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 выглядит финансово устойчивой, но рынок уже закладывает в цену заметную часть хороших новостей. По мультипликаторам картина неоднородная: P/E около медианы отрасли, что не выглядит дорого, однако P/S, P/B и P/FCF выше отраслевых ориентиров, а это ограничивает потенциал дальнейшего переоценивания. При этом сами мультипликаторы за последний год в целом выросли, особенно P/S и P/B, что говорит о том, что акция стала оцениваться дороже без сопоставимого ускорения фундаментального роста. Сильной стороной остаётся ликвидность: current ratio и quick ratio существенно выше медианы, а debt/equity ниже отрасли, что снижает финансовые риски. Баланс также выглядит комфортно: денежная позиция высокая, собственный капитал растёт, а долг не выглядит чрезмерным для бизнеса такого типа. С точки зрения прибыльности компания показывает хорошие операционные результаты: operating margin выше медианы, net profit margin тоже выше, а net income и operating income остаются на приемлемом уровне. Однако gross margin ниже отраслевой медианы, что указывает на более слабую валовую эффективность и частично объясняет, почему премия по мультипликаторам не выглядит полностью оправданной. Динамика выручки и прибыли за последние периоды не демонстрирует устойчивого ускорения: показатели колеблются, а не растут ровной траекторией, поэтому для агрессивного повышения цели оснований мало. Дивидендная доходность снизилась по сравнению с предыдущими периодами, что уменьшает привлекательность бумаги для инвесторов, ориентированных на доход. В совокупности это качественный, но не дешёвый актив: сильный баланс и достойная операционная маржа поддерживают оценку, но более высокие P/S, P/B и P/FCF, слабый gross margin и отсутствие явного ускорения роста ограничивают апсайд. Поэтому целесообразна умеренная консервативная корректировка прогноза вниз, а не резкое изменение оценки.

Fox Corporation

Средний индекс, значительно упал. Оптимистичный взгляд на свои позиции резко сменился на неуверенность.

Medium index, significantly down. An optimistic view of his position suddenly changed to uncertainty.

Слабый индекс, значительно упал. Рынок не поддерживает быков.

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

Слабый индекс, незначительно упал

У Fox сильный баланс и достойная маржа, но оценка уже выше отрасли по P/S, P/B и P/FCF, а рост выручки и прибыли не выглядит ускоряющимся.

