Revenue growth remains highly erratic, swinging from a 26.8% increase in 2025Q3 to an 8.6% contraction in 2026Q3, while gross margins fluctuate significantly due to the capital intensity of sports rights, hitting a low of 17.6% in 2024Q2.
| Sales/Revenue | 16.2B | 16.3B | 13.98B | 14.91B | 13.97B | 12.91B | 12.3B | 11.39B | 10.15B | 9.92B |
| Revenue Growth % | 0.6% | 16.6% | -6.26% | 6.72% | 8.25% | 4.93% | 8.03% | 12.17% | 2.34% | - |
| Cost of Goods Sold | 10.53B | 10.9B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 66.89% | - | - | - | - | - | - | - | - |
| Gross Profit | 5.67B | 5.4B | 13.98B | 14.91B | 13.97B | 12.91B | 12.3B | 11.39B | 10.15B | 9.92B |
| Gross Margin % | 34.99% | 33.11% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -61.39% | -6.26% | 6.72% | 8.25% | 4.93% | 8.03% | 12.17% | 2.34% | - |
| Operating Expenses | 2.47B | 2.18B | 11.5B | 12.15B | 11.4B | 10.14B | 9.81B | 8.96B | 7.94B | 7.39B |
| OpEx % of Revenue | - | 13.36% | 82.27% | 81.47% | 81.58% | 78.58% | 79.7% | 78.65% | 78.18% | 74.45% |
| Selling, General & Admin | 2.32B | 2.17B | 2.02B | 2.05B | 1.92B | 1.81B | 1.74B | 1.42B | 1.26B | 1.12B |
| SG&A % of Revenue | - | 13.3% | 14.48% | 13.74% | 13.74% | 14% | 14.15% | 12.46% | 12.43% | 11.26% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 10M | 9.48B | 10.1B | 9.48B | 8.34B | 8.06B | 7.54B | 6.68B | 6.27B |
| Operating Income | 3.2B | 3.23B | 2.48B | 2.76B | 2.57B | 2.77B | 2.5B | 2.43B | 2.21B | 2.54B |
| Operating Margin % | 19.73% | 19.81% | 17.73% | 18.53% | 18.42% | 21.42% | 20.3% | 21.35% | 21.82% | 25.55% |
| Operating Income Growth % | - | 30.31% | -10.35% | 7.38% | -6.91% | 10.73% | 2.71% | 9.75% | -12.62% | - |
| EBITDA | 3.6B | 3.61B | 2.87B | 3.17B | 2.94B | 3.06B | 2.75B | 2.64B | 2.39B | 2.7B |
| EBITDA Margin % | 22.2% | 22.17% | 20.51% | 21.29% | 21.02% | 23.74% | 22.39% | 23.21% | 23.5% | 27.26% |
| EBITDA Growth % | 4.41% | 26.06% | -9.7% | 8.1% | -4.18% | 11.25% | 4.24% | 10.77% | -11.76% | - |
| D&A (Non-Cash Add-back) | 401M | 385M | 389M | 411M | 363M | 300M | 258M | 212M | 171M | 169M |
| EBIT | 2.69B | 3.46B | 2.51B | 2.08B | 2.07B | 3.31B | 1.83B | 2.43B | 2.21B | 2.26B |
| Net Interest Income | -234M | -227M | -216M | -218M | -371M | -391M | -334M | -162M | -43M | -23M |
| Interest Income | 70M | 176M | 189M | 131M | 6M | 4M | 35M | 41M | 0 | 0 |
| Interest Expense | 304M | 403M | 405M | 349M | 377M | 395M | 369M | 203M | 43M | 23M |
| Other Income/Expense | -880M | -168M | -374M | -1.03B | -880M | 153M | -1.03B | -207M | -45M | -294M |
| Pretax Income | 2.32B | 3.06B | 2.1B | 1.74B | 1.69B | 2.92B | 1.46B | 2.22B | 2.17B | 2.24B |
| Pretax Margin % | 14.3% | 18.78% | 15.05% | 11.64% | 12.12% | 22.6% | 11.9% | 19.53% | 21.37% | 22.59% |
| Income Tax | 566M | 768M | 550M | 483M | 461M | 717M | 402M | 581M | -58M | 832M |
| Effective Tax Rate % | 24.44% | 25.09% | 26.14% | 27.82% | 27.21% | 24.57% | 27.46% | 26.12% | -2.67% | 37.13% |
| Net Income | 1.71B | 2.26B | 1.5B | 1.24B | 1.21B | 2.15B | 999M | 1.59B | 2.19B | 1.37B |
| Net Margin % | 10.56% | 13.88% | 10.74% | 8.31% | 8.62% | 16.66% | 8.12% | 14% | 21.54% | 13.83% |
| Net Income Growth % | -8.26% | 50.77% | 21.15% | 2.82% | -43.95% | 115.22% | -37.37% | -27.07% | 59.4% | - |
| Net Income (Continuing) | 1.75B | 2.29B | 1.55B | 1.25B | 1.23B | 2.2B | 1.06B | 1.64B | 2.23B | 1.41B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 107M | 393M | 342M | 280M | 224M | 263M | 322M | 200M | 275M | 154M |
| EPS (Diluted) | 3.96 | 4.91 | 3.13 | 2.33 | 2.11 | 3.61 | 1.62 | 2.57 | 3.53 | 2.21 |
| EPS Growth % | -5.72% | 56.87% | 34.33% | 10.43% | -41.55% | 122.84% | -36.96% | -27.2% | 59.73% | - |
| EPS (Basic) | - | 4.97 | 3.14 | 2.33 | 2.11 | 3.61 | 1.62 | 2.57 | 3.53 | 2.21 |
| Diluted Shares Outstanding | 432M | 461M | 480M | 531M | 570M | 595M | 616M | 621M | 620M | 620M |
