Fox
FOXA Nasdaq Broadcasting Financials FY2017–FY2026
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%.
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.
- Legal name
- Fox Corporation
- Fiscal year ends
- June 30, 2026
- Latest annual report
- 10-K · Aug 6, 2026
- Accession · CIK
- 0001628280-26-053960
0001754301
Revenue and margins
Fox had $17.1B of revenue in fiscal 2026, up 5.1% on the year before.
Net income and earnings per share
From fiscal 2017 to 2026, diluted EPS grew 6.3% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.5B in fiscal 2026, 8.6% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Fox returned $2.3B to shareholders in fiscal 2026, 156% of free cash flow. The diluted share count fell 4.8%.
Value Fox yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$2.4B and divides by 439.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 17.3x · peers 31.8x · sector 17.1x.
Balance sheet
Cash, debt and the ratios that show how comfortably Fox can carry it.
| Fiscal year end | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Cash and short-term investments | $5.2B | $4.3B | $4.3B | $5.4B | $4.2B |
| Debt incl. finance leases | $7.2B | $7.2B | $7.2B | $6.6B | $6.6B |
| Net debt / EBITDA | 0.8x | 1.2x | 1.0x | 0.3x | 0.8x |
| Debt / 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 |
| Total assets | $22.2B | $21.9B | $22.0B | $23.2B | $22.5B |
| Total liabilities | $10.8B | $11.4B | $11.2B | $11.1B | $10.8B |
| Shareholders' equity | $11.3B | $10.4B | $10.7B | $12.0B | $11.6B |
| Net debt (− = net cash) | $2.0B | $2.9B | $2.9B | $1.3B | $2.4B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$20.9M
1 insider
Sold, 12 months
$131M
5 insiders
Of sales under plans
70%
$91.9M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Lachlan K MurdochExecutive Chair, CEO, Director | Bought | 149,934 | $68.53 | $10.3M | Form 4 |
| Sep 15, 2026 | Lachlan K MurdochExecutive Chair, CEO, Director | Sold | 149,934 | $68.53 | $10.3M | Form 4 |
| Mar 13, 2026 | Lachlan K MurdochExecutive Chair, CEO, Director | Bought plan | 175,372 | $60.63 | $10.6M | Form 4 |
| Mar 13, 2026 | Lachlan K MurdochExecutive Chair, CEO, Director | Sold plan | 637,752 | $58.20 | $37.1M | Form 4 |
| Mar 12, 2026 | John NallenPresident, COO | Sold plan | 216,806 | $57.68 | $12.5M | Form 4 |
| Mar 12, 2026 | Lachlan K MurdochExecutive Chair, CEO, Director | Sold plan | 247,257 | $57.69 | $14.3M | Form 4 |
| Mar 11, 2026 | John NallenPresident, COO | Sold plan | 242,309 | $57.74 | $14.0M | Form 4 |
| Mar 11, 2026 | Lachlan K MurdochExecutive Chair, CEO, Director | Sold plan | 242,747 | $57.74 | $14.0M | Form 4 |
| Dec 9, 2025 | Adam G. CiongoliChief Legal and Policy Officer | Sold | 29,897 | $69.55 | $2.1M | Form 4 |
| Nov 21, 2025 | Keith Rupert MurdochChairman Emeritus | Sold | 100,000 | $59.26 | $5.9M | Form 4 |
| Nov 10, 2025 | Steven TomsicChief Financial Officer | Sold | 138,397 | $66.54 | $9.2M | Form 4 |