A month has gone by since the last earnings report for Fox (FOXA). Shares have added about 3.3% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Fox due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.
FOXA Q3 Earnings Surpass Estimates, Revenues Decline Y/Y
Fox Corporation reported third quarter fiscal 2026 adjusted earnings of $1.32 per share, which surpassed the Zacks Consensus Estimate by 29.41%. The figure increased 20% year over year.
Revenues declined 9% year over year to $3.99 billion, surpassing the consensus mark by 5.3%.
Distribution revenues (52.8% of total revenues) increased 3% year over year to $2.11 billion, driven by 5% growth at the Cable Network Programming segment, partially offset by a 1% decline at the Television segment.
Advertising revenues (38.9% of total revenues) declined 24% year over year to $1.56 billion, primarily due to the absence of the prior year broadcast of Super Bowl LIX, partially offset by the broadcast of an additional NFL Wild Card game and continued digital growth led by the Tubi AVOD service.
Tubi, Fox Corporation's ad-supported streaming service, reaches over 100 million monthly active users, with more than half identifying as Gen Z or Millennial.
Content and other revenues (8.3% of total revenues) increased 12% year over year to $331 million, primarily driven by higher sports sublicensing revenue.
Top-Line Details
Cable Network Programming revenues (43.6% of total revenues) increased 6% year over year to $1.74 billion.
Distribution revenues grew 5%, as contractual price increases were partially offset by net subscriber declines.
Advertising revenues rose 5%, driven by higher news pricing and the current year broadcast of the World Baseball Classic, partially offset by lower ratings. Content and other revenues increased 24% year over year, reflecting higher sports sublicensing revenue.
Television revenues (55% of total revenues) declined 19% year over year to $2.2 billion. Advertising revenues decreased 30%, primarily due to the absence of the prior year Super Bowl LIX broadcast.
Distribution revenues declined 1% year over year, reflecting the impact of net subscriber declines. Content and other revenues increased 2% year over year to $173 million, driven by higher entertainment content revenue.
FOX Sports is set to deliver a monumental 340 hours of first-run programming for the FIFA World Cup 2026, with a record 70 matches airing on the FOX network and all 104 matches streaming live and on-demand in 4K on FOX One, serving as a significant advertising and distribution catalyst for the fourth quarter of fiscal 2026.
Operating Details
In the third quarter of fiscal 2026, operating expenses decreased 16% year over year to $2.49 billion. As a percentage of revenues, operating expenses contracted 540 basis points (bps) to 62.4%.
Selling, general and administrative (SG&A) expenses declined 1% year over year to $546 million. As a percentage of revenues, SG&A expenses expanded 110 bps to 13.7%.
Total adjusted EBITDA increased 11% year over year to $954 million. Adjusted EBITDA margin expanded 430 bps to 23.9%.
Cable Network Programming EBITDA rose 1% year over year to $884 million. Television reported adjusted EBITDA of $191 million, compared to $60 million in the prior year quarter, as lower sports programming rights amortization and production costs in the absence of the Super Bowl LIX broadcast more than offset the revenue decline.
Balance Sheet
As of March 31, 2026, Fox had $3.6 billion in cash and cash equivalents compared with $2.02 billion as of December 31, 2025.
As of March 31, 2026, Fox's total borrowings stood at $6.6 billion, unchanged from $6.6 billion as of December 31, 2025.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a upward trend in estimates review.
VGM Scores
Currently, Fox has a subpar Growth Score of D, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Fox has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.
Performance of an Industry Player
Fox is part of the Zacks Broadcast Radio and Television industry. Over the past month, Sirius XM (SIRI), a stock from the same industry, has gained 5.5%. The company reported its results for the quarter ended March 2026 more than a month ago.
Sirius XM reported revenues of $2.09 billion in the last reported quarter, representing a year-over-year change of +1.1%. EPS of $0.72 for the same period compares with $0.59 a year ago.
Sirius XM is expected to post earnings of $0.78 per share for the current quarter, representing a year-over-year change of +36.8%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.
Sirius XM has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of A.
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Why Is Fox (FOXA) Up 3.3% Since Last Earnings Report?

