FOXA US S&P 500Russell 1000 Earnings call · transcribed from the recording
Fox Corporation (Class A) (FOXA) · Q3 2026 results and valuation
Share price: $67.98 · 2026-11-11
Results Q3 2026 vs Q2 2026 · previous quarter · fiscal Q1 2027 · published 2 Nov 2026 and 6 Aug 2026
Net income up 46.3% on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+46.3%
Net income vs Q2 2026
Net income 957.0M vs 654.0M
Revenue +8.5%
Against the same quarter last year (Q3 2025) it is +57.1%, so it is not just seasonal.
2 · How management spoke
Upbeat
More upbeat than 78% of company calls
Answers to analysts: typical, in line with the script.
Last call it was different: the answers were more upbeat than the script.
3 · What stood out Nothing unusual flagged this period.
Valuation
Is Fox Corporation (Class A) 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 51% above it. Today's price assumes 9.6% growth a year.
Current price
$67.98
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.
+9.6% for 10 yrs
Fair value / share
$45.08
Buy below
$33.81
Price vs fair value
Overvalued 51%
Price vs buy-below price
Overvalued 101%
Read between the lines
-
Figure
Advertising revenue across the company grew 47% led by Fox's broadcast of the 2026 FIFA Men's World Cup along with higher political advertising revenue…
Source quote
“Advertising revenue across the company grew 47% led by our broadcast of the 2026 FIFA Men's World Cup along with higher political advertising revenue... ...our fiscal 2026 has continued unabated into the first quarter of fiscal 2027 highlighted by total revenue growth of 22% and record quarterly EBITDA of 1.64 billion dollars. Distribution revenue grew 9% over the prior year with growth of both our cable and television segments.”
-
Dropped
Joining me on the call today are Lachlan Murdoch, Executive Chair and Chief Executive Officer; John Nallen.
Source quote
“Joining me on the call today are Lachlan Murdoch, Executive Chair and Chief Executive Officer; John Nallen, President and Chief... First, Lachlan and Steve will give some prepared remarks on the most recent quarter, and then we'll take questions from the investment community.”
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: Q3 2026. Ring: Q2 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Distribution revenue rose 9%, with cable distribution up 10% on increased rates and the strength of Fox 1, along with a meaningful improvement in industry subscriber trends.”
“The strong momentum we saw throughout our fiscal 2026 has continued unabated into the first quarter of fiscal 2027 highlighted by total revenue growth of 22% and record quarterly EBITDA...”
“Cable distribution revenue grew 10%, driven by pricing growth from our affiliate renewals and a net increase in subscribers.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-09-30)
| Metric | Q3 2026period end 2026-09-30 | Q2 2026period end 2026-06-30 | Change | Q3 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 4.57B | 4.21B | +8.5% | 3.74B | +22.3% |
| Operating income | 1.28B | 921.0M | +39.3% | 799.0M | +60.6% |
| Net income | 957.0M | 654.0M | +46.3% | 609.0M | +57.1% |
| EPS | 2.20 | 1.60 | +37.5% | 1.32 | +66.7% |
| P/E today 14.1 | 13.3 | 13.6 | −0.3 | 14.2 | −0.9 |
Topics
Most discussed now
- When including the incremental subscribers from FOX1, Fox saw positive subscriber growth for the trailing 12 months.
- Cable distribution revenue grew 10%, driven by pricing growth from Fox's affiliate renewals and a net increase in subscribers.
- Fox then has about $50 million of Tubi revenue throughout the cycle, which you can allocate that as effectively local...
- What Fox is seeing, though, is some viewer fatigue, where its viewers are – I've gone to some incredible news...
- Record, really hard comps for it to comp against with the inauguration
Faded since Q2 2026
- Dropped It's always difficult to tell, but certainly, that's what Fox's sort of front-facing sort of ad sales team is telling...
- Fading Tubi's World Cup Hub attracted over 20 million viewers across the tournament, while additionally, the simulcast of 2 early round...
- Fading These milestones were underpinned by a year of record financial performance.
- Fading These are excellent results, made even more impressive by comparison to the especially strong prior year, which benefited from the...
Latest announcements
Official filings, newest first.
- Material agreement; Acquisition or disposal; New financial obligation; Director or officer change; Regulation FD disclosure · SEC 8-K
- Shareholder vote results · SEC 8-K · routine
- Results of operations · SEC 8-K
- Director or officer change · SEC 8-K
- Shareholder vote results · SEC 8-K · routine
- Other events · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K