TWENTY-FIRST CENTURY FOX, INC. (FOXA) Company Report

Fox’s fiscal 2026 YTD results show revenue up vs. last year, EBITDA down slightly but markedly above 2024, driven by Fox News rating gains, record Fox Sports revenues, launch of FOX One, and strong Tubi engagement.
Pay TV subscriber declines improved for seven consecutive quarters, aided by pricing power; future stability expected from skinny bundles and other distribution innovations.
Digital portfolio progress: FOX One is attracting cordless subscribers without cannibalizing pay TV—2/3 of viewing shifted from sports during football season to news post-season—and Tubi grew revenue +19% YoY with TVT +27–28%, now contributing to EBITDA and on track for 20–25% margins.
Disciplined capital allocation: over $10 billion returned via buybacks and dividends since 2019, including a $1.5 billion ASR completed Feb 2026; organic investments in FY26 expected under $350 million as initiatives outperform.

3 days ago

Transcript

Fox outlines key growth drivers and capital allocation at annual conference

FOXA

Share Buyback

New Projects/Investments

Revenue Acceleration/Inflection

Improvement in pay TV affiliate trends: net subscriber decline of 6.3% in the December quarter, marking seven consecutive quarters of improvement, supported by strong pricing power across its streamlined channel portfolio.
Advertising momentum: seven straight quarters of ad revenue growth with nine of its top ten categories expanding (led by finance, pharma, tech); Fox News underprices broadcast by about 50% and has secured high single-digit national rate increases.
Digital portfolio strength: Tubi turned profitable two quarters ago, delivering 19% revenue growth and a 27–28% year-over-year increase in TVT, while aiming for 20–25% long-term EBITDA margins without significant new content spend.
FOX One traction: launched seven months ago, it has added primarily cordless subscribers without cannibalizing pay TV; viewing initially skewed two-thirds sports and now two-thirds news, with churn below initial expectations.
Prudent capital allocation: maintains conservative balance sheet with gross debt/EBITDA under 2x, has returned over $10 billion to shareholders since 2019 via buybacks and dividends, completed a $1.5 billion accelerated share repurchase and continues active repurchases.

3 days ago

Transcript

Fox highlights fiscal 2026 momentum and digital expansion

FOXA

Revenue Acceleration/Inflection

New Projects/Investments

Fox’s fiscal 2026 year-to-date revenue is up versus last year and EBITDA remains dramatically higher than fiscal 2024, driven by record-breaking Fox Sports revenues (NFL, college football, baseball) and strong FOX News ratings gains, alongside successful launches of FOX One and three new entertainment shows.
Affiliate subscriber declines have improved for seven consecutive quarters, with a 6.3% drop in the December quarter excluding FOX One’s contribution, underscoring sustained pricing power and positive second-order effects from emerging skinny-bundle offerings.
FOX News captured 70% of the cable news market during the most recent State of the Union address with 9 million viewers, sells at approximately a 50% discount to broadcast, and is achieving high-single-digit increases in national CPMs and mid-single-digit growth in direct-response rates.
Digital platforms continue to scale: Tubi is EBITDA-positive, with 19% revenue growth and a 27–28% increase in TVT, targeting 20–25% margins, while FOX One’s subscriber growth has outpaced expectations by adding primarily cordless viewers without cannibalizing pay TV.

3 days ago

Transcript

Fox outlines digital growth focus and record capital returns at Morgan Stanley TMT Conference

FOXA

Share Buyback

Product Launch

New Projects/Investments

Fox highlighted record revenue and profitability across its news, sports and streaming verticals, noting Fox News achieved its highest Saturday ratings in over 23 years and its State of the Union coverage drew a combined 11 million viewers.
The company has returned $10 billion of capital to shareholders since the 2019 spin, completing $8.6 billion of a $12 billion buyback program (including a $1.5 billion accelerated repurchase) and resumed open-market share repurchases.
Traditional pay-TV subscriber declines have moderated to just under 6.5%, excluding FOX One, while distribution pricing rose 4% in the last quarter, underscoring Fox’s confidence in ongoing pricing power.
FOX One, launched in August 2025, is exceeding subscriber and financial expectations, with users averaging 3.5 days and over 10 hours of viewing per week; the service is offered free to existing distributors to avoid churn.
Tubi drove 27% total-viewing-time growth and 19% revenue growth, achieved EBITDA positivity, and remains the leading AVOD platform with the largest content library, proprietary ad-tech and emerging AI-driven engagement tools.

