FOXA earnings analysis
What we found in FOXA's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Fox Corporation's Q3 2026 results show a significant decline in revenue and net income compared to the previous year, primarily due to a 24% decrease in advertising revenue stemming from the absence of a Super Bowl broadcast. Despite this, the company saw growth in the Cable Network Programming segment, contributing to slight gains in Distribution and Content revenues. Management anticipates continued revenue growth driven by sports and digital content initiatives.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline in Q3 2026
- Total revenues decreased by $377 million or 9% to $3.994 billion compared to Q3 2025.
- Significant Net Income Drop
- Net income fell 51% to $175 million for Q3 2026, down from $354 million in Q3 2025.
- Operating Expense Reduction
- Operating expenses decreased by $471 million or 16% to $2.494 billion, primarily due to lower sports programming costs.
- Positive Segment Performance in Cable Programming
- Cable Network Programming segment revenue grew by $105 million or 6% to $1.741 billion, driven by higher distribution and advertising revenues.
- Free Cash Flow Performance
- Net cash provided by operating activities totaled $1.103 billion for the nine months ended March 31, 2026, although this is lower than the prior year's $1.811 billion.
- Increased Cash Reserves
- Cash and cash equivalents were approximately $3.6 billion as of March 31, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Advertising Revenue Decline
- Advertising revenues declined 24% or $480 million to $1.556 billion due to the absence of Super Bowl LIX.
- Pressure from Sports Programming Costs
- Increased sports programming rights costs are anticipated, posing a potential risk for profitability.
- Overall Economic Concerns Impacting Revenue
- Lower political advertising revenue due to the absence of the 2024 presidential elections contributed to the drop in revenue.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.02
- Segment
- Cable Network Programming
- Segment
- Television
What they said about what is next.
Management anticipates revenue growth driven by advertising sales and higher demand for digital content.
The filing reads worse than the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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