FOX

- Fox Corporation was recently upgraded to a Zacks Rank #2 (Buy) after analysts increased their earnings estimates, reflecting a more positive consensus on its earnings outlook. - This shift highlights how changes in analyst expectations, rather than new operational announcements, can materially influence how investors perceive Fox's prospects. - We'll now examine how this upgraded earnings outlook, reflected in the Zacks Rank change, interacts with Fox's existing investment narrative and expectations. This technology could replace computers: discover 25 stocks that are working to make quantum computing a reality. To own Fox today, you need to believe its mix of live news, sports, and ad supported streaming can offset pressure on traditional TV and support steady earnings. The Zacks Rank upgrade reflects higher near term earnings estimates, but it does not materially change the key near term swing factors: progress on the Roku acquisition as a path to cost and CTV growth, and the risk that pay TV declines and rising sports rights continue to weigh on margins. The most relevant recent announcement is Fox's Q4 and full year 2026 results, which showed higher revenue but lower net income and a large one off loss impacting reported earnings. That backdrop helps explain why analysts raising estimates is meaningful, as it comes after a year of pressured profitability and reinforces the importance of catalysts like Tubi growth and the Roku merger to support any sustained improvement in Fox's earnings profile. Yet investors should also weigh how a re acceleration in cord cutting could pressure Fox's distribution revenue and margins more than current forecasts imply... Read the full narrative on Fox (it's free!) Fox's narrative projects $19.1 billion revenue and $2.5 billion earnings by 2029. This requires 3.7% yearly revenue growth and about a $0.8 billion earnings increase from $1.7 billion today. Uncover how Fox's forecasts yield a $76.42 fair value, a 19% upside to its current price. Some analysts already expected Fox to lift revenue toward about US$20.0 billion and earnings to roughly US$2.7 billion, a far more optimistic path than the baseline view. With the Zacks earnings upgrade and your chosen focus on the risk that cord cutting could speed up again, you can see how bullish and cautious narratives may both shift from here, which is why it is worth comparing these very different assumptions side by side. Explore 5 other fair value estimates on Fox - why the stock might be worth as much as 61% more than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. - A great starting point for your Fox research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision. - Our free Fox research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Fox's overall financial health at a glance. Our top stock finds are flying under the radar-for now. Get in early: - Uncover the next big thing with 13 elite penny stocks that balance risk and reward. - The future of work is here. Discover the 91 top robotics and automation stocks leading the charge in AI-driven automation and industrial transformation. - Capitalize on the AI infrastructure supercycle with our selection of the 93 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include FOXA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Never miss an important update on your stock portfolio and cut through the noise. Over 7 million investors trust Simply Wall St to stay informed where it matters for FREE. Fox (FOXA) has just reported fourth quarter and full year 2026 results, pairing higher sales with lower net income compared with the prior year, and lifting its semi annual dividend payout to shareholders. See our latest analysis for Fox. Fox shares have climbed in recent weeks, with a 30 day share price return of 20.08% and a 1 year total shareholder return of 21.33%, while the year to date share price return is down 6.20%. This suggests that recent momentum has picked up following the latest earnings, dividend increase, and the August 10 universal shelf registration filing. If Fox’s recent move has you rethinking where growth could come from next, it can help to broaden your search with 21 top founder-led companies Fox now trades close to analyst targets, yet intrinsic value estimates suggest an 8% premium. After this sharp rebound, is the stock leaning toward fair value or beginning to move into overvalued territory? With Fox last closing at $69.19 against a narrative fair value of $71.56, the story centers on whether modest growth assumptions can still justify that gap using a 10.4% discount rate. Read the complete narrative. The key narrative hinges on how Fox might shift its earnings mix, lean on margin expansion, and rely on a different future P/E to make the math add up. The core assumptions tie together steady revenue growth, a higher profit share from each dollar of sales, and a valuation multiple that sits below many peers. Readers may be interested in which of these levers contributes most to the $71.56 fair value and the timeframe assumed in the analysis. Result: Fair Value of $71.56 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the Fox narrative can still be challenged if cord cutting accelerates faster than Tubi and FOX One grow, or if rising sports rights costs squeeze margins. Find out about the key risks to this Fox narrative. The earlier narrative framed Fox as modestly undervalued based on earnings and multiples. The SWS DCF model tells a different story, with a fair value estimate of $64.06 versus the current $69.19 share price, which points to Fox trading at a premium instead. That gap is not huge, but it signals less room for error if cash flows or growth assumptions disappoint. For investors weighing both approaches, the key question is which set of assumptions feels more realistic for Fox over the next few years. Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out Fox for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 53 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. Given the mixed signals around Fox, the next move is yours. Review the underlying data and pressure test the story against your own expectations, then weigh up the 3 key rewards and 1 important warning sign If Fox has sharpened your focus on where to put fresh capital next, do not stop here. Use targeted screens to quickly surface other stocks that fit your checklist. Target steady cash generators by checking companies with robust finances through the solid balance sheet and fundamentals stocks screener (50 results). Hunt for potential mispricings by scanning for 53 high quality undervalued stocks that may warrant a closer look before other investors catch on. Prioritise resilience by reviewing 80 resilient stocks with low risk scores that could help cushion your portfolio when conditions get tougher. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include FOXA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Fox Corporation recently reported past fourth-quarter and full-year 2026 results, with quarterly sales rising to US$4,212 million while net income eased to US$691 million, and also filed a universal shelf registration covering multiple classes of stock and debt. Alongside these mixed earnings, Fox’s board approved a higher semi-annual dividend of US$0.29 per share, signaling ongoing commitment to shareholder income even as full-year net income and earnings per share declined. Next, we’ll examine how Fox’s dividend increase, set against softer full-year earnings, reshapes the investment narrative around its future earnings power. We've uncovered the 10 dividend fortresses yielding 5%+ that don't just survive market storms, but thrive in them. To own Fox today, you need to believe its focus on live news, sports and ad-supported streaming can still convert strong audience reach into durable cash generation, even as traditional TV faces pressure. The latest results, with higher quarterly sales but softer full-year earnings, do not radically alter that near term story. The key catalyst remains how effectively Fox monetizes its brands across linear and digital, while the biggest risk is margin pressure from rising content and rights costs. The dividend increase to US$0.29 per share sits at the center of this discussion. It reinforces Fox’s willingness to return cash to shareholders at a time when full year net income fell to US$1,685 million and net margins compressed. Set against the new universal shelf registration for equity and debt, the payout decision highlights the trade off between funding growth, maintaining financial flexibility and sustaining investor income. Yet investors should also weigh the risk that rising sports rights costs and content spend could eventually squeeze earnings more than many expect... Read the full narrative on Fox (it's free!) Fox's narrative projects $19.0 billion revenue and $2.6 billion earnings by 2029. This requires 3.5% yearly revenue growth and about a $0.9 billion earnings increase from $1.7 billion today. Uncover how Fox's forecasts yield a $71.56 fair value, a 3% upside to its current price. Some of the most optimistic analysts were expecting Fox to reach about US$18.6 billion in revenue and US$2.7 billion in earnings, yet the latest earnings miss and softer margins could challenge that view or reinforce it, depending on how you see the balance between Tubi’s growth potential and the risk that cord cutting and rights inflation eat into those forecasts. Explore 5 other fair value estimates on Fox - why the stock might be worth 42% less than the current price! Don't just follow the ticker - dig into the data and build a conviction that's truly your own. A great starting point for your Fox research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision. Our free Fox research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Fox's overall financial health at a glance. Don't miss your shot at the next 10-bagger. Our latest stock picks just dropped: Uncover the next big thing with 20 elite penny stocks that balance risk and reward. Capitalize on the AI infrastructure supercycle with our selection of the 56 best 'picks and shovels' of the AI gold rush converting record-breaking demand into massive cash flow. AI is about to change healthcare. These 40 stocks are working on everything from early diagnostics to drug discovery. The best part - they are all under $10b in market cap - there's still time to get in early. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include FOXA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Fox’s second quarter was marked by strong results, with management crediting the outperformance to robust advertising momentum across its live sports and news programming, as well as rapid growth in its streaming platform, Tubi. CEO Lachlan Murdoch highlighted the successful broadcast of the FIFA Men’s World Cup and the launch of FOX One as key contributors to audience engagement and incremental revenue. Murdoch pointed out, “We are very pleased with the strength of the demand for impressions across sports, news, the local stations, Tubi and also entertainment.” Is now the time to buy FOXA? Find out in our full research report (it’s free). Revenue: $4.21 billion vs analyst estimates of $3.65 billion (28.1% year-on-year growth, 15.5% beat) Adjusted EPS: $1.79 vs analyst estimates of $1.38 (29.3% beat) Adjusted EBITDA: $1.20 billion vs analyst estimates of $1.00 billion (28.4% margin, 19.4% beat) Operating Margin: 25.7%, in line with the same quarter last year Market Capitalization: $24.9 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. John Hodulik (UBS) asked about the strength of the ad market and linear versus digital trends. CEO Lachlan Murdoch explained that FOX saw double-digit upfront growth across categories and continued strong demand, while Tubi competed well in a crowded connected TV market. Michael Morris (Guggenheim) questioned the sustainability of World Cup-driven gains. Murdoch responded that the event showed FOX’s ability to amplify live sports, helping secure future rights and enhance long-term relationships with leagues and advertisers. Michael Ng (Goldman Sachs) focused on Tubi’s revenue drivers and digital investment levels. Murdoch highlighted Tubi’s unique audience characteristics, while CFO Steve Tomsic clarified that digital investments have decreased as platforms scale profitably. Peter Supino (Wolfe Research) inquired about Tubi ad sales trends and FOX One subscriber retention. Murdoch noted Tubi’s efficient pricing despite competition and emphasized that FOX One’s new subscribers are incremental, not replacing traditional pay-TV customers. Sean Diffley (Morgan Stanley) asked about political ad revenue expectations and capital allocation post-Roku deal. Murdoch projected a record midterm ad cycle, while Tomsic confirmed ongoing share repurchases supported by the company’s balance sheet. In the coming quarters, the StockStory team will monitor (1) the pace of digital revenue growth at Tubi and FOX One, (2) the extent to which political advertising provides an uplift during the midterm cycle, and (3) progress on closing and integrating the Roku acquisition. We will also watch for updates on sports rights renewals and subscriber retention across platforms. FOX currently trades at $63.16, up from $58.68 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.

Fox Corporation FOX used its fiscal fourth-quarter 2026 earnings call to stress that advertising strength is carrying into the new year, while Tubi and FOX One deepen their digital mix. Management also cast the World Cup as a quarter driver and a showcase for FOX's sports reach. Adjusted earnings per share of $1.79 topped the Zacks Consensus Estimate of $1.34. Revenues of $4.21 billion surpassed the consensus estimate of $3.60 billion. The larger focus was sustaining momentum into fiscal 2027. Fox Corporation price-consensus-eps-surprise-chart | Fox Corporation Quote Executive chairman and CEO Lachlan Murdoch said that demand remains strong across sports, news, local stations, Tubi and entertainment. FOX's upfront produced double-digit volume growth across sports, news and Tubi. Murdoch said that eight of the 10 advertising categories FOX tracks increased in the upfront. He added that momentum has continued into the fiscal first quarter. A Morgan Stanley analyst asked about political advertising. Murdoch cited industry tracking above $11 billion for the midterm cycle and said that FOX expects a record cycle, exceeding more than $260 million generated during the last midterms. Murdoch said that Tubi revenues rose 35% as viewing time increased 17%. The service ended fiscal 2026 with 110 million monthly active users, and its World Cup Hub attracted more than 20 million viewers. Responding to Goldman Sachs and Wolfe Research analysts, Murdoch said that World Cup revenues were relatively small within Tubi's overall growth. He also said that Tubi has not needed to lower advertising rates despite a competitive connected-TV market. FOX One remained ahead of expectations. Murdoch said that subscribers have been incremental to traditional pay TV and churn has been below expectations, while chief financial officer Steven Tomsic said that digital investment fell below $200 million in fiscal 2026 and should improve further in fiscal 2027. Tomsic said that FOX will retain a World Cup benefit in the fiscal first quarter, although