| Nov 7, 2025 | Keith Rupert MurdochChairman Emeritus | Sold | 168,756 | $65.97 | $11.1M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY24 | FY25 | FY26 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✓ |
| Current ratio rose | ✓ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | 6 / 8 | 8 / 8 | 6 / 8 |
| Accruals ratio | −1.3% | −4.6% | −1.1% |
| Altman Z'' | 3.61 | 4.34 | 4.28 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Fox FOXA | $29.2B | 5.1% | — | 8.6% | 14.8% | 17.3x | 6 | |
| SiriusXM SIRI | $9.4B | −1.6% | 17.2% | 14.6% | 5.3% | 11.1x | 6 | Compare → |
| Warner Bros. Discovery WBD | $79.7B | −5.2% | 2.0% | 8.3% | 0.6% | — | 7 | Compare → |
| Nexstar Media Group NXST | $5.2B | −8.5% | 17.2% | 15.0% | 5.6% | 31.8x | 5 | Compare → |
| Omnicom Group OMC | $22.8B | 10.1% | 2.6% | 16.1% | 2.0% | 80.3x | 3 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $9.9B | $10.2B | $11.4B | $12.3B | $12.9B | $14.0B | $14.9B | $14.0B | $16.3B | $17.1B |
| Interest expense | $23.0M | $43.0M | $203M | $369M | $395M | $377M | $349M | $405M | $403M | $401M |
| Pretax income | $2.2B | $2.2B | $2.2B | $1.5B | $2.9B | $1.7B | $1.7B | $2.1B | $3.1B | $2.3B |
| Income tax | $832M | −$58.0M | $581M | $402M | $717M | $461M | $483M | $550M | $768M | $551M |
| Net income | $1.4B | $2.2B | $1.6B | $1.1B | $2.2B | $1.2B | $1.3B | $1.6B | $2.3B | $1.7B |
| Diluted EPS | $2.21 | $3.52 | $2.57 | $1.62 | $3.61 | $2.11 | $2.33 | $3.13 | $4.91 | $3.84 |
| Diluted shares | 0.62B | 0.62B | 0.62B | 0.62B | 0.60B | 0.57B | 0.53B | 0.48B | 0.46B | 0.44B |
| Cash flow | ||||||||||
| Cash from operations | $1.7B | $1.3B | $2.5B | $2.4B | $2.6B | $1.9B | $1.8B | $1.8B | $3.3B | $2.0B |
| Capital expenditure | $191M | $215M | $235M | $359M | $484M | $307M | $357M | $345M | $331M | $502M |
| Free cash flow | $1.5B | $1.1B | $2.3B | $2.0B | $2.2B | $1.6B | $1.4B | $1.5B | $3.0B | $1.5B |
| Depreciation and amortization | $169M | $171M | $212M | $258M | $300M | $363M | $411M | $389M | $385M | $410M |
| Stock-based compensation | $0.0M | $0.0M | $36.0M | $137M | $147M | $102M | $74.0M | $90.0M | $135M | $132M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $1.1B | $51.0M | $243M | $0.0M | $0.0M | $97.0M | $8.0M |
| Share buybacks | $0.0M | $0.0M | $0.0M | $600M | $1.0B | $1.0B | $2.0B | $1.0B | $1.0B | $2.0B |
| Dividends paid | $35.0M | $41.0M | $188M | $335M | $330M | $307M | $299M | $281M | $277M | $287M |
| Dividends and buybacks | $35.0M | $41.0M | $188M | $935M | $1.3B | $1.3B | $2.3B | $1.3B | $1.3B | $2.3B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $19.0M | $2.5B | $3.2B | $4.6B | $5.9B | $5.2B | $4.3B | $4.3B | $5.4B | $4.2B |
| Total debt | — | $0.0M | $6.8B | $7.9B | $8.0B | $7.2B | $7.2B | $7.2B | $6.6B | $6.6B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | — | $5.6B | $6.5B | $7.5B | $8.7B | $8.3B | $7.3B | $7.5B | $8.4B | $8.5B |
