Fox Corporation operates as a news, sports, and entertainment company in the United States (U.S.). The company operates through four segments: Cable Network Programming, Television, Credible, and The FOX Studio Lot. The Cable Network Programming segment produces and licenses news and sports content for distribution through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors, and other digital platforms primarily in the U.S. Television segment produces, acquires, markets, and distributes programming through the FOX broadcast network, advertising supported video-on-demand service Tubi, and operates power broadcast television stations including duopolies and other digital platform; and produces content for third parties. The Credible segment engages in the consumer finance marketplace. The FOX Studio Lot segment provides television and film production services along with office space, studio operation services and includes all operations of the facility. The company was incorporated in 2018 and is headquartered in New York, New York.

Fox Corporation appears financially sound, but the market is already pricing in a significant portion of the business quality. Liquidity is strong: a quick ratio of 2.99 and a current ratio of 3.17 are well above industry benchmarks, while cash on hand of $4.2 billion provides a solid cushion. Leverage is moderate: a debt/equity ratio of 0.56 is below the median, reducing risk, although the absolute debt remains significant and has shown little decline over the years. Profitability is generally good: an operating margin of 20.41% is above the industry level, ROA of 7.62% and ROI of 9.29% also look solid, and ROE of 14.72% remains at an acceptable level. At the same time, the efficiency trend is not ideal: ROA, ROI, and ROE have gradually weakened in recent periods compared with stronger levels a year earlier. Gross margin of 36.63% is below the industry median, indicating weaker pricing power or cost structure at the gross profit level. Revenue and gross profit are high in absolute terms, but year-to-year performance is uneven, and net income after stronger quarters has declined to $166 million, limiting confidence in a sustainable growth pace. Valuation multiples look demanding: P/S of 1.70, P/B of 2.36, and P/FCF of 19.72 are above the industry median, meaning investors are paying a premium for quality and stability. P/E of 17.17 is around the median, so it does not look excessive on its own, but it also leaves limited room for rerating. Dividend yield of 0.43% has fallen compared with previous periods, so the dividend argument is currently weak. Equity and net worth look strong, and liquidity together with moderate debt support the company’s investment profile. Overall, the fundamentals are more quality-oriented than cheap: operational resilience is present, but the valuation no longer looks like a discount to the sector. For the target price, this implies a cautious negative adjustment, as premium multiples and weakening in some indicators outweigh the strong balance sheet and acceptable profitability.

Fox Corporation

Сильный индекс, значительно упал. Быки в растерянности.

Strong index, significantly down. The bulls are confused.

Слабый индекс, значительно вырос. Рынок не поддерживает быков.

Weak index, significantly up. The market does not support the bulls.

Слабый индекс, незначительно вырос

Fox has a strong balance sheet and good operating profitability, but its valuation on P/S, P/B, and P/FCF is elevated, while dividend yield and earnings momentum have weakened.

