• Fox Corporation has reported its fiscal third-quarter 2026 results, with revenue of US$3,994 million and net income of US$166 million, down from US$4,371 million and US$346 million a year earlier, while basic earnings per share from continuing operations fell from US$0.75 to US$0.38.
• Beneath the headline revenue decline, Fox exceeded analyst expectations on both earnings and sales, supported by growing Tubi streaming activity, stronger distribution revenue, and record third-quarter advertising at Fox News.
• With Fox outperforming earnings expectations thanks to Tubi and advertising strength, we'll now assess how this update affects its investment narrative.

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Fox Investment Narrative Recap

To own Fox today, you need to believe its mix of live news, sports and free streaming can keep attracting viewers and advertisers despite pressure on traditional TV and earnings volatility. The latest quarter did not change the near term story in a major way, but it did underline how important Tubi growth and big event advertising are as offsets to softer headline revenue and lower net income.

Against that backdrop, the recent confirmation of Fox’s enlarged US$12,000 million share repurchase authorization stands out. It reinforces how much management is willing to lean on buybacks alongside upcoming events like the FIFA Men’s World Cup and key sports rights to support per share metrics, even as reported revenue and profit have come under pressure this year.

Yet while Tubi’s momentum and live sports help, the real test for investors will be how Fox handles rising content costs and potential swings in advertising that...

Fox's narrative projects $17.8 billion revenue and $2.0 billion earnings by 2029.

Uncover how Fox's forecasts yield a $71.00 fair value, a 13% upside to its current price.

Exploring Other Perspectives

Some of the most optimistic analysts were assuming roughly US$17.6 billion of revenue and around US$2.0 billion of earnings, which looks more ambitious when you weigh it against this quarter and the risk that Tubi might not keep scaling as smoothly as hoped.

Explore 4 other fair value estimates on Fox - why the stock might be worth 13% less than the current price!

Reach Your Own Conclusion

Don't just follow the ticker - dig into the data and build a conviction that's truly your own.

• A great starting point for your Fox research is our analysis highlighting 1 key reward and 1 important warning sign that could impact your investment decision.
• Our free Fox research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Fox's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.