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Fox Corporation (FOX) lifts 2026 revenue to $17.13B and grows Adjusted EBITDA

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Fox Corporation reported strong fourth quarter and full-year results for the period ended June 30, 2026. Fourth quarter revenue was $4.21 billion, up 28% year over year, with net income of $696 million and Adjusted EBITDA of $1.20 billion. Adjusted net income attributable to stockholders rose to $765 million or $1.79 per share.

For fiscal 2026, revenue reached $17.13 billion, up 5%, and Adjusted EBITDA was $3.91 billion, up 8%. Net income was $1.73 billion, while Adjusted net income attributable to stockholders increased to $2.38 billion or $5.42 per share. Management highlighted contributions from the FIFA Men’s World Cup, growth at Tubi, the launch of FOX One, and the announced acquisition of Roku. The board increased the semi-annual dividend to $0.29 per share and continued share repurchases, bringing cumulative buybacks to $6.7 billion of Class A and $1.9 billion of Class B stock.

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Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q4 2026 Revenue $4.21 billion Fourth quarter fiscal 2026 total revenues
Q4 2026 Net Income $696 million Fourth quarter fiscal 2026 net income
Q4 2026 Adjusted EBITDA $1.20 billion Fourth quarter fiscal 2026 Adjusted EBITDA, up 27% year over year
FY 2026 Revenue $17.13 billion Fiscal year 2026 total revenues, up $826 million or 5%
FY 2026 Net Income $1.73 billion Fiscal year 2026 net income compared with $2.29 billion in prior year
FY 2026 Adjusted EBITDA $3.91 billion Fiscal year 2026 Adjusted EBITDA, up $282 million or 8%
Semi-annual Dividend $0.29 per share Dividend per Class A and Class B share, payable September 23, 2026
Cumulative Share Repurchases $6.7B Class A; $1.9B Class B Cumulative buybacks as of June 30, 2026; remaining authorization $3.4B
Adjusted EBITDA financial
"Adjusted EBITDA is considered a non-GAAP financial measure."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
AVOD technical
"continued digital growth led by the Tubi AVOD service"
AVOD stands for ad-supported video-on-demand, a streaming business model where viewers watch shows or movies for free or low cost while ads play during the content. For investors it matters because this model trades higher audience reach and faster user growth for lower revenue per viewer and greater dependence on advertising rates and ad-selling performance, much like a free newspaper that earns money from ads rather than subscriptions.
Restructuring, impairment and other corporate matters financial
"Excludes net income effects of Restructuring, impairment and other corporate matters"
Redeemable noncontrolling interests financial
"Redeemable noncontrolling interests | 86"
A redeemable noncontrolling interest is a minority ownership stake in a company that the holder can force the company to buy back at a set price or under certain conditions. For investors this matters because it creates a future cash obligation and can be treated more like a liability than permanent equity, affecting a company’s reported debt, net income and valuation — think of it as a part-owner who can cash out, forcing the business to pay them.
forward-looking statements regulatory
"contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Q4 2026 Revenue $4.21 billion increase of $925 million or 28% from the prior-year quarter
Q4 2026 Net income attributable to stockholders $691 million; $1.61 per share compared with $717 million; $1.57 per share in the prior-year quarter
Q4 2026 Adjusted net income attributable to stockholders $765 million; $1.79 per share compared with $581 million; $1.27 per share in the prior-year quarter
FY 2026 Revenue $17.13 billion increase of $826 million or 5% from the prior year
FY 2026 Net income attributable to stockholders $1.69 billion; $3.84 per share compared with $2.26 billion; $4.91 per share in the prior year
FY 2026 Adjusted EBITDA $3.91 billion increase of $282 million or 8% from the prior year
FY 2026 Net cash provided by operating activities $1,970 million compared with $3,324 million in the prior year

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FAQ

What were Fox Corporation (FOX) fourth quarter 2026 financial results?
Fox’s fourth quarter 2026 revenue was $4.21 billion, with net income of $696 million and Adjusted EBITDA of $1.20 billion. Adjusted net income attributable to stockholders was $765 million, or $1.79 per share, reflecting higher advertising and distribution revenue.

How did Fox Corporation (FOX) perform for the full fiscal year 2026?
For fiscal 2026, Fox reported $17.13 billion in revenue and net income of $1.73 billion. Adjusted net income attributable to stockholders was $2.38 billion, or $5.42 per share, and Adjusted EBITDA reached $3.91 billion, supported by World Cup and digital growth.

What dividend did Fox Corporation (FOX) declare in connection with 2026 results?
The board authorized an increase in the semi-annual dividend and declared $0.29 per Class A and Class B share. The dividend is payable on September 23, 2026 to stockholders of record as of September 2, 2026.

How much stock has Fox Corporation (FOX) repurchased as of June 30, 2026?
As of June 30, 2026, Fox has repurchased approximately $6.7 billion of Class A common stock and $1.9 billion of Class B common stock, with a remaining authorization of $3.4 billion. During the quarter, it repurchased about $50 million of each class.

Which non-GAAP measures does Fox Corporation (FOX) emphasize in its 2026 results?
Fox highlights Adjusted Net Income, Adjusted EPS, and Adjusted EBITDA. These exclude items such as restructuring, impairment and other corporate matters, equity affiliate adjustments, non-operating other, net, certain tax effects and noncontrolling interests, to help compare underlying operating performance across periods.
0001754301FALSE00017543012026-08-062026-08-060001754301us-gaap:CommonClassAMember2026-08-062026-08-060001754301us-gaap:CommonClassBMember2026-08-062026-08-06

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
DATE OF REPORT
(DATE OF EARLIEST EVENT REPORTED)
August 6, 2026
Fox Corporation
(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)
Delaware001-3877683-1825597
(STATE OR OTHER JURISDICTION
OF INCORPORATION)
(COMMISSION
FILE NO.)
(IRS EMPLOYER
IDENTIFICATION NO.)
1211 Avenue of the Americas, New York, New York 10036
(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)
(212) 852-7000
(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading
Symbols
Name of Each Exchange
on Which Registered
Class A Common Stock, par value $0.01 per shareFOXAThe Nasdaq Global Select Market
Class B Common Stock, par value $0.01 per shareFOXThe Nasdaq Global Select Market
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02.Results of Operations and Financial Condition.
On August 6, 2026, Fox Corporation (the “Company”) released its financial results for the quarter and fiscal year ended June 30, 2026. A copy of the Company’s press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
The information in this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01.Financial Statements and Exhibits.
(d)Exhibits
Exhibit
Number
Description
99.1
Press release issued by Fox Corporation, dated August 6, 2026, announcing Fox Corporation’s financial results for the quarter and fiscal year ended June 30, 2026.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
FOX CORPORATION
By:/s/ Adam G. Ciongoli
Name:Adam G. Ciongoli
Title:Chief Legal and Policy Officer
August 6, 2026



Exhibit 99.1
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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026
FOX REPORTS FOURTH QUARTER FISCAL 2026
REVENUE OF $4.21 BILLION,
NET INCOME OF $696 MILLION, AND
ADJUSTED EBITDA OF $1.20 BILLION


FOX REPORTS FULL YEAR FISCAL 2026
REVENUE OF $17.13 BILLION,
NET INCOME OF $1.73 BILLION, AND
ADJUSTED EBITDA OF $3.91 BILLION


NEW YORK, NY, August 6, 2026 – Fox Corporation (Nasdaq: FOXA, FOX; “FOX” or the “Company”) today reported financial results for the three and twelve months ended June 30, 2026.

Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:

“Fiscal 2026 was an exceptional year for FOX, capped by our broadcast of a remarkable FIFA Men's World Cup. We successfully launched our direct-to-consumer streaming service, FOX One, continued to keep America informed across a dynamic news cycle, enhanced Tubi's position as a leading streaming service, and announced the acquisition of Roku which will transform the scope and growth profile of our company. Financially, these milestones were underpinned by the delivery of record top-line revenue which converted into record EBITDA. With strong momentum across our portfolio, we enter fiscal 2027 exceptionally well positioned to drive sustained growth and long-term shareholder value."


FOURTH QUARTER COMPANY RESULTS

The Company reported total quarterly revenue of $4.21 billion, an increase of $925 million or 28% from the amount reported in the prior year quarter. Distribution revenue increased 5%, driven by 7% growth at the Cable Network Programming segment. Advertising revenue increased 78%, primarily due to the current year broadcast of the FIFA Men’s World Cup (“World Cup”), and continued digital growth led by the Tubi AVOD service. Content and other revenue was $262 million as compared to the $269 million reported in the prior year quarter, primarily due to the timing of sports sublicensing revenue.

The Company reported quarterly net income of $696 million as compared to the $719 million reported in the prior year quarter. Net income attributable to Fox Corporation stockholders was $691 million ($1.61 per share) as compared to the $717 million ($1.57 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $765 million ($1.79 per share) as compared to the $581 million ($1.27 per share) reported in the prior year quarter.

Quarterly Adjusted EBITDA2 was $1.20 billion, an increase of $256 million or 27% from the amount reported in the prior year quarter, as the revenue increase noted above was partially offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs, led by the current year broadcast of the World Cup, and costs associated with the launch of FOX One.
1 Excludes net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provision and Noncontrolling interest adjustments. See Note 1 for a description of adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders, which are considered non-GAAP financial measures, and a reconciliation of reported net income attributable to Fox Corporation stockholders and earnings per share attributable to Fox Corporation stockholders to adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders.
2 Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted
EBITDA.

Page 1

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026
FULL YEAR COMPANY RESULTS

The Company reported total full year revenue of $17.13 billion, an increase of $826 million or 5% from the amount reported in the prior year. Distribution revenue increased 4%, driven by 5% growth at the Cable Network Programming segment. Advertising revenue increased 7%, primarily due to the current year broadcast of the World Cup and continued digital growth led by the Tubi AVOD service, partially offset by the absence of the prior year broadcast of Super Bowl LIX and lower political advertising revenue. Content and other revenue increased 4%, primarily due to higher sports sublicensing revenue.

The Company reported full year net income of $1.73 billion as compared to the $2.29 billion reported in the prior year. Net Income attributable to Fox Corporation stockholders was $1.69 billion ($3.84 per share) as compared to the $2.26 billion ($4.91 per share) reported in the prior year. Adjusted net income attributable to Fox Corporation stockholders was $2.38 billion ($5.42 per share) as compared to the $2.20 billion ($4.78 per share) reported in the prior year.

Full year Adjusted EBITDA was $3.91 billion, an increase of $282 million or 8% from the amount reported in the prior year, as the revenue increase noted above was partially offset by higher expenses. The increase in expenses was primarily due to costs associated with the launch of FOX One and higher digital content costs.

Page 2

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026
REVIEW OF OPERATING RESULTS

Three Months Ended June 30,Twelve Months Ended June 30,
2026202520262025
$ Millions
Revenues by Component:
Distribution3$2,034 $1,940 $8,058 $7,780 
Advertising1,916 1,078 7,339 6,865 
Content and Other262 269 1,729 1,655 
Total revenues$4,212 $3,287 $17,126 $16,300 
Segment Revenues:
Cable Network Programming$1,670 $1,532 $7,348 $6,930 
Television2,482 1,707 9,666 9,325 
Corporate and Other161 63 526 244 
Eliminations(101)(15)(414)(199)
Total revenues$4,212 $3,287 $17,126 $16,300 
Adjusted EBITDA:
Cable Network Programming$728 $747 $3,099 $3,030 
Television705 308 1,438 945 
Corporate and Other(238)(116)(631)(351)
Adjusted EBITDA4$1,195 $939 $3,906 $3,624 
Depreciation and amortization:
Cable Network Programming$27 $25 $105 $94 
Television34 32 126 119 
Corporate and Other50 45 179 172 
Total depreciation and amortization$111 $102 $410 $385 

3 The Company generates distribution revenue from agreements with MVPDs for cable network programming and retransmission fees for the broadcast of the Company’s owned and operated television stations and from subscription fees for the Company’s direct-to-consumer streaming services. In addition, the Company generates distribution revenue from agreements with independently owned television stations that are affiliated with the FOX Network. Prior period amounts have been reclassified to conform to the current presentation.
4 Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.

Page 3

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026
CABLE NETWORK PROGRAMMING
Three Months Ended June 30,Twelve Months Ended June 30,
2026202520262025
$ Millions
Revenues
Distribution$1,176 $1,100 $4,662 $4,440 
Advertising461 378 1,687 1,531 
Content and Other33 54 999 959 
Total revenues1,670 1,532 7,348 6,930 
Operating expenses(731)(618)(3,562)(3,275)
Selling, general and administrative(211)(168)(687)(635)
Amortization of cable distribution investments— 1 — 10 
Segment EBITDA$728 $747 $3,099 $3,030 

Three Months Ended June 30, 2026

Cable Network Programming reported quarterly segment revenue of $1.67 billion, an increase of $138 million or 9% from the amount reported in the prior year quarter. Distribution revenue increased $76 million or 7% as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenue increased $83 million or 22%, primarily due to the current year broadcast of the World Cup. Content and other revenue was $33 million as compared to the $54 million reported in the prior year quarter, primarily due to the timing of sports sublicensing revenue.

Cable Network Programming reported quarterly segment EBITDA of $728 million as compared to the $747 million reported in the prior year quarter, as the revenue increase noted above was more than offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs, led by the current year broadcast of the World Cup.


Twelve Months Ended June 30, 2026

Cable Network Programming reported full year segment revenue of $7.35 billion, an increase of $418 million or 6% from the amount reported in the prior year. Distribution revenue increased $222 million or 5%, as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenue increased $156 million or 10%, primarily due to higher news and sports pricing and the current year broadcast of the World Cup, partially offset by lower ratings. Content and other revenue increased $40 million or 4%, primarily due to higher sports sublicensing revenue.

Cable Network Programming reported full year segment EBITDA of $3.10 billion, an increase of $69 million or 2% from the amount reported in the prior year, as the revenue increase noted above was partially offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs.

Page 4

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026
TELEVISION
Three Months Ended June 30,Twelve Months Ended June 30,
2026202520262025
$ Millions
Revenues
Advertising$1,455 $700 $5,652 $5,334 
Distribution836 840 3,346 3,340 
Content and Other191 167 668 651 
Total revenues2,482 1,707 9,666 9,325 
Operating expenses(1,459)(1,117)(7,101)(7,308)
Selling, general and administrative(318)(282)(1,127)(1,072)
Segment EBITDA$705 $308 $1,438 $945 


Three Months Ended June 30, 2026

Television reported quarterly segment revenue of $2.48 billion, an increase of $775 million or 45% from the amount reported in the prior year quarter. Advertising revenue increased $755 million or 108%, primarily due to the current year broadcast of the World Cup, continued digital growth led by the Tubi AVOD service and higher political advertising revenue at the FOX Television Stations. Distribution revenue was essentially unchanged from the prior year quarter. Content and other revenue increased $24 million or 14%, primarily due to higher entertainment content revenue.

Television reported quarterly segment EBITDA of $705 million, an increase of $397 million or 129% from the amount reported in the prior year quarter, as the revenue increase noted above was partially offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs, led by the current year broadcast of the World Cup.


Twelve Months Ended June 30, 2026

Television reported full year segment revenue of $9.67 billion, an increase of $341 million or 4% from the amount reported in the prior year. Advertising revenue increased $318 million or 6%, primarily due the current year broadcast of the World Cup and continued digital growth led by the Tubi AVOD service, partially offset by the absence of the prior year broadcast of Super Bowl LIX and lower political advertising revenue. Distribution revenue was essentially unchanged from the prior year, as higher average rates at the Company's owned and operated television stations and increases in fees from third-party FOX affiliates were partially offset by the net impact of subscriber declines. Content and other revenue increased $17 million or 3%, primarily due to higher digital content revenue.

Television reported full year segment EBITDA of $1.44 billion, an increase of $493 million or 52% from the amount reported in the prior year, due to the revenue increase noted above and lower expenses. The decrease in expenses was primarily driven by lower sports programming rights amortization partially offset by higher digital content costs.

Page 5

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026
DIVIDEND

The Company’s Board of Directors has authorized an increase in the Company’s semi-annual dividend and has declared a dividend of $0.29 per Class A and Class B share. This dividend is payable on September 23, 2026 with a record date for determining dividend entitlements of September 02, 2026.


