Analyst Consensus ?
ConsensusHold41 ratings
Bullish1843.9%
Neutral1946.3%
Bearish49.8%
Fox Corporation · FOX · FY2026 Q3 · Calendar Q2 2026
Fox Q3 FY2026: Record Revenue, Ad Strength Ex-Super Bowl, Tubi Surges
Fox Corporation delivered record Q3 FY2026 results, beating EPS estimates by 34% and revenue estimates by 5.7% on the strength of advertising trends excluding the Super Bowl, Fox News dominance, and accelerating streaming growth. The 24% headline ad decline masks double-digit underlying ad growth — the comparison gap from the prior-year Super Bowl, not demand weakness. Fox One and Tubi are emerging as meaningful distribution-revenue drivers, while the addition of two NFL games and the upcoming FIFA World Cup provide catalysts into FY2027. The stock surged roughly 8% on the report, though shares remain well below the $71 analyst consensus target.
Reported Before market openNASDAQCommunication Services
$23.12B market cap
100quality score
Company context
Snapshot as of publicationFox Corporation is a prominent media conglomerate primarily focused on news, sports, and entertainment operations within the United States. Its business is structured across three main divisions: Cable Network Programming; Television; and a segment encompassing Other, Corporate, and Eliminations. The Cable Network Programming division is responsible for creating and licensing news, business news, and sports content. This content is then disseminated across the U.S. through both traditional and virtual multi-channel video programming distributors (MVPDs), as well as various other digital platforms. This segment's extensive portfolio includes well-known national cable channels such as FOX News (for general news) and FOX Business (for financial news), multi-sport networks FS1 and FS2, FOX Sports Racing (dedicated to motorsports), FOX Soccer Plus (featuring live soccer and rugby), FOX Deportes (a Spanish-language sports service), and the Big Ten Network.…
Earnings scorecard
Reported versus consensus
Reported EPS
$1.32
Consensus $1
EPS surprise
+33.6%
Reported versus consensus
Reported revenue
$3.99B
Consensus $3.78B
Revenue surprise
+5.7%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$52.34Current
$36Low
$65.89Average
$97High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| B of A Securities | Underperform | Buy | Downgrade | Feb 25, 2026 |
| Barclays | Equal Weight | Equal Weight | Maintain | Oct 8, 2023 |
| Rosenblatt | Neutral | Neutral | Maintain | Sep 4, 2023 |
| Citigroup | Neutral | Neutral | Maintain | Aug 16, 2023 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 8, 2023 |
| JP Morgan | Overweight | Overweight | Maintain | Aug 8, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | Aug 8, 2023 |
| Wells Fargo | Underweight | Equal Weight | Downgrade | Jul 9, 2023 |
| Argus Research | Hold | Buy | Downgrade | Apr 5, 2023 |
| Deutsche Bank | Buy | Buy | Maintain | Feb 8, 2023 |
| Loop Capital | Buy | Hold | Upgrade | Jan 24, 2023 |
| UBS | Buy | Buy | Maintain | Jan 8, 2023 |
| Guggenheim | Buy | Buy | Maintain | Jan 4, 2023 |
| Macquarie | Neutral | Neutral | Maintain | Jan 3, 2023 |
| Wolfe Research | Underperform | Peer Perform | Downgrade | Jan 2, 2023 |
| RBC Capital | Outperform | Outperform | Maintain | Nov 1, 2022 |
| Goldman Sachs | Sell | Sell | Maintain | Jul 25, 2022 |
| KeyBanc | Equal Weight | Sector Weight | Maintain | Dec 9, 2020 |
| Guggenheim Securities | Buy | Neutral | Upgrade | Nov 25, 2020 |
| BMO Capital | Perform | Market Perform | Maintain | Nov 5, 2020 |
| CFRA | Buy | Buy | Maintain | May 6, 2020 |
| Evercore ISI Group | In Line | Outperform | Downgrade | Apr 22, 2020 |
| Societe Generale | Hold | Sell | Upgrade | Apr 7, 2020 |
| Atlantic Equities | Neutral | Underweight | Upgrade | Mar 11, 2020 |
| Buckingham Research | Buy | Buy | Maintain | Feb 24, 2019 |
| B. Riley Securities | Buy | Buy | Maintain | Jun 21, 2018 |
| Pivotal Research | Hold | Buy | Downgrade | Jan 8, 2018 |
| OTR Global | Mixed | Positive | Downgrade | Jul 24, 2017 |
| Brean Capital | Buy | Hold | Upgrade | Dec 13, 2016 |
| Telsey Advisory Group | Market Perform | Outperform | Downgrade | Dec 11, 2016 |
| Jefferies | Buy | Buy | Maintain | Nov 21, 2016 |
