# Fox Corp (FOXA)

Informational only - not investment advice.

CIK: 0001754301
SIC: 4833 Television Broadcasting Stations
SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Communications](/major-group/48/) > [SIC 4833 Television Broadcasting Stations](/industry/4833/)
Latest 10-K filed: 2026-08-06
SEC page: https://www.sec.gov/edgar/browse/?CIK=1754301
Filing source: https://www.sec.gov/Archives/edgar/data/1754301/000162828026053960/fox-20260630.htm

## At a glance

FY2026 · period end 2026-06-30 · filed 2026-08-06 · accession 0001628280-26-053960 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001754301.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 17,126,000,000 USD | 2026 | verified |
| Net income | 1,727,000,000 USD | 2026 | verified |
| Assets | 22,482,000,000 USD | 2026 | verified |
| Free cash flow | 1,468,000,000 USD | 2026 | computed |
| Net margin | 10.08% | 2026 | computed |
| Revenue YoY | +5.07% | 2026 | computed |
| ROE | 14.85% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | FOXA | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 10.1% | -3.1% | 78 | 10 |
| Revenue growth | 5.1% | -3.4% | 67 | 10 |
| FCF margin | 8.6% | 4.7% | 67 | 10 |
| ROE | 14.9% | -6.0% | 100 | 10 |
| ROA | 7.7% | -1.3% | 100 | 10 |
| Liabilities / equity | 0.93 | 2.86 | 22 | 10 |
| Current ratio | 3.17 | 1.86 | 89 | 10 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4833 Television Broadcasting Stations, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 17126000000 | USD | 2026 | 2026-08-06 |
| Net income | 1727000000 | USD | 2026 | 2026-08-06 |
| Assets | 22482000000 | USD | 2026 | 2026-08-06 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001754301.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  | 12,303,000,000 | 12,909,000,000 | 13,974,000,000 | 14,913,000,000 | 13,980,000,000 | 16,300,000,000 | 17,126,000,000 |
| Net income | 1,409,000,000 | 2,228,000,000 | 1,643,000,000 | 1,062,000,000 | 2,201,000,000 | 1,233,000,000 | 1,253,000,000 | 1,554,000,000 | 2,293,000,000 | 1,727,000,000 |
| Diluted EPS |  | 3.52 | 2.57 | 1.62 | 3.61 | 2.11 | 2.33 | 3.13 | 4.91 | 3.84 |
| Operating cash flow | 1,655,000,000 | 1,317,000,000 | 2,524,000,000 | 2,365,000,000 | 2,639,000,000 | 1,884,000,000 | 1,800,000,000 | 1,840,000,000 | 3,324,000,000 | 1,970,000,000 |
| Capital expenditures | 191,000,000 | 215,000,000 | 235,000,000 | 359,000,000 | 484,000,000 | 307,000,000 | 357,000,000 | 345,000,000 | 331,000,000 | 502,000,000 |
| Dividends paid | 35,000,000 | 41,000,000 | 188,000,000 | 335,000,000 | 330,000,000 | 307,000,000 | 299,000,000 | 281,000,000 | 277,000,000 | 287,000,000 |
| Share buybacks |  | 0.00 | 0.00 | 600,000,000 | 1,001,000,000 | 1,000,000,000 | 2,000,000,000 | 1,000,000,000 | 1,000,000,000 | 2,000,000,000 |
| Assets |  | 13,121,000,000 | 19,509,000,000 | 21,750,000,000 | 22,926,000,000 | 22,185,000,000 | 21,866,000,000 | 21,972,000,000 | 23,195,000,000 | 22,482,000,000 |
| Stockholders' equity |  | 9,594,000,000 | 9,947,000,000 | 10,094,000,000 | 11,123,000,000 | 11,339,000,000 | 10,378,000,000 | 10,714,000,000 | 11,962,000,000 | 11,628,000,000 |
| Free cash flow | 1,464,000,000 | 1,102,000,000 | 2,289,000,000 | 2,006,000,000 | 2,155,000,000 | 1,577,000,000 | 1,443,000,000 | 1,495,000,000 | 2,993,000,000 | 1,468,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  | 8.63% | 17.05% | 8.82% | 8.40% | 11.12% | 14.07% | 10.08% |
| Return on equity |  | 23.22% | 16.52% | 10.52% | 19.79% | 10.87% | 12.07% | 14.50% | 19.17% | 14.85% |
| Return on assets |  | 16.98% | 8.42% | 4.88% | 9.60% | 5.56% | 5.73% | 7.07% | 9.89% | 7.68% |
| Liabilities / equity |  | 0.37 | 0.96 | 1.15 | 1.06 | 0.96 | 1.11 | 1.05 | 0.94 | 0.93 |
| Current ratio |  | 3.17 | 3.78 | 3.93 | 2.91 | 3.61 | 1.93 | 2.54 | 2.91 | 3.17 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001754301.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2022-09-30 |  |  | 1.10 | reported discrete quarter |
| 2023-Q2 | 2022-12-31 |  |  | 0.58 | reported discrete quarter |
| 2023-Q3 | 2023-03-31 |  |  | -0.10 | reported discrete quarter |
| 2024-Q1 | 2023-09-30 | 3,207,000,000 | 415,000,000 | 0.82 | reported discrete quarter |
| 2024-Q2 | 2023-12-31 | 4,234,000,000 | 115,000,000 | 0.23 | reported discrete quarter |
| 2024-Q3 | 2024-03-31 | 3,447,000,000 | 704,000,000 | 1.40 | reported discrete quarter |
| 2024-Q4 | 2024-06-30 | 3,092,000,000 | 320,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-09-30 | 3,564,000,000 | 832,000,000 | 1.78 | reported discrete quarter |
| 2025-Q2 | 2024-12-31 | 5,078,000,000 | 388,000,000 | 0.81 | reported discrete quarter |
| 2025-Q3 | 2025-03-31 | 4,371,000,000 | 354,000,000 | 0.75 | reported discrete quarter |
| 2025-Q4 | 2025-06-30 | 3,287,000,000 | 719,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-09-30 | 3,738,000,000 | 609,000,000 | 1.32 | reported discrete quarter |
| 2026-Q2 | 2025-12-31 | 5,182,000,000 | 247,000,000 | 0.52 | reported discrete quarter |
| 2026-Q3 | 2026-03-31 | 3,994,000,000 | 175,000,000 | 0.38 | reported discrete quarter |
| 2026-Q4 | 2026-06-30 | 4,212,000,000 | 696,000,000 |  | derived Q4 = FY annual - nine-month YTD |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from FOXA's latest 10-K: [/company/FOXA/business/](/company/FOXA/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from FOXA's latest 10-K: [/company/FOXA/risk-factors/](/company/FOXA/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1754301/000162828026033172/fox-20260331.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-05-11
Report date: 2026-03-31

