At a glance
Fox Corp is worth $23.60B, about 15 times its fiscal 2026 earnings. Revenue grew 5.1% to $17.13B in fiscal 2026, with 9.8% kept as profit; over 5 years it has grown 5.8% a year. It pays a 1.02% dividend yield, raised every year for at least 4 years, and returned $8.45B to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned −3.2% over the past year with dividends reinvested and +9.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 46.8% in the 2020 crash (S&P 500: 33.7%) and 28.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 11 months and 23 months after the lows.
The business in plain English
Fox Corporation is a U.S. news, sports and entertainment company. Its brands include FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations and Tubi, a free streaming service paid for by ads. Fox earns money in two main ways. Cable, satellite, phone and online TV distributors pay affiliate fees to carry its channels, and advertisers pay to reach its viewers. It also runs FOX One, a paid streaming service.
In the fiscal year ended June 30, 2026, revenue rose 5.1% to $17.1 billion. The Television segment supplied 56% of it. That segment includes the FOX broadcast network, 29 full-power local stations and Tubi, whose total viewing time grew 20% in fiscal 2026. Cable Network Programming, home to FOX News and cable sports content, supplied 43%. Live sports are central: FOX Sports carries NFL games, Big Ten college football, Major League Baseball including the World Series, NASCAR and the FIFA Men's World Cup. Smaller pieces include Credible, a consumer finance marketplace, and the FOX Studio Lot in Los Angeles.
On June 14, 2026, Fox agreed to buy Roku for $96.00 in cash plus 0.9693 Fox Class A shares per Roku share. As of August 6, 2026, the deal still needed shareholder and antitrust approvals. If it closes, Roku would become a Fox subsidiary.
Price history
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FOX -3.2% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Television | $9.67B | 56.4% |
| Cable Network Programming | $7.35B | 42.9% |
Latest results
- In Q1 FY2027 (ended Sep 30, 2026), revenue was $4.57B, up 22.3% from a year earlier, and net income was $943.0M (+57.4%).
- For fiscal 2026, revenue was $17.13B (+5.1% year over year; +5.8% a year from FY2021 to FY2026) with a 9.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +5.8% good |
|---|---|
| Free cash flow margin | 8.6% watch |
| Return on equity (FY2026) | 14.5% watch |
| Return on assets (FY2026) | 7.5% watch |
| Net cash (cash minus debt) | $-1.24B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $12.91B | $2.15B | $2.15B |
| FY2022 | $13.97B | $1.21B | $1.58B |
| FY2023 | $14.91B | $1.24B | $1.44B |
| FY2024 | $13.98B | $1.50B | $1.50B |
| FY2025 | $16.30B | $2.26B | $2.99B |
| FY2026 | $17.13B | $1.69B | $1.47B |
Valuation snapshot
| Market value | $23.60B |
|---|---|
| P/E ratio | 14.6 |
| Dividend yield | 1.02% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| FOX price data to Nov 2, 2026 | -12.9% | -3.2% | +26.9% | +9.1% | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -12.9% |
| 2025 | +43.4% |
| 2024 | +68.2% |
| 2023 | -1.2% |
| 2022 | -15.8% |
| 2021 | +20.2% |
| 2020 | -19.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 46.8% over that stretch · deepest drop along the way 46.8%, back to its old high 11.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18% over that stretch · deepest drop along the way 28.4%, back to its old high 23.4 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 1 open-market purchases ($10.3M) and 1 sales ($10.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Sep 15, 2026 | Lachlan K Murdoch Executive Chair, CEO, Director | sell | $10.3M |
| Sep 15, 2026 | Lachlan K Murdoch Executive Chair, CEO, Director | buy | $10.3M |
Who owns it
Large shareholders (13G filings)
| SSGA FUNDS MANAGEMENT, INC. | 8.9% | Sep 30, 2025 |
| STATE STREET CORPORATION | 8.8% | Jun 30, 2026 |
| Vanguard Capital Management | 7.21% | Mar 31, 2026 |
| Dodge & Cox | 5.4% | Mar 31, 2026 |
| BlackRock, Inc. | 5.1% | Mar 31, 2026 |
| Independent Franchise Partners, LLP | 4.69% | Dec 31, 2025 |
| Cruden Financial Services LLC | 0.5% | Sep 6, 2025 |
ETFs with the most weight in FOX
| XLC Communication Services Select Sector SPDR Fund | 1.44% |
| AESR Anfield U.S. Equity Sector Rotation ETF | 0.98% |
| QQQJ Invesco NASDAQ Next Gen 100 ETF | 0.78% |
| VFMV Vanguard U.S. Minimum Volatility ETF | 0.51% |
| NUMV Nuveen ESG Mid-Cap Value ETF | 0.39% |
| CAPE DoubleLine Shiller CAPE U.S. Equities ETF | 0.27% |
| BFOR ALPS Barron's 400 ETF | 0.26% |
| SEIV SEI Enhanced U.S. Large Cap Value Factor ETF | 0.26% |
What could go wrong
- Roku deal could stall or collapse. The purchase needs shareholder, antitrust and investment-screening approvals. If it falls apart in certain ways, Fox could owe Roku about $866 million, or about $1.2 billion if regulators block it.
