Fox Corporation

Fox Corporation (Fox) is a news, sports and entertainment company based in New York. It has two reportable segments. Cable Network Programming makes and licenses news and sports channels for cable, satellite and streaming distributors. Television runs the FOX broadcast network, the free streaming service Tubi, 29 full-power television stations, including 11 duopolies, and other digital platforms, mostly in the US.

FOX One, its paid streaming service, and the FOX Studio Lot sit in Corporate and Other. In the fiscal year that ended June 30, 2026, revenue was $17.1 billion, Adjusted EBITDA was $3.9 billion and net income attributable to Fox stockholders was $1,685 million. Lachlan Murdoch is Executive Chair and Chief Executive Officer. On November 6, 2026, Fox completed its purchase of Roku, Inc., which runs a connected TV platform.

Fox files 10-K and 10-Q reports with the SEC and has a fiscal year that ends on June 30. Its Class A common stock (FOXA) and Class B common stock (FOX) trade on the Nasdaq Global Select Market in US dollars.

The price of Fox depends on two things: whether its news and sports earnings hold after the World Cup year, and whether the Roku purchase adds earnings faster than it adds debt and shares. The market has to weigh a record start to fiscal 2027, with Q1 revenue up 22% and Adjusted EBITDA up 54% on the FIFA World Cup and political advertising, against the long decline of cable subscribers and a very large deal. On November 6, 2026, Fox paid about $14.1 billion in cash and issued about 144.5 million Class A shares for Roku.

Its borrowings rise from $6.6 billion at September 30, 2026 to about $17.0 billion after the new loans, and its share count rises by about a third. For the price to hold or rise, three things must be true. Fox's own Adjusted EBITDA must stay near the $3.9 billion of fiscal 2026 once the World Cup is over.

Roku must keep its recent profit, which was $362 million of operating income in the first nine months of 2026, and Fox must deliver the cost savings of about $400 million a year that it states for the first two years. Fox must also replace the $8.4 billion bridge loan, which is due 364 days after closing, with longer debt at a fair cost. The next tests are the Roku financial statements and pro forma information, due in late January 2027, the Q2 report, expected in early February 2027, and the Q3 report, expected in early May 2027.

1. Jan 2027 · est.Pending

   Roku financial statements and pro forma information (Form 8-K/A)Roku's results and the purchase price allocation show operating income near its recent level with no large write-down, and this passes; a clear fall in Roku earnings or an impairment fails.
2. Feb 3, 2027 · est.Pending

   Q2 fiscal 2027 resultsAdjusted EBITDA of Cable Network Programming and Television is at or above the prior year's and the cost savings plan is on track, and this passes; a fall in either segment fails.
3. May 2027 · est.Pending

   Q3 fiscal 2027 results: first full quarter with RokuRoku operating income stays positive and Fox has a plan or a deal to replace the bridge loan with longer debt, and this passes; a delay or a high-cost refinancing fails.

Every passed and failed checkpoint across all picks

• November 6, 2026Fox completed its purchase of Roku. Each Roku share became 0.9799 of a Fox Class A share and $95.30 in cash. Fox will issue about 144.5 million Class A shares and pay about $14.1 billion in cash, not counting vested and converted Roku equity awards. Fox expects about $400 million of run-rate cost synergies within two years. Anthony Wood, the founder of Roku, joined the Fox board.
• November 6, 2026Fox borrowed $2.0 billion under an amended term loan and $8.4 billion under a new bridge loan to pay the cash part of the price. The bridge loan is due 364 days after closing. Fox also signed a new $1.5 billion five-year revolving credit facility on November 6, 2026, with no borrowings on it at closing, but about $29 million of letters of credit.
• November 2, 2026Fox reported Q1 fiscal 2027 results. Revenue rose 22% to $4.57 billion, Adjusted EBITDA rose 54% to $1.64 billion and net income attributable to Fox stockholders was $943 million, or $2.20 a share. Adjusted EPS was $2.54, against $1.51 a year before. The FIFA World Cup and political advertising lifted advertising revenue by 47%.

Last earnings

November 2, 2026 (8-K on sec.gov)

Next earnings

Expected about February 3, 2027. The company has not confirmed the date.

• 8-KNew material agreement and Acquisition or sale completedFiled November 6, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled November 4, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 2, 2026 · fox-20260930
• 8-KEarnings releaseFiled November 2, 2026 · Press release and exhibits
• 8-KChange of directors or officersFiled October 20, 2026 · fox-20261019
• 8-KShareholder vote resultsFiled October 14, 2026 · Read it on sec.gov
• 8-KOther company newsFiled October 6, 2026 · Read it on sec.gov
• 8-KOther company newsFiled September 9, 2026 · Read it on sec.gov
• 10-KAnnual report for the period ended Jun 30, 2026Filed August 6, 2026 · fox-20260630
• 8-KEarnings releaseFiled August 6, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1754301)

• The Roku purchase is large. Fox borrowed $10.4 billion for it and issued about 144.5 million shares. If Roku earns less than expected, or the cost savings come late, earnings per share fall and debt stays high. The loan agreements require an operating income leverage ratio of 4.5 to 1.0.
• Cable subscribers decline over time, and sports rights cost more each year. Fox's Q1 fiscal 2027 benefited from the FIFA World Cup, which does not repeat in the same way in later years.
• Roku earns most of its profit from platform advertising and subscriptions, which move with the economy, and its devices business had a gross loss of $41 million in the first nine months of 2026. Roku also serves rivals of Fox on its platform, and Fox says it will keep the platform open.
• Smartmatic sued Fox News Media and the FOX Television Stations in February 2021 and asks for $2.7 billion in damages. Fox says the case has no merit. A trial is not expected before 2027.
• Fox's earnings depend on political advertising and live sports in some years. A year with no World Cup or election gives lower advertising revenue than Q1 of fiscal 2027.

At September 30, 2026, before the Roku purchase, Fox had cash of $4,536 million and borrowings of $6,607 million, which are senior notes. It had a $1.0 billion revolving credit facility that matures in June 2028, with nothing drawn. Read more

Yield at the current rate

0.8% (current annual rate, at today’s price)

Dividend yield

0.8% (last 12 months, at today’s price of $67.98)

Paid per share

$0.57 in the last 12 months (2 payments)

Current annual rate

$0.57 (the last two payments)

Payout ratio

15% of the last fiscal year’s earnings (the year that ended June 30, 2026)

Latest ex-dividend date

September 2, 2026, $0.29 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 3.6% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.