Revenue and margins are highly cyclical, with operating margin moving from 11.4% in 2026Q2 to 32.9% in 2027Q1, suggesting that peak-quarter advertising and sports timing drives most of the earnings variability.
Fox Corporation (FOX) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 |
|---|
| Sales/Revenue | 17.96B | 17.13B | 16.3B | 13.98B | 14.91B | 13.97B | 12.91B | 12.3B | 11.39B | 10.15B | 9.92B |
| Revenue Growth % | 9.01% | 5.07% | 16.6% | -6.26% | 6.72% | 8.25% | 4.93% | 8.03% | 12.17% | 2.34% | - |
| Cost of Goods Sold | 11.83B | 10.85B | 10.52B | 9.09B | 9.69B | 9.12B | 8.04B | 7.81B | 7.33B | 6.5B | 6.1B |
| COGS % of Revenue | - | 63.37% | 64.53% | 65.01% | 64.97% | 65.24% | 62.26% | 63.46% | 64.33% | 64.07% | 61.49% |
| Gross Profit | 6.13B | 6.27B | 5.78B | 4.89B | 5.22B | 4.86B | 4.87B | 4.5B | 4.06B | 3.65B | 3.82B |
| Gross Margin % | 34.11% | 36.63% | 35.47% | 34.99% | 35.03% | 34.76% | 37.74% | 36.54% | 35.67% | 35.93% | 38.51% |
| Gross Profit Growth % | - | 8.49% | 18.22% | -6.37% | 7.56% | -0.31% | 8.36% | 10.68% | 11.35% | -4.53% | - |
| Operating Expenses | 2B | 2.38B | 2.18B | 2.05B | 2.08B | 1.94B | 1.84B | 1.76B | 1.42B | 1.26B | 1.12B |
| OpEx % of Revenue | - | 13.89% | 13.36% | 14.66% | 13.96% | 13.86% | 14.22% | 14.29% | 12.46% | 12.43% | 11.26% |
| Selling, General & Admin | 1.78B | 2.38B | 2.18B | 2.05B | 2.08B | 1.94B | 1.84B | 1.76B | 1.42B | 1.26B | 1.12B |
| SG&A % of Revenue | - | 13.89% | 13.36% | 14.66% | 13.96% | 13.86% | 14.22% | 14.29% | 12.46% | 12.43% | 11.26% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | 4.12B | 3.9B | 3.6B | 2.84B | 3.14B | 2.92B | 3.04B | 2.74B | 2.64B | 2.39B | 2.7B |
| Operating Margin % | 22.96% | 22.74% | 22.11% | 20.32% | 21.07% | 20.9% | 23.52% | 22.25% | 23.21% | 23.5% | 27.26% |
| Operating Income Growth % | - | 8.07% | 26.86% | -9.58% | 7.6% | -3.82% | 10.88% | 3.59% | 10.77% | -11.76% | - |
| EBITDA | 4.55B | 4.3B | 3.99B | 3.23B | 3.57B | 3.3B | 3.36B | 3.02B | 2.89B | 2.61B | 2.93B |
| EBITDA Margin % | 25.35% | 25.14% | 24.47% | 23.1% | 23.93% | 23.62% | 26.01% | 24.55% | 25.4% | 25.71% | 29.53% |
| EBITDA Growth % | 13.46% | 7.92% | 23.5% | -9.5% | 8.12% | -1.7% | 11.19% | 4.39% | 10.84% | -10.92% | - |
| D&A (Non-Cash Add-back) | 430M | 410M | 385M | 389M | 427M | 381M | 322M | 282M | 250M | 224M | 226M |
| EBIT | 3.84B | 3.47B | 3.13B | 2.44B | 2.67B | 2.49B | 2.74B | 2.48B | 2.43B | 2.21B | 2.54B |
| Net Interest Income | -282M | -252M | -227M | -216M | -218M | -371M | -391M | -334M | -162M | -43M | -23M |
| Interest Income | 88M | 72M | 176M | 189M | 131M | 6M | 4M | 35M | 41M | 0 | 0 |
| Interest Expense | 370M | 324M | 403M | 405M | 349M | 377M | 395M | 369M | 203M | 43M | 23M |
| Other Income/Expense | -1.36B | -1.62B | -543M | -737M | -1.41B | -1.23B | -118M | -1.27B | -419M | -216M | -463M |
| Pretax Income | 2.76B | 2.28B | 3.06B | 2.1B | 1.74B | 1.69B | 2.92B | 1.46B | 2.22B | 2.17B | 2.24B |
| Pretax Margin % | 15.38% | 13.3% | 18.78% | 15.05% | 11.64% | 12.12% | 22.6% | 11.9% | 19.53% | 21.37% | 22.59% |
| Income Tax | 687M | 551M | 768M | 550M | 483M | 461M | 717M | 402M | 581M | -58M | 832M |
| Effective Tax Rate % | 24.87% | 24.19% | 25.09% | 26.14% | 27.82% | 27.21% | 24.57% | 27.46% | 26.12% | -2.67% | 37.13% |
| Net Income | 2.03B | 1.69B | 2.26B | 1.5B | 1.24B | 1.21B | 2.15B | 999M | 1.59B | 2.19B | 1.37B |
| Net Margin % | 11.3% | 9.84% | 13.88% | 10.74% | 8.31% | 8.62% | 16.66% | 8.12% | 14% | 21.54% | 13.83% |
| Net Income Growth % | -0.29% | -25.54% | 50.77% | 21.15% | 2.82% | -43.95% | 115.22% | -37.37% | -27.07% | 59.4% | - |
| Net Income (Continuing) | 2.08B | 1.73B | 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 | 0 |
| Minority Interest | 105M | 186M | 393M | 342M | 280M | 224M | 263M | 322M | 200M | 275M | 154M |
| EPS (Diluted) | 4.74 | 3.90 | 4.91 | 3.13 | 2.33 | 2.11 | 3.61 | 1.62 | 2.57 | 3.53 | 2.21 |
| EPS Growth % | 5.84% | -20.57% | 56.87% | 34.33% | 10.43% | -41.55% | 122.84% | -36.96% | -27.2% | 59.73% | - |
| EPS (Basic) | - | 3.97 | 4.97 | 3.14 | 2.33 | 2.11 | 3.61 | 1.62 | 2.57 | 3.53 | 2.21 |
| Diluted Shares Outstanding | 428M | 432M | 461M | 480M | 531M | 570M | 595M | 616M | 621M | 620M | 620M |
| Basic Shares Outstanding | 421M | 424M | 461M | 478M | 531M | 570M | 595M | 616M | 621M | 620M | 620M |