- Added debt and integration work from Roku. Fox would pay $96 in cash per Roku share, and its annual report warns that post-merger debt could weigh heavily on results. Combining the two companies may also fall short of expected benefits.
- Sports rights may not renew on good terms. Fox relies on the NFL, Major League Baseball, Big Ten football and events like the Super Bowl. Losing rights, renewing on worse terms or fading fan interest could cut ad and distribution revenue.
- Reliance on a few large distributors. A significant portion of revenue comes from a small number of TV distributors. Failing to renew carriage deals, the contracts to carry its channels, on good terms could hurt results.
- Cord-cutting shrinks the pay-TV audience. Much of Fox's revenue is fees and ads tied to cable, satellite and online pay-TV services. If subscribers keep leaving those services, or leave faster, both income streams could shrink.
- Concentrated voting control and takeover defenses. LGC Holdco held about 38.8% of Class B voting power as of June 30, 2026. Concentrated ownership sways shareholder votes and may deter takeovers, and some directors' News Corp ties could create conflicts.
Recent events
- Quarterly results released
- Executive or board change
- Shareholder vote results
- Other company announcement
- Other company announcement
- Quarterly results released
- Major agreement signed; New debt or financial obligation
- Major agreement signed
- Investor presentation or announcement
- Executive or board change
For income and retirement investors
Fox pays a small, well-covered dividend. Regular dividends per share rose four fiscal years in a row, to about $0.65 in fiscal 2026, after a dip in fiscal 2022. They grew about 3.3% a year from fiscal 2021 to 2026. In fiscal 2026, dividends used just 17% of earnings and about 20% of free cash flow, the cash left after running and investing in the business. The yield was 1.01% as of October 28, 2026, so income is limited. Fox returns much more through buybacks (purchases of its own shares): $7 billion from fiscal 2022 to 2026, versus $1.45 billion in dividends.
The shares have fallen hard in downturns. In the 2020 COVID crash they dropped 46.8% and took about 11 months to recover. In the 2022 bear market they fell 28.4% from their February peak and needed about 23 months to regain it. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Fox Corp make money?
Fox makes money mainly from affiliate fees and advertising. Cable, satellite, phone and online TV distributors pay fees to carry its channels, and advertisers pay to reach its viewers. In the fiscal year ended June 30, 2026, revenue was $17.1 billion. The Television segment, which includes the FOX network, Tubi and 29 local stations, brought in 56.4%. Cable Network Programming, which includes FOX News, brought in 42.9%. Live sports such as the NFL and the World Series support both fees and ad sales.
Does Fox Corp raise its dividend every year?
Not every year. Regular dividends per share have risen four fiscal years in a row, from about $0.54 in fiscal 2022 to about $0.65 in fiscal 2026. Fiscal 2022 itself dipped slightly from fiscal 2021. Growth averaged 3.3% a year from fiscal 2021 to 2026. The dividend took just 17% of fiscal 2026 earnings, so it is well covered. The yield was 1.01% as of October 28, 2026, which is modest for income seekers.
Is Fox buying Roku?
Yes, Fox has agreed to. On June 14, 2026, it signed a deal to pay $96.00 in cash plus 0.9693 Fox Class A shares for each Roku share. The share ratio is fixed, so the deal's value moves with Fox's stock price. As of Fox's annual report filed August 6, 2026, the deal still needed shareholder approvals and antitrust clearance. If regulators block it, Fox could owe Roku a fee of about $1.2 billion.
How much debt does Fox Corp have?
Fox had $6.6 billion of total debt as of June 30, 2026, against $5.2 billion in cash and investments. That left net debt (debt minus cash) of about $1.4 billion, modest next to $11.6 billion of shareholders' equity. The picture could change. The Roku deal includes $96.00 in cash per Roku share, and Fox's annual report warns that its post-merger debt could significantly hurt its business and results.
How has Fox stock performed?
Strongly over three years, less so over one. As of October 28, 2026, the share price was up 4.4% over one year, about 29% a year over three years and about 9.7% a year over five years. Calendar 2024 (+68%) and 2025 (+43%) were standout years, but the stock was down 12.3% for 2026 through October 28. At that date it traded at 14.7 times fiscal 2026 earnings. Since trading began, it has fallen as much as 50.7% from a peak.