total tournament revenues are weighted toward fiscal 2026. Fiscal 2027 World Cup revenues will be weighted toward Television. Midterm elections are another advertising tailwind, particularly for local stations and Tubi. Tomsic also expects a more normalized distribution renewal schedule in fiscal 2027, skewed toward Television. Both Cable Network Programming and Television are expected to contribute to distribution revenue growth. That follows fourth-quarter companywide distribution growth of 5%, with cable distribution up 7%. Murdoch told a UBS analyst that FOX does not expect changes to its NFL contractual terms before the 2030 season. The existing agreement runs through the completion of 2029. A JPMorgan analyst pressed on timing and the broader sports-rights portfolio. Murdoch declined to detail negotiations but described the NFL relationship as positive and said that FOX sees a clear path through 2029 and beyond. Addressing Guggenheim, Murdoch said that the World Cup demonstrated FOX's ability to amplify premium sports across broadcast, cable and digital platforms. He emphasized reach, marketing, production and promotion as value FOX brings to rights partners. Tomsic said that FOX repurchased $2 billion of shares in fiscal 2026 and raised its semiannual dividend to $0.29 per share. June-end cash was about $4.2 billion against $6.6 billion of debt. Management expects the pending Roku transaction to close in the first half of calendar 2027. Tomsic said that FOX is expected to close the deal at about 2.8 times net leverage. Asked by Morgan Stanley about buybacks, Tomsic said that repurchases should continue through the transaction process and afterward, preserving capital-return activity alongside the planned acquisition. Murdoch's message centered on carrying advertising momentum, digital engagement and live-content scale into fiscal 2027. Tomsic paired that with expectations for further digital bottom-line improvement and distribution growth. FOX also kept its NFL timetable, FOX One strategy and capital allocation approach intact while positioning Roku as an expansion of connected-TV distribution and advertising. Currently, FOX sports a Zacks Rank #1 (Strong Buy), the top rating in the Zacks framework for identifying stronger near-term performance potential through earnings-estimate revisions. Its Value Score is B, while it has a Growth Score of D, a Momentum Score of D and a VGM Score of D. You can see the complete list of today’s Zacks #1 Rank stocks here. The combination is mixed because Zacks identifies A or B Style Scores as the strongest complements to Rank #1 and #2 stocks. The Zacks Rank can change as analysts revise estimates following the just-reported results. 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 Fox Corporation (FOX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. After a strong three year run that has seen Fox return 96.5%, the stock now sits in an interesting spot where a Discounted Cash Flow (DCF) estimate points to a level close to its current price, while market multiples still screen it as undervalued. Fox has delivered a 96.5% return over the last three years, which means recent buyers are coming in after a long period of gains rather than at the start of a move. Growth in live events and digital platforms like Tubi and FOX One can support the earnings outlook. At the same time, reliance on event driven advertising and shifting viewing habits may leave cash flows more exposed to swings in audience and ad demand. On Simply Wall St's broader valuation checks, Fox scores 4 out of 6, which points to a mixed picture rather than a clear bargain or clear overvaluation. The issue now is whether Fox's recent share price strength already reflects the intrinsic value suggested by the DCF work, or whether the multiples signal leaves more upside on the table. Fox delivered 18.6% returns over the last year. See how this stacks up to the rest of the Media industry. The Discounted Cash Flow (DCF) model values Fox based on the cash it is expected to generate for shareholders over time. Fox produced about $1.5b in free cash flow over the last twelve months, and the model assumes cash flows that grow from current levels rather than a sharp ramp up or steep decline. On those projections, the DCF points to an estimated intrinsic value of about $65 per share. That is only slightly above the current share price, which implies the stock is about 0.9% undervalued rather than offering a wide margin of safety. The recent FIFA Men's World Cup driven advertising strength and growth from Tubi and FOX One help explain why the current price already sits close to the cash flow based estimate. Based on the DCF numbers, Fox appears roughly fairly valued with only a small discount to intrinsic value. Fox is fairly valued according to our Discounted Cash Flow (DCF), but this can change at a moment's notice. Track the value in your watchlist or portfolio and be alerted on when to act. Head to the Valuation section of our Company Report for more details on how we arrive at this Fair Value for Fox. P/E suits Fox because earnings remain a key anchor for how investors