| Dividend Payout Ratio | - | 17.03% | 12.24% | 18.72% | 24.13% | 25.48% | 15.35% | 33.53% | 419.31% | 3.52% | 2.55% |
Quick answers to the most common questions about buying FOX stock.
For fiscal year 2026, Fox Corporation (FOX) reported total revenue of $17.13B. This represents a 72.6% increase compared to $9.92B in 2017.
Fox Corporation (FOX) is profitable, generating $1.69B in net income for the fiscal year ending 2026 with a net profit margin of 9.8%.
Fox Corporation (FOX) reported an operating income of $3.90B, resulting in an operating profit margin of 22.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Fox Corporation (FOX) generated $6.27B in gross profit for the year, representing a gross profit margin of 36.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Sports rights cost inflation
Metrics are mathematically derived from official filings.
Lumpy Growth Masks Underlying Trend
Based on reported quarterly figures, FOX revenue swung from a 26.8% gain in 2025Q3 to an 8.6% decline in 2026Q3, indicating heavy dependence on event timing and cyclical political advertising rather than a steady compounding trajectory.
The sequence of quarterly growth rates suggests that the top line is driven by discrete events such as the NFL season, the FIFA World Cup, and the biennial political calendar. The strong 2027Q1 print of 22.3% growth may reflect a similar episodic lift rather than durable acceleration, so investors should monitor whether non-event quarters show consistent expansion. Strip out political and marquee sports effects before concluding that the core growth rate has improved.
Gross Margin Tied to Event Calendar
As reported in the quarterly statements, FOX gross margin ranged from 22.9% in 2026Q2 to 43.5% in 2026Q4, a spread that appears driven by the timing of sports rights amortization against advertising revenue peaks.
Gross margin behavior indicates that programming cost recognition is lumpy and tightly coupled to when high-revenue events air. The compression in quarters containing heavy rights amortization suggests limited pricing power on a standalone basis during off-peak periods. Monitoring whether rights cost growth outpaces affiliate and advertising yield is essential to judging structural margin health.
Net Income Swings Exceed Operating Trend
Based on FOX's reported figures, 2027Q1 net income of $943.0M and EPS of 2.20 against a 32.9% operating margin raise questions about how much of the reported strength reflects recurring operations versus one-time or timing items.
Net income moved far more erratically than operating income across the period, with 2026Q3 EPS falling 49.3% while revenue stayed relatively steady. This divergence suggests that below-the-line items such as tax effects, interest, or non-operating gains and losses materially influence reported earnings. Stock-based compensation remained modest, so it does not explain the volatility, warranting further investigation of non-operating components.
Operating Leverage Concentrated in Peak Quarters
Per the reported income statements, FOX operating margin expanded from 11.4% in 2026Q2 to 32.9% in 2027Q1, indicating that incremental revenue during peak periods flows through at a much higher rate than the fixed cost base absorbs.
The pattern implies a high fixed-cost structure in which operating income scales sharply once revenue crosses the threshold set by rights costs and overhead. SG&A remained comparatively flat in dollar terms around $500M to $640M, which supports the view that overhead is largely fixed. Leverage works in both directions, so off-peak quarters carry disproportionate downside.
Sports Rights Inflation Threatens Margins
The strongest challenge to the FOX narrative is that escalating sports rights costs may permanently compress margins if affiliate and digital yields fail to keep pace, a risk the reported gross margin volatility appears to foreshadow.
Short-side analysis would focus on the fact that peak-quarter margins may flatter the underlying economics, masking structural cost pressure during quieter periods. If linear subscriber declines continue, the company must rely on per-subscriber price increases that may not offset volume losses indefinitely. Investors should monitor whether the reported margin recovery holds across non-event quarters before extrapolating peak performance.