The Zacks Broadcast Radio and Television industry has been benefiting from a massive spike in digital content consumption. Companies such as Netflix NFLX, Fox FOXA, Roku Inc. ROKU and Sirius XM SIRI are thriving due to their diverse content offerings, which include original, regional and short-form content tailored for small screens like smartphones and tablets. Improved Internet speed and penetration, coupled with technological advancements, have been advantageous for industry participants. As monetization and revenues from advertising spending continue to be modest, strategies focused on profit protection, cash management and greater technology integration have gained significance and are expected to aid these companies in driving top-line growth in the near term. However, the industry is grappling with an escalation in cord-cutting despite a surge in demand for streaming content.
Industry Description
The Zacks Broadcast Radio and Television industry encompasses companies that provide entertainment, sports, news, non-fiction and musical content across television, radio and digital media platforms. These entities generate revenues through the sale of television and radio programs, advertising slots and subscriptions. With technological advancements and a growing demand for virtual reality and Internet radio, industry players are increasing their investments in research and development, as well as sales and marketing efforts, to remain competitive. The industry's focus is likely to shift toward sustaining current levels of operations, coupled with a renewed emphasis on flexibility. This approach would accelerate the transition to a variable cost model, thereby reducing fixed costs and enhancing agility in the face of evolving market dynamics.
4 Broadcast Radio and Television Industry Trends to Watch
Shift in Consumer Preference a Key Catalyst: To adapt to the evolving landscape, companies are diversifying their content offerings for over-the-top (OTT) services alongside traditional linear TV. The availability of streaming services across a wide range of platforms has enabled them to reach a global audience, expand their international user base and attract advertisers to their platforms, thereby boosting ad revenues. The utilization of services that aid advertisers in measuring their return on investment and enhancing use cases is expected to benefit industry participants. Major leagues and events, such as the NFL, NHL, Olympics, European Games, EPL and elections, also contribute significantly to ad revenue generation.
Increased Digital Viewing Fuels Content Demand: Many industry participants, either launching their own OTT services or acquiring existing ones, leverage user insights to deliver tailored content. The surge in digital viewing has made consumer data readily available, allowing companies to apply artificial intelligence (AI) and machine learning techniques to create or procure targeted content. This approach not only boosts user engagement but also enables industry players to raise the prices of their services at opportune moments without the fear of losing subscribers.
Uncertain Macroeconomic Landscape Impedes Production and Ad Demand: Advertising is a significant revenue source for the Broadcast Radio and Television industry. However, industry participants are grappling with the effects of persistently high inflation, rising interest rates, increased capital costs, a soaring U.S. dollar and the looming threat of a recession. These factors have prompted advertisers to trim their ad budgets, which is expected to impact the top-line growth of industry players in the near term. Moreover, intense competition for ad dollars from tech and social media companies has been a significant impediment to the growth of industry participants.
Low-Priced Skinny Bundles Impact Revenues: The surge in cord-cutting has compelled industry participants to offer "skinny bundles." These Internet-based services often contain fewer channels than traditional subscriptions and are, therefore, more affordable. This move aligns with changing consumer viewing dynamics, as growth in Internet penetration and advancements in mobile, video and wireless technologies have boosted small-screen viewing. While these alternative services are expected to keep users engaged with their platforms, increasing the need for additional content, the low-priced skinny bundles are likely to dampen the top-line performance of industry players.
Zacks Industry Rank Indicates Bright Prospects
The Zacks Broadcast Radio and Television industry is housed within the broader Zacks Consumer Discretionary sector. It currently carries a Zacks Industry Rank #91, which places it in the top 37% of more than 250 Zacks industries.
The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates dismal near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.
The industry’s position in the top 50% of the Zacks-ranked industries results from a positive earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are optimistic about this group’s earnings growth potential.
Before we present some stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.
Industry Lags Sector, S&P 500
The Zacks Broadcast Radio and Television industry has underperformed the broader Zacks Consumer Discretionary sector and the S&P 500 Index in the past six-month period.
The industry has declined 12.5% over this period against the S&P 500’s 13.9% return. The broader sector has declined 5.1% in the same time frame.
6-Month Price Performance
Industry's Current Valuation
On the basis of trailing 12-month Enterprise Value/ Earnings before Interest Tax Depreciation and Amortization (EV/EBITDA), which is a commonly used multiple for valuing Broadcast Radio and Television stocks, the industry is currently trading at 8.04X versus the S&P 500’s 17.68X and the sector’s 8.65X.
In the past five years, the industry has traded as high as 15.56X and as low as 4.92X, recording a median of 8.18X, as the chart below shows.
EV/EBITDA Ratio (TTM)
4 Broadcast Radio and Television Stocks to Watch
Roku's strong fundamental trajectory positions the stock favorably in the near term. Second-quarter 2026 results, released in August, revealed record net income of $164 million, adjusted EBITDA of $254 million and TTM Free Cash Flow of $704 million, driven by 25% platform revenue growth. Advertising gross margin expanded 650 basis points year over year to 62.4%, reflecting a meaningful mix shift toward higher-margin ad products. Political advertising already surpassed the comparable 2024 presidential cycle period, with momentum building through the fourth quarter. The AI-powered Home Screen, completed across the United States early in the third quarter, reinforces household retention and monetization. Subscription revenues climbed 26% year over year. Roku's 10th Developer Summit, scheduled for September, signals continued platform investment. The pending FOX Corporation acquisition adds a compelling near-term catalyst for this Zacks Rank #1 (Strong Buy) company. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for 2026 earnings has moved north by 1.1% to $2.78 per share in the past 30 days. ROKU shares have returned 62.6% in the past six-month period.
Netflix's near-term investment case rests on strengthening monetization, expanding content variety and aggressive capital return. Management reaffirmed 2026 revenue guidance of $51.0-$51.4 billion and a 31.5% operating margin, implying over 20% operating income growth year over year. Advertising revenues are tracking toward an approximate doubling to nearly $3 billion, powered by programmatic access extended to Pause Ads and live inventory this summer, accelerating the ads flywheel. An expanded NFL agreement, covering a third-quarter week-one matchup, Thanksgiving Eve game, and NFL Christmas Gameday, strengthens live programming and member acquisition pull. Content partnerships with Condé Nast, Hearst, and People launch in August, broadening engagement. Third-quarter operating margin is guided at 33.2%. A $27.1 billion remaining share repurchase capacity adds a firm near-term floor for shareholders.
The Zacks Consensus Estimate for 2026 earnings has remained steady at $3.59 per share in the past 30 days. Shares of this Zacks Rank #3 (Hold) company have plunged 19.4% in the past six-month period.
Fox Corporation's pending Roku acquisition — expected to close in the first half of 2027 — creates the third-largest U.S. television entity by share of viewing, adding 100 million-plus streaming households and targeting $400 million in run-rate cost synergies. Robust fiscal 2026 full-year results — record revenues of $17.13 billion and adjusted EBITDA of $3.91 billion — provide a strong financial foundation entering fiscal 2027. The newly launched FOX One direct-to-consumer streaming service opens a scalable subscription revenue channel for this Zacks Rank #3 company. Tubi's digital advertising growth further diversifies revenues. An increased semi-annual dividend of 29 cents per share (payable Sept. 23, 2026) and $3.4 billion in remaining buyback capacity highlight shareholder-friendly capital returns. Red Seat Ventures' expanding podcast monetization via Amazon DSP and Apple Podcasts adds digital scale.
The Zacks Consensus Estimate for 2026 earnings has moved north by 1.4% to $5.94 per share in the past 30 days. FOXA shares have jumped 12.9% in the past six-month period.
SiriusXM’s fundamental trajectory is improving meaningfully. The company raised its full-year 2026 guidance across all three key metrics — revenues to approximately $8.525 billion, adjusted EBITDA to approximately $2.625 billion, and free cash flow to approximately $1.375 billion. Record-low self-pay churn of 1.4% and the first positive second-quarter self-pay net additions in four years signal genuine strengthening in subscriber health. Personalized listening through AI-powered artist stations surged 50% year over year, validating growing platform engagement. The successful SXM-11 satellite launch further bolsters long-term infrastructure resilience. In September 2026, the promotion of a dedicated chief product and technology officer positions SiriusXM to accelerate its next-generation 360L in-car experience and AI-driven personalization. Consistent quarterly dividends and disciplined cost management underscore a durable, shareholder-friendly business model for this Zacks Rank #3 company.
The Zacks Consensus Estimate for 2026 earnings has moved south by 0.3% to $3 per share in the past 30 days. In the past six-month period, SIRI shares have returned 29.9%.
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4 Broadcast Radio & TV Stocks to Watch From a Prospering Industry

