Fox Corporation

foxcorporation.com

What Do They Do?

Produces and distributes news, sports and entertainment content for viewers, advertisers and programming distributors.

How Do They Make Money?

Programming distributors pay monthly fees to carry FOX networks and stations, and streaming subscribers pay monthly or annual access fees. Advertisers buy commercial time and digital ads across networks, stations and digital properties.

revenue

Segment	Share	Revenue	How money arrives
Cable Network Programming Recurring	43% FY2023: 41%		Recurring
Television	56% FY2023: 58%

Who Are Their Customers?

Programming distributors carry FOX networks and stations, while advertisers buy commercial time and digital ads; consumers can subscribe directly to FOX streaming services.

Do Revenues Turn Into Profits?

Yes. It kept 10 cents of every revenue dollar as net income in FY2026 and turned 9 cents into free cash flow.

Net income, FY2026

10% of revenue

▼ −25% vs FY2025 ($2.3B, 14%)

Free cash flow, FY2026

9% of revenue

▼ −51% vs FY2025 ($3B, 18%)

How Are They Changing?

Since the FY2026 annual report

Sep 8, 2026 DOJ requests more information, extending review of proposed Roku merger FOX expects the merger to close in the first half of calendar year 2027, subject to approvals and other closing conditions.

Growing. Revenue grew 23% in 4 years, from $14B in FY2022 to $17.1B in FY2026, about 5% a year.

Revenue over time

Cable Network Programming Television Other, Corporate and Eliminations

$20B$10B$0

FY2022 FY2023 FY2024 FY2025 FY2026

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