Revenue growth swung from -15.6% in 2024Q3 to +28.1% in 2026Q4, with gross margins ranging from 22.9% to 48.2%, reflecting event-driven volatility and high operating leverage.
Fox Corporation (FOXA) annual income statement — 10-year revenue, gross profit & net income history
| Metric | Jun'26 | Jun'25 | Jun'24 | Jun'23 | Jun'22 | Jun'21 | Jun'20 | Jun'19 | Jun'18 | Jun'17 |
|---|
| Sales/Revenue | 17.13B | 16.3B | 13.98B | 14.91B | 13.97B | 12.91B | 12.3B | 11.39B | 10.15B | 9.92B |
| Revenue Growth % | 5.07% | 16.6% | -6.26% | 6.72% | 8.25% | 4.93% | 8.03% | 12.17% | 2.34% | - |
| Cost of Goods Sold | 10.85B | 10.9B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | 63.37% | 66.89% | - | - | - | - | - | - | - | - |
| Gross Profit | 6.27B | 5.4B | 13.98B | 14.91B | 13.97B | 12.91B | 12.3B | 11.39B | 10.15B | 9.92B |
| Gross Margin % | 36.63% | 33.11% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | 16.23% | -61.39% | -6.26% | 6.72% | 8.25% | 4.93% | 8.03% | 12.17% | 2.34% | - |
| Operating Expenses | 2.93B | 2.17B | 11.5B | 12.15B | 11.4B | 10.14B | 9.81B | 8.96B | 7.94B | 7.39B |
| OpEx % of Revenue | 17.1% | 13.3% | 82.27% | 81.47% | 81.58% | 78.58% | 79.7% | 78.65% | 78.18% | 74.45% |
| Selling, General & Admin | 2.37B | 2.17B | 2.02B | 2.05B | 1.92B | 1.81B | 1.74B | 1.42B | 1.26B | 1.12B |
| SG&A % of Revenue | 13.82% | 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 | 561M | 0 | 9.48B | 10.1B | 9.48B | 8.34B | 8.06B | 7.54B | 6.68B | 6.27B |
| Operating Income | 3.35B | 3.23B | 2.48B | 2.76B | 2.57B | 2.77B | 2.5B | 2.43B | 2.21B | 2.54B |
| Operating Margin % | 19.53% | 19.81% | 17.73% | 18.53% | 18.42% | 21.42% | 20.3% | 21.35% | 21.82% | 25.55% |
| Operating Income Growth % | 3.59% | 30.31% | -10.35% | 7.38% | -6.91% | 10.73% | 2.71% | 9.75% | -12.62% | - |
| EBITDA | 3.75B | 3.61B | 2.87B | 3.17B | 2.94B | 3.06B | 2.75B | 2.64B | 2.39B | 2.7B |
| EBITDA Margin % | 21.93% | 22.17% | 20.51% | 21.29% | 21.02% | 23.74% | 22.39% | 23.21% | 23.5% | 27.26% |
| EBITDA Growth % | 3.9% | 26.06% | -9.7% | 8.1% | -4.18% | 11.25% | 4.24% | 10.77% | -11.76% | - |
| D&A (Non-Cash Add-back) | 410M | 385M | 389M | 411M | 363M | 300M | 258M | 212M | 171M | 169M |
| EBIT | 2.55B | 3.46B | 2.51B | 2.08B | 2.07B | 3.31B | 1.83B | 2.43B | 2.21B | 2.26B |
| Net Interest Income | -274M | -227M | -216M | -218M | -371M | -391M | -334M | -162M | -43M | -23M |
| Interest Income | 0 | 176M | 189M | 131M | 6M | 4M | 35M | 41M | 0 | 0 |
| Interest Expense | 274M | 403M | 405M | 349M | 377M | 395M | 369M | 203M | 43M | 23M |
| Other Income/Expense | -1.07B | -168M | -374M | -1.03B | -880M | 153M | -1.03B | -207M | -45M | -294M |
| Pretax Income | 2.28B | 3.06B | 2.1B | 1.74B | 1.69B | 2.92B | 1.46B | 2.22B | 2.17B | 2.24B |
| Pretax Margin % | 13.3% | 18.78% | 15.05% | 11.64% | 12.12% | 22.6% | 11.9% | 19.53% | 21.37% | 22.59% |
| Income Tax | 551M | 768M | 550M | 483M | 461M | 717M | 402M | 581M | -58M | 832M |
| Effective Tax Rate % | 24.19% | 25.09% | 26.14% | 27.82% | 27.21% | 24.57% | 27.46% | 26.12% | -2.67% | 37.13% |
| Net Income | 1.69B | 2.26B | 1.5B | 1.24B | 1.21B | 2.15B | 999M | 1.59B | 2.19B | 1.37B |
| Net Margin % | 9.84% | 13.88% | 10.74% | 8.31% | 8.62% | 16.66% | 8.12% | 14% | 21.54% | 13.83% |
| Net Income Growth % | -25.54% | 50.77% | 21.15% | 2.82% | -43.95% | 115.22% | -37.37% | -27.07% | 59.4% | - |
| Net Income (Continuing) | 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 |
| Minority Interest | 86M | 393M | 342M | 280M | 224M | 263M | 322M | 200M | 275M | 154M |
| EPS (Diluted) | 3.84 | 4.91 | 3.13 | 2.33 | 2.11 | 3.61 | 1.62 | 2.57 | 3.53 | 2.21 |
| EPS Growth % | -21.79% | 56.87% | 34.33% | 10.43% | -41.55% | 122.84% | -36.96% | -27.2% | 59.73% | - |
| EPS (Basic) | 3.91 | 4.97 | 3.14 | 2.34 | 2.13 | 3.64 | 1.63 | 2.57 | 3.53 | 2.21 |
| Diluted Shares Outstanding | 439M | 461M | 480M | 531M | 570M | 595M | 616M | 621M | 620M | 620M |
| Basic Shares Outstanding | 431M | 461M | 478M | 529M | 566M | 591M | 613M | 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 FOXA stock.
