Fox
FOXNASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $60.25 Prior regular-session close from the quote source.
- $59.43–$60.70 Regular-session low and high so far today.
- 732.9K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 3 projected Projected for 2027-02-03 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $44.08–$68.18 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own FOX if FOX’s cash-generative, live-news-and-sports content — funded by retransmission/distribution fees and large national ad sales — creates predictable free cash that management can deploy into DTC scale (Tubi/FOX One) and strategic M&A (Roku) to sustain.
FOX price history
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Investment thesis
What must happen next
Retransmission consent and distribution fees for live news and sports provide FOX with durable pricing power that anchors revenue and margins even as MVPD viewership shifts.StrengtheningMateriality: High
MD&A states approximately 47% of fiscal 2026 revenue was generated from distribution revenue (Item 7, MD&A). If distribution fees remain sticky, FOX preserves a high-margin, recurring revenue base that supports cash flow and dividends; if they erode, revenue and margins will be exposed quickly.
Watch: A sustained MVPD subscriber collapse or a major carriage dispute that forces FOX to concede retransmission fees (e.g., a multi-market blackout).
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A states approximately 47% of fiscal 2026 revenue was generated from distribution revenue (Item 7, MD&A).
Open source ↗Advertising exposure (~43% of FY26 revenue) makes FOX’s profitability and cash flow highly cyclical: national ad-market weakness will translate rapidly into lower net income and operating cash flow.HoldingMateriality: High
MD&A states approximately 43% of fiscal 2026 revenue was generated from advertising (Item 7, MD&A). If ad demand weakens, net income and operating cash flow will decline quickly, reducing ability to fund buybacks, streaming investment or merger cash needs.
Watch: Rapid monetization of Tubi/FOX One advertising (improved CPMs/targeting) that offsets linear ad weakness.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
MD&A states approximately 43% of fiscal 2026 revenue was generated from advertising (Item 7, MD&A).
Open source ↗If FOX scales Tubi and FOX One and monetizes viewers effectively, DTC revenue can offset MVPD declines and restore secular growth in revenue and earnings.HoldingMateriality: Medium
Business sections note Tubi as an AVOD service and FOX One was launched in August 2025 (Item 1, Business. Successful DTC monetization reduces reliance on MVPD retransmission economics and provides incremental high-growth ad/subscription revenue; failure leaves FOX exposed to linear declines.
Watch: Inability to raise Tubi/FOX One CPMs or subscriber ARPU because of stiff competition from larger streaming platforms.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Business sections note Tubi as an AVOD service and FOX One was launched in August 2025 (Item 1, Business.
Open source ↗The announced Roku acquisition materially increases execution and liquidity risk: FOX’s cash balance and operating cash flow are the primary buffers; if they don’t support the deal, FOX will need dilutive financing or asset sales.StrengtheningMateriality: Medium
FOX cash fell from $5,351,000,000 (fiscal 2025) to $4,205,000,000 (fiscal 2026). A financing-driven outcome (equity issuance, debt at higher cost, or asset divestiture) would dilute returns and could lower the stock multiple; successful integration would be accretive to scale and ad reach.
Watch: Failure to obtain antitrust/foreign investment approvals leading to alternative financing or a terminated deal with fees.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FOX cash fell from $5,351,000,000 (fiscal 2025) to $4,205,000,000 (fiscal 2026).
Open source ↗
Full investment case & evidence
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Original research
Retransmission consent and distribution fees for live news and sports provide FOX with durable pricing power that anchors revenue and margins even as MVPD viewership shifts. If distribution fees remain sticky, FOX preserves a high-margin, recurring revenue base that supports cash flow and dividends; if they erode, revenue and margins will be exposed quickly.
Advertising exposure (~43% of FY26 revenue) makes FOX’s profitability and cash flow highly cyclical: national ad-market weakness will translate rapidly into lower net income and operating cash flow. If ad demand weakens, net income and operating cash flow will decline quickly, reducing ability to fund buybacks, streaming investment or merger cash needs.
If FOX scales Tubi and FOX One and monetizes viewers effectively, DTC revenue can offset MVPD declines and restore secular growth in revenue and earnings. Successful DTC monetization reduces reliance on MVPD retransmission economics and provides incremental high-growth ad/subscription revenue; failure leaves FOX exposed to linear declines.
