Key insights
- Fox Corp's upcoming earnings report is expected to show YoY declines in revenue and EPS due to seasonality. Investors are focused on the growth of Fox's streaming platforms, particularly Tubi and FOX One, and their ability to offset revenue declines. The FIFA World Cup 2026 presents a significant opportunity for streaming growth. Positive surprises in streaming revenue could provide a slight boost to the broader market sentiment.
Fox Corporation reports third-quarter fiscal 2026 results before the market opens Monday, May 11, with analysts expecting the media giant to post results well below its December quarter blowout but show signs of momentum in streaming ahead of this summer’s FIFA World Cup.
Wall Street anticipates earnings of $0.99 per share on revenue of $3.78 billion, representing year-over-year declines of 10% and 14%, respectively. The expected weakness reflects typical March quarter seasonality—a sharp sequential drop from the December period’s $5.18 billion in revenue—as the company laps peak NFL playoff and holiday advertising revenue. Fox’s business spans FOX News Media, FOX Sports, Tubi Media Group, FOX Entertainment and FOX Television Stations.
EPS estimates have risen 1.41% over the past 60 days, suggesting analysts have gained confidence despite the challenging year-over-year comparisons. Revenue estimates have remained essentially flat over the same period. The stock trades at $56.50, giving Fox a market capitalization of $25.28 billion and a forward price-to-earnings ratio of 12.23. Analysts rate the stock a Buy with a mean price target of $57.33, implying modest 1.5% upside.
Last quarter, Fox crushed expectations with adjusted EPS of $0.82, beating the $0.49 consensus by 67%. Revenue of $5.18 billion also topped forecasts, driven by strong NFL ratings and robust political advertising during the election period.
What Investors Are Watching
The key question is whether Fox’s streaming initiatives can demonstrate enough growth to offset the expected quarterly softness. Fox Sports will broadcast all 104 matches of the FIFA World Cup 2026 beginning June 11, a major opportunity for its FOX One direct-to-consumer streaming platform launched to compete with traditional cable bundles. In the prior quarter, growth at ad-supported streaming platform Tubi and stronger pricing around NFL broadcasts fueled a 6% rise in advertising revenue.
Investors will also scrutinize commentary around sports rights economics. CEO Lachlan Murdoch said last month the company was already paying "market price" for NFL rights, pushing back against the league’s efforts to negotiate higher fees mid-contract. How Fox balances premium sports investments with profitability will be critical as streaming competitors like Netflix and YouTube vie for similar content.
Finally, advertisers’ appetite heading into the typically softer spring and early summer months bears watching, particularly as Fox prepares for what could be a ratings bonanza when the World Cup kicks off in five weeks.
The results will offer a window into whether Fox’s dual strategy—maintaining dominance in live news and sports while building digital platforms—can sustain growth even during seasonally weak periods.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.