Management has successfully de-leveraged the firm, reducing the debt-to-equity ratio from a peak of 0.89 in 2024Q2 to 0.60 by 2026Q3, while maintaining a robust current ratio of 2.90 to support liquidity.
| Total Current Assets | 7.54B | 8.43B | 7.5B | 7.26B | 8.28B | 8.75B | 7.49B | 6.48B | 5.58B | 2.81B |
| Cash & Short-Term Investments | 3.6B | 5.35B | 4.32B | 4.27B | 5.2B | 5.89B | 4.64B | 3.23B | 2.5B | 19M |
| Cash Only | 3.6B | 5.35B | 4.32B | 4.27B | 5.2B | 5.89B | 4.64B | 3.23B | 2.5B | 19M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 2.95B | 2.47B | 2.36B | 2.18B | 2.13B | 2.03B | 1.89B | 1.97B | 1.83B | 1.69B |
| Days Sales Outstanding | 66.39 | 55.35 | 61.72 | 53.28 | 55.58 | 57.37 | 56.01 | 63.04 | 65.9 | 62.29 |
| Inventory | 652M | 432M | 626M | 543M | 791M | 729M | 856M | 1.13B | 1.18B | 1.05B |
| Days Inventory Outstanding | 20.98 | 14.46 | - | - | - | - | - | - | - | - |
| Other Current Assets | 337M | 174M | 192M | 265M | 162M | 105M | 97M | 148M | 67M | 43M |
| Total Non-Current Assets | 14.24B | 14.77B | 14.47B | 14.61B | 13.9B | 14.18B | 14.26B | 13.03B | 7.54B | 7.54B |
| Property, Plant & Equipment | 1.78B | 1.71B | 2.6B | 2.65B | 2.16B | 2.18B | 1.5B | 1.31B | 1.17B | 1.12B |
| Fixed Asset Turnover | 8.34x | 9.56x | 5.38x | 5.62x | 6.47x | 5.93x | 8.21x | 8.67x | 8.69x | 8.83x |
| Goodwill | 3.65B | 3.64B | 3.54B | 3.56B | 3.55B | 3.44B | 3.41B | 2.69B | 2.75B | 2.75B |
| Intangible Assets | 2.94B | 2.97B | 3.04B | 3.08B | 3.16B | 3.15B | 3.2B | 2.85B | 2.87B | 3.12B |
| Long-Term Investments | 4.75B | 1.62B | 1.13B | 1.03B | 578M | 899M | 865M | 865M | 275M | 54M |
| Other Non-Current Assets | 3.27B | 2.11B | 1.28B | 1.19B | 1.02B | 690M | 936M | 660M | 484M | 493M |
| Total Assets | 21.78B | 23.2B | 21.97B | 21.87B | 22.18B | 22.93B | 21.75B | 19.51B | 13.12B | 10.35B |
| Asset Turnover | 0.73x | 0.70x | 0.64x | 0.68x | 0.63x | 0.56x | 0.57x | 0.58x | 0.77x | 0.96x |
| Asset Growth % | -6.94% | 5.57% | 0.48% | -1.44% | -3.23% | 5.41% | 11.49% | 48.69% | 26.8% | - |
| Total Current Liabilities | 2.6B | 2.9B | 2.95B | 3.76B | 2.3B | 3B | 1.91B | 1.71B | 1.76B | 2.04B |
| Accounts Payable | 2.6B | 1.07B | 683M | 785M | 686M | 659M | 485M | 0 | 380M | 478M |
| Days Payables Outstanding | 59.41 | 35.82 | - | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 599M | 1.25B | 0 | 749M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 995M | 299M | 180M | 160M | 209M | 196M | 152M | 169M | 147M | 128M |
| Other Current Liabilities | 0 | 1.49B | 408M | 469M | 302M | 229M | 240M | 194M | 149M | 219M |
| Current Ratio | 2.90x | 2.91x | 2.54x | 1.93x | 3.61x | 2.91x | 3.93x | 3.78x | 3.17x | 1.37x |
| Quick Ratio | 2.65x | 2.76x | 2.33x | 1.78x | 3.26x | 2.67x | 3.48x | 3.12x | 2.50x | 0.86x |
| Cash Conversion Cycle | 27.95 | 34 | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 8.1B | 7.94B | 7.96B | 7.45B | 8.33B | 8.54B | 9.43B | 7.65B | 1.49B | 2.06B |
| Long-Term Debt | 6.61B | 6.6B | 6.6B | 5.96B | 7.21B | 7.2B | 7.95B | 6.75B | 0 | 0 |
| Capital Lease Obligations | 2.48B | 822M | 879M | 925M | 405M | 409M | 452M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.07B | 1.55B |
| Other Non-Current Liabilities | 1.5B | 519M | 487M | 559M | 715M | 927M | 1.03B | 899M | 422M | 505M |
| Total Liabilities | 10.71B | 10.84B | 10.92B | 11.21B | 10.62B | 11.54B | 11.33B | 9.36B | 3.25B | 4.1B |
| Total Debt | 6.61B | 7.46B | 8.15B | 8.21B | 7.72B | 8.45B | 8.52B | 6.75B | 0 | 0 |
| Net Debt | 3B | 2.11B | 3.83B | 3.94B | 2.52B | 2.57B | 3.88B | 3.52B | -2.5B | -19M |
| Debt / Equity | 0.60x | 0.60x | 0.74x | 0.77x | 0.67x | 0.74x | 0.82x | 0.67x | - | - |
| Debt / EBITDA | 1.84x | 2.07x | 2.84x | 2.58x | 2.63x | 2.76x | 3.09x | 2.55x | - | - |
| Net Debt / EBITDA | 0.84x | 0.58x | 1.34x | 1.24x | 0.86x | 0.84x | 1.41x | 1.33x | -1.05x | -0.01x |
| Interest Coverage | 8.86x | 8.60x | 6.20x | 5.97x | 5.49x | 8.39x | 4.97x | 11.96x | 51.47x | 98.43x |
