Fox Reports Mixed Q3 FY26 Results: GAAP Net Income Halves, Adjusted EBITDA Rises
FOXA sits 28% above its 52-week low of $50.03.
Summary
Fox Corp reported a 52% decline in GAAP net income for Q3 FY26, but saw increases in adjusted net income and Adjusted EBITDA, with revenue impacted by the absence of the Super Bowl broadcast.
Key Events · Earnings and Guidance · FOXA
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GAAP Net Income and EPS Decline
Net income attributable to Fox Corporation stockholders fell 52% to $166 million ($0.38 per share) for the quarter ended March 31, 2026, compared to $346 million ($0.75 per share) in the prior year quarter.
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Adjusted Profit Growth
Adjusted net income attributable to stockholders increased 12% to $570 million ($1.32 per share), and Adjusted EBITDA rose 11% to $954 million, demonstrating operational improvements.
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Revenue Decrease Driven by Super Bowl Comparison
Total quarterly revenue decreased 9% to $3.99 billion from $4.37 billion in the prior year, primarily due to the absence of the Super Bowl LIX broadcast, partially offset by distribution growth, an additional NFL Wild Card game, and Tubi's digital growth.
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Ongoing Share Repurchase Program
The company repurchased $100 million ($50 million Class A and $50 million Class B) of its common stock during the quarter, with a remaining authorization of $3.5 billion.
Analysis · FOXA · Technology
Fox Corp's latest earnings report presents a mixed financial picture. While GAAP net income and EPS saw significant declines, primarily due to the absence of the Super Bowl broadcast in the prior year's comparable quarter, the company's adjusted net income and Adjusted EBITDA showed healthy growth. This indicates underlying operational strength when accounting for non-recurring events. The ongoing share repurchase program also signals management's commitment to returning capital to shareholders.
At the time of this filing, FOXA was trading at $64.00 on NASDAQ in the Technology sector, with a market capitalization of approximately $25.3B. The 52-week trading range was $50.03 to $76.39. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.