Short answer
Fox Corporation (Class B) (FOX) filed its fiscal 2026 10-K annual report with the SEC on Aug 6, 2026. It reported revenue of $17.1B (+5.1% year over year) and net income of $1.7B.
- Top risk flagged: Regulatory/legal risk: Hart-Scott-Rodino Antitrust Act clearance pending for Roku Merger with $1.2B termination fee if blocked
FY2026 key financial metrics · XBRL
- Revenue
- $17.1B
- +5.1% YoY
- Net income
- $1.7B
- −25.5% YoY
- EPS (diluted)
- $3.84
- −21.8% YoY
- ROE
- 14.5%
- −4.4 pp YoY
- Operating cash flow
- $2.0B
- −40.7% YoY
Source: XBRL data from the Fox Corporation (Class B) (FOX) FY2026 10-K on SEC EDGAR. USD.
Fox Corporation (Class B) FY2026 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Media company delivering news, sports, and entertainment content via Cable Network Programming, Television segment, digital platforms including AVOD and subscription streaming
- New emphasized initiative: Definitive agreement to acquire Roku for $96 cash plus 0.9693 FOX Class A shares per Roku share, combining content with Roku’s connected TV platform
- Strategic shift: Expansion into direct-to-consumer streaming highlighted by FOX One launch (Aug 2025) and growth of Tubi AVOD; integration focus with Roku’s advertising and streaming capabilities
- Notable quantitative metric: Record 13+ billion hours total view time on Tubi in fiscal 2026, 20% growth YoY; FOX employed approximately 10,550 full-time employees as of June 30, 2026
- Most noteworthy fact: FCC planned elimination of 39% national TV ownership cap (voting scheduled for Aug 6, 2026) poised to impact FOX’s broadcast station ownership limits
Management Discussion & Analysis
- Revenue $17.13B, up 5% YoY; distribution up $278M (4%), advertising up $474M (7%), content/other up $74M (4%)
- Operating margin 22.8% ($3.91B Adj. EBITDA on $17.13B revenue) vs prior year 22.2% ($3.62B Adj. EBITDA on $16.3B revenue)
- Best segment: Television revenue $9.67B (+4%), Segment EBITDA $1.44B (+52%); Worst segment: Corporate and Other EBITDA $(631M), down 80%
- Operating cash flow $1.97B (down from $3.32B prior year); $1.5B accelerated stock repurchase, dividends $0.56/share ($245M expected in FY27), capex and investments increased ($705M total investing cash outflow)
- Outlook risks include regulatory approvals and integration of Roku acquisition, digital advertising shifts, MVPD subscriber declines, sports rights renewal costs, and competitive pressures
Risk Factors
- Regulatory/legal risk: Hart-Scott-Rodino Antitrust Act clearance pending for Roku Merger with $1.2B termination fee if blocked
- Geopolitical risk: Cyberattacks risk elevated due to tensions with China, Russia, North Korea; could disrupt systems and leak data
- Operational risk: Integration challenges from Roku Merger may delay benefits and divert management focus, increasing costs
- Competitive risk: Competition intensified by digital streaming and AI use; rivals employing generative AI may erode advertising revenues
- Financial risk: Post-merger significant indebtedness raises refinancing risks and may restrict capital allocation and credit ratings
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