Fox CorpFOXA
Fox Corp Financial Overview 2022–2026
Updated Aug 8, 2026Fox Corporation’s Television segment delivered an 87% jump in Segment EBITDA during FY2025, proving the cash-generating power of its live sports and political advertising core. This cash engine is now funding a structural pivot, as the legacy broadcaster transitions into a connected-TV heavyweight following its FY2026 agreement to acquire Roku.
Despite the volatility of major event cycles, the business has expanded steadily. Total revenue grew from $13.97 billion in FY2022 to $17.126 billion in FY2026, driven by climbing affiliate fees and distribution rates. Fox has aggressively funneled this capital back to shareholders, repurchasing $2 billion in stock during FY2026 while preserving a balance sheet that ended the fiscal year with $4.2 billion in cash and cash equivalents. The Cable Network Programming segment also provided a steady floor, generating $3.099 billion in Segment EBITDA in FY2026.
Despite this top-line expansion, the market continues to price Fox as a traditional media asset navigating secular headwinds. At the close of FY2025, the stock traded at an 11.4x P/E ratio, with a closing price of $56.04 and $4.91 in EPS. As the company launched its FOX One direct-to-consumer service and absorbed higher interest expenses in FY2026, net income fell 26% to $1.685 billion, and the stock finished FY2026 at $52.16. Investors are now weighing whether this costly digital evolution will successfully reaccelerate bottom-line growth.
Recent Developments (Q3 and Q4 2026)
In Q4 2026, Fox solidified its connected-TV expansion by securing $12 billion in bridge financing and a $1.0 billion term loan to fund its Roku buyout. Concurrently, the board extended CEO Lachlan Murdoch’s contract through June 2030. Earlier in Q3 2026, total revenues fell 9% year-over-year to $3.99 billion, primarily due to a 24% drop in advertising revenue following the absence of a Super Bowl broadcast. However, operating expenses decreased 16% to $2.49 billion as sports programming amortization eased.
Bulls argue that reduced sports rights costs offer margin relief during softer advertising cycles. Bears counter that heavy streaming investments are eroding core profitability, highlighted by a 52% plunge in Q3 2026 net income to $166 million. Trading at 11.7x earnings as of August 6, 2026, the stock remains priced as a discounted legacy asset despite its digital transition.
What to watch: Roku acquisition closing timelines; advertising revenue stabilization during the fall broadcast season.
Rev
$16.30B
FY2025
NI
$2.26B
FY2025
EPS$FOXA
$4.97
FY2025
OCF
$3.32B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All FOXA Financial Metrics(54)
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Recent SEC Filings
Fox Corp 8-K Report, Corporate Update (Sep 9, 2026)
This 8-K filing from Fox Corporation (FOXA) provides an update on the proposed merger with Roku, Inc. The key development is the issuance of a "Second Request" for additional information from the U.S. Department of Justice (DOJ) regarding the antitrust review of the transaction. This Second Request extends the waiting period under the Hart-Scott-Rodino (HSR) Act until 30 days after both companies substantially comply with the DOJ's request, pushing the expected closing timeline. Fox now anticipates the merger to be consummated in the first half of calendar year 2027, subject to regulatory approvals, shareholder votes, and other customary closing conditions. The company emphasizes that it is cooperating with the DOJ's review. The filing also reiterates the availability of important information regarding the transaction, including the effective registration statement and definitive joint proxy statement/prospectus, urging investors to review these documents for comprehensive details.
Fox Corp 8-K/A Report, Exhibit Filing (Aug 10, 2026)
Fox Corporation (FOXA) has filed an 8-K filing on August 10, 2026, primarily focused on providing updated financial information related to its acquisition of Roku. This filing includes essential financial statements for Roku, Inc., both audited for fiscal years ending December 31, 2025 and 2024, and unaudited for the interim periods ending June 30, 2026. Investors seeking to understand the financial profile of the acquired entity will find these statements crucial for due diligence and valuation assessments. Furthermore, the report presents unaudited pro forma condensed combined financial information as of and for the year ended June 30, 2026. This pro forma data aims to illustrate how the combined entity might have performed had the acquisition been in place. While this information is presented for informational purposes and does not represent actual historical results, it offers valuable insights into the potential financial synergies and the scaled-up financial footprint of the combined Fox and Roku operations.
Fox Corp 8-K Report, Financial Results (Aug 6, 2026)
Fox Corporation (FOXA) has filed an 8-K report on August 6, 2026, announcing its financial results for the fiscal fourth quarter and the full fiscal year ended June 30, 2026. The report primarily incorporates by reference the press release detailing these results, which is included as an exhibit. Investors should refer to Exhibit 99.1 for comprehensive details on the company's performance, including revenue, profitability, and segment-specific data. While this 8-K provides the official notification of the earnings release, it directs stakeholders to the press release for the actual financial figures and management's commentary. This filing serves as a formal record of the earnings announcement. Investors seeking to understand FOXA's financial health and future outlook should thoroughly review the attached press release. Key areas to focus on will likely include the performance of its diverse business segments (e.g., Television, Cable Network Programming), any updates on strategic initiatives, and forward-looking guidance, if provided within the press release. The information provided in this 8-K is crucial for assessing the company's operational and financial standing as of the end of fiscal year 2026.
Fox Corp 8-K Report, Material Agreement (Jun 30, 2026)
Fox Corporation (FOXA) has filed an 8-K detailing the execution of a $1.0 billion senior unsecured term loan credit agreement. This facility is crucial for financing a portion of the cash consideration for its previously announced acquisition of Roku, Inc. The loan, contingent on the closing of the Roku acquisition and other standard conditions, is provided by a syndicate of lenders led by Morgan Stanley. The term loan matures two years after the acquisition's consummation and funding, with an option for Fox Corp to incur an additional $1.0 billion in term loans, subject to conditions. This move underscores the company's strategy to fund significant growth initiatives through debt financing, highlighting the importance of the Roku acquisition to its future plans.
Fox Corp 8-K Report, Regulation FD Disclosure (Jun 15, 2026)
Fox Corporation (FOX) has announced a definitive agreement to acquire Roku, Inc. (ROKU) in a significant strategic move that will reshape the media landscape. This 8-K filing serves as a notification of this material development, accompanied by a joint press release and an investor presentation detailing the transaction. Investors should note that this acquisition represents a major diversification and expansion for Fox, potentially enhancing its reach in the streaming and advertising technology sectors. The company has scheduled a joint investor conference call for June 15, 2026, at 8:00 AM ET to discuss the acquisition. While the specifics of the deal's financial terms are not detailed in this 8-K, the filing emphasizes that further critical information will be made available through a Form S-4 registration statement, including a joint proxy statement and prospectus. Investors are strongly encouraged to review these forthcoming documents for comprehensive details on the transaction, its implications, and regulatory considerations.
View all 8-K filings →