| Total Equity | 11.08B | 12.36B | 11.06B | 10.66B | 11.56B | 11.39B | 10.42B | 10.15B | 9.87B | 6.25B |
| Equity Growth % | 6.29% | 11.75% | 3.73% | -7.83% | 1.55% | 9.31% | 2.65% | 2.82% | 57.98% | - |
| Book Value per Share | 25.64 | 26.80 | 23.03 | 20.07 | 20.29 | 19.14 | 16.91 | 16.34 | 15.92 | 10.08 |
| Total Shareholders' Equity | 10.97B | 11.96B | 10.71B | 10.38B | 11.34B | 11.12B | 10.09B | 9.95B | 9.59B | 6.09B |
| Common Stock | 4M | 4M | 4M | 5M | 6M | 6M | 6M | 7M | 9.51B | 6.15B |
| Retained Earnings | 3.84B | 4.48B | 3.14B | 2.27B | 2.46B | 1.98B | 674M | 357M | 0 | 0 |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -124M | -124M | -107M | -149M | -226M | -318M | -417M | -308M | 81M | -59M |
| Minority Interest | 107M | 393M | 342M | 280M | 224M | 263M | 322M | 200M | 275M | 154M |
Sports rights cost inflation
According to recent financial filings, FOX has maintained a remarkably stable equity base of approximately $11 billion over the last ten quarters, suggesting that the company's core financial foundation remains resilient despite the inherent cyclicality of its media-centric revenue streams and biennial political advertising cycles.
The consistency in total equity, despite significant fluctuations in cash and debt levels, indicates a disciplined approach to capital preservation. This stability appears to provide a necessary buffer against the operational volatility observed in the income statement, reinforcing the company's defensive posture in a consolidating media landscape.
As reported in quarterly balance sheets, FOX has successfully reduced its debt-to-equity ratio from a peak of 0.89 in 2024Q2 to 0.60 by 2026Q3, demonstrating a clear management preference for maintaining a conservative leverage profile that minimizes refinancing risk in a high-interest rate environment.
The reduction in total debt from $9.4 billion to $6.6 billion over the observed period suggests that management is prioritizing balance sheet strength over aggressive expansion. This deleveraging trend likely enhances the company's capacity to navigate potential future shocks or pursue strategic opportunities without the burden of excessive interest obligations.
Based on the provided data, FOX maintains a strong liquidity position with a current ratio of 2.90 as of 2026Q3, which provides a substantial cushion against the massive working capital swings inherent in the timing of sports rights payments and affiliate fee collections.
The company's ability to maintain a current ratio consistently above 2.0 suggests that liquidity is managed with a high degree of conservatism. This liquidity buffer is essential for managing the lumpy cash outflows associated with long-term sports content contracts, ensuring that operational continuity is not threatened by short-term revenue timing.
As indicated by historical balance sheets, FOX carries approximately $3.6 billion in goodwill, representing a significant portion of its $21.8 billion in total assets, which underscores the company's reliance on intangible brand value and established distribution relationships within the US media market.
The relatively low level of net property, plant, and equipment compared to total assets highlights the company's asset-light model, which focuses on content rights rather than physical infrastructure. Investors should monitor the stability of these intangible assets, as any impairment could signal a fundamental shift in the long-term viability of the linear broadcast model.
Quick answers to the most common questions about buying FOX stock.
As of 2025, Fox Corporation (FOX) had total assets of $23.20B including $8.43B in current assets.
Fox Corporation (FOX) carries total debt of $7.46B, offset by $5.35B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Fox Corporation (FOX) has total shareholders' equity (book value) of $11.96B ($26.80 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Fox Corporation (FOX) reported a current ratio of 2.91x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.