Fox Corporation (Class A)
FOXABusiness Overview
ticker: FOXA step: 01 generated: 2026-05-13 source: quick-research
Fox Corporation (FOXA) — Business Overview
Business Description
Fox Corporation is a news and sports-focused media company operating Fox News, Fox Sports, Fox Entertainment, and the Tubi free ad-supported streaming service. Formed in 2019 after Disney acquired most of 21st Century Fox's entertainment assets, Fox kept the live news and sports properties that Disney didn't want. Fox is the #1 cable news network (Fox News), the #1 sports broadcaster by live viewership (Fox Sports), and owns Tubi — the #1 free ad-supported streaming service in the US with 100M+ monthly active users. Fox One, a new streaming bundle aggregating all Fox brands, is planned for launch before the 2025 football season.
Revenue Model
Fox earns revenue through: (1) Advertising — linear TV (Fox News, Fox Sports, Fox broadcast network) + digital/Tubi AVOD; (2) Affiliate fees — monthly per-subscriber carriage payments from pay-TV distributors (cable/satellite) for Fox News and FS1/FS2; (3) Other — Fox Nation subscriptions, content licensing, Fox One subscription fees. Advertising and affiliate fees are roughly split. Political advertising cycles (presidential, midterm) and major sports events (Super Bowl, NFL, World Cup) drive significant quarterly swings. FY2025 revenue: $16.3B (+16.6%), boosted by Super Bowl LIX advertising.
Products & Services
- Fox News Channel — #1 cable news network; 2.3M+ avg primetime viewers; political/news coverage
- Fox Sports (FS1, FS2, Big Ten Network) — NFL, MLB, NASCAR, UFC, college sports; #1 live sports broadcaster by hours viewed
- Fox Broadcasting — free OTA network; NFL, entertainment programming, local affiliates
- Tubi — AVOD streaming; 100M+ monthly active users; 2.2% share of total US TV viewing; ~$1B+ revenue
- Fox Nation — subscription streaming; 1.5M+ subscribers; Fox News extended content
- Fox One — upcoming streaming bundle (all Fox brands + live TV for cord-cutters; pre-launch 2025)
Customer Base & Go-to-Market
Fox News reaches an older, politically conservative audience that skews high-income and highly engaged. Fox Sports reaches the broadest demographic via NFL and college sports. Tubi targets the price-sensitive streaming audience (cord-nevers, cord-cutters) with free ad-supported content — 97M MAUs as of January 2025, 100M by June 2025. Fox sells advertising directly to brands and agencies; affiliate fees are negotiated with distributors (Comcast, Charter, DirecTV) on multi-year contracts.
Competitive Position
Fox News is the dominant cable news brand with no close competitor in ratings. Fox Sports competes with ESPN/ABC (Disney) and NBC Sports for live sports rights. Tubi competes with Pluto TV (Paramount), Peacock (Comcast), and Amazon Freevee in the AVOD space — Tubi is #1 by usage at 2.2% total TV viewing share, ahead of Peacock. Fox's strategic focus on live news and sports positions it as one of the more durable media companies in the cord-cutting era; live content is the last category that draws linear TV audiences.
Key Facts
- Founded: 2019 (spin-off from 21st Century Fox)
- Headquarters: New York, New York
- Employees: ~10,000
- Exchange: NASDAQ
- Sector / Industry: Communication Services / Broadcasting
- Market Cap: ~$22B (at ~$74/share, Class A)
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.