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.
The popular research service can help you become a smarter, more self-assured investor, giving you access to daily updates of the Zacks Rank and Zacks Industry Rank, the Zacks #1 Rank List, Equity Research reports, and Premium stock screens.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores?
The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value Score
For value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.
Growth Score
Growth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum Score
Momentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.
VGM Score
If you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank
A proprietary stock-rating model, the Zacks Rank utilizes the power of earnings estimate revisions, or changes to a company's earnings outlook, to help investors create a successful portfolio.
#1 (Strong Buy) stocks have produced an unmatched +25.41% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
To have the best chance of big returns, you'll want to always consider stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B, which will give you the highest probability of success. If you're looking at stocks with a #3 (Hold) rank, it's important they have Scores of A or B as well to ensure as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Fox (FOXA)
Headquartered in New York, Fox Corporation is a news, sports and entertainment content provider. It became a standalone, publicly-traded company on Mar 21, 2019 following the merger of Disney and Twenty-First Century Fox, Inc.
FOXA is a #2 (Buy) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Consumer Discretionary stock. FOXA has a Momentum Style Score of A, and shares are up 7.4% over the past four weeks.
For fiscal 2025, three analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.14 to $4.08 per share. FOXA boasts an average earnings surprise of 72.3%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, FOXA should be on investors' short list.
Should You Invest in Fox Corporation (FOXA)?
Before you invest in Fox Corporation (FOXA), want to know the best stocks to buy for the next 30 days? Check out Zacks Investment Research for our free report on the 7 best stocks to buy.
Zacks Investment Research has been committed to providing investors with tools and independent research since 1978. For more than a quarter century, the Zacks Rank stock-rating system has more than doubled the S&P 500 with an average gain of +24.08% per year. (These returns cover a period from January 1, 1988 through May 6, 2024.)
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Here's Why Fox (FOXA) is a Strong Momentum Stock

