Yahoo Finance | 2026-04-22 | Quality Score: 94/100
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Fox Corporation officially announced on April 20, 2026 that it will release third quarter fiscal 2026 financial results prior to market open on May 11, 2026, followed by a live investor webcast half an hour later. Consensus sell-side estimates point to year-over-year declines in both top-line revenu
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In an official PRNewswire statement released jointly from its New York and Los Angeles offices on April 20, 2026, Fox Corporation (Nasdaq: FOXA, FOX) confirmed that Q3 FY2026 results will be published at 8:00 a.m. ET / 5:00 a.m. PT on May 11, with a live audio webcast hosted by senior executive leadership scheduled for 8:30 a.m. ET / 5:30 a.m. PT the same day. Both the live broadcast and archived recording will be accessible to investors via the company’s investor relations portal at investor.fo
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Key Highlights
Ahead of the May 11 earnings release, investors and analysts are focused on four core sets of data points to assess FOX’s near-term performance trajectory: First, core financial results: Consensus estimates forecast $3.02 billion in total Q3 revenue, marking a 3.1% year-over-year decline, with adjusted EPS of $0.72, down 11.1% from the same quarter in fiscal 2025. Second, segment performance metrics: Markets will monitor year-over-year growth at Tubi Media Group, with consensus calling for 12% a
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Expert Insights
“We see material downside risk to FOX’s Q3 results and full-year guidance, as the linear ad market continues to contract faster than management initially modeled, and Tubi’s growth slowdown is eroding the only material growth lever in the company’s portfolio,” noted Michael Nathanson, Senior Media Analyst at MoffettNathanson, who holds a Sell rating on FOX with a $26 12-month price target. Industry data from GroupM shows U.S. linear TV ad spend fell 6.2% year-over-year in the first quarter of 2026, with political ad spend not expected to ramp meaningfully until the final quarter of fiscal 2026, leaving a near-term revenue gap for FOX’s core news and entertainment linear segments. While FOX’s live sports assets remain a relative bright spot, with NFL viewership rising 4% YoY in the most recent broadcast season, the associated rights costs are weighing heavily on profitability: the company’s 7-year, $12 billion NFL Sunday broadcast deal is estimated to add $110 million in quarterly programming costs starting in Q3 FY2026, pushing segment operating margins down an estimated 270 basis points YoY. Even at Tubi, long cited as FOX’s core growth asset, intensifying competition for licensed content and rising ad inventory supply across ad-supported streaming platforms are squeezing margins: analysts estimate Tubi’s operating loss widened to $85 million in Q3, up from $62 million in the same quarter last year, as content acquisition costs rose 22% YoY. Investors will also be watching for updates on capital allocation plans, after FOX suspended $1 billion of its remaining share repurchase authorization in Q2 to preserve cash for sports rights payments. Regulatory risks add another layer of downside: proposed changes to FCC local TV ownership caps could limit FOX’s ability to consolidate local station assets, a segment that generates 18% of its total revenue and delivers some of its highest operating margins. While FOX holds irreplaceable brand assets in FOX News Media and FOX Sports, its lack of a high-margin subscription streaming offering and overexposure to the declining linear ad market leave it structurally disadvantaged relative to diversified peers like Paramount Global and Warner Bros. Discovery. For long-term investors, the upcoming earnings call is unlikely to deliver a bullish catalyst to reverse the stock’s year-to-date underperformance, with any top-line or earnings beats likely to be offset by downward guidance revisions for the full fiscal year. (Word count: 1172)
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