An updated edition of the April 13, 2026 article.
Streaming content is entering a more mature phase as the industry shifts from rapid subscriber acquisition to steadier monetization. Platforms are no longer chasing subscribers at any cost. Instead, they are building more efficient content pipelines, expanding ad-supported tiers and using premium programming to deepen viewer loyalty. This transition suggests the industry is moving toward a more sustainable operating model and has created strong opportunities for companies such as Fox Corporation FOXA, FuboTV Inc. FUBO and CuriosityStream Inc. CURI, all of which are benefiting from streaming’s deeper influence across the media landscape.
Recent viewing trends show that streaming continues to gain share in the broader media landscape. Nielsen data showed streaming captured 47.5% of total U.S. TV viewing in December 2025, the highest share ever reported in The Gauge. Christmas Day also became the most-streamed day on record, generating more than 55 billion viewing minutes, highlighting the role of premium releases and live sports in drawing large audiences.
The industry also has multiple growth levers working in its favor. Cord-cutting continues to redirect audiences away from traditional pay-TV, while connected-TV adoption is creating a larger base for targeted advertising. Bundles, international originals, live sports and lower-cost ad-supported plans are helping platforms appeal to both cost-conscious consumers and advertisers seeking measurable reach.
The outlook for streaming content appears favorable, but not without challenges. PwC projects global entertainment and media revenues to rise to $3.5 trillion by 2029, with advertising spending expected to grow much faster than consumer spending. For streaming platforms, the next stage of growth will depend on balancing audience expansion, pricing discipline, ad monetization and controlled content investment.
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FOX’s streaming strategy took shape in 2020, when it acquired Tubi and chose free, ad-supported streaming instead of chasing the costly subscription race. This approach expanded in 2025 with FOX One, a paid service built with technology from Tubi Media Group and focused on live FOX news, sports, local stations and entertainment.
Together, the two services give FOX a clearer streaming structure: Tubi serves viewers who want free, easy-to-access entertainment, while FOX One targets fans who want the full FOX experience without a traditional cable bundle.
Tubi’s scale, with more than 100 million monthly active users, a deep library, creator-led programming and hundreds of originals, gives FOX a strong base for future advertising growth. As FOX adds more creator content, originals and event-related hubs, Tubi can become a stickier destination for younger and lighter TV viewers.
FOX One should also gain importance as live content shifts online. Its Roku availability improves access, and the 2026 FIFA World Cup gives FOX a major showcase, with every match streaming live on FOX One and Tubi supporting broader discovery.
FOX is not trying to copy global streamers. It is using strengths it already owns: live news, major sports, local reach and free entertainment. With disciplined execution, streaming is expected to expand FOX’s audience, support distribution and become a lasting growth driver. FOXA sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Fubo began in 2015 as a soccer-first streaming service for fans who wanted live sports without cable. It has since grown into a broader sports-first live TV platform, and after its 2025 combination with Disney’s Hulu + Live TV business, it now combines Fubo’s sports-led bundle with Hulu + Live TV’s entertainment reach. The combination gives the company more ways to serve viewers across budgets, languages and habits, with options, including Fubo Sports, Fubo Pro, Fubo Latino, Hulu + Live TV and Hulu + Live TV Español.
The outlook is supported by management’s targets. Fubo reaffirmed fiscal 2026 pro forma adjusted EBITDA guidance of $80 million to $100 million, expects positive free cash flow in fiscal 2027 and 2028, and is targeting at least $300 million in adjusted EBITDA by fiscal 2028.
Sports remain central, with Fubo Sports Network expanding through European Football Alliance programming and Tracy McGrady’s Ones Basketball League, while the platform leans on local sports, football, baseball and World Cup demand.
Fubo has growth levers. ESPN linkouts and ESPN e-commerce placement in 2027 could widen acquisition, Disney advertising support may improve monetization, and Fubo’s AI assistant could make sports discovery faster, stickier and more personalized. FUBO has a Zacks Rank #2 (Buy).
CuriosityStream launched its streaming service in 2015, targeting viewers who wanted documentaries and factual programming across science, history, technology, nature and civilization. Since then, it has moved beyond a niche subscription app into a broader streaming and licensing business built around content.
The subscription business remains important. Management has pointed to minimal churn after price increases, suggesting viewers still see value. CuriosityStream also reaches customers through direct subscriptions, bundles and partnerships, giving it several paths to grow revenues.
A key growth area is licensing, especially as demand for AI training content expands. The company has built a library of rights to above three million hours of content across factual, sports, news, entertainment, animation and film, supported by more than 200 content and data partners.
Management expects AI and data licensing to become a larger growth engine, with demand expanding across physical AI, video understanding and enterprise applications. This could make CuriosityStream more than a consumer streaming name, as its content becomes useful to technology customers.
CuriosityStream appears well-positioned. Its 2026 revenue guidance of $75 million to $80 million, rising EBITDA outlook, positive free cash flow record and debt-free balance sheet give it the flexibility to invest and grow. CURI has a Zacks Rank of 2.
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Top 3 Streaming Stocks to Watch as Monetization Gains Momentum