ITEM 2.        MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Readers should carefully review this document and the other documents filed by Fox Corporation (“FOX” or the “Company”) with the Securities and Exchange Commission (the “SEC”). This section should be read together with the unaudited interim consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and the Annual Report on Form 10-K for the fiscal year ended June 30, (“fiscal”) 2025 as filed with the SEC on August 6, 2025 (the “2025 Form 10-K”). The Unaudited Consolidated Financial Statements are referred to as the “Financial Statements” herein.

INTRODUCTION

Management’s discussion and analysis of financial condition and results of operations is intended to help provide an understanding of the Company’s financial condition, changes in financial condition and results of operations. This discussion is organized as follows:

•Overview of the Company’s Business—This section provides a general description of the Company’s businesses, as well as developments that occurred during the three and nine months ended March 31, 2026 and 2025 that the Company believes are important in understanding its results of operations and financial condition or to disclose known trends.

•Results of Operations—This section provides an analysis of the Company’s results of operations for the three and nine months ended March 31, 2026 and 2025. This analysis is presented on both a consolidated and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.

•Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the nine months ended March 31, 2026 and 2025, as well as a discussion of the Company’s outstanding debt and commitments, both firm and contingent, that existed as of March 31, 2026. Included in the discussion of outstanding debt is a discussion of the amount of financial capacity available to fund the Company’s future commitments and obligations, as well as a discussion of other financing arrangements.

•Caution Concerning Forward-Looking Statements—This section provides a description of the use of forward-looking information appearing in this Quarterly Report on Form 10-Q, including in Management’s Discussion and Analysis of Financial Condition and Results of Operations. Such information is based on management’s current expectations about future events which are subject to change and to inherent risks and uncertainties. Refer to Part I., Item 1A. “Risk Factors” in the 2025 Form 10-K for a discussion of the risk factors applicable to the Company.

