Detailed financial statements for Fox Corporation (FOXA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Fox Corporation (FOXA) is a prominent U.S.-based media entity, primarily engaged in the creation and distribution of news, sports, and entertainment content. Its operational framework is divided into three main segments: Cable Network Programming, Television, and a category for "Other, Corporate and Eliminations." The Cable Network Programming segment is dedicated to developing and licensing a broad spectrum of news, business news, and sports programming.
Analysis Summary
Fox Corporation reported revenue of $17.13B in the most recent fiscal year, growing at a 5-year CAGR of 5.8%. Net income reached $1.69B, with a -4.8% 5-year CAGR.
Trailing-twelve-month margins: gross margin 34.1%, operating margin 23.0%, net margin 11.3%. Free cash flow grew at -7.4% CAGR over 5 years.
At $62.76 (closing price, November 2, 2026), FOXA trades at a P/E of 13.32 and an ROE of 17.65%. Market capitalisation stands at $26.5B, placing it among large-cap names.
Balance sheet quality for FOXA: debt-to-equity ratio of 0.53, current ratio of 3.79 over the last 12 months, net debt of $3.36B at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is decent: free cash flow of $1.47B represents 87% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.92B | $10.15B | $11.39B | $12.30B | $12.91B | $13.97B | $14.91B | $13.98B | $16.30B | $17.13B |
| Cost of Revenue | $6.10B | $6.50B | $7.33B | $7.81B | $8.04B | $9.12B | $9.69B | $9.09B | $10.52B | $10.85B |
| Gross Profit | $3.82B | $3.65B | $4.06B | $4.50B | $4.87B | $4.86B | $5.22B | $4.89B | $5.78B | $6.27B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.12B | $1.26B | $1.42B | $1.76B | $1.84B | $1.94B | $2.08B | $2.05B | $2.18B | $2.38B |
| Operating Expenses | $1.12B | $1.26B | $1.42B | $1.76B | $1.84B | $1.94B | $2.08B | $2.05B | $2.18B | $2.38B |
| Operating Income | $2.70B | $2.39B | $2.64B | $2.74B | $3.04B | $2.92B | $3.14B | $2.84B | $3.60B | $3.90B |
| EBITDA | $2.76B | $2.44B | $2.68B | $2.76B | $3.06B | $2.87B | $3.10B | $2.83B | $3.51B | $3.88B |
| Interest Expense | $23.0M | $43.0M | $203.0M | $369.0M | $395.0M | $377.0M | $349.0M | $405.0M | $403.0M | $324.0M |
| Pre-tax Income | $2.24B | $2.17B | $2.22B | $1.46B | $2.92B | $1.69B | $1.74B | $2.10B | $3.06B | $2.28B |
| Income Tax | $832.0M | -$58.0M | $581.0M | $402.0M | $717.0M | $461.0M | $483.0M | $550.0M | $768.0M | $551.0M |
| Net Income | $1.37B | $2.19B | $1.59B | $999.0M | $2.15B | $1.21B | $1.24B | $1.50B | $2.26B | $1.69B |
| EPS | $2.21 | $3.53 | $2.57 | $1.62 | $3.61 | $2.11 | $2.33 | $3.14 | $4.97 | $3.97 |
| EPS (Diluted) | $2.21 | $3.53 | $2.57 | $1.62 | $3.61 | $2.11 | $2.33 | $3.13 | $4.91 | $3.90 |
| Shares Outstanding (Diluted) | 620.0 M | 620.0 M | 621.0 M | 616.0 M | 595.0 M | 570.0 M | 531.0 M | 480.0 M | 461.0 M | 432.0 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $5.18B | $3.99B | $4.21B | $4.57B |
| Gross Profit | $1.29B | $1.50B | $1.83B | $1.51B |
| Operating Income | $692.0M | $954.0M | $971.0M | $1.51B |
| EBITDA | $688.0M | $939.0M | $1.12B | $1.51B |
| Net Income | $229.0M | $166.0M | $691.0M | $943.0M |