Here are three stocks with buy rank and strong momentum characteristics for investors to consider today, May 27th:
Carvana CVNA: This company which is a leading e-commerce platform for buying and selling used cars, has a Zacks Rank #1(Strong Buy), and witnessed the Zacks Consensus Estimate for its current year earnings increasing 33.3% over the last 60 days.
Carvana Co. Price and Consensus
Carvana’s shares gained 36.2% over the last three month compared with the S&P 500’s decline of 0.9%. The company possesses a Momentum Score of A.
Pan American Silver PAAS: This mining company which is focused exclusively on silver, has a Zacks Rank #1, and witnessed the Zacks Consensus Estimate for its current year earnings increasing 10.7% over the last 60 days.
Pan American Silver Corp. Price and Consensus
Pan American Silver’s shares gained 1.9% over the last three month compared with the S&P 500’s decline of 0.9%. The company possesses a Momentum Score of B
Pan American Silver Corp. Price
PCB Bancorp PCB: This bank holding company which offers savings accounts, debit and credit cards, personal and business loans, cash management, certificate of deposits, online banking, mortgages, wealth management and e-statements, has a Zacks Rank #1, and witnessed the Zacks Consensus Estimate for its current year earnings increasing 14.2% over the last 60 days.
PCB Bancorp Price and Consensus
PCB Bancorp’s shares gained 0.4% over the last three month compared with the S&P 500’s decline of 0.9%. The company possesses a Momentum Score of B.
PCB Bancorp Price
See the full list of top ranked stocks here
Learn more about the Momentum score and how it is calculated here.
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Best Momentum Stock to Buy for May 27th

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Featuring daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, the research service can help you become a smarter, more self-assured investor.
Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores?
Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best 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
Value investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth Score
While good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum Score
Momentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM Score
If you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank
The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +25.41% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus 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 maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure 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.
It also boasts a Value Style Score of A thanks to attractive valuation metrics like a forward P/E ratio of 12.11; value investors should take notice.
For fiscal 2025, six analysts revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.39 to $4.08 per share. FOXA boasts an average earnings surprise of 72.3%.
With a solid Zacks Rank and top-tier Value and VGM Style Scores, FOXA should be on investors' short list.
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Fox Corporation (FOXA) : Free Stock Analysis Report
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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.

Here's Why Fox (FOXA) is a Strong Value Stock

Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:
Elbit Systems Ltd. ESLT: This developer of airborne, land, and naval systems and products for the defense, homeland security, and commercial aviation applications has seen the Zacks Consensus Estimate for its current year earnings increasing 11.5% over the last 60 days.
Elbit Systems Ltd. Price and Consensus
Fortis Inc. FTS: This Canadian electric and gas utility company has seen the Zacks Consensus Estimate for its current year earnings increasing 4.2% over the last 60 days.
Fortis Price and Consensus
MGIC Investment Corporation MTG: This mortgage insurance company has seen the Zacks Consensus Estimate for its current year earnings increasing 1.8% over the last 60 days.
MGIC Investment Corporation Price and Consensus
Ero Copper Corp. ERO: This explorer, developer and producer of mining projects in Brazil has seen the Zacks Consensus Estimate for its current year earnings increasing 8.2% over the last 60 days.
Ero Copper Corp. Price and Consensus
CoreCard Corporation CCRD: This technology solutions and processing services has seen the Zacks Consensus Estimate for its current year earnings increasing 19.6% over the last 60 days.
CoreCard Corporation Price and Consensus
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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New Strong Buy Stocks for May 22nd

Investors might want to bet on Fox (FOXA), as it has been recently upgraded to a Zacks Rank #1 (Strong Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.
Therefore, the Zacks rating upgrade for Fox basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock Prices
The change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.
For Fox, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.
Harnessing the Power of Earnings Estimate Revisions
As empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Fox
For the fiscal year ending June 2026, this TV broadcasting company is expected to earn $4.88 per share, which is unchanged compared with the year-ago reported number.
Analysts have been steadily raising their estimates for Fox. Over the past three months, the Zacks Consensus Estimate for the company has increased 6.9%.
Bottom Line
Unlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
The upgrade of Fox to a Zacks Rank #1 positions it in the top 5% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
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Fox (FOXA) Upgraded to Strong Buy: What Does It Mean for the Stock?