| Basic Shares Outstanding | 424M | 461M | 478M | 531M | 571.09M | 595.57M | 616M | 621M | 620M | 620M |
| Dividend Payout Ratio | - | 12.24% | 18.72% | 24.13% | 25.48% | 15.35% | 33.53% | 419.31% | 3.52% | 2.55% |
Sports rights cost inflation
According to reported financial statements, FOX's revenue growth remains highly erratic, swinging from a 26.8% increase in 2025Q3 to an 8.6% contraction in 2026Q3, largely reflecting the biennial impact of political advertising cycles and the timing of major sports broadcasting events on the top line.
The revenue trajectory appears heavily dependent on external calendar events rather than consistent organic growth. Investors should monitor whether the underlying digital advertising gains from Tubi can eventually decouple the company's revenue profile from the inherent lumpiness of the traditional linear broadcast model.
Based on the provided income statement data, FOX's gross margin exhibits significant quarterly variance, dropping to a low of 17.6% in 2024Q2 and peaking at 43.4% in 2025Q4, which highlights the intense capital intensity associated with securing premium live sports content rights.
The structural margin profile is clearly dictated by the amortization schedules of major sports contracts. This suggests that the company's profitability is vulnerable to any escalation in rights fees that cannot be fully passed through to distributors via affiliate fee negotiations.
As indicated by the historical filings, FOX maintains a relatively disciplined SG&A structure, with quarterly expenses consistently hovering between $495 million and $595 million, allowing the company to preserve operating income despite the significant top-line volatility inherent in its media-centric business model.
The ability to keep overhead costs stable while revenue fluctuates suggests a degree of operational leverage that protects the bottom line during off-peak periods. However, this discipline may be tested if the company is forced to increase investment in digital infrastructure to compete with pure-play streaming platforms.
Financial data reveals that FOX's net income is subject to extreme quarterly swings, with EPS falling from $1.78 in 2025Q1 to $0.23 in 2024Q2, a trend that appears driven by the timing of content amortization and the impact of non-operating charges on the bottom line.
The wide variance in net margins suggests that reported EPS may not always reflect the underlying cash-generating capability of the core business. Analysts should focus on operating income trends to better gauge the true health of the company's news and sports programming segments.
While the company maintains a strong balance sheet, the 8.6% revenue decline reported in 2026Q3 warrants investigation, as it may signal that the 'last man standing' strategy is failing to fully offset the accelerating erosion of the traditional cable bundle and its associated affiliate fees.
Short-term performance metrics may be masking a long-term structural decline in the linear ecosystem that no amount of cost discipline can fully reverse. Investors should remain cautious regarding the company's ability to sustain its current pricing power if subscriber churn continues to outpace affiliate fee increases.
Quick answers to the most common questions about buying FOX stock.
For fiscal year 2025, Fox Corporation (FOX) reported total revenue of $16.30B. This represents a 64.3% increase compared to $9.92B in 2017.
Fox Corporation (FOX) is profitable, generating $2.26B in net income for the fiscal year ending 2025 with a net profit margin of 13.9%.
Fox Corporation (FOX) reported an operating income of $3.23B, resulting in an operating profit margin of 19.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Fox Corporation (FOX) generated $5.40B in gross profit for the year, representing a gross profit margin of 33.1%. This demonstrates the company's core pricing power and production efficiency.