| EPS | $0.53 | $0.39 | $1.63 | $2.24 |
| EPS (Diluted) | $0.52 | $0.38 | $1.61 | $2.20 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $19.0M | $2.50B | $3.23B | $4.64B | $5.89B | $5.20B | $4.27B | $4.32B | $5.35B | $4.21B |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $1.69B | $1.83B | $1.97B | $1.89B | $2.03B | $2.13B | $2.18B | $2.36B | $2.47B | $3.46B |
| Inventory | $1.05B | $1.18B | $1.13B | $856.0M | $729.0M | $791.0M | $543.0M | $626.0M | $432.0M | $487.0M |
| Total Current Assets | $2.81B | $5.58B | $6.48B | $7.49B | $8.75B | $8.28B | $7.26B | $7.50B | $8.43B | $8.45B |
| Property, Plant & Equipment | $1.12B | $1.17B | $1.31B | $1.50B | $2.18B | $2.16B | $2.65B | $2.60B | $1.71B | $1.84B |
| Goodwill | $2.75B | $2.75B | $2.69B | $3.41B | $3.44B | $3.55B | $3.56B | $3.54B | $3.64B | $3.65B |
| Intangible Assets | $3.12B | $2.87B | $2.85B | $3.20B | $3.15B | $3.16B | $3.08B | $3.04B | $2.97B | $2.87B |
| Total Assets | $10.35B | $13.12B | $19.51B | $21.75B | $22.93B | $22.18B | $21.87B | $21.97B | $23.20B | $22.48B |
| Accounts Payable | $478.0M | $380.0M | 0 | $485.0M | $659.0M | $686.0M | $785.0M | $683.0M | 0 | 0 |
| Short-term Debt | 0 | 0 | 0 | 0 | $749.0M | 0 | $1.25B | $599.0M | 0 | 0 |
| Total Current Liabilities | $2.04B | $1.76B | $1.71B | $1.91B | $3.00B | $2.30B | $3.76B | $2.95B | $2.90B | $2.67B |
| Long-term Debt | 0 | 0 | $6.75B | $7.95B | $7.20B | $7.21B | $5.96B | $6.60B | $6.60B | $6.61B |
| Total Liabilities | $4.10B | $3.25B | $9.36B | $11.33B | $11.54B | $10.62B | $11.21B | $10.92B | $10.84B | $10.67B |
| Retained Earnings | 0 | 0 | $357.0M | $674.0M | $1.98B | $2.46B | $2.27B | $3.14B | $4.48B | $4.46B |
| Total Equity | $6.09B | $9.59B | $9.95B | $10.09B | $11.12B | $11.34B | $10.38B | $10.71B | $11.96B | $11.63B |
| Total Debt | 0 | 0 | $6.75B | $8.52B | $8.45B | $7.72B | $8.21B | $8.15B | $7.46B | $7.57B |
| Net Debt | -$19.0M | -$2.50B | $3.52B | $3.88B | $2.57B | $2.52B | $3.94B | $3.83B | $2.11B | $3.36B |
| Working Capital | $765.0M | $3.82B | $4.77B | $5.58B | $5.75B | $5.99B | $3.49B | $4.55B | $5.53B | $5.79B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $4.37B | $2.02B | $3.60B | $4.21B |
| Total Assets | $22.77B | $21.47B | $21.78B | $22.48B |
| Total Liabilities | $10.37B | $10.35B | $10.62B | $10.67B |
| Total Equity | $12.21B | $10.93B | $10.97B | $11.63B |
| Total Debt | $7.45B | $8.34B | $7.57B | $7.57B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $1.41B | $2.23B | $1.64B | $1.06B | $2.20B | $1.23B | $1.25B | $1.55B | $2.29B | $1.73B |
| Depreciation & Amortization | $169.0M | $171.0M | $212.0M | $258.0M | $300.0M | $363.0M | $411.0M | $389.0M | $385.0M | $410.0M |
| Stock-based Compensation | 0 | 0 | $36.0M | $137.0M | $147.0M | $102.0M | $74.0M | $90.0M | $135.0M | $132.0M |
| Change in Working Capital | -$368.0M | -$587.0M | $164.0M | $220.0M | -$21.0M | -$683.0M | -$270.0M | -$570.0M | $466.0M | -$1.55B |
| Operating Cash Flow | $1.66B | $1.32B | $2.52B | $2.37B | $2.64B | $1.88B | $1.80B | $1.84B | $3.32B | $1.97B |
| Capital Expenditure | -$191.0M | -$215.0M | -$235.0M | -$359.0M | -$484.0M | -$307.0M | -$357.0M | -$345.0M | -$331.0M | -$502.0M |