| Current liabilities | — | $1.8B | $1.7B | $1.9B | $3.0B | $2.3B | $3.8B | $3.0B | $2.9B | $2.7B |
| Inventory | $0.0M | $1.2B | $1.1B | $856M | $729M | $791M | $543M | $626M | $432M | $487M |
| Property and equipment, net | — | $1.2B | $1.3B | $1.5B | $1.7B | $1.7B | $1.7B | $1.7B | $1.7B | $1.8B |
| Total assets | — | $13.1B | $19.5B | $21.8B | $22.9B | $22.2B | $21.9B | $22.0B | $23.2B | $22.5B |
| Total liabilities | — | $3.5B | $9.6B | $11.6B | $11.8B | $10.8B | $11.4B | $11.2B | $11.1B | $10.8B |
| Shareholders' equity | $6.1B | $9.6B | $9.9B | $10.1B | $11.1B | $11.3B | $10.4B | $10.7B | $12.0B | $11.6B |
| Margins | ||||||||||
| EBITDA margin | 24.5% | 23.5% | 23.2% | 17.0% | 28.0% | 17.4% | 16.7% | 20.7% | 23.6% | 18.0% |
| Net margin | 14.2% | 21.9% | 14.4% | 8.6% | 17.1% | 8.8% | 8.4% | 11.1% | 14.1% | 10.1% |
| FCF margin | 14.8% | 10.9% | 20.1% | 16.3% | 16.7% | 11.3% | 9.7% | 10.7% | 18.4% | 8.6% |
| Returns | ||||||||||
| Return on capital | — | — | 17.4% | 9.9% | 18.8% | 11.4% | 11.3% | 13.7% | 19.2% | 14.8% |
| Return on capital employed | — | — | 16.7% | 9.7% | 16.7% | 10.4% | 11.0% | 13.5% | 17.6% | 13.4% |
| 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% | 9.9% | 5.5% | 5.7% | 7.1% | 10.2% | 7.6% |
| Growth | ||||||||||
| Revenue growth | — | 2.3% | 12.2% | 8.0% | 4.9% | 8.3% | 6.7% | −6.3% | 16.6% | 5.1% |
| Net income growth | — | 58.1% | −26.3% | −35.4% | 107.3% | −44.0% | 1.6% | 24.0% | 47.6% | −24.7% |
| EPS growth | — | 59.3% | −27.0% | −37.0% | 122.8% | −41.6% | 10.4% | 34.3% | 56.9% | −21.8% |
| FCF growth | — | −24.7% | 107.7% | −12.4% | 7.4% | −26.8% | −8.5% | 3.6% | 100.2% | −51.0% |
| Share count change | — | 0.0% | 0.0% | −0.8% | −3.4% | −4.2% | −6.8% | −9.6% | −4.0% | −4.8% |
| Financial health | ||||||||||
| Net debt / EBITDA | — | −1.1x | 1.3x | 1.6x | 0.6x | 0.8x | 1.2x | 1.0x | 0.3x | 0.8x |
| Debt / equity | — | 0.0x | 0.7x | 0.8x | 0.7x | 0.6x | 0.7x | 0.7x | 0.6x | 0.6x |
| Interest coverage | 98.4x | 51.5x | 12.0x | 5.0x | 8.4x | 5.5x | 6.0x | 6.2x | 8.6x | 6.7x |
| Current ratio | — | 3.2x | 3.8x | 3.9x | 2.9x | 3.6x | 1.9x | 2.5x | 2.9x | 3.2x |
| Quick ratio | — | 2.5x | 3.1x | 3.5x | 2.7x | 3.3x | 1.8x | 2.3x | 2.8x | 3.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 1.9% | 2.1% | 2.1% | 2.9% | 3.8% | 2.2% | 2.4% | 2.5% | 2.0% | 2.9% |
| Stock comp / revenue | 0.0% | 0.0% | 0.3% | 1.1% | 1.1% | 0.7% | 0.5% | 0.6% | 0.8% | 0.8% |
| Payouts / FCF | 2.4% | 3.7% | 8.2% | 46.6% | 61.8% | 82.9% | 159.3% | 85.7% | 42.7% | 155.8% |
| Quality scores | ||||||||||
| Piotroski F-score | — | — | — | 6.0 | 6.0 | 7.0 | 6.0 | 6.0 | 8.0 | 6.0 |
| Altman Z'' | — | 5.9 | 3.6 | 3.3 | 3.9 | 3.9 | 3.0 | 3.6 | 4.3 | 4.3 |
| Accruals ratio | — | — | −5.4% | −6.3% | −2.0% | −2.9% | −2.5% | −1.3% | −4.6% | −1.1% |
Source: SEC EDGAR XBRL filings (CIK 0001754301). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.