Investors in Fox Corp (Symbol: FOXA) saw new options become available today, for the December 2028 expiration. One of the key inputs that goes into the price an option buyer is willing to pay, is the time value, so with 837 days until expiration the newly available contracts represent a possible opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel, our YieldBoost formula has looked up and down the FOXA options chain for the new December 2028 contracts and identified one put and one call contract of particular interest.
The put contract at the $65.00 strike price has a current bid of $9.40. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $65.00, but will also collect the premium, putting the cost basis of the shares at $55.60 (before broker commissions). To an investor already interested in purchasing shares of FOXA, that could represent an attractive alternative to paying $67.58/share today.
Because the $65.00 strike represents an approximate 4% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 68%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract. Should the contract expire worthless, the premium would represent a 14.46% return on the cash commitment, or 6.31% annualized — at Stock Options Channel we call this the YieldBoost.
Below is a chart showing the trailing twelve month trading history for Fox Corp, and highlighting in green where the $65.00 strike is located relative to that history:
Turning to the calls side of the option chain, the call contract at the $75.00 strike price has a current bid of $12.00. If an investor was to purchase shares of FOXA stock at the current price level of $67.58/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $75.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 28.74% if the stock gets called away at the December 2028 expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if FOXA shares really soar, which is why looking at the trailing twelve month trading history for Fox Corp, as well as studying the business fundamentals becomes important. Below is a chart showing FOXA's trailing twelve month trading history, with the $75.00 strike highlighted in red:
Considering the fact that the $75.00 strike represents an approximate 11% premium to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the covered call contract would expire worthless, in which case the investor would keep both their shares of stock and the premium collected. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 43%. On our website under the contract detail page for this contract, Stock Options Channel will track those odds over time to see how they change and publish a chart of those numbers (the trading history of the option contract will also be charted). Should the covered call contract expire worthless, the premium would represent a 17.76% boost of extra return to the investor, or 7.74% annualized, which we refer to as the YieldBoost.
The implied volatility in the put contract example is 38%, while the implied volatility in the call contract example is 37%.
Meanwhile, we calculate the actual trailing twelve month volatility (considering the last 250 trading day closing values as well as today's price of $67.58) to be 36%. For more put and call options contract ideas worth looking at, visit StockOptionsChannel.com.
Further FOXA Research:

FOXA December 2028 Options Begin Trading

In a study of analyst recommendations at the major brokerages, for the underlying components of the S&P 500, Norwegian Cruise Line Holdings Ltd (Symbol: NCLH) has taken over the #186 spot from Fox Corp (Symbol: FOXA), according to ETF Channel. Below is a chart of Norwegian Cruise Line Holdings Ltd versus Fox Corp plotting their respective rank within the S&P 500 over time (NCLH plotted in blue; FOXA plotted in green):
Below is a three month price history chart comparing the stock performance of NCLH vs. FOXA:
NCLH is currently trading down about 2.8%, while FOXA is trading flat midday Monday.
Further NCLH Research:

Norwegian Cruise Line Holdings Takes Over #186 Spot From Fox

Fox Corporation FOXA used its fourth-quarter fiscal 2026 call to emphasize sustained advertising demand and improving digital economics, while management expects the remaining World Cup benefit and the midterm political cycle to support fiscal 2027.
Management said Tubi and FOX One are running ahead of expectations. Adjusted EPS of $1.79 topped the Zacks Consensus Estimate of $1.34, while revenues of $4.21 billion exceeded the $3.6 billion consensus.
Fox Corporation Price, Consensus and EPS Surprise
FOXA Sees Ad Strength Carry Into Fiscal 2027
Executive chairman and CEO Lachlan Murdoch said FOX completed one of its strongest upfronts, with double-digit volume growth across sports, news and Tubi. Eight of the 10 advertising categories it tracks increased.
Murdoch said that the strength carried into fiscal 2027. He expects a record midterm political advertising cycle for FOX, compared with more than $260 million of revenue in the prior midterm cycle.
Chief financial officer Steve Tomsic expects both cable and television to contribute to distribution revenue growth in fiscal 2027, alongside further bottom-line improvement from the digital portfolio.
Fox One and Tubi Run Ahead of Plan
Murdoch said Tubi posted 35% fourth-quarter revenue growth and a 17% increase in viewing time, ending fiscal 2026 with 110 million monthly active users. Its World Cup Hub attracted more than 20 million viewers.
A Goldman Sachs analyst asked how much the World Cup drove Tubi. Murdoch said tournament revenues were important but relatively small compared with Tubi’s overall growth, with momentum continuing into fiscal 2027.
Murdoch said FOX One subscribers have been incremental to traditional pay TV and churn remains below expectations. Tomsic said digital investment fell below $200 million in fiscal 2026 from just under $300 million in fiscal 2025.
FOXA Uses World Cup to Showcase Platform Reach
Murdoch framed the World Cup as proof of FOX’s ability to deploy its stations, sports, news, Tubi, FOX One and digital properties around a major live event.
The tournament lifted advertising while increasing sports rights amortization and production costs. Television segment EBITDA rose 129% year over year, while Cable Network Programming EBITDA declined 3%.
A Guggenheim analyst asked how that momentum could extend beyond the tournament. Murdoch emphasized FOX’s marketing, reach and production capabilities as part of the value it can offer sports leagues.
Fox Holds NFL Terms Steady Through 2029
A UBS analyst asked whether NFL rights pricing could change before 2030. Murdoch said FOX will not amend its existing contractual relationship, which runs through completion of the 2029 season.
A JPMorgan analyst later asked about the timing of league discussions and FOX’s broader rights strategy. Murdoch said talks about extensions beyond the current term would occur closer to the agreement’s end.
Murdoch also pointed to FOX’s recent acquisition of NFL rights in Mexico and reiterated that the company has a positive relationship with the league.
FOXA Keeps Buybacks in Place Around Roku Deal
Murdoch said the pending Roku acquisition remains on track to close in the first half of calendar 2027. He described it as an expansion of FOX’s connected-TV distribution, advertising and subscription capabilities.
Tomsic said FOX expects to close the deal at about 2.8 times net leverage. He also said the share repurchase program should continue through the transaction’s pendency and beyond.
FOX ended the quarter with about $4.2 billion of cash and $6.6 billion of debt. The board raised the semiannual dividend to 29 cents per share, with $3.4 billion remaining under the repurchase authorization.
Fox Enters Fiscal 2027 With Focused Priorities
Murdoch’s message centered on sustaining advertising demand, expanding digital distribution with limited pay-TV cannibalization and using premium live content to reinforce FOX’s reach with viewers, advertisers and distributors.
Tomsic emphasized improving digital economics, distribution growth across both operating segments and continued capital returns while the Roku transaction remains pending.
FOXA Rank and Style Scores Show a Mixed Setup
FOXA carries a Zacks Rank #3 (Hold), with a Value Score of B, Growth Score of D, Momentum Score of C and VGM Score of C. Value is the strongest of the four indicators, while Growth is the weakest.
Zacks Style Scores complement the Zacks Rank, with A and B grades preferred to lower scores. FOXA’s combination does not match the framework’s preferred pairing of a Zacks Rank #1 (Strong Buy) or #2 (Buy) with A or B Style Scores. The Zacks Rank can change as earnings estimates are revised after the latest results. You can see the complete list of today’s Zacks #1 Rank stocks here.
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This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