OVERVIEW OF THE COMPANY’S BUSINESS

The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable segments:

•Cable Network Programming, which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”), virtual multi-channel video programming distributors (“virtual MVPDs”) and other digital platforms, primarily in the U.S.

•Television, which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising-supported video-on-demand (“AVOD”) service Tubi, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations are affiliated with the FOX Network and 11 are affiliated with MyNetworkTV. The segment also includes various production companies that produce content for the Company and third parties.

The Credible and the FOX Studio Lot operating segments do not meet the criteria under U.S. generally accepted accounting principles (“GAAP”) to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of FOX One, the Company’s direct-to-consumer subscription

20

streaming service launched in August 2025, Credible, the FOX Studio Lot and corporate overhead costs. Credible is a U.S. consumer finance marketplace. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.

We use the term "MVPDs" to refer collectively to traditional MVPDs and virtual MVPDs.

RESULTS OF OPERATIONS

Results of Operations—For the three and nine months ended March 31, 2026 versus the three and nine months ended March 31, 2025.

The following table sets forth the Company’s operating results for the three and nine months ended March 31, 2026, as compared to the three and nine months ended March 31, 2025:

[[GREPCENT_TABLE]]
[["","For the three months ended March 31,","","For the nine months ended March 31,"],["","2026","","2025","","Change","","% Change","","2026","","2025","","Change","","% Change"],["(in millions, except %)","","","","","Better/(Worse)","","","","","","Better/(Worse)"],["Revenues"],["Distribution(a)","$","2,107","","","$","2,039","","","$","68","","","3","%","","$","6,024","","","$","5,840","","","$","184","","","3","%"],["Advertising","1,556","","","2,036","","","(480)","","","(24)","%","","5,423","","","5,787","","","(364)","","","(6)","%"],["Content and other","331","","","296","","","35","","","12","%","","1,467","","","1,386","","","81","","","6","%"],["Total revenues","3,994","","","4,371","","","(377)","","","(9)","%","","12,914","","","13,013","","","(99)","","","(1)","%"],["Operating expenses","(2,494)","","","(2,965)","","","471","","","16","%","","(8,473)","","","(8,759)","","","286","","","3","%"],["Selling, general and administrative","(546)","","","(551)","","","5","","","1","%","","(1,730)","","","(1,578)","","","(152)","","","(10)","%"],["Depreciation and amortization","(101)","","","(95)","","","(6)","","","(6)","%","","(299)","","","(283)","","","(16)","","","(6)","%"],["Restructuring, impairment and other corporate matters","(32)","","","(55)","","","23","","","42","%","","(38)","","","(251)","","","213","","","85","%"],["Equity losses of affiliates","(20)","","","(18)","","","(2)","","","(11)","%","","(18)","","","(11)","","","(7)","","","(64)","%"],["Interest expense, net","(66)","","","(55)","","","(11)","","","(20)","%","","(214)","","","(185)","","","(29)","","","(16)","%"],["Non-operating other, net","(499)","","","(158)","","","(341)","","","**","","(785)","","","156","","","(941)","","","**"],["Income before income tax expense","236","","","474","","","(238)","","","(50)","%","","1,357","","","2,102","","","(745)","","","(35)","%"],["Income tax expense","(61)","","","(120)","","","59","","","49","%","","(326)","","","(528)","","","202","","","38","%"],["Net income","175","","","354","","","(179)","","","(51)","%","","1,031","","","1,574","","","(543)","","","(34)","%"],["Less: Net income attributable to noncontrolling interests","(9)","","","(8)","","","(1)","","","(13)","%","","(37)","","","(28)","","","(9)","","","(32)","%"],["Net income attributable to Fox Corporation stockholders","$","166","","","$","346","","","$","(180)","","","(52)","%","","$","994","","","$","1,546","","","$","(552)","","","(36)","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["(a)","The Company generates distribution revenue from agreements with MVPDs for cable network programming and retransmission fees for the broadcast of the Company\u2019s owned and operated television stations and from subscription fees for the Company\u2019s direct-to-consumer streaming services. In addition, the Company generates distribution revenue from agreements with independently owned television stations that are affiliated with the FOX Network."],["**","not meaningful"]]
[[/GREPCENT_TABLE]]