Mar 2, 2026, 5:15 PM

Transcript

Fox outlines digital expansion and strategic priorities

FOXA

Share Buyback

Product Launch

New Projects/Investments

Fox emphasizes continued investment in news gathering and digital platforms, notably the FOX One direct-to-consumer service and Tubi AVOD, each delivering record revenue and profitability across segments.
Since its 2019 spin, Fox has returned $10 billion to shareholders—executing $8.6 billion in buybacks with $2.5 billion authority remaining—and remains open to strategic M&A.
Distribution trends show subscriber losses moderating to 6.5% year-over-year (excluding FOX One) while distribution pricing rose 4% in the most recent quarter.
Advertising strength: Fox News drew 9 million viewers for the State of the Union (≈70% of cable news audience), attracting 200+ new advertisers; Tubi grew total viewing time by 27% and is now EBITDA positive.
Sports strategy: Fox’s 30-year NFL partnership remains solid with four years left at market pricing; the company holds a 2.5% stake in Flutter and an 18.6% option in FanDuel, exercisable over five years.

Mar 2, 2026, 5:15 PM

Transcript

Fox outlines digital expansion and capital allocation at Morgan Stanley TMT Conference

FOXA

Product Launch

Share Buyback

New Projects/Investments

Record performance in core businesses with record revenue and profitability across sports, news and Tubi, emphasizing continued investment in live news coverage and digital platforms
FOX One, launched August 2025, exceeded expectations, with users averaging 3.5 days/week and 10+ hours of weekly viewing, driving strong subscriber growth
Tubi delivered 27% TVT growth and 19% revenue growth, achieved EBITDA positivity, and expanded engagement with exclusive creator content
Since the 2019 spin, Fox has returned $10 billion to shareholders, completed $8.5 billion of buybacks (including a $1.5 billion ASR) and maintains $2.5 billion of buyback authority
FOX News ad revenues benefit from 200+ new advertisers, scatter pricing up ~4%, and record ratings (9 million viewers for the State of the Union, ~70% cable news share)

Mar 2, 2026, 5:15 PM

Transcript

Fox downgraded by BofA on NFL-rights risk

FOXA

Profit Warning

Bank of America downgraded Fox to Underperform, cutting its price target from $80 to $45 (–56.25%).
BofA warned that a 1.5x AAV step-up in NFL media rights could reduce Fox’s FY27E EBITDA by up to 22%.
On Feb. 25, 2026, Fox shares fell 3.32% with volume up ~85.7% to $280 million, extending a ~27% slide since January to a 12-month low.
Reliance on retransmission and carriage fees for live sports and recent insider selling amid ~52.5% institutional ownership raise margin and governance concerns.

Feb 25, 2026, 3:36 PM

Bloomberg

Fox reports Q2 fiscal 2026 revenue of $5.18 billion

FOXA

Earnings

Share Buyback

Revenue Acceleration/Inflection

Fox delivered $5.18 billion in fiscal Q2 revenue, up about 2% year-over-year, driven by higher advertising and distribution receipts.
Cable network programming revenue rose to roughly $2.28 billion, boosted by Fox News’s robust ratings, pricing gains in news and sports, and added MLB postseason inventory.
Streaming platform Tubi achieved record quarterly revenue and logged consecutive quarters of EBITDA profitability, underpinning the company’s digital growth and increased viewership.
The company repurchased about $1.8 billion of stock year-to-date (cumulative buybacks since 2019 total $8.4 billion), even as net income declined to $247 million for the quarter.

Feb 4, 2026, 3:42 PM

WSJ

Fox Corp reports Q2 fiscal 2026 results

FOXA

Earnings

Dividends

Share Buyback

Fox Corporation posted Q2 FY2026 revenues of $5.18 billion (up 2% YoY), net income of $247 million, and adjusted EBITDA of $692 million for the quarter ended December 31, 2025.
Advertising revenues increased 1%, driven by higher sports and news pricing, digital growth via Tubi AVOD, and additional MLB postseason games, partially offset by lower political advertising and ratings.
Cable Network Programming segment revenues rose 5% to $2.28 billion with segment EBITDA increasing 5% to $687 million.
The company declared a $0.28 per share dividend payable March 25, 2026, and repurchased approximately $750 million of Class A and $800 million of Class B shares during the quarter, with $3.6 billion remaining authorization.

Feb 4, 2026, 1:03 PM

8-K

Fox River Resources produces purified phosphoric acid from Martison project

FOXA

Product Launch

New Projects/Investments

Fox River Resources has successfully produced purified phosphoric acid (PPA) from its Martison phosphate project, confirming technical feasibility for LFP battery supply chain applications.
Testwork by JESA Technologies LLC identified all necessary unit operations to upgrade merchant grade acid to PPA, validating the suitability of Martison concentrate for PPA production.
The company plans a dedicated PPA facility integrated within its phosphate fertilizer complex to recover byproducts rich in P₂O₅ and supply PPA to LFP battery manufacturers.
Production milestone underscores Fox River’s strategy to support domestic phosphate fertilizer supply for Canadian farmers and the growing LFP battery market, with backing from the Ontario Ministry of Energy and Mines.

Nov 12, 2025, 12:30 PM

Press Release