Fox Corporation (Class A)

FOXA
Financial Analysis · Updated May 18, 2026 · Coverage 2026-Q2
TTM ROIC
14.5%
FY2025 · NOPAT / Invested Capital (normalized); NOPAT = Adj EBIT × (1 - 22% tax rate); Invested Capital = Total Assets - Cash - Non-interest-bearing CL · WACC ~8% · Moat spread +6.5pp

Financial Snapshot

ticker: FOXA step: 04 generated: 2026-05-13 source: quick-research

Fox Corporation (FOXA) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue $13.97B $14.91B $13.98B -6.3%
Adj. EBITDA ~$2.8B ~$2.9B ~$2.8B ~flat
Net Income ~$2.8B ~$1.4B ~$1.6B +14%
EPS (diluted) ~$4.90 ~$2.65 ~$2.95 +11%

FY2025 (ending June 30, 2025): Revenue $16.3B (+16.6%), boosted by Super Bowl LIX advertising and political ad surge. FY2024 revenue declined due to absence of Super Bowl and lighter political cycle.

Cash Flow & Balance Sheet (FY2024)

Metric Value
Operating Cash Flow ~$2.1B
Free Cash Flow $1.50B
Capital Expenditures ~$0.6B
Cash & Equivalents ~$4.5B
Total Debt ~$7.6B

FCF is strong and consistent at ~$1.5B annually. Fox has returned substantial capital via buybacks; $500M+ in annual share repurchases.

Key Ratios (approximate)

  • P/E: ~11x (adj. FY2025) | EV/EBITDA: ~9x | FCF Yield: ~7%
  • Revenue Growth: Cyclical (Super Bowl/election years +15–20%; off-years flat to -5%)

Growth Profile

Fox's financials are highly event-driven: Super Bowl years and presidential election years produce step-up revenue; off-cycles decline. FY2025 was a strong year (Super Bowl LIX + 2024 presidential election advertising). FY2026 will benefit from the FIFA Men's World Cup (starting June 2026) and midterm election cycle (projected $11B record political ad market). Tubi is the long-term growth driver: $1B+ revenue, 100M MAUs, reaching breakeven profitability and growing 23% YoY in Q3 FY2026.

Forward Estimates

  • FY2026: World Cup + midterms = strong ad revenue; Fox One launch adds cord-cutter subscriber revenue
  • Tubi: $1B+ revenue, growing ~20–25% YoY; approaching sustainable profitability
  • Analyst consensus: ~15 Buy / 8 Hold / 0 Sell; mean PT $76 (+2% upside from $74)
  • Fox One bundled streaming: potential to offset accelerating cord-cutting affiliate fee losses

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $FOXA.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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Markdown: /stocks/foxa/financials/md · → thesis · → memo