21

Overview

For the three months ended March 31, 2026 and 2025

The Company’s revenues decreased $377 million or 9% for the three months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, primarily due to lower advertising revenue, partially offset by higher distribution and content and other revenues. The increase of $68 million or 3% in distribution revenue was due to the impact of higher average rates per subscriber of approximately $90 million, partially offset by the approximately $20 million impact of a lower average number of subscribers. The decrease of $480 million or 24% in advertising revenue was primarily due to the absence of the February 2025 broadcast of Super Bowl LIX and lower ratings, partially offset by the approximately $200 million impact due to continued digital growth led by the Tubi AVOD service, the broadcast of an additional National Football League (“NFL”) postseason game and higher pricing. The increase of $35 million or 12% in content and other revenues was primarily due to higher sports sublicensing revenue.

Operating expenses decreased $471 million or 16% for the three months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, primarily due to the approximately $535 million impact of lower sports programming rights amortization and production costs driven by the absence of the February 2025 broadcast of Super Bowl LIX partially offset by the broadcast of an additional NFL postseason game. This decrease was partially offset by the approximately $65 million impact primarily due to costs associated with the launch of Fox One and higher entertainment programming rights amortization and production costs.

Selling, general and administrative expenses decreased $5 million or 1% for the three months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, primarily due to lower legal costs.

For the nine months ended March 31, 2026 and 2025

The Company’s revenues decreased $99 million or 1% for the nine months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, due to lower advertising revenue, partially offset by higher distribution and content and other revenues. The increase of $184 million or 3% in distribution revenue was due to higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $360 million, partially offset by the approximately $175 million impact of a lower average number of subscribers. The decrease of $364 million or 6% in advertising revenue was primarily due to the approximately $435 million impact related to sports programming led by the absence of the February 2025 broadcast of Super Bowl LIX partially offset by the broadcast of additional NFL and Major League Baseball (“MLB”) postseason games and higher pricing. The remaining impact was primarily due to continued digital growth led by the Tubi AVOD service and higher news pricing, partially offset by lower political advertising revenue due to the absence of the 2024 presidential and congressional elections and lower news ratings. The increase of $81 million or 6% in content and other revenues was primarily due to higher sports sublicensing revenue partially offset by lower entertainment production services revenue led by the timing of deliveries.

Operating expenses decreased $286 million or 3% for the nine months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, primarily due to the approximately $440 million impact of lower sports programming rights amortization driven by the absence of the February 2025 broadcast of Super Bowl LIX partially offset by higher NFL costs, including the broadcast of an additional NFL postseason game. Also parti

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1754301/000162828026053960/fox-20260630.htm
Complete FY 2026 MD&A: /company/FOXA/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-08-06
Report date: 2026-06-30

ITEM 7.    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Readers should carefully review this document and the other documents filed by Fox Corporation (“FOX” or the “Company”) with the Securities and Exchange Commission (the “SEC”). This section should be read together with the consolidated financial statements and related notes appearing elsewhere in this Annual Report on Form 10-K. The consolidated financial statements are referred to as the “Financial Statements” herein.

INTRODUCTION

Basis of Presentation

The Company’s financial statements are presented on a consolidated basis.

Management’s discussion and analysis of financial condition and results of operations is intended to help provide an understanding of the Company’s financial condition, changes in financial condition and results of operations. This discussion is organized as follows:

•Overview of the Company’s Business—This section provides a general description of the Company’s businesses, as well as developments that occurred either during the fiscal year ended June 30, (“fiscal”) 2026 or early fiscal 2027 that the Company believes are important in understanding its results of operations and financial condition or to disclose known trends.

•Results of Operations—This section provides an analysis of the Company’s results of operations for fiscal 2026 and 2025. This analysis is presented on both a consolidated and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.

•Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for fiscal 2026 and 2025, as well as a discussion of the Company’s outstanding debt and commitments, both firm and contingent, that existed as of June 30, 2026. Included in the discussion of outstanding debt is a discussion of the amount of financial capacity available to fund the Company’s future commitments and obligations, as well as a discussion of other financing arrangements.

