# Fox Corporation (FOXA)

> Source: Nexqual · https://nexqual.com/FOXA · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Fox Corporation (FOXA), nexqual.com/FOXA" · informational, not investment advice.

**Price:** USD 68.27 (+3.69% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 65.84 · day 65.41–68.29 · 52w 48.34–76.39 · market cap $28.8B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $17.1B, net income $1.73B (10.1% margin), free cash flow $1.47B (SEC filings).
- Valuation: P/E 16.7x (avg 11.7x at the last 3 fiscal year-ends), net debt $2.40B.
- Earnings quality: non-operating income -$773M (gains on equity investments -$761M) vs operating income null over the last four quarters; P/E excluding non-operating income ≈12.4x (estimate: non-operating income taxed at the company's 24.2% effective rate).
- 2 of 80 tracked superinvestors hold FOXA (13F, Q2 2026): 0 new, 2 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $10.3M; 1 not under a Rule 10b5-1 plan ($10.3M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $10.3M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.26 on a 1–5 scale) (19 analysts), mean target USD 79.63 (range 60–125).
- Total return with dividends: 1Y +17.2% vs S&P 500 +14.9%; 5Y +70.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 2.02, revenue estimate $4.29B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $14.0B | $14.9B | $14.0B | $16.3B | $17.1B | $17.1B |
| Net income | $1.23B | $1.25B | $1.55B | $2.29B | $1.73B | $1.73B |
| EPS (diluted) | $2.11 | $2.33 | $3.13 | $4.91 | $3.84 | — |
| Free cash flow | $1.58B | $1.44B | $1.50B | $2.99B | $1.47B | $1.47B |
| Net margin | 8.8% | 8.4% | 11.1% | 14.1% | 10.1% | 10.1% |
| Revenue growth | +8.3% | +6.7% | -6.3% | +16.6% | +5.1% | — |
| Cash + short-term investments | $5.20B | $4.27B | $4.32B | $5.35B | $4.21B | — |
| Total debt | $7.21B | $7.21B | $7.20B | $6.60B | $6.61B | — |
Fiscal years end Jun. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 16.7x · P/E ex non-operating (est.) ≈12.4x · P/S 1.7x · EV/Sales 1.8x · P/FCF 19.6x · P/B 2.5x · FCF yield 5.10% · Earnings yield 6.00% · Dividend yield (paid, TTM) 1.00% · Buyback yield (TTM) 6.95% · Net debt $2.40B · EV $31.2B
P/E at fiscal year-ends: Jun 2026 13.3x, Jun 2025 11.3x, Jun 2024 10.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold FOXA. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Yacktman Asset Management |  | 4.04% | $326M | Added +1.2% |
| Dodge & Cox Funds | Dodge & Cox | 0.48% | $926M | Added +2.3% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-15 | Murdoch Lachlan K | Executive Chair, CEO | 149,934 | $10.3M | 9.7% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $10.3M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-15 | Murdoch Lachlan K | Executive Chair, CEO | 149,934 | $10.3M | 68.53 | Too little history (no open-market trades in 2025) |

## Analysts
Consensus Buy (mean 2.26 on a 1–5 scale), 19 analysts; mean target USD 79.63 (low 60, high 125).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | B of A Securities | Upgrade | Underperform → Buy | $54 → $85 |
| 2026-09-23 | Guggenheim | Reiterated | Buy | $85 |
| 2026-09-14 | Citizens | Initiated | Market Outperform | $95 |
| 2026-08-25 | Guggenheim | Reiterated | Buy | $85 |
| 2026-08-14 | Wells Fargo | Upgrade | Equal-Weight → Overweight | $65 → $80 |
| 2026-08-14 | JP Morgan | Upgrade | Neutral → Overweight | $70 → $82 |
| 2026-08-07 | Seaport Global | Downgrade | Buy → Neutral |  |
| 2026-07-06 | Wells Fargo | Target lowered | Equal-Weight | $71 → $65 |
| 2026-07-01 | Wolfe Research | Upgrade | Peer Perform → Outperform | $71 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +17.2% | +70.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +17.2% | +11.3% |
| Volatility (annualized) | 36.1% | 28.3% |
| Max drawdown | -35.6% (Jan 2026→Jun 2026) | -32.7% (Feb 2022→Oct 2022) |

## Peers (Entertainment)
TKO (TKO Group Holdings, Inc.) USD 177.72 -0.12% · ROKU (Roku, Inc.) USD 160.06 +1.45% · FWONK (Liberty Media Corporation - Ser) USD 91.15 -0.13% · LYV (Live Nation Entertainment, Inc.) USD 174.5 +0.09% · SKYD (Skydance Corporation) USD 7.79 -1.02% · NWS (News Corporation) USD 33.95 +2.01%

## More
Full page: https://nexqual.com/FOXA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in FOXA's own 10-K filed 2026-08-06 (https://www.sec.gov/Archives/edgar/data/1754301/000162828026053960/fox-20260630.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Walt Disney (DIS) | "FOX Sports and Disney/ESPN are the domestic distribution partners of the UFL games under multi-year rights agreements." |
| Competitor | Amazon (AMZN) | "On a national level, the primary competitors to FS1, FS2, and the Big Ten Network are national cable networks ESPN, ESPN2, TNT, TBS, USA Network, CBS Sports Network and The CW Network; league-owned networks such as NFL N…" |
| Competitor | Netflix (NFLX) | "On a national level, the primary competitors to FS1, FS2, and the Big Ten Network are national cable networks ESPN, ESPN2, TNT, TBS, USA Network, CBS Sports Network and The CW Network; league-owned networks such as NFL N…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Television | $2.48B | 58.9% | +45.4% |
| Cable Network Programming | $1.67B | 39.6% | +9.0% |
| Total revenue | $4.21B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Distribution | $1.18B | 27.9% | +6.9% |
| Advertising | $461.0M | 10.9% | +22.0% |
| Total revenue | $4.21B | 100% | — |
The lines above cover 38.9% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.02 | $1.77 | +14.2% | $4.29B | 15 |
| Next quarter (ends 2026-12-31) | $1.04 | $1.07 | -2.8% | $5.58B | 14 |
| Current fiscal year (ends 2027-06-30) | $5.96 | $5.80 | +2.7% | $17.69B | 18 |
| Next fiscal year (ends 2028-06-30) | $5.86 | $5.74 | +2.1% | $17.59B | 17 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±10.2%; last 8 reports averaged ±6.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 43.8% | ±10.2% |
| 2026-12-18 | 56 | 36.8% | ±11.9% |
| 2027-01-15 | 84 | 36.2% | ±14.2% |
| 2027-03-19 | 147 | 35.4% | ±18.1% |
| 2027-04-16 | 175 | 34.9% | ±19.5% |
| 2027-06-17 | 237 | 34.7% | ±22.4% |
| 2027-09-17 | 329 | 33.4% | ±25.3% |