Fox Corp

Company facts

Industry

Television Broadcasting Stations

Headquarters

New York, New York

Most recent report

8-K/A, filed Aug 10, 2026

Incorporated

Delaware

Filings on record

652 filings

On EDGAR

CIK 1754301

Fiscal year ends

June

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 6 of 22 sections worth reading, with 3 positive, 19 notable, and 9 negative flags.

• Business (Item 1)

  Roku acquisition, subscriber declines, Tubi growth, and regulatory changes all here.
  Positive

  • Tubi's total view time grew 20% in fiscal 2026 vs 13% last year, reaching over 13 billion hours.
  Notable

  • FOX agreed to acquire Roku for $96 cash + 0.9693 FOX shares per Roