FOX US S&P 500Russell 1000 Earnings call
Fox Corporation (Class B) (FOX) · Q2 2026 results and valuation
Share price: $60.63 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · fiscal Q4 2026 · published 6 Aug 2026 and 11 May 2026
Net income up 297.7% on the previous quarter. Management sounded cautious, though noticeably more positive answering analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+297.7%
Net income vs Q1 2026
Net income 696.0M vs 175.0M
Revenue +5.5%
Against the same quarter last year (Q2 2025) it is +1.0% — part of the move on last quarter is seasonal.
2 · How management spoke
Cautious
Among the least upbeat of all company calls
Answers to analysts: very upbeat, and more positive than the script.
Last call it was different: script and answers matched.
3 · What stood out
Key theme
Digital investments fell from just under $300 million in fiscal 2025 to less than $200 million this year.
Valuation
Is Fox Corporation (Class B) undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2026-06-30), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 4.7% growth a year (3-year revenue growth), the model's fair value is $45.08 a share — the stock trades 34% above it. Today's price assumes 8.2% growth a year.
Current price
$60.63
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+8.2% for 10 yrs
Fair value / share
$45.08
Buy below
$33.81
Price vs fair value
Overvalued 34%
Price vs buy-below price
Overvalued 79%
Read between the lines
-
Key theme
The company defined free cash flow as net cash provided by operating activities less capital expenditures to provide a reconciliation of non-GAAP financial measures.
Source quote
“We also refer to free cash flow, which we define as net cash provided by operating activities less capital expenditures. Reconciliations of non-GAAP financial measures are included in our earnings release and our SEC filings, which are available in the Investor Relations section of our website. And with that, I'm pleased to turn the call over to Lachlan.”
-
Figure
Revenue grew by 5% to over $17 billion due to record advertising and distribution revenue, while EBITDA grew 8% to a record.
Source quote
“Revenue grew by 5% to over $17 billion, driven by record advertising and distribution revenue, while EBITDA grew 8% to a record...”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Management was more positive answering analysts than in its script — usually a sign it was comfortable with the details it was asked about.
Sentences that drove the tone
“Advertising revenue during the quarter was notably strong, increasing 78% with growth fueled by continued strength of Tubi, healthy advertising trends across the broader FOX portfolio and our broadcast of...”
“On the distribution side, revenue in the fourth quarter increased 5%, supported in part by the strong momentum of FOX One, which continues to exceed our expectations.”
“Our financial delivery has been strong throughout fiscal '26, and we ended the year with tremendous momentum with our fiscal fourth quarter results headlined by 28% growth in total revenue...”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 4.21B | 3.99B | +5.5% | 3.29B | +28.1% |
| Operating income | 921.0M | 236.0M | +290.3% | 959.0M | −4.0% |
| Net income | 696.0M | 175.0M | +297.7% | 689.0M | +1.0% |
| EPS | 1.60 | 0.38 | +321.1% | 1.56 | +2.6% |
| P/E today 14.8 | 12.2 | 14.0 | −1.8 | 10.5 | +1.7 |
Topics
Most discussed now
- These are excellent results, made even more impressive by comparison to the especially strong prior year, which benefited from the...
- Content and other revenue was up 4%, primarily due to higher sports sublicensing revenue at Fox's Cable segment.
- Despite it being a relatively light year of renewals, distribution revenue increased 4%, led by 5% growth at Fox's Cable...
- FOX has just delivered an exceptionally strong fiscal '26, highlighted by record annual revenue of over $17 billion and record...
- Excluding noncore items, full year adjusted net income was $2.4 billion and adjusted EPS was $5.42 per share, up 13%...
Faded since Q1 2026
- Dropped Tubi was again a little bit better than breakeven for Q3, which is a fantastic achievement.
- Fading Cable distribution revenue grew 5% over the prior year quarter as pricing gains outpaced the impact from net subscriber declines,...
- Fading Fox feels very good about where it is at in terms of both cable distribution revenue growth as well as TV...
Latest announcements
Official filings, newest first.
- Other events · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Material agreement · SEC 8-K
- Regulation FD disclosure · SEC 8-K
- Director or officer change · SEC 8-K
- Results of operations · SEC 8-K