•Critical Accounting Policies and Estimates—This section discusses accounting policies considered important to the Company’s financial condition and results of operations, and which require significant judgment and estimates on the part of management in application and the Company’s use of estimates and assumptions consistent with U.S. generally accepted accounting principles (“GAAP”). In addition, Note 2—Summary of Significant Accounting Policies to the accompanying Financial Statements summarizes the Company’s significant accounting policies, including the critical accounting policy discussion found in this section.

•Caution Concerning Forward-Looking Statements—This section provides a description of the use of forward-looking information appearing in this Annual Report on Form 10-K, including in Management’s Discussion and Analysis of Financial Condition and Results of Operations. Such information is based on management’s current expectations about future events which are subject to change and to inherent risks and uncertainties. Refer to Item 1A. “Risk Factors” in this Annual Report for a discussion of the risk factors applicable to the Company.

Refer to Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 as filed with the SEC on August 6, 2025 for management’s discussion and analysis of our financial condition and results of operations for fiscal 2024, including comparison to fiscal 2025.

OVERVIEW OF THE COMPANY’S BUSINESS

The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the

38

following two reportable segments:

•Cable Network Programming, which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”), virtual multi-channel video programming distributors (“virtual MVPDs”) and other digital platforms, primarily in the U.S.

•Television, which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising-supported video-on-demand (“AVOD”) service Tubi, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations are affiliated with the FOX Network and 11 are affiliated with MyNetworkTV. The segment also includes various production companies that produce content for the Company and third parties.

The Credible and the FOX Studio Lot operating segments do not meet the criteria under GAAP to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of FOX One, the Company’s direct-to-consumer subscription streaming service launched in August 2025, Credible, the FOX Studio Lot and corporate overhead costs. Credible is a U.S. consumer finance marketplace. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.

We use the term "MVPDs" to refer collectively to traditional MVPDs and virtual MVPDs.

The Company’s Cable Network Programming and Television segments derive the majority of their revenues from distribution fees for the transmission of content and advertising sales. For fiscal 2026, the Company generated revenues of $17 billion, of which approximately 47% was generated from distribution revenue, approximately 43% was generated from advertising, and approximately 10% was generated from other operating activities.

Distribution revenue primarily includes (i) monthly subscriber-based license and retransmission consent fees paid by programming distributors that carry the Company’s cable networks and owned and operated television stations, (ii) fees received from non-owned and operated television stations that are affiliated with the FOX Network and (iii) monthly or annual subscription fees for the right to access and stream content on the Company’s direct-to-consumer streaming services. U.S. law governing retransmission consent provides a mechanism for the television stations owned by the Company to seek and obtain payment from MVPDs that carry the Company’s broadcast signals.

Advertising revenue primarily includes (i) sales of commercial time within the Company’s network programming and (ii) sales of advertising on the Company’s owned and operated television stations and various digital properties.

For more information, see Item 1. “Business” and Item 1A. “Risk Factors.”

Roku Transaction

On June 14, 2026, the Company and Roku, Inc. (“Roku”) entered into a definitive agreement (the “Merger Agreement”) under which the Company has agreed to acquire Roku for a combination of cash and FOX Class A Common Stock (the “Roku Transaction” or the “Merger”). Upon the terms and subject to the conditions of the Merger Agreement, FOX will pay $96.00 in cash and 0.9693 shares of FOX Class A Common Stock for each share of Roku Class A Common Stock and Roku Class B Common Stock outstanding immediately prior to the effective time of the merger. The exchange ratio is fixed and will not be adjusted. Following the completion of the Merger, Roku will be a wholly-owned subsidiary of FOX.

Each of the Boards of Directors of FOX and Roku have unanimously approved the transaction, which is also subject to requisite approval by FOX and Roku stockholders, clearance under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, the receipt of consents or approvals under certain other antitrust laws and certain investment screening laws and other customary conditions. The Merger Agreement contains customary termination rights and provides that each party will be required to pay the other party a

39

termination fee of approximately $866 million if the Merger Agreement is terminated in certain circumstances, including due to a change in the recommendation of its board of directors. In addition, FOX will be required to pay Roku a termination fee of approximately $1.2 billion if the Merger Agreement is terminated under certain circumstances related to the failure to obtain certain regulatory approvals or upon the entry of a permanent restraint under certain antitrust laws or investment screening laws. FOX has also agreed to reimburse Roku for up to $70 million for reasonable third-party costs and expenses incurred by Roku in connection with the transaction if FOX is unable to obtain the required approval of its Class B Common stockholders of the issuance of FOX Class A Common Stock in connection with the transaction.

