Fox grew fiscal 2026 revenue 5% to a record $17.13B as the World Cup and Tubi made up for last year's Super Bowl and election ads. Diluted EPS still fell 22% to $3.84, driven by a $761M paper loss on its Flutter stake, while FOX One launch costs and the pending Roku deal set up fiscal 2027.
Revenue
$17.1B
+5.1% YoY
Net income
$1.7B
-25.5% YoY
Diluted EPS
$3.84
-21.8% YoY
Operating margin
19.5%
Overview
Fox Corporation's fiscal year ends on June 30. For fiscal 2026 it reported record revenue of $17.13 billion, up 5%. Advertising and affiliate fees both grew, even though Fox was up against a tough prior year: fiscal 2025 included the February 2025 Super Bowl and the 2024 presidential election, two of the biggest advertising events there are. The FIFA Men's World Cup, which kicked off in June 2026, made up most of that gap. The bottom line went the other way, though. Net income attributable to Fox stockholders fell 26% to $1.685 billion, and diluted earnings per share fell from $4.91 to $3.84. That drop came almost entirely from a $761 million paper loss on Fox's stake in Flutter, the sports-betting company, not from the TV business. The year's biggest strategic news came after the operating results: in June 2026 Fox agreed to buy Roku.
Note for investors: Fox has two listed share classes. FOXA (Class A) and FOX (Class B, the voting shares) are the same company with the same earnings per share and the same dividend. This analysis applies to both.
Key figures
Metric
FY2026
FY2025
YoY Change
Total revenue
$17,126M
$16,300M
+5.1%
Distribution (affiliate/retrans) revenue
$8,058M
$7,780M
+3.6%
Advertising revenue
$7,339M
$6,865M
+6.9%
Content and other revenue
Read 0 community reports on Fox Corporation (Class A), or write your own.Write a report
Fox's income statement has no "operating income" line. Operating margin here means the share of revenue left after running the business. It is calculated as revenue minus operating expenses, SG&A, depreciation and amortization, and restructuring/impairment charges ($3,345M vs. $2,879M), before equity losses, interest, investment gains/losses and tax. Adjusted EBITDA and adjusted EPS are Fox's own non-GAAP measures. The adjusted EPS figures come from the August 6, 2026 earnings release (8-K Exhibit 99.1), not the 10-K.
Where the revenue came from
Fox earns money three ways:
Distribution revenue: fees that cable, satellite and streaming TV bundles (the 10-K calls them "MVPDs") and local FOX-affiliated stations pay to carry its channels. This grew $278M (+4%). The 10-K says higher rates per subscriber and higher fees from FOX-affiliated stations added about $440M. A lower average subscriber count took away about $160M. That is the cord-cutting cost: Nielsen's estimate of homes receiving FOX News fell from 61 million to 55 million in a year.
Advertising revenue grew $474M (+7%). The 10-K credits sports first: the World Cup, extra NFL and MLB postseason games, and higher pricing. Then Tubi's digital growth and higher news ad pricing. Working against it were no Super Bowl (Fox aired Super Bowl LIX in February 2025), no presidential/congressional election ad spending, and lower news ratings.
Content and other grew $74M (+4%), mainly from sublicensing sports rights to other outlets and from digital content.
Segment performance
Segment
FY2026 revenue
YoY
FY2026 Segment EBITDA
FY2025 Segment EBITDA
YoY
Cable Network Programming (FOX News, FS1, FOX Business…)
$7,348M
+6%
$3,099M
$3,030M
+2%
Television (FOX network, 29 stations, Tubi)
$9,666M
+4%
$1,438M
$945M
+52%
Corporate and Other (incl. FOX One)
$526M
n.m.