The announced Roku acquisition materially increases execution and liquidity risk: FOX’s cash balance and operating cash flow are the primary buffers; if they don’t support the deal, FOX will need dilutive financing or asset sales. A financing-driven outcome (equity issuance, debt at higher cost, or asset divestiture) would dilute returns and could lower the stock multiple; successful integration would be accretive to scale and ad reach.
All standing thesis claims
Original report summary
FOX’s cash-generative, live-news-and-sports content — funded by retransmission/distribution fees and large national ad sales — creates predictable free cash that management can deploy into DTC scale (Tubi/FOX One) and strategic M&A (Roku) to sustain.
Bull case and bear case
Bull case and bear case for FOX
Where the evidence on FOX stands: Holding on the latest evidence (Nov 4, 2026). Of its 4 thesis points, 2 strengthening and 2 holding.
Bull case: what the evidence supports
Retransmission consent and distribution fees for live news and sports provide FOX with durable pricing power that anchors revenue and margins even as MVPD viewership shifts.
Advertising exposure (~43% of FY26 revenue) makes FOX’s profitability and cash flow highly cyclical: national ad-market weakness will translate rapidly into lower net income and operating cash flow.
If FOX scales Tubi and FOX One and monetizes viewers effectively, DTC revenue can offset MVPD declines and restore secular growth in revenue and earnings.
The announced Roku acquisition materially increases execution and liquidity risk: FOX’s cash balance and operating cash flow are the primary buffers; if they don’t support the deal, FOX will need dilutive financing or asset sales.
Bear case: what would count against it
A sustained MVPD subscriber collapse or a major carriage dispute that forces FOX to concede retransmission fees (e.g., a multi-market blackout).
Rapid monetization of Tubi/FOX One advertising (improved CPMs/targeting) that offsets linear ad weakness.
Inability to raise Tubi/FOX One CPMs or subscriber ARPU because of stiff competition from larger streaming platforms.
Thesis-Break Engine
What has broken in FOX’s thesis
Each break OptimistFi flagged on FOX, dated — with what has historically followed the same kind of break across the market, not a forecast for FOX.
- CEO / officer changecondition set before this filing
Across all companies, this kind of break has happened 16,849 times before. Those stocks trailed comparable companies by a median of 2% over the next six months, and 38% of them trailed it by 10 points or more.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
FOX filed an SEC 8-K on 2026-11-02: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedDirector or principal officer change.
FOX filed an SEC 8-K on 2026-10-20: Director or principal officer change. It is a dated development that tests the current thesis.
- MixedOther material event.
FOX filed an SEC 8-K on 2026-10-06: Other material event. It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A sustained MVPD subscriber collapse or a major carriage dispute that forces FOX to concede retransmission fees (e.g., a multi-market blackout).
- Rapid monetization of Tubi/FOX One advertising (improved CPMs/targeting) that offsets linear ad weakness.
- Inability to raise Tubi/FOX One CPMs or subscriber ARPU because of stiff competition from larger streaming platforms.
- Failure to obtain antitrust/foreign investment approvals leading to alternative financing or a terminated deal with fees.
FOX news
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Financial statements
FOX income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
FOX: quick answers
- When does FOX (FOX) report earnings next?
- FOX's next results are projected for February 3, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 2, 2026. Earnings calendar
- What is FOX's short interest?
- As of October 30, 2026, 9.0M FOX shares were sold short, 4.11% of its shares outstanding, unchanged from the count before. At the stock's average daily volume that is 12 days to cover. FINRA publishes the count twice a month. FOX short interest history
- Have members of Congress traded FOX?
- 27 trades in FOX have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed FOX trade
- Which well-known investors own FOX?
- 1 of the 37 well-known funds tracked here reported FOX shares in their latest 13F filing. By share of the fund's portfolio: Duquesne Family Office (Stanley Druckenmiller), 0.6%. Fund portfolios
FOX in well-known investors’ portfolios
1 of 37 funds reported FOX shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Stanley DruckenmillerDuquesne Family Office | 0.57% | $29.6M | New | Q2 2026 |