A month has gone by since the last earnings report for Fox (FOXA Quick QuoteFOXA - Free Report) . Shares have added about 3.3% in that time frame, outperforming the S&P 500.

Will the recent positive trend continue leading up to its next earnings release, or is Fox due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts.

FOXA Q3 Earnings Surpass Estimates, Revenues Decline Y/Y

Fox Corporation reported third quarter fiscal 2026 adjusted earnings of $1.32 per share, which surpassed the Zacks Consensus Estimate by 29.41%. The figure increased 20% year over year.

Revenues declined 9% year over year to $3.99 billion, surpassing the consensus mark by 5.3%.

Distribution revenues (52.8% of total revenues) increased 3% year over year to $2.11 billion, driven by 5% growth at the Cable Network Programming segment, partially offset by a 1% decline at the Television segment.

Advertising revenues (38.9% of total revenues) declined 24% year over year to $1.56 billion, primarily due to the absence of the prior year broadcast of Super Bowl LIX, partially offset by the broadcast of an additional NFL Wild Card game and continued digital growth led by the Tubi AVOD service. 

Tubi, Fox Corporation's ad-supported streaming service, reaches over 100 million monthly active users, with more than half identifying as Gen Z or Millennial.

Content and other revenues (8.3% of total revenues) increased 12% year over year to $331 million, primarily driven by higher sports sublicensing revenue.

Top-Line Details

Cable Network Programming revenues (43.6% of total revenues) increased 6% year over year to $1.74 billion.

Distribution revenues grew 5%, as contractual price increases were partially offset by net subscriber declines. 

Advertising revenues rose 5%, driven by higher news pricing and the current year broadcast of the World Baseball Classic, partially offset by lower ratings. Content and other revenues increased 24% year over year, reflecting higher sports sublicensing revenue.

Television revenues (55% of total revenues) declined 19% year over year to $2.2 billion. Advertising revenues decreased 30%, primarily due to the absence of the prior year Super Bowl LIX broadcast. 

Distribution revenues declined 1% year over year, reflecting the impact of net subscriber declines. Content and other revenues increased 2% year over year to $173 million, driven by higher entertainment content revenue. 

FOX Sports is set to deliver a monumental 340 hours of first-run programming for the FIFA World Cup 2026, with a record 70 matches airing on the FOX network and all 104 matches streaming live and on-demand in 4K on FOX One, serving as a significant advertising and distribution catalyst for the fourth quarter of fiscal 2026.

Operating Details

In the third quarter of fiscal 2026, operating expenses decreased 16% year over year to $2.49 billion. As a percentage of revenues, operating expenses contracted 540 basis points (bps) to 62.4%.

Selling, general and administrative (SG&A) expenses declined 1% year over year to $546 million. As a percentage of revenues, SG&A expenses expanded 110 bps to 13.7%.

Total adjusted EBITDA increased 11% year over year to $954 million. Adjusted EBITDA margin expanded 430 bps to 23.9%.

Cable Network Programming EBITDA rose 1% year over year to $884 million. Television reported adjusted EBITDA of $191 million, compared to $60 million in the prior year quarter, as lower sports programming rights amortization and production costs in the absence of the Super Bowl LIX broadcast more than offset the revenue decline.

Balance Sheet

As of March 31, 2026, Fox had $3.6 billion in cash and cash equivalents compared with $2.02 billion as of December 31, 2025.

As of March 31, 2026, Fox's total borrowings stood at $6.6 billion, unchanged from $6.6 billion as of December 31, 2025.

How Have Estimates Been Moving Since Then?

In the past month, investors have witnessed a upward trend in estimates review.

VGM Scores

Currently, Fox has a subpar Growth Score of D, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a score of C on the value side, putting it in the middle 20% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

Outlook

Estimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise Fox has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

Performance of an Industry Player

Fox is part of the Zacks Broadcast Radio and Television industry. Over the past month, Sirius XM (SIRI Quick QuoteSIRI - Free Report) , a stock from the same industry, has gained 5.5%. The company reported its results for the quarter ended March 2026 more than a month ago.

Sirius XM reported revenues of $2.09 billion in the last reported quarter, representing a year-over-year change of +1.1%. EPS of $0.72 for the same period compares with $0.59 a year ago.

Sirius XM is expected to post earnings of $0.78 per share for the current quarter, representing a year-over-year change of +36.8%. Over the last 30 days, the Zacks Consensus Estimate remained unchanged.

Sirius XM has a Zacks Rank #3 (Hold) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of A.