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Fox (FOXA) Q3 2026 Earnings Call Transcript

Fox Corporation FOXA reported third-quarter fiscal 2026 adjusted earnings of $1.32 per share, which surpassed the Zacks Consensus Estimate by 29.41%. The figure increased 20% year over year.
Revenues declined 9% year over year to $3.99 billion, surpassing the consensus mark by 5.3%.
Distribution revenues (52.8% of total revenues) increased 3% year over year to $2.11 billion, driven by 5% growth at the Cable Network Programming segment, partially offset by a 1% decline at the Television segment.
Advertising revenues (38.9% of total revenues) declined 24% year over year to $1.56 billion, primarily due to the absence of the prior year broadcast of Super Bowl LIX, partially offset by the broadcast of an additional NFL Wild Card game and continued digital growth led by the Tubi AVOD service.
Tubi, Fox Corporation's ad-supported streaming service, reaches over 100 million monthly active users, with more than half identifying as Gen Z or Millennial.
Content and other revenues (8.3% of total revenues) increased 12% year over year to $331 million, primarily driven by higher sports sublicensing revenue.
Fox Corporation Price, Consensus and EPS Surprise
Top-Line Details
Cable Network Programming revenues (43.6% of total revenues) increased 6% year over year to $1.74 billion.
Distribution revenues grew 5%, as contractual price increases were partially offset by net subscriber declines.
Advertising revenues rose 5%, driven by higher news pricing and the current year broadcast of the World Baseball Classic, partially offset by lower ratings. Content and other revenues increased 24% year over year, reflecting higher sports sublicensing revenue.
Television revenues (55% of total revenues) declined 19% year over year to $2.2 billion. Advertising revenues decreased 30%, primarily due to the absence of the prior year Super Bowl LIX broadcast.
Distribution revenues declined 1% year over year, reflecting the impact of net subscriber declines. Content and other revenues increased 2% year over year to $173 million, driven by higher entertainment content revenue.
FOX Sports is set to deliver a monumental 340 hours of first-run programming for the FIFA World Cup 2026, with a record 70 matches airing on the FOX network and all 104 matches streaming live and on demand in 4K on FOX One, serving as a significant advertising and distribution catalyst for the fourth quarter of fiscal 2026.
Operating Details
In the third quarter of fiscal 2026, operating expenses decreased 16% year over year to $2.49 billion. As a percentage of revenues, operating expenses contracted 540 basis points (bps) to 62.4%.
Selling, general and administrative (SG&A) expenses declined 1% year over year to $546 million. As a percentage of revenues, SG&A expenses expanded 110 bps to 13.7%.
Total adjusted EBITDA increased 11% year over year to $954 million. Adjusted EBITDA margin expanded 430 bps to 23.9%.
Cable Network Programming EBITDA rose 1% year over year to $884 million. Television reported adjusted EBITDA of $191 million compared to $60 million in the prior year quarter, as lower sports programming rights amortization and production costs in the absence of the Super Bowl LIX broadcast more than offset the revenue decline.
Balance Sheet
As of March 31, 2026, Fox had $3.6 billion in cash and cash equivalents compared with $2.02 billion as of Dec. 31, 2025.
As of March 31, 2026, Fox's total borrowings stood at $6.6 billion, unchanged from $6.6 billion as of Dec. 31, 2025.
Zacks Rank & Stocks to Consider
FOXA currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks in the broader Zacks Consumer Discretionary sector are Hasbro HAS, V.F. Corporation VFC and Take-Two Interactive TTWO.
Hasbro and Take-Two Interactive carry a Zacks Rank #2 each at present. V.F. Corporation sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Hasbro is slated to report its upcoming quarterly results on May 20. Hasbro shares have surged 19.3% year to date.
V.F. Corporation is slated to report its upcoming quarterly results on May 20. V.F. Corporation shares have surged 4.9% year to date.
Take-Two Interactive is slated to report its upcoming quarterly results on May 21. Take-Two Interactive shares have plunged 13.9% year to date.
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The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
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V.F. Corporation (VFC) : Free Stock Analysis Report
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

