 30, 2026. Negative means net debt.

Diluted shares, millions Weighted-average diluted shares in fiscal 2026.

Your assumptions

Start from

Fitted to Fox's own revenue growth, as above. Cautious: growth of 2.5% then 2% a year, 2% after year 10, a 10% discount rate. Base: growth of 4.5% then 3.5% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 7% then 5% a year, 3% after year 10, a 8% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $65.33
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Fox's earnings per share of $3.84 (in fiscal 2026). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 17.7×, the middle of Fox's own P/E today, its peers' median and its sector's median (the Communication Services median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$ Diluted earnings per share in fiscal 2026, from the 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: SiriusXM, Nexstar Media Group.

Earnings growth in the years ahead (% a year) Starts at Fox's revenue growth over the last 3 years, 4.7% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $65.33
Value at this multiple, against the last close: —
Fox's P/E at the last close: 17.0×

Company	Last close	Earnings per share	P/E today
Nexstar Media GroupNXST	$164.75	$5.27	31.3×
FoxFOXA	$65.33	$3.84	17.0×
SiriusXMSIRI	$27.41	$2.50	11.0×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY22	FY23	FY24	FY25	FY26
Cash and short-term investments	5,200	4,272	4,319	5,351	4,205
Debt incl. finance leases	7,206	7,210	7,197	6,602	6,606
Net debt (negative means net cash)	2,006	2,938	2,878	1,251	2,401
Net debt to EBITDA	0.8x	1.2x	1.0x	0.3x	0.8x
Debt to equity	0.6x	0.7x	0.7x	0.6x	0.6x
Interest coverage	5.5x	6.0x	6.2x	8.6x	6.7x
Current ratio	3.6x	1.9x	2.5x	2.9x	3.2x
Quick ratio	3.3x	1.8x	2.3x	2.8x	3.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $20.9 million of Fox shares on the open market, and 6 insiders sold $131.7 million, $91.9 million of it under trading plans set up in advance.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	Lachlan K MurdochExecutive Chair, CEO, Director	Bought	149,934	$68.53	$10.3 million	Form 4
Sep 15, 2026	Lachlan K MurdochExecutive Chair, CEO, Director	Sold	149,934	$68.53	$10.3 million	Form 4
Mar 13, 2026	Lachlan K MurdochExecutive Chair, CEO, Director	Sold plan	637,752	$58.20	$37.1 million	Form 4
Mar 13, 2026	Lachlan K MurdochExecutive Chair, CEO, Director	Bought plan	175,372	$60.63	$10.6 million	Form 4
Mar 12, 2026	Lachlan K MurdochExecutive Chair, CEO, Director	Sold plan	247,257	$57.69	$14.3 million	Form 4
Mar 12, 2026	John NallenPresident, COO	Sold plan	216,806	$57.68	$12.5 million	Form 4
Mar 11, 2026	Lachlan K MurdochExecutive Chair, CEO, Director	Sold plan	242,747	$57.74	$14.0 million	Form 4
Mar 11, 2026	John NallenPresident, COO	Sold plan	242,309	$57.74	$14.0 million	Form 4
Dec 9, 2025	Adam G. CiongoliChief Legal and Policy Officer	Sold	29,897	$69.55	$2.1 million	Form 4
Nov 21, 2025	Keith Rupert MurdochChairman Emeritus	Sold	100,000	$59.26	$5.9 million	Form 4
Nov 10, 2025	Steven TomsicChief Financial Officer	Sold	138,397	$66.54	$9.2 million	Form 4
Nov 7, 2025	Keith Rupert MurdochChairman Emeritus	Sold	168,756	$65.97	$11.1 million	Form 4

The latest 12 of 13 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY24	FY25	FY26
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Pass
Current ratio rose	Pass	Pass	Pass
Share count didn't rise	Pass	Pass	Pass
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Fail
F-score	6 of 8	8 of 8	6 of 8
Accruals ratio	−1.3%	−4.6%	−1.1%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Fox side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Fox	FY26	5.1%	—	8.6%	14.8%	0.8x	6
SiriusXM	FY25	−1.6%	17.2%	14.6%	5.3%	5.1x	6	Compare
Warner Bros. Discovery	FY25	−5.2%	2.0%	8.3%	0.6%	4.5x	7	Compare
Nexstar Media Group	FY25	−8.5%	17.1%	15.0%	5.6%	4.6x	5	Compare
Spotify Technology	FY25	9.7%	12.8%	16.7%	—	—	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	FY26
Income statement
Revenue	9,921	10,153	11,389	12,303	12,909	13,974	14,913	13,980	16,300	17,126
Revenue growth	—	2.3%	12.2%	8.0%	4.9%	8.2%	6.7%	−6.3%	16.6%	5.1%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	—	—	—	—	—	—	—	—	—	—
Net income	1,409	2,228	1,643	1,062	2,201	1,233	1,253	1,554	2,293	1,727
Diluted EPS (US$)	2.21	3.52	2.57	1.62	3.61	2.11	2.33	3.13	4.91	3.84
Diluted shares (millions)	621	621	621	616	595	570	531	480	461	439
Cash flow
Cash from operations	1,655	1,317	2,524	2,365	2,639	1,884	1,800	1,840	3,324	1,970
Capital expenditure	191	215	235	359	484	307	357	345	331	502
Free cash flow	1,464	1,102	2,289	2,006	2,155	1,577	1,443	1,495	2,993	1,468
Dividends paid	35	41	188	335	330	307	299	281	277	287
Share buybacks	0	0	0	600	1,001	1,000	2,000	1,000	1,000	2,000
Acquisitions	0	0	0	1,061	51	243	0	0	97	8
Stock-based compensation	0	0	36	137	147	102	74	90	135	132
Balance sheet at fiscal year end
Cash and short-term investments	19	2,500	3,234	4,645	5,886	5,200	4,272	4,319	5,351	4,205
Debt incl. finance leases	—	0	6,751	7,946	7,951	7,206	7,210	7,197	6,602	6,606
Total assets	—	13,121	19,509	21,750	22,926	22,185	21,866	21,972	23,195	22,482
Total liabilities	—	3,527	9,551	11,639	11,801	10,810	11,421	11,158	11,128	10,754
Shareholders' equity	6,093	9,594	9,947	10,094	11,123	11,339	10,378	10,714	11,962	11,628
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	—	—	—	—	—	—	—	—	—	—
Net margin	14.2%	21.9%	14.4%	8.6%	17.1%	8.8%	8.4%	11.1%	14.1%	10.1%
Free cash flow margin	14.8%	10.8%	20.1%	16.3%	16.7%	11.3%	9.7%	10.7%	18.4%	8.6%
Return on capital	—	—	17.4%	9.9%	18.8%	11.3%	11.2%	13.7%	19.2%	14.8%
Return on equity	—	—	16.8%	10.6%	20.8%	11.0%	11.5%	14.7%	20.2%	14.6%
Return on assets	—	—	10.1%	5.2%	9.8%	5.5%	5.7%	7.1%	10.2%	7.6%
Net debt to EBITDA	—	−1.1x	1.3x	1.6x	0.6x	0.8x	1.2x	1.0x	0.3x	0.8x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Fox's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Fox.