FOXA Q4 Earnings Call Highlights Digital and Ad Momentum

The New York Times Company NYT delivered second-quarter 2026 revenue growth across subscriptions, advertising and other digital businesses, while adjusted operating profit and earnings also increased. The results reinforced the strength of its digital model.
Subscriber growth remains positive, but quarterly digital-only additions have moderated from the second half of 2025. That puts more weight on engagement, pricing and newer monetization channels as NYT works toward its next subscriber milestone.
NYT Earnings Highlight Digital Momentum
Second-quarter revenues rose 11.2% year over year to $762.5 million. Digital-only subscription revenues increased 16.4% to $407.9 million, while total subscription revenues advanced 11.7% to $537.9 million. Adjusted operating profit climbed 16.1% to $155.3 million and the adjusted operating profit margin expanded 90 basis points to 20.4%.
NYT’s multi-product strategy spans News, The Athletic, Audio, Cooking, Games and Wirecutter. Subscription growth came from multiple products across the portfolio, supporting a model that can deepen engagement and create more opportunities to monetize existing audiences.
Image Source: Zacks Investment Research
NYT Advertising Gains Expand Monetization
Digital advertising revenues increased 20.7% year over year to $114 million, while total advertising revenues rose 11.3% to $149.1 million. Management attributed the digital gain to marketer demand, expanding advertising supply and engagement across News, Games, Sports and other products.
News Corporation NWSA provides a relevant digital-publishing comparison, with Dow Jones continuing to expand digital-only subscriptions. Fox Corporation FOXA also shows how media companies are pushing further into digital monetization through businesses such as Tubi. NYT expects third-quarter digital advertising revenues to increase in the mid-to-high teens.
NYT Video Strategy Opens New Opportunities
Video is becoming a larger strategic investment for NYT. The company is producing thousands of original videos across reporter-led formats, news clips, visual investigations and shows, while its Watch and Shows tabs are designed to increase discovery and engagement on owned platforms.
The monetization opportunity is still developing. Management said video currently contributes only a relatively minor share of advertising growth, leaving room for production, engagement and commercial capabilities to scale over time. The near-term trade-off is higher investment as the company builds that audience.
NYT Subscriber Trends Need Monitoring
NYT ended the quarter with 13.35 million total subscribers, including 12.80 million digital-only subscribers. Management continues to target 15 million subscribers and beyond.
Sequential momentum has cooled. Digital-only net additions fell to 280,000 from 310,000 in the first quarter, after reaching 460,000 and 450,000 in the third and fourth quarters of 2025, respectively. Pricing helps offset that moderation. Digital-only average revenue per user rose 3.1% to $9.94, supported by promotional roll-offs and price increases for certain tenured subscribers.
The New York Times Company Price, Consensus and EPS Surprise
NYT Rankings Add Context After Earnings
The earnings update supports a constructive view of NYT’s digital growth, but subscriber moderation, print declines and rising costs keep the outlook balanced. Adjusted operating costs increased 10% in the second quarter, and third-quarter guidance calls for an 8-9% increase as investment continues.
NYT currently carries a Zacks Rank #4 (Sell). It has a Growth Score of A, Momentum Score of A, Value Score of D and VGM Score of B. The growth and momentum grades point to favorable characteristics in those styles, while the weaker Value Score reflects less attractive value characteristics. Style Scores complement the Zacks Rank, so the current rank keeps the near-term signal cautious despite the stronger Growth and Momentum Scores. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