FOXA Q3 Earnings Surpass Estimates, Revenues Decline Y/Y

Fox (FOXA) reported $3.99 billion in revenue for the quarter ended March 2026, representing a year-over-year decline of 8.6%. EPS of $1.32 for the same period compares to $1.10 a year ago.
The reported revenue compares to the Zacks Consensus Estimate of $3.79 billion, representing a surprise of +5.29%. The company delivered an EPS surprise of +29.41%, with the consensus EPS estimate being $1.02.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Fox performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Segment Revenues- Cable Network Programming: $1.74 billion compared to the $1.64 billion average estimate based on three analysts. The reported number represents a change of +6.4% year over year.
Segment Revenues- Corporate and Other: $56 million versus $39.75 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +80.7% change.
Segment Revenues- Television: $2.2 billion versus the three-analyst average estimate of $2.1 billion. The reported number represents a year-over-year change of -18.8%.
Revenues by Component- Content and other: $331 million versus the three-analyst average estimate of $309.86 million. The reported number represents a year-over-year change of +0.3%.
Revenues by Component- Advertising: $1.56 billion compared to the $1.43 billion average estimate based on three analysts. The reported number represents a change of -23.6% year over year.
Revenues by Component- Distribution: $2.11 billion compared to the $2.04 billion average estimate based on three analysts. The reported number represents a change of +5.1% year over year.
Revenues- Television- Advertising: $1.17 billion versus $1.1 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -29.9% change.
Revenues- Cable Network Programming- Distribution: $1.23 billion versus $1.19 billion estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +8.6% change.
Revenues- Cable Network Programming- Content and other: $118 million versus $109.3 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a -8.5% change.
Revenues- Cable Network Programming- Advertising: $390 million versus $356.68 million estimated by two analysts on average. Compared to the year-ago quarter, this number represents a +4.8% change.
Revenues- Television- Content and other: $173 million versus the two-analyst average estimate of $165 million. The reported number represents a year-over-year change of +1.8%.
Revenues- Television- Distribution: $858 million compared to the $860.26 million average estimate based on two analysts. The reported number represents a change of -1.4% year over year.
Shares of Fox have returned +3.2% over the past month versus the Zacks S&P 500 composite's +9.1% change. The stock currently has a Zacks Rank #2 (Buy), indicating that it could outperform the broader market in the near term.
Beyond Nvidia: AI's Second Wave Is Here
The AI revolution has already minted millionaires. But the stocks everyone knows about aren't likely to keep delivering the biggest profits. AI’s second wave is moving from infrastructure to implementation and these companies are at the forefront of this transition, positioned to become what Amazon and Google were to the internet era.
See Stocks Now >>
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.

Fox (FOXA) Q3 Earnings: How Key Metrics Compare to Wall Street Estimates

(RTTNews) - Fox Corporation (FOXA) revealed a profit for third quarter that Drops, from the same period last year
The company's bottom line totaled $166 million, or $0.38 per share. This compares with $346 million, or $0.75 per share, last year.
Excluding items, Fox Corporation reported adjusted earnings of $570 million or $1.32 per share for the period.
The company's revenue for the period fell 8.6% to $3.994 billion from $4.371 billion last year.
Fox Corporation earnings at a glance (GAAP) :
-Earnings: $166 Mln. vs. $346 Mln. last year. -EPS: $0.38 vs. $0.75 last year. -Revenue: $3.994 Bln vs. $4.371 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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Hold

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