# Fox Corporation (Class A) (FOXA) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/FOXA/thesis · /stocks/FOXA/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/FOXA/fundamental

## Navigation

- Overview: /stocks/FOXA
- Financials (this page): /stocks/FOXA/financials
- Thesis: /stocks/FOXA/thesis
- Investment Memo: /stocks/FOXA/memo
- Coverage universe: /stocks