For fiscal year 2026, Fox Corporation (FOXA) reported total revenue of $17.13B. This represents a 72.6% increase compared to $9.92B in 2017.
Fox Corporation (FOXA) is profitable, generating $1.69B in net income for the fiscal year ending 2026 with a net profit margin of 9.8%.
Fox Corporation (FOXA) reported an operating income of $3.35B, resulting in an operating profit margin of 19.5%. This margin reflects the operational efficiency of the business before interest and taxes.
Fox Corporation (FOXA) 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.
Cyclical Peaks Masking Secular Drift
Revenue growth swung from -15.6% in 2024Q3 to +28.1% in 2026Q4, driven by the FIFA World Cup and political ad cycles, per reported quarterly data.
The 28.1% surge in 2026Q4 reflects the FIFA Men's World Cup, a non-recurring event, while the -8.6% decline in 2026Q3 underscores the absence of political advertising. Excluding these cyclical spikes, underlying growth appears modest, with the 2025Q1 11.1% gain likely benefiting from Super Bowl timing. Investors should monitor whether Tubi's ad-supported streaming can offset linear declines outside these event-driven quarters.
Event-Driven Margin Volatility
Gross margin swung from 22.9% in 2026Q2 to 48.2% in 2026Q4, reflecting the high fixed-cost nature of sports rights and event timing, as per financial statements.
The 48.2% gross margin in 2026Q4 coincides with the World Cup, where advertising revenue likely peaked without proportional cost increases. Conversely, 2026Q2's 22.9% margin suggests heavy rights amortization with lower ad revenue. This volatility indicates limited pricing power over sports rights costs, which appear to escalate faster than affiliate fee growth, a structural risk for margin sustainability.
Operating Leverage Amplifies Event Upside
Operating income scaled to $985M in 2026Q4 from $592M in 2026Q2, with SG&A relatively stable, indicating high operating leverage on event-driven revenue, per reported figures.
SG&A remained between $502M and $637M across quarters, while revenue fluctuated by over $1.5B, demonstrating that incremental revenue flows largely to operating income. The 23.4% operating margin in 2026Q4 versus 11.4% in 2026Q2 highlights this leverage. However, the fixed cost base means that any sustained ad downturn could compress margins sharply, as seen in 2026Q3's 20.1% margin despite lower revenue.
Non-Operating Items Distort Net Income
Net income swung from $166M in 2026Q3 to $691M in 2026Q4, with EPS growth diverging from revenue growth, suggesting non-operating gains or losses, per quarterly data.
In 2026Q3, revenue fell 8.6% but EPS dropped 49.3%, implying a significant non-operating charge, possibly legal reserves or investment losses. Conversely, 2026Q4's EPS growth of only 3.2% despite 28.1% revenue growth suggests a high tax rate or one-time items. Stock-based compensation is minimal (max $38M), so the volatility likely stems from legal settlements or fair-value adjustments, warranting scrutiny of the income statement's non-operating lines.
Content Costs Drive Margin Compression
COGS as a percentage of revenue ranged from 51.8% to 77.1% in 2026, reflecting escalating sports rights and production costs, as reported in financial statements.
The 77.1% COGS ratio in 2026Q2 indicates that content costs are rising faster than revenue, likely due to NFL and MLB rights inflation. Even in high-revenue quarters like 2026Q4, COGS consumed 51.8% of revenue, leaving limited room for margin expansion. Management's discipline in avoiding streaming wars is evident, but the fixed nature of these costs means any ad slowdown would hit margins disproportionately.
2026Q4: World Cup and FOX One Inflection
The 2026Q4 quarter marked a pivotal inflection with revenue up 28.1% and gross margin at 48.2%, driven by the FIFA World Cup and FOX One launch, per reported data.
This quarter appears to signal a strategic shift toward direct-to-consumer distribution via FOX One, which could alter the revenue mix from affiliate fees to subscription and advertising. The World Cup provided a one-time boost, but the lasting impact may be the validation of a hybrid linear-digital model. However, the sustainability of this margin level is uncertain, as it depends on the success of FOX One and the ability to retain sports rights without overpaying.
Rights Inflation Could Undermine Margins
Despite strong 2026Q4 results, the 22.9% gross margin in 2026Q2 reveals vulnerability to sports rights inflation, which may outpace affiliate fee growth, per reported figures.
Short-sellers would argue that the company's reliance on live sports is a double-edged sword: while it drives affiliate fee retention, the escalating cost of NFL and MLB rights could compress margins permanently. The 2026Q2 margin of 22.9% suggests that in quarters without major events, the cost structure is unsustainable. Additionally, the Roku acquisition introduces integration risk and may not deliver the expected synergies, potentially diluting returns. Investors should monitor whether Fox can pass on these costs to distributors without losing subscribers.