AI Takeaway
FOX Corporation reported Q3 FY2026 revenue of $3.99B, down 8.6% YoY, with EPS falling nearly 49% to $0.38, while the company aggressively returned capital via $1.9B in share buybacks year-to-date.
Revenue
$3.99B
-8.63% YoY
EPS (Basic)
$0.39
-48.68% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q filing
Total revenue fell 8.6% YoY to $3.99B in Q3 FY2026 from $4.37B in the prior-year period, likely reflecting the absence of major political advertising spend and sports rights timing shifts that boosted the prior year's comparable quarter.
Source: Source: 10-Q Income Statement
Basic EPS dropped 48.7% YoY to $0.39 and diluted EPS fell 49.3% to $0.38, indicating that net income declined substantially beyond the revenue drop, suggesting higher costs or lower non-operating income relative to the prior year.
Source: Source: 10-Q Income Statement
FOX executed $1.9B in share buybacks on a fiscal year-to-date basis through Q3 FY2026, a 153.3% increase over the $750M repurchased in the same period last year, demonstrating strong management confidence and commitment to shareholder returns.
Source: Source: 10-Q Cash Flow Statement
2 more insights available
Upgrade to unlockFOX's advertising revenue is heavily influenced by U.S. election cycles, with political ad spending creating significant revenue swings between election and non-election years. The 8.6% revenue decline in Q3 FY2026 may partly reflect the absence of the elevated political ad spend seen in the prior-year election cycle. This cyclicality makes year-over-year comparisons volatile and can mislead investors about underlying business trends.
Source: Source: 10-Q Income Statement
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $1.32 versus the $0.99 analyst consensus — a +33.9% beat for Q3 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $3.99B | $4.37B | -8.63% |
EPS (Basic) | $0.39 | $0.76 | -48.68% |
EPS (Diluted) | $0.38 | $0.75 | -49.33% |
SG&A Expense | $546M | $551M | -0.91% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $21.78B | $23.37B | -6.78% |
Current Assets | $7.54B | $8.75B | -13.84% |
Current Liabilities | $2.6B | $3.57B | -27.03% |
Stockholders' Equity | $10.97B | $11.53B | -4.83% |
Long-Term Debt | $6.61B | $6.6B | +0.06% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash FlowYTD | $1.1B | $1.81B | -39.09% |
Investing Cash FlowYTD | $-543M | $-407M | -33.42% |
Financing Cash FlowYTD | $-2.31B | $-908M | -154.41% |
Dividends PaidYTD | $275M | $267M | +3.00% |
Share BuybacksYTD | $1.9B | $750M | +153.33% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Current Ratio | $2.896 | — | — |
Other companies in Broadcasting
FOX reported Q3 FY2026 revenue of $3.99B, down 8.6% from $4.37B in the same quarter last year. The decline is likely tied to the absence of major political advertising revenue that elevated the prior-year comparable period during the U.S. election cycle.
FOX's diluted EPS fell 49.3% YoY to $0.38 in Q3 FY2026, compared to $0.75 in the prior year. The disproportionate decline relative to the 8.6% revenue drop suggests that costs did not fall proportionally or that non-operating income was lower, amplifying the earnings impact.
Yes — FOX has repurchased $1.9B in shares on a fiscal year-to-date basis through Q3 FY2026, a 153.3% increase over the $750M bought back in the same period last year. This aggressive buyback pace exceeded the company's $1.10B in YTD operating cash flow, suggesting it drew on existing cash reserves.
FOX maintains solid liquidity with a current ratio of approximately 2.90, meaning current assets of $7.54B comfortably cover current liabilities of $2.60B. Long-term debt is stable at $6.61B, and stockholders' equity stands at $10.97B, though the sharp decline in operating cash flow warrants monitoring.
The key risks include FOX's heavy dependence on political advertising cycles, which creates significant revenue volatility between election and non-election years, and the fact that EPS fell nearly 49% on only an 8.6% revenue decline, highlighting high earnings sensitivity. Additionally, year-to-date operating cash flow dropped 39.1% to $1.10B while buybacks totaled $1.9B, meaning the company is returning more cash than it is generating operationally.