-$631M
-$351M
-80%
Cable Network Programming (mostly FOX News). Revenue rose 6%. Distribution was up 5% because price increases more than covered subscriber losses. Advertising was up 10% on "higher news and sports pricing" and World Cup matches on its cable channels, partly offset by lower ratings. Profit growth was much slower than revenue growth: Segment EBITDA rose only 2% because operating expenses jumped $287M (+9%). The 10-K blames soccer rights, the World Cup above all. Lower newsgathering costs, with no presidential election to cover, offset part of that. The profit engine is still intact, but the extra World Cup revenue here was roughly matched by the cost of the rights.
Television. The headline +52% EBITDA jump is mostly a Super Bowl effect. Super Bowl rights are expensive, so dropping out of the rotation cut operating expenses by $207M, even with the World Cup and an extra NFL playoff game added. Revenue still grew $341M because World Cup and Tubi advertising outweighed the missing Super Bowl and political ads. Station distribution revenue was flat. The Super Bowl rotates among networks, so this margin boost is a timing effect. It should not be treated as a new run-rate.
Tubi. This is Fox's free, ad-supported streaming service. The 10-K cites it repeatedly as a driver of ad growth. It says Tubi generated over 13 billion hours of viewing in fiscal 2026 and averaged about 2.2% of all U.S. TV viewing (Nielsen's The Gauge). It also added 50 original titles and more than 20,000 creator-led episodes. The filing does not break out Tubi's revenue or its profit or loss, so this report can't say whether Tubi's losses narrowed. The 10-K also cites higher digital content costs as a partial offset to Television's expense savings.
FOX One: the cost of launching a streaming service
FOX One launched in August 2025. It is a paid streaming service that bundles FOX News, FOX Sports, the FOX network, FOX Business, FOX Weather and local stations for people without a cable bundle. Its costs show up clearly. Corporate and Other lost $631M before interest, tax and depreciation, versus a $351M loss a year earlier. The 10-K attributes the $280M swing mainly to what FOX One pays the other Fox divisions for content ("intercompany FOX branded content"), plus marketing costs, which "more than offset related distribution revenue." The launch also added to company-wide operating expenses and SG&A (up 9%). Two things to know when reading this:
Some of FOX One's content cost is revenue for Fox's own networks. Intercompany eliminations, which strip out sales between Fox divisions (including direct-to-consumer streaming and sports sublicensing, per the 10-K), grew to $414M from $199M.
The 10-K gives no FOX One subscriber number, so there's no way to judge from the filing how the launch is going.
Why net income fell while operations improved
Below-the-line item
FY2026
FY2025
Net (losses)/gains on equity securities (mainly Flutter)
-$761M
+$449M
Restructuring, impairment & other corporate matters
-$151M
-$350M
Interest expense, net
-$274M
-$227M
The main driver is a $1.21 billion swing in the value of Fox's Flutter shares (about 4.3 million shares, around 2.5% of Flutter). Fox has to mark these shares to market every period. Last year they produced a $449M gain; this year a $761M loss. That item alone explains more than the entire $783M drop in pre-tax income. It is non-cash and says nothing about the TV business. That is why adjusted EPS, which excludes it, rose 13% to $5.42 while reported EPS fell 22%.
Two partial offsets:
Restructuring and other charges fell to $151M from $350M. Fiscal 2025 carried $126M of legal settlement costs and $91M of other charges, which the 10-K says primarily related to shutting down Venu Sports, a planned sports-streaming joint venture.
The tax rate eased to 24% from 25%.
Net interest expense rose $47M because Fox earned less interest on a smaller cash balance at lower rates.
Cash flow, buybacks and dividend
Operating cash flow fell 41% to $1.97 billion. The 10-K attributes this primarily to "lower advertising receipts due to the absence of Super Bowl LIX and the 2024 presidential and congressional elections," with the World Cup and higher sports programming payments also cited. Fox still returned more cash to shareholders than it generated from operations:
Buybacks: about 32 million shares repurchased for about $2.0 billion, double the $1.0 billion of fiscal 2025. That includes a $1.5 billion accelerated share repurchase (a deal where a bank delivers most of the shares up front) in October 2025. The board raised the total authorization by $5 billion to $12 billion in August 2025, and $3.4 billion remained at June 30, 2026. Diluted shares fell from 461M to 439M, so each share got a bigger slice of earnings. That is part of why EPS fell less than net income.