| Bernstein | Market Perform | Outperform | Downgrade | Sep 15, 2016 |
| Pacific Crest | Overweight | Overweight | Maintain | May 4, 2016 |
| BTIG | Neutral | Buy | Downgrade | Mar 16, 2016 |
| Stifel | Buy | Buy | Maintain | Feb 8, 2016 |
| Cowen & Co. | Market Perform | Market Perform | Maintain | Feb 8, 2016 |
| Needham | Hold | Buy | Downgrade | Aug 23, 2015 |
| Sterne Agee | Buy | Buy | Maintain | Nov 23, 2014 |
| FBR Capital | Outperform | Outperform | Maintain | Oct 30, 2014 |
| ISI Group | Buy | Strong Buy | Downgrade | Jul 16, 2014 |
| Nomura | Buy | Buy | Maintain | Jul 1, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $52.34. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Redburn Partners | Hamilton Faber | $71 | $48.44 | +35.7% | Jul 10, 2026 |
| Guggenheim | Michael Morris | $85 | $64.65 | +62.4% | Dec 22, 2025 |
| CFRA | Kenneth Leon | $73 | $58.41 | +39.5% | Nov 3, 2025 |
| UBS | John Hodulik | $76 | $58.3 | +45.2% | Oct 31, 2025 |
| UBS | Analyst unavailable | $75 | $58.83 | +43.3% | Oct 30, 2025 |
| Fox Advisors | Andy Beale | $97 | $54.81 | +85.3% | Oct 28, 2025 |
| Stifel Nicolaus | Jim Duffy | $40 | $43.93 | -23.6% | Dec 11, 2024 |
| Guggenheim | Michael Morris | $44 | $36.19 | -15.9% | Aug 7, 2024 |
| UBS | Analyst unavailable | $42 | $29.54 | -19.8% | Jan 9, 2023 |
| Guggenheim | Analyst unavailable | $40 | $28.82 | -23.6% | Jan 5, 2023 |
| Fox Advisors | Douglas Mitchelson | $36 | $26.64 | -31.2% | Oct 17, 2022 |
Track every rating change on FOX the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+8.1%
Event window
SPY move
+0.2%
Same window
Abnormal move
+7.9%
Stock minus SPY
Volume
1.8×
Versus trailing sessions
Subsequent drift
-0.5%
Up to 20 sessions
FOXSPY benchmark
Follow FOX with an agent that reads every filing, transcript, and price print. Free to start.
Try FN2 freeTranscript intelligence
What changed
Revenue reached $4 billion with record adjusted EBITDA of $954 million (up 11%). EPS of $1.32 beat consensus of $0.99 by 34%. Headline advertising fell 24% due to the missing Super Bowl, but ex-Super Bowl ad revenue grew double-digits. Fox News posted its highest-ever Q3 advertising revenue and led total-day cable viewership. Tubi's Q3 revenue grew 23% with a 19% increase in total view time, driven by originals and creator-led content. Fox acquired rights to two additional NFL regular-season games, creating the first triple-header on broadcast TV. Share buybacks reached $1.95 billion year-to-date.
Guidance delta
Management maintained its outlook and expressed confidence in the brand portfolio and balance sheet. No explicit numerical guidance was issued, but management highlighted the FIFA World Cup and additional NFL game rights as revenue catalysts for FY2026-27. Capex outlook remains stable with disciplined capital allocation.
Key takeaways
- Record $4B revenue and $954M adjusted EBITDA (up 11%), with EPS of $1.32 beating estimates by 34%.
- Ex-Super Bowl advertising grew double-digits, offsetting the 24% headline decline from the prior-year comparison.
- Fox News posted its highest-ever Q3 ad revenue and topped total-day cable viewership.
- Tubi revenue grew 23% with 19% view-time growth, driven by originals and creator-led content.
- Fox added two NFL regular-season games, creating the first broadcast triple-header.
- Share buybacks totaled $1.95B year-to-date, reflecting balance-sheet confidence.
Management priorities
- Expand Fox One subscriber base and content slate across sports and news.
- Leverage FIFA World Cup across broadcast, Fox One, and Tubi platforms.
- Launch new scripted series including Baywatch and The Interrogator.
- Deepen the long-term NFL partnership and maximize sports rights value.
- Maintain disciplined capital allocation with continued buybacks and modest digital investment.
Related earnings events
Communication ServicesSources
- Earnings call transcript and parsed analysis · 2026-05-11T21:12:03.275020+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-30T23:51:41.207501+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-30T23:51:41.204144+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated . For educational purposes only; not investment advice.