NYT Earnings Show Digital Growth as Subscriber Momentum Moderates

The New York Times Company NYT shares have fallen 12.8% over the past four weeks, putting attention on whether the retreat has improved the stock’s risk-reward profile.
The business still shows digital strength, but slower subscriber additions, print declines and elevated costs complicate the case. Investors must weigh recurring digital revenue growth and pricing power against those execution risks.
NYT Subscriber Growth Faces New Questions
NYT ended the second quarter of 2026 with 13.35 million total subscribers, including 12.80 million digital-only subscribers. It added 280,000 net digital-only subscribers during the quarter, down from 310,000 in the first quarter.
The slowdown is clearer against the second half of 2025, when quarterly digital-only net additions reached 460,000 and 450,000.
The New York Times Company Price, Consensus and EPS Surprise
Digital Revenue Supports NYT’s Business Model
Digital-only subscription revenues rose 16.4% year over year to $407.9 million in the second quarter. Digital-only average revenue per user increased 3.1% to $9.94, supported by subscribers moving from promotional offers to higher prices and pricing actions for certain tenured subscribers.
Digital advertising revenues climbed 20.7% to $114 million, helped by marketer demand and greater advertising supply. News Corporation NWSA offers a relevant comparison, with Dow Jones continuing to grow digital-only subscriptions while print volume declines. Fox Corporation FOXA is also leaning on digital growth, including streaming, as media companies compete for audience attention and advertising budgets.
NYT Print Declines Add Pressure
Print remains a structural drag. Second-quarter print advertising revenues fell 11.1% year over year to $35.2 million, while print subscription revenues declined 0.8% to $130 million.
Print subscribers also slipped to about 550,000 from 580,000 a year earlier. That makes continued digital growth increasingly important because the newer revenue streams must absorb ongoing erosion in the legacy business.
NYT Valuation Tests Investor Confidence
The recent pullback has brought NYT’s forward 12-month earnings multiple down to 20.9X. That compares with 19.6X for its Zacks sub-industry, 17.2X for the Zacks sector and 20.7X for the S&P 500.
The discount from NYT’s five-year median multiple of 27.3X is meaningful, but the stock is not clearly cheap relative to current benchmarks. The Zacks Consensus Estimate calls for 2026 earnings of $2.92 per share and revenues of $3.10 billion, while the current-year earnings estimate has edged 0.3% lower over the past four weeks.
Image Source: Zacks Investment Research
NYT’s Rankings Reflect Mixed Signals
The pullback creates a more measured valuation setup, but near-term caution remains warranted given slowing subscriber additions, print weakness and continued spending on journalism, marketing and product development. Second-quarter adjusted operating costs rose 10% year over year to $607.2 million.
NYT currently carries a Zacks Rank #4 (Sell), a short-term signal tied to earnings estimate revisions. Its Growth Score of A and Momentum Score of A point to favorable growth and momentum characteristics, while its Value Score of D indicates weaker value characteristics. The VGM Score of B is favorable, but Style Scores are designed to complement the Zacks Rank rather than override it. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