Dividend: $0.56 per share paid in fiscal 2026. After year-end the semi-annual dividend was raised to $0.29 per share.
Cash on hand ended at about $4.2 billion, with $6.7 billion of fixed-rate debt outstanding.
The Roku deal
On June 14, 2026, Fox agreed to acquire Roku for $96.00 in cash plus 0.9693 FOX Class A shares per Roku share. The exchange ratio is fixed. Fox plans to pay the cash part with new debt plus cash on hand. It has signed a $12.0 billion bridge loan commitment and a $1.0 billion term loan. The deal needs approval from both companies' shareholders and antitrust clearance. On September 8, 2026, both companies received a "Second Request" from the U.S. Department of Justice. That is an in-depth antitrust review, and it extends the waiting period. Fox still expects the deal to close in the first half of calendar 2027 (per an 8-K filed September 9, 2026). If the deal fails for regulatory reasons, Fox would owe Roku a breakup fee of about $1.2 billion. The 10-K's risk factors warn that the new debt could lead to credit-rating downgrades and limit how much cash Fox can return to shareholders. Fox is currently rated Baa2/BBB.
Legal matters
The 10-K says Smartmatic's February 2021 defamation lawsuit seeks $2.7 billion in damages. Summary judgment motions were argued on December 2, 2025. No trial date has been set, and a trial is "not expected to commence until later in 2026 at the earliest." Fox calls the claims "without merit." It has judged a loss "neither probable nor reasonably estimable," so nothing is reserved for it. For context, the 10-K notes that Fox paid about $800 million in April 2023 to settle the Dominion lawsuit and a related case. A shareholder derivative suit over the 2020 election coverage is still pending in Delaware.
Takeaway: Fox's core operations had a better year than the 22% drop in reported EPS suggests. Revenue and EBITDA hit what Fox's earnings release calls records (+5% and +8%), even against a year with a Super Bowl and a presidential election. The EPS drop comes from a non-cash markdown of the Flutter stake. The weak spots are underneath: FOX News lost about 6 million subscriber homes, and cable profit grew only 2% as World Cup costs ate most of the extra revenue. FOX One added about $280M of losses in its first year without disclosing a subscriber count.
Outlook
Neither the 10-K nor the earnings release gives numeric guidance for fiscal 2027. Here is what the filings do point to:
Ad calendar helps early fiscal 2027. The World Cup started in June 2026, but its final rounds were played in July, which falls in fiscal 2027's first quarter. Fiscal 2027 also includes the November 2026 U.S. midterm elections. The 10-K names election cycles as a cause of large year-to-year swings in ad revenue, and fiscal 2026 had no federal election.
Cord-cutting keeps weighing on distribution revenue. Fox has so far raised rates enough to offset subscriber losses (+$440M vs. -$160M this year). That depends on renewing carriage deals at higher prices while the subscriber base keeps shrinking.
FOX One and Tubi need to show numbers. Neither discloses profitability. After roughly $280M of extra losses in Corporate and Other this year, the next test is whether FOX One's losses shrink in its second year.
Roku changes the story. If it closes, Fox becomes a far more leveraged company built around streaming distribution. The large buybacks of the last two years are likely to slow as cash goes toward paying down the acquisition debt. That is our inference from the 10-K's own risk-factor language on limiting capital returns.
Source: Fox Corporation Form 10-K for the fiscal year ended June 30, 2026 (filed August 6, 2026). Adjusted EPS is from Fox's fiscal Q4 2026 earnings release (8-K Exhibit 99.1, August 6, 2026). The DOJ Second Request is from Fox's 8-K filed September 9, 2026.