| Acquisitions | 0 | $354.0M | 0 | -$1.00B | $42.0M | -$160.0M | 0 | 0 | -$97.0M | -$8.0M |
| Stock Repurchased | 0 | 0 | 0 | -$600.0M | -$1.00B | -$1.00B | -$2.00B | -$1.00B | -$1.00B | -$2.00B |
| Dividends Paid | -$35.0M | -$77.0M | -$6.69B | -$335.0M | -$330.0M | -$307.0M | -$299.0M | -$281.0M | -$277.0M | -$287.0M |
| Free Cash Flow | $1.46B | $1.10B | $2.29B | $2.01B | $2.15B | $1.58B | $1.44B | $1.50B | $2.99B | $1.47B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$130.0M | -$669.0M | $1.90B | $867.0M |
| Capital Expenditure | -$104.0M | -$122.0M | -$135.0M | -$141.0M |
| Free Cash Flow | -$234.0M | -$791.0M | $1.77B | $726.0M |
| Dividends Paid | -$138.0M | -$9.0M | -$128.0M | -$12.0M |
| Stock-based Compensation | $28.0M | $32.0M | $30.0M | $42.0M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2.3% | +12.2% | +8.0% | +4.9% | +8.3% | +6.7% | -6.3% | +16.6% | +5.1% | |
| Net Income Growth (YoY) | +59.4% | -27.1% | -37.4% | +115.2% | -44.0% | +2.8% | +21.1% | +50.8% | -25.5% | |
| EPS Growth (YoY) | +59.7% | -27.2% | -37.0% | +122.8% | -41.6% | +10.4% | +34.8% | +58.3% | -20.1% | |
| Shares Change (YoY) | +0.0% | +0.2% | -0.8% | -3.4% | -4.2% | -6.8% | -9.6% | -4.0% | -6.3% | |
| FCF Growth (YoY) | -24.7% | +107.7% | -12.4% | +7.4% | -26.8% | -8.5% | +3.6% | +100.2% | -51.0% | |
| Gross Margin | 38.5% | 35.9% | 35.7% | 36.5% | 37.7% | 34.8% | 35.0% | 35.0% | 35.5% | 36.6% |
| Operating Margin | 27.3% | 23.5% | 23.2% | 22.3% | 23.5% | 20.9% | 21.1% | 20.3% | 22.1% | 22.7% |
| EBITDA Margin | 27.8% | 24.0% | 23.5% | 22.4% | 23.7% | 20.5% | 20.8% | 20.3% | 21.6% | 22.7% |
| Net Margin | 13.8% | 21.5% | 14.0% | 8.1% | 16.7% | 8.6% | 8.3% | 10.7% | 13.9% | 9.8% |
| FCF Margin | 14.8% | 10.9% | 20.1% | 16.3% | 16.7% | 11.3% | 9.7% | 10.7% | 18.4% | 8.6% |
| Effective Tax Rate | 37.1% | -2.7% | 26.1% | 27.5% | 24.6% | 27.2% | 27.8% | 26.1% | 25.1% | 24.2% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.36 | $1.78 | $3.69 | $3.26 | $3.62 | $2.77 | $2.72 | $3.11 | $6.49 | $3.40 |
| Dividends Per Share | $0.06 | $0.12 | $10.77 | $0.54 | $0.55 | $0.54 | $0.56 | $0.59 | $0.60 | $0.66 |
| Shares Outstanding (Basic) | 620.0 M | 620.0 M | 621.0 M | 616.0 M | 595.0 M | 570.0 M | 531.0 M | 478.0 M | 461.0 M | 424.0 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 17.65% |
| Return on Invested Capital | 14.99% |
| Return on Assets | 8.79% |
| Gross Margin | 34.11% |
| Operating Margin | 22.96% |
| Net Margin | 11.30% |
Financial Health
| Debt / Equity | 0.53 |
| Current Ratio | 3.79 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 3.09 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 12.61 | 13.96 | 13.99 | 16.57 | 9.75 | 14.08 | 13.69 | 10.13 | 10.39 | 11.80 |
| P/B | 2.84 | 3.18 | 2.25 | 1.64 | 1.88 | 1.49 | 1.63 | 1.42 | 1.99 | 1.71 |
| P/S | 1.74 | 3.01 | 1.96 | 1.34 | 1.62 | 1.21 | 1.14 | 1.09 | 1.46 | 1.16 |
| Gross Margin | 38.5% | 35.9% | 35.7% | 36.5% | 37.7% | 34.8% | 35.0% | 35.0% | 35.5% | 36.6% |
| Operating Margin | 27.3% | 23.5% | 23.2% | 22.3% | 23.5% | 20.9% | 21.1% | 20.3% | 22.1% | 22.7% |
| Net Margin | 13.8% | 21.5% | 14.0% | 8.1% | 16.7% | 8.6% | 8.3% | 10.7% | 13.9% | 9.8% |
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