NYT Stock Fell 12.8% in One Month Can Weakness Create Opportunity

The New York Times Company NYT combines durable digital growth with a valuation that still demands consistent execution. Its expanding subscription base, pricing power and digital advertising momentum support the long-term case.
The trade-off is that subscriber additions have slowed, costs are rising and competition for audience attention remains intense. Those factors make entry timing important even as the business continues to grow.
NYT Builds a Strong Subscription Ecosystem
NYT’s bundle spans News, The Athletic, Audio, Cooking, Games and Wirecutter, giving subscribers multiple reasons to engage across the company’s products. The strategy supports cross-selling while reducing dependence on a single content category.
The company ended the second quarter of 2026 with 13.35 million total subscribers, including 12.80 million digital-only subscribers. NYT added 280,000 net digital-only subscribers in the second quarter, down from 310,000 in the first quarter and 450,000 in the fourth quarter of 2025.
The New York Times Company Price, Consensus and EPS Surprise
NYT Pricing Power Drives Revenue Growth
Digital-only subscription revenues rose 16.4% year over year to $407.9 million in the second quarter, while digital-only average revenue per user increased 3.1% to $9.94. Management said pricing gains reflected subscribers moving off promotions and price increases for certain tenured subscribers.
That pricing support matters as subscriber growth normalizes. Management expects third-quarter digital-only subscription revenues to increase 12-15%, showing that revenue growth can remain healthy even if net additions do not return to the unusually high levels seen in late 2025.
NYT Faces Cost and Competition Risks
Adjusted operating costs increased 10% year over year to $607.2 million in the second quarter. Sales and marketing costs rose 23.6%, while product development costs increased 10%, reflecting continued spending on marketing, journalism, technology and digital experiences.
Competition is broad. News Corporation NWSA reported 7% revenue growth at Dow Jones in its fiscal fourth quarter of 2026, with digital revenues representing 84% of the segment’s total. Fox Corporation FOXA has also cited continued digital growth led by Tubi, underscoring how media companies are investing to capture digital audiences and advertising dollars.
NYT Valuation Requires Balanced Expectations
NYT trades at 20.9X forward 12-month earnings, compared with 19.6X for its Zacks sub-industry, 17.2X for the Zacks sector and 20.7X for the S&P 500. The stock therefore remains slightly above its sub-industry and broad-market benchmarks despite trading well below its five-year median multiple of 27.3X.
The Zacks Consensus Estimate calls for 2026 earnings of $2.92 per share. The current-year earnings estimate has slipped 0.3% over the past four weeks, suggesting that investors are paying a still-demanding multiple while near-term estimate momentum has softened.
Image Source: Zacks Investment Research
NYT Signals Show Growth Strength but Value Concerns
For investors weighing whether to buy now, the current setup argues for patience rather than an aggressive entry. NYT’s business continues to expand, but slower subscriber additions, higher costs and a valuation near the broader market leave limited room for execution missteps.
NYT currently carries a Zacks Rank #4 (Sell), which points to an unfavorable near-term earnings-revision backdrop. Its Growth Score of A and Momentum Score of A indicate favorable growth and momentum characteristics, while the Value Score of D flags weaker value characteristics. The VGM Score of B is favorable, but Style Scores are designed to complement the Zacks Rank rather than override it. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Research Chief Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.
Free: See Our Top Stock And 4 Runners Up
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Should Investors Buy Hold or Wait on NYT Amid Growth and Valuation

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Fox (FOXA) Q4 2026 Earnings Call Transcript

(RTTNews) - Fox Corporation (FOXA) announced a profit for fourth quarter of $691 million
The company's earnings totaled $691 million, or $1.61 per share. This compares with $717 million, or $1.57 per share, last year.
Excluding items, Fox Corporation reported adjusted earnings of $765 million or $1.79 per share for the period.
The company's revenue for the period rose 28.1% to $4.212 billion from $3.287 billion last year.
Fox Corporation earnings at a glance (GAAP) :
-Earnings: $691 Mln. vs. $717 Mln. last year. -EPS: $1.61 vs. $1.57 last year. -Revenue: $4.212 Bln vs. $3.287 Bln last year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Fox Corporation

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