FOXA F3Q'26: First-Take

Research evidence excerpt

FOXA F3Q'26: First-Take

Media, Entertainment & Telecom

FLASH

FLASH: FOX CORP. (FOXA) May 11, 2026

FOXA F3Q'26: First-Take Rating:

Peer PerformFox Corp. reported above expectations F3Q'26 revenue of $3.99B (est: $3.83B / cons: Price:

$3.78B), driving adj. EBITDA well ahead of expectations at $954M (est: $760M / cons: $62.94

$754M) on margins of 23.9% driven by primarily by higher than expected advertising Price Target:

NArevenue across Cable and TV. Adj. EPS was $1.32 (est: $0.94 / cons: $0.98). On

this morning's call, management announced Fox secured rights to broadcast two Source: FactSet, Wolfe Research

additional NFL regular season games in week 10 and week 15. Priced as of 05/08/26

Cable EBITDA beats expectations: F3Q revenue was ahead of expectations at

$1.74B (est: $1.66B / cons: $1.62B) with advertising revenue above expectations

at $390M (est: $361M / cons: $359M) along with affiliate revenue at $1.23B (est:

$1.20B / cons: $1.18B). Ad revenue was primarily driven by higher news pricing and

the World Baseball Classic, partially offset by lower ratings. On margins of 50.8% Peter Supino

(est: 47.8% / cons: 47.4%), the topline translated to EBITDA of $884M (est: $796M / psupino@wolferesearch.com (646) 582-9330

cons: $788M). View Peter’s Research

View FOXA Model

TV also beats: F3Q revenue of $2.20B was well ahead of expectations (est / cons: View Comp Table

$2.10B), driven by advertising revenue of $1.17B (est: $1.07B / cons: $1.06M), led

by an additional NFL Wild Card game and Tubi. Affiliate revenue of $858M (est: Torreytjacobsonevans@wolferesearch.comJacobson-Evans

$861M / cons: $864M) was modestly below, driven by subscriber declines. EBITDA 646-582-9333

was better than expected at $191M (est: $84M / cons: $78M) driven by lower sports Logan Angress, CFA