The Company expects to fund the cash portion of the Merger consideration with a combination of debt and cash on hand. In connection with the Merger Agreement, in June 2026, the Company entered into a commitment letter under which the lenders provided $12.0 billion of commitments ($11.0 billion of which is available as of June 30, 2026) to provide senior unsecured bridge loans (the “Bridge Facility”) and a term loan credit agreement under which the lenders committed to provide a $1.0 billion senior unsecured term loan facility (the “Term Loan Facility”) (See Note 9—Borrowings to the accompanying Financial Statements).

RESULTS OF OPERATIONS

Results of Operations—Fiscal 2026 versus Fiscal 2025

The following table sets forth the Company’s operating results for fiscal 2026, as compared to fiscal 2025:

[[GREPCENT_TABLE]]
[["","For the years ended June 30,"],["","2026","","2025","","$ Change","","% Change"],["(in millions, except %)","","","","","Better/(Worse)"],["Revenues"],["Distribution","$","8,058","","","$","7,780","","","$","278","","","4","%"],["Advertising","7,339","","","6,865","","","474","","","7","%"],["Content and Other","1,729","","","1,655","","","74","","","4","%"],["Total revenues","17,126","","","16,300","","","826","","","5","%"],["Operating expenses","(10,853)","","","(10,518)","","","(335)","","","(3)","%"],["Selling, general and administrative","(2,367)","","","(2,168)","","","(199)","","","(9)","%"],["Depreciation and amortization","(410)","","","(385)","","","(25)","","","(6)","%"],["Restructuring, impairment and other corporate matters","(151)","","","(350)","","","199","","","57","%"],["Equity losses of affiliates","(20)","","","(29)","","","9","","","31","%"],["Interest expense, net","(274)","","","(227)","","","(47)","","","(21)","%"],["Non-operating other, net","(773)","","","438","","","(1,211)","","","**"],["Income before income tax expense","2,278","","","3,061","","","(783)","","","(26)","%"],["Income tax expense","(551)","","","(768)","","","217","","","28","%"],["Net income","1,727","","","2,293","","","(566)","","","(25)","%"],["Less: Net income attributable to noncontrolling interests","(42)","","","(30)","","","(12)","","","(40)","%"],["Net income attributable to Fox Corporation stockholders","$","1,685","","","$","2,263","","","$","(578)","","","(26)","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["**","not meaningful"]]
[[/GREPCENT_TABLE]]

Overview—The Company’s revenues increased $826 million or 5% for fiscal 2026, as compared to fiscal 2025, due to higher distribution, advertising and content and other revenues. The increase of $278 million or 4% in distribution revenue was due to higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $440 million, partially offset by the approximately $160 million impact of a lower average nu

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/FOXA/mda/fy2026/
All MD&A years: /company/FOXA/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/FOXA/mda/fy2025/): filed 2025-08-06; accession 0001628280-25-038077 (https://www.sec.gov/Archives/edgar/data/1754301/000162828025038077/fox-20250630.htm)
- [FY 2024 MD&A](/company/FOXA/mda/fy2024/): filed 2024-08-08; accession 0001628280-24-036123 (https://www.sec.gov/Archives/edgar/data/1754301/000162828024036123/fox-20240630.htm)
- [FY 2023 MD&A](/company/FOXA/mda/fy2023/): filed 2023-08-11; accession 0001628280-23-029065 (https://www.sec.gov/Archives/edgar/data/1754301/000162828023029065/fox-20230630.htm)
- [FY 2022 MD&A](/company/FOXA/mda/fy2022/): filed 2022-08-12; accession 0001628280-22-022584 (https://www.sec.gov/Archives/edgar/data/1754301/000162828022022584/fox-20220630.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 4833 Television Broadcasting Stations) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PCE](/indicator/PCE/): Personal Consumption Expenditures
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [M2SL](/indicator/M2SL/): M2

Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/FOXA.md · JSON record: /company/FOXA.json · verified financials: /company/FOXA/financials.json / /company/FOXA/financials.csv · machine TOC for the whole site: /llms.txt