look at established media groups. Fox trades on a P/E of about 15.9x, which sits below the media industry average of 21.5x and also below the peer group average of 29.5x. That means you are paying less per dollar of current earnings than for many comparable media stocks. Simply Wall St's fair P/E ratio for Fox is about 20.8x, which incorporates its growth profile, margins, size and risk. Compared with that benchmark, the current multiple is lower and indicates that the stock trades at a discount to what the model identifies as a reasonable earnings-based level. On the P/E multiple, Fox stock appears undervalued compared with both its industry and its modelled fair ratio. See what the numbers say about this price — find out in our valuation breakdown. Fox's valuation puzzle brings the focus to Simply Wall St Narratives. These set out the earnings, margin and growth assumptions that would need to hold for the stock to be worth materially more or less than today's price, and sit on the company’s Community page. Each Narrative presents Fox's implied fair value as a thesis about the business that you can revisit over time, rather than a one off snapshot. This way you can see how the story tracks against reality. Community views on Fox sit far apart, with one side focused on upside from digital and streaming and the other fixated on rights costs and leverage. Bull case: 34% undervalued Read the full Bull Case to see why Fox could be undervalued Bear case: 22% overvalued Read the full Bear Case to see why Fox could be overvalued Do you think there's more to the story for Fox? Head over to our Community to see what others are saying! For Fox, the Discounted Cash Flow (DCF) work points to an intrinsic value that sits close to the current share price, so the stock no longer screens as obviously cheap on cash flow alone. The earnings multiple still screens as undervalued relative to peers and the modelled fair P/E, which fits with the mixed overall valuation checks rather than a clear signal either way. The key question from here is whether Fox can translate audience and product momentum in areas like live events and Tubi into durable, less volatile cash flows. If that occurs, today’s discount on earnings could appear more like a potential opportunity than simply the market correctly pricing the risks. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include FOXA. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in Fox Corporation? Here are five stocks we like better. FOX reported record fiscal 2026 performance, with revenue up 5% to more than $17 billion and EBITDA up 8% to $3.9 billion. Fourth-quarter revenue rose 28% to $4.2 billion, driven largely by FIFA World Cup advertising, while adjusted EPS increased 41% to $1.79. Streaming and advertising momentum remained strong: Tubi revenue grew 35% to a record quarter, reaching 110 million monthly active users, while FOX One exceeded subscriber and retention expectations. Management also expects the upcoming midterm election cycle to generate record political advertising revenue. FOX repurchased $2 billion of shares and paid $243 million in dividends during fiscal 2026. The company said its planned Roku acquisition remains on track to close in the first half of calendar 2027, pending approvals. The Netflix-Lionsgate Rumor Exposed a Bigger Shift in Media M&A FOX (NASDAQ:FOX) reported record fiscal 2026 revenue and EBITDA, as the company benefited from FIFA Men’s World Cup advertising, growth at Tubi and FOX One, and continued strength in its news and sports businesses. For the fiscal year ended 2026, revenue increased 5% to more than $17 billion, while EBITDA rose 8% to a record $3.9 billion, Executive Chair and Chief Executive Officer Lachlan Murdoch said. Advertising revenue increased 7% despite comparisons with the prior year, which included the Super Bowl and a U.S. presidential election cycle. Distribution revenue rose 4% and content and other revenue increased 4%. → 3 Drone Stocks That Should Soar After the Summer Slump Fox Captures The Living Room With $22B Roku Buy Net income attributable to stockholders was $1.7 billion, or $3.84 per share, compared with $2.3 billion, or $4.91 per share, in fiscal 2025. Excluding non-core items, adjusted net income totaled $2.4 billion and adjusted earnings per share rose 13% to $5.42. Fourth-quarter revenue rose 28% to $4.2 billion, while EBITDA increased 27% to $1.2 billion. Advertising revenue climbed 78%, led by the company’s broadcast of the 2026 FIFA Men’s World Cup and accelerating growth at Tubi. Distribution revenue increased 5%. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Your Thanksgiving Playbook: 3 Stocks Set to Benefit From Football Fever Chief Financial Officer Steve Tomsic said adjusted net income for the quarter was $765 million, while adjusted EPS rose 41% to $1.79, from $1.27 a year earlier. Reported net income attributable to Fox stockholders was $691 million, or $1.61 per share, versus $717 million, or $1.57 per share, in the prior-year quarter. Expenses increased 28% during the quarter, reflecting higher sports programming rights, amortization and production costs related to the World Cup, as well as costs associated with the growth of FOX One. Cable network programming revenue rose 9%, while segment EBITDA declined 3%. Cable advertising revenue increased 22%, driven by the World Cup. Cable distribution revenue grew 7%, as affiliate-renewal pricing gains outpaced subscriber declines. Television segment revenue rose 45% and EBITDA grew 129%. Television advertising revenue increased 108%, supported by the World Cup, political advertising at television stations and Tubi growth. → Jersey Mike's Serves Fresh Gains After IPO Stumble Tomsic said net subscriber declines across third-party distributors remained consistent with the prior quarter at under 6.5%, before accounting for the positive contribution from FOX One. Tubi delivered its highest quarterly streaming and revenue results, with revenue up 35% and total viewing time up 17%. The service ended the fiscal year with 110 million monthly active users. Murdoch said Tubi’s World Cup hub reached more than 20 million viewers, while simulcasts of two early-round matches generated two of the platform’s highest-traffic days. Murdoch said World Cup-related Tubi revenue was meaningful but relatively small compared with the platform’s overall revenue growth. He also said approximately 70% of Tubi viewers are cordless households, including cord-cutters and cord-nevers, making the platform valuable to advertisers seeking incremental reach. FOX One, the company’s direct-to-consumer streaming offering, continued to exceed management’s expectations, according to Murdoch. The World Cup drove incremental subscriber additions and retention rates that surpassed the company’s expectations. He said FOX One has experienced minimal cannibalization of the traditional pay-TV business, with subscribers appearing to be incremental to the existing ecosystem. Tomsic said digital investments, including Tubi and FOX One, declined to less than $200 million in fiscal 2026 from just under $300 million in fiscal 2025. He said the company expects continued bottom-line improvement from its digital portfolio in fiscal 2027. Management said advertising momentum has continued into the first fiscal quarter. Murdoch said the company completed one of its strongest upfronts, with double-digit volume growth across sports, news and Tubi. He said the company saw strong demand from categories including entertainment, financial services, automotive, pharmaceuticals, dining, retail, technology and telecommunications. Fox expects the midterm election cycle to provide a further advertising tailwind, particularly for local stations and Tubi. Murdoch cited estimates from independent political advertising tracking firms projecting more than $11 billion in spending during the upcoming midterm election cycle. Fox generated more than $260 million in political revenue during the previous midterm cycle, and management expects the upcoming cycle to set a company record. The company will continue to benefit from World Cup-related revenue in the first quarter of fiscal 2027, although Tomsic said total tournament revenue was weighted more heavily toward fiscal 2026. Fiscal 2027 World Cup revenue is expected to be concentrated in the television segment because that segment carried most knockout-stage matches. Murdoch also said Fox will not amend its existing NFL agreement, which runs through the completion of the 2029 season. The company expects to discuss opt-out seasons and rights beyond that period closer to the 2030 season. Fox repurchased $2 billion of shares during fiscal 2026 and paid approximately $243 million in dividends. The company increased its semiannual dividend to $0.29 per share. Since its spin, Fox has returned $10.7 billion to shareholders, including $8.6 billion in share repurchases, representing about 36% of shares outstanding since the buyback program began in November 2019. The company ended the quarter with approximately $4.2 billion in cash and $6.6 billion in debt. Tomsic said Fox expects its share repurchase program to continue through the pending Roku transaction and afterward. Murdoch said the Roku acquisition remains on track to close in the first half of calendar 2027, subject to the approval process. Fox Corporation (NASDAQ:FOX) is a U.S.-based media company that operates television broadcast, news and sports businesses. The company traces its contemporary structure to the 2019 reorganization that followed the sale of certain entertainment assets to The Walt Disney Company; Fox Corporation retained a portfolio centered on the Fox Broadcasting Company, Fox Television Stations, Fox News Media and Fox Sports. Over time the company has expanded its digital footprint through acquisitions and direct-to-consumer services, building a mix of linear and streaming distribution. FOX’s core activities include the creation, aggregation and distribution of television programming and live sports, the operation of national cable news and business networks, and the ownership and operation of local broadcast stations. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "FOX Q4 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.