SHARE REPURCHASE PROGRAM

As of June 30, 2026, the Company has cumulatively repurchased approximately $6.7 billion of its Class A common stock and approximately $1.9 billion of its Class B common stock, with a remaining authorization of $3.4 billion. During the quarter, the Company repurchased approximately $50 million of its Class A common stock and $50 million of its Class B common stock.


CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Roku transaction. Words such as “may,” “will,” “could,” “should,” “would,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to the impact of the Roku transaction and related risks, changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the Company’s businesses. More detailed information about these factors is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as in the joint proxy statement/prospectus that will be included in the registration statement on Form S-4 that will be filed with the SEC in connection with the Roku transaction.

Statements in this press release speak only as of the date they were made, and the Company undertakes no duty to update or release any revisions to any forward-looking statement made in this press release or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in the Company’s expectations, except as required by law.

To access a copy of this press release through the Internet, access Fox Corporation’s corporate website located at http://www.foxcorporation.com.


CONTACTS
Gabrielle Brown, Investor RelationsBrian Nick, Press Inquiries
212-852-7720310-369-3545
Charlie Costanzo, Investor RelationsLauren Townsend, Press Inquiries
212-852-7908310-369-2729
    

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended June 30,Twelve Months Ended June 30,
2026202520262025
$ Millions, except per share amounts
Revenues$4,212 $3,287 $17,126 $16,300 
Operating expenses(2,380)(1,759)(10,853)(10,518)
Selling, general and administrative(637)(590)(2,367)(2,168)
Depreciation and amortization(111)(102)(410)(385)
Restructuring, impairment and other corporate matters(113)(99)(151)(350)
Equity losses of affiliates(2)(18)(20)(29)
Interest expense, net(60)(42)(274)(227)
Non-operating other, net
12 282 (773)438 
Income before income tax expense921 959 2,278 3,061 
Income tax expense(225)(240)(551)(768)
Net income696 719 1,727 2,293 
Less: Net income attributable to noncontrolling interests(5)(2)(42)(30)
Net income attributable to Fox Corporation stockholders$691 $717 $1,685 $2,263 
Weighted average shares:428 457 439 461 
Net income attributable to Fox Corporation stockholders per share:$1.61 $1.57 $3.84 $4.91 



Page 7

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026
CONSOLIDATED BALANCE SHEETS
June 30, 2026June 30, 2025
$ Millions
Assets:
Current assets:
Cash and cash equivalents$4,205 $5,351 
Receivables, net3,455 2,472 
Inventories, net487 432 
Other306 174 
Total current assets8,453 8,429 
Non-current assets:
Property and equipment, net1,842 1,705 
Intangible assets, net2,870 2,969 
Goodwill3,647 3,639 
Deferred tax assets2,443 2,721 
Other non-current assets3,227 3,732 
Total assets$22,482 $23,195 
Liabilities and Equity:
Current liabilities:
Accounts payable, accrued expenses and other current liabilities$2,667 $2,897 
Total current liabilities2,667 2,897 
Non-current liabilities:
Borrowings6,606 6,602 
Other liabilities1,395 1,341 
Redeemable noncontrolling interests86 288 
Commitments and contingencies
Equity:
Class A common stock, $0.01 par value2 2 
Class B common stock, $0.01 par value2 2 
Additional paid-in capital7,274 7,603 
Retained earnings4,457 4,479 
Accumulated other comprehensive loss(107)(124)
Total Fox Corporation stockholders’ equity11,628 11,962 
Noncontrolling interests100 105 
Total equity11,728 12,067 
Total liabilities and equity$22,482 $23,195 

Page 8

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026
CONSOLIDATED STATEMENTS OF CASH FLOWS
Twelve Months Ended June 30,
20262025
$ Millions
OPERATING ACTIVITIES:
Net income$1,727 $2,293 
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization410 385 
Restructuring, impairment and other corporate matters151 267 
Equity-based compensation132 135 
Equity losses of affiliates20 29 
Cash distributions received from affiliates32 13 
Non-operating other, net773 (438)
Deferred income taxes271 164 
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets(1,055)(85)
Inventories net of programming payable(493)521 
Accounts payable and accrued expenses66 89 
Other changes, net(64)(49)
Net cash provided by operating activities1,970 3,324 
INVESTING ACTIVITIES:
Property and equipment(502)(331)
Purchase of investments(178)(79)
Acquisitions, net of cash acquired(8)(97)
Other investing activities, net(17)(30)
Net cash used in investing activities(705)(537)
FINANCING ACTIVITIES:
Repurchase of shares (2,000)(1,000)
Dividends paid and distributions(287)(277)
Purchase of noncontrolling interest(208)— 
Repayment of borrowings— (600)
Other financing activities, net84 122 
Net cash used in financing activities(2,411)(1,755)
Net (decrease) increase in cash and cash equivalents(1,146)1,032 
Cash and cash equivalents, beginning of year5,351 4,319 
Cash and cash equivalents, end of year$4,205 $5,351 



Page 9

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026
NOTE 1 – ADJUSTED NET INCOME AND ADJUSTED EPS

The Company uses net income attributable to Fox Corporation stockholders and earnings per share (“EPS”) attributable to Fox Corporation stockholders excluding net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provisions and Noncontrolling interest adjustments (“Adjusted Net Income” and “Adjusted EPS” respectively) to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period.

Adjusted Net Income and Adjusted EPS may not be comparable to similarly titled measures reported by other companies. Adjusted Net Income and Adjusted EPS are not measures of performance under GAAP and should be considered in addition to, and not as substitutes for, net income attributable to Fox Corporation stockholders and EPS as reported in accordance with GAAP. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to management, investors and equity analysts to assist in their analysis of the Company’s performance relative to prior periods and the Company’s competitors.

The following table reconciles net income attributable to Fox Corporation stockholders and EPS attributable to Fox Corporation stockholders to Adjusted Net Income and Adjusted EPS for the three months ended June 30, 2026 and 2025:

Three Months Ended
June 30, 2026June 30, 2025
IncomeEPSIncomeEPS
$ Millions, except per share data
Net income attributable to Fox Corporation stockholders$691 $1.61 $717 $1.57 
Restructuring, impairment and other corporate matters113 0.26 99 0.22 
Non-operating other, net(12)(0.03)(282)(0.62)
Tax provision(27)(0.06)47 0.10 
Rounding— 0.01 — — 
As adjusted$765 $1.79 $581 $1.27 



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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026
The following table reconciles net income attributable to Fox Corporation stockholders and EPS attributable to Fox Corporation stockholders to Adjusted Net Income and Adjusted EPS for the twelve months ended June 30, 2026 and 2025:
Twelve Months Ended
June 30, 2026June 30, 2025
IncomeEPSIncomeEPS
$ Millions, except per share data
Net income attributable to Fox Corporation stockholders$1,685 $3.84 $2,263 $4.91 
Restructuring, impairment and other corporate matters151 0.34 350 0.76 
Non-operating other, net773 1.76 (438)(0.95)
Tax provision(229)(0.52)27 0.06 
Noncontrolling interest adjustment1 — — — 
As adjusted$2,381 $5.42 $2,202 $4.78 

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2026
NOTE 2 – ADJUSTED EBITDA

Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Adjusted EBITDA does not include: Depreciation and amortization, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating other, net and Income tax expense. Effective July 1, 2025, the Company no longer removes the impact of amortization of cable distribution investments when calculating Adjusted EBITDA. Prior periods were not restated as the impact of the change is immaterial to the calculation.

Management believes that information about Adjusted EBITDA assists all users of the Company’s Unaudited Consolidated Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect Net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Adjusted EBITDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

Adjusted EBITDA is considered a non-GAAP financial measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment charges, which are significant components in assessing the Company’s financial performance. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

The following table reconciles net income to Adjusted EBITDA for the three and twelve months ended June 30, 2026:

Three Months Ended June 30,Twelve Months Ended June 30,
2026202520262025
$ Millions
Net income$696 $719 $1,727 $2,293 
Add:
Amortization of cable distribution investments— 1 — 10 
Depreciation and amortization111 102 410 385 
Restructuring, impairment and other corporate matters113 99 151 350 
Equity losses of affiliates2 18 20 29 
Interest expense, net60 42 274 227 
Non-operating other, net(12)(282)773 (438)
Income tax expense225 240 551 768 
Adjusted EBITDA$1,195 $939 $3,906 $3,624 

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Source: View Original Filing on SEC EDGAR

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