A broadcaster that runs the FOX TV network, FOX News, FOX Sports, the free ad-supported Tubi streaming service, and its own local stations across the country. It was born in 2019 when Rupert Murdoch spun it out of 21st Century Fox after Disney bought the studio's entertainment assets. The Fox name itself dates to film pioneer William Fox, whose studio merged in 1935 into 20th Century Fox.
10-K · Fiscal year ended Jun 30, 2026 · SEC filing ↗
Fox net income fell 26% to $1.7B as a $1.2B swing in equity securities losses offset 14% Segment EBITDA growth.
A $1.2B swing in non-operating investment losses erased the benefit of higher sports and digital . Revenue rose 5% to $17.1B and climbed 14% to $4.5B, but fell 26% to $1.7B as a prior-year gain on the Flutter stake turned into a loss. The company enters its next chapter with a pending Roku acquisition and $6.6B in fixed-rate debt.
Key takeaways
fell 26% to $1.7B, driven by a $1.2B swing in — a $773M loss on equity securities in FY2026 versus a $438M gain in FY2025, primarily from the investment.
rose 5% to $17.1B, with advertising up 7% to $7.3B from the FIFA Men's World Cup, additional NFL and MLB postseason games, and growth, partially offset by the absence of Super Bowl LIX and lower political advertising.
Television rose 52% to $1.4B as lower sports programming rights from the Super Bowl LIX absence and higher sports advertising outweighed the decline.
Section summaries
Business
FOX operates in Cable Network Programming, Television, Credible, and FOX Studio Lot, producing and distributing news, sports, and entertainment content primarily in the U.S.
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The Cable Network Programming produces and licenses news and sports content, including FOX News and FS1, distributed through and digital platforms.
Cable Network Programming increased 2% to $3.1B, as higher distribution and advertising was largely offset by increased sports programming costs for events like the FIFA World Cup.
The company repurchased $2.0B of its common stock during the year, up from $1.0B in each of the prior two years, and had $3.4B remaining under its authorization.
Fox announced a definitive agreement to acquire Roku, secured $12B in commitments and a $1B term loan, and launched the direct-to-consumer service in August 2025.
What changed
The Television flagged as a watch item after Super Bowl LIX delivered a 52% increase to $1.4B, as the absence of the game's high costs more than offset the decline.
The investment swung from a $438M gain in FY2025 to a $773M loss in FY2026, driving the decline that earlier filings warned to track each quarter.
launch costs widened the Corporate and Other loss, with marketing and content expenses cited through Q3, and the service is now operational heading into FY2027.
fell 41% to $1.97B from $3.32B in FY2025, as lower political advertising receipts and higher sports and tax payments reversed the prior year's cash generation.
What to watch
Roku acquisition closing, integration costs, and the effect of new debt on the balance sheet and credit profile.
Television as NFL rights continues without a Super Bowl or election-year political advertising boost.
Cable Network Programming as expanded international soccer rights costs phase through against MVPD subscriber declines.
Quarterly change in fair value of the remaining equity securities portfolio and its effect on .
The Television includes the FOX broadcast network, the service, 29 owned TV stations, and production studios like Studios.
, a key digital platform, streamed over 13 billion hours in fiscal 2026 and averaged 2.2% of all U.S. television viewing, with a library of over 350,000 titles.
The company announced a definitive agreement to acquire Roku, Inc. for a mix of cash and stock, subject to stockholder and regulatory approvals.
FOX holds long-term sports rights including the NFL, MLB, and FIFA World Cup, and operates the direct-to-consumer subscription service launched in August 2025.
The company owns an equity stake in Flutter Entertainment and holds an option to acquire 18.6% of FanDuel, with an exercise price of approximately $4.7 billion as of June 30, 2026.
The Roku merger introduces substantial completion, integration, and debt risks, while ongoing industry shifts and litigation continue to threaten financial performance.
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The pending Roku acquisition may not close, risking an $866M–$1.2B termination fee and business disruption from delayed or lost synergies.
Post-merger, significant new debt could strain cash flows, limit strategic flexibility, and lead to credit rating downgrades.
Persistent subscriber losses and the shift to streaming continue to erode traditional distribution and advertising revenues.
Intense competition for sports rights, coupled with rising costs, threatens margins if not offset by higher ad and distribution .
Unfavorable resolution of the Smartmatic and other defamation lawsuits could result in significant monetary damages and reputational harm.
FOX owns the FOX Studio Lot in Los Angeles, California. The historic lot is located on over 50 acres of land and has over 1.8 million square feet of space for both administration and production/post-production services available to service FOX and a wide array of industry client…
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FOX owns the FOX Studio Lot in Los Angeles, California. The historic lot is located on over 50 acres of land and has over 1.8 million square feet of space for both administration and production/post-production services available to service FOX and a wide array of industry clients, including 15 sound stages, theaters and screening rooms, editing rooms and other television and film production facilities. The FOX Studio Lot provides two primary revenue streams — the lease of a portion of the office space to third parties and the operation of studio facilities for third-party productions.
In addition to the FOX Studio Lot in Los Angeles, California, FOX also owns and leases various real properties, primarily in the U.S., that are utilized in the conduct of its businesses. Each of these properties is considered to be in good condition, adequate for its purpose and suitably utilized according to the individual nature and requirements of the relevant operations. FOX’s policy is to improve and replace property as considered appropriate to meet the needs of the individual operations.
See Note 14—Commitments and Contingencies to the accompanying Consolidated Financial Statements of FOX under the heading “Legal and Other Contingencies” for a discussion of the Company’s legal proceedings. 34
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See Note 14—Commitments and Contingencies to the accompanying Consolidated Financial Statements of FOX under the heading “Legal and Other Contingencies” for a discussion of the Company’s legal proceedings.
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FOX's FY26 revenue rose 5% to $17.1B on sports and digital growth, but net income fell 26% to $1.7B due to investment losses.
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Total revenues increased 5% to $17.1B, driven by a 7% rise in advertising to $7.3B from the FIFA Men's World Cup, additional NFL/MLB postseason games, and growth, partially offset by the absence of Super Bowl LIX and lower political advertising.
Distribution grew 4% to $8.1B on higher average rates per subscriber and higher affiliate fees, partially offset by a lower average number of subscribers.
Television surged 52% to $1.4B, benefiting from higher sports advertising and lower sports programming rights due to the absence of Super Bowl LIX.
Cable Network Programming increased 2% to $3.1B, as higher distribution and advertising was largely offset by increased sports programming costs for events like the FIFA World Cup.
decreased 26% to $1.7B, primarily due to a $1.2B swing in non-operating other, net, reflecting a change in the fair value of equity securities, partially offset by higher .
The company announced a definitive agreement to acquire Roku, with a cash and stock consideration, and has secured $12B in bridge loan commitments and a $1B term loan to fund the cash portion.
Fox Corporation reported fiscal 2026 net income of $1.685 billion, down from $2.263 billion in 2025, driven by a non-operating loss on equity securities.
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Total revenues grew 5% to $17.126 billion, with up 6% and up 4%, driven by higher advertising and distribution revenues.
increased 14% to $4.537 billion, reflecting improved profitability in the , which rose to $1.438 billion from $945 million.
attributable to stockholders fell to $1.685 billion from $2.263 billion, primarily due to a $773 million non-operating loss in fiscal 2026 versus a $438 million gain in 2025, largely from the Flutter investment.
The company repurchased $2.0 billion of its common stock during the year, up from $1.0 billion in each of the prior two years, and had $3.4 billion remaining under its authorization.
Management and its auditor, Ernst & Young LLP, both concluded that internal control over financial reporting was effective as of June 30, 2026.
The auditor's report highlighted national sports programming and defamation claims as critical audit matters involving significant management judgment.