Fox Corp (FOXA)

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AI: Fair-priced

Price checkAt $69.04, Fox looks reasonably priced, but the Roku deal prevents a clear bargain.

Using fiscal 2026's 439 million diluted weighted-average shares, $69.04 implies roughly $30.3 billion of equity value and $32.7 billion including $2.4 billion of net debt. That equals about 18 times reported earnings, 12.7 times adjusted earnings, and 8.4 times adjusted operating cash profit. Free cash flow—cash left after running and investing in the business—was $1.47 billion, a 4.8% yield, versus a six-year average near $1.86 billion. Those signals support Fair-priced, not an obvious discount.

Big pictureCore earnings improved, while cash fell because sports and advertising create uneven yearly results.

Fiscal 2026 revenue rose 5% to $17.13 billion and adjusted operating cash profit rose 8% to $3.91 billion. Reported net income fell 25% to $1.73 billion, while adjusted earnings per share rose 13% to $5.42 because unusual non-operating losses distorted the reported result and fewer shares remained. Free cash flow fell to $1.47 billion from $2.99 billion, mainly as customer bills and programming commitments tied up $1.55 billion. World Cup ads and Tubi growth helped, but Super Bowl and election comparisons show inherent swings.

Business strengthFox has strong liquidity and shrinking share count, though recent payouts exceeded cash generation.

At June 30, Fox held $4.21 billion of cash against $6.61 billion of debt, with short-term assets exceeding short-term liabilities by $5.79 billion. That offers stand-alone resilience. Buybacks totaled $2.00 billion and dividends $287 million; weighted shares fell 4.8% to 439 million, outweighing $132 million of stock compensation. However, these payouts exceeded $1.47 billion of free cash flow, reducing cash by $1.15 billion. Buybacks help owners only when prices are sensible, and Roku will change this previously conservative balance sheet.

What could change the storyRoku can accelerate streaming growth, but debt, dilution, and integration now dominate the outcome.

The bull case is continued cable price increases, Tubi and Fox One growth, and Roku's reach to more than 100 million households. The bear case is subscriber decline plus costly sports rights, compounded by the $22 billion Roku purchase. Fox plans 152 million new shares, about 27% ownership for Roku holders, and roughly $8.3 billion of transaction debt, targeting $400 million of annual cost savings and 2.8 times net leverage. At $69.04, investors need most benefits without major partner losses or integration mistakes.

$69.04 price considered

AI: News

Roku acquisition announcedFox agreed to buy Roku, adding scale but sharply increasing debt and dilution.

On June 15, 2026, Fox agreed to pay $160 per Roku share, valuing the purchase at about $22 billion including debt. Consideration is $96 cash plus 0.9693 Fox Class A shares; Fox expects to issue 152 million shares, add about $8.3 billion of debt, and leave current owners with 73% of the combined company. Fox shares fell 15% that day. The reaction is consistent with concern over price and financing, while the strategic upside is Roku's 100-million-household platform.

World Cup earnings boostWorld Cup advertising lifted record revenue and raised confidence in Fox’s live-content model.

On August 6, 2026, Fox reported fourth-quarter revenue of $4.21 billion, up 28%, and adjusted operating cash profit of $1.20 billion, up 27%. Advertising revenue jumped 78%, mainly from the World Cup and Tubi growth; adjusted earnings of $1.79 per share exceeded the cited analyst consensus of $1.41. Fox shares closed 5.3% higher that day. The timing supports, but does not prove, that investors rewarded the earnings surprise and stronger advertising outlook.

NFL pricing heldFox kept current NFL pricing through 2029, delaying a major jump in sports costs.

On August 6, 2026, Chief Executive Lachlan Murdoch said Fox would not amend its National Football League rights agreement before the 2030 season, despite the league's interest in earlier talks. This matters because premium football keeps audiences and distributor fees strong, but rights inflation can consume that value. Holding existing pricing through 2029 improves near-term cost visibility. No reliable one-event stock reaction can be separated from the same day's strong earnings release.

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Financial statements

	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$17.13B	$16.30B	$13.98B	$14.91B	$13.97B	$12.91B	$12.30B	$11.39B	$10.15B	$9.92B
Operating expenses	$10.85B	$10.52B	$9.09B	$9.69B	$9.12B	$8.04B	$7.81B	$7.33B	$6.50B	$6.10B
Net income	$1.73B	$2.29B	$1.55B	$1.25B	$1.23B	$2.20B	$1.06B	$1.64B	$2.23B	$1.41B
Basic EPSper diluted share	$3.91	$4.97	$3.14	$2.34	$2.13	$3.64	$1.63	$2.57	$3.52	$2.21
Diluted EPSper diluted share	$3.84	$4.91	$3.13	$2.33	$2.11	$3.61	$1.62	$2.57	$3.52	$2.21

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

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Fox Corp (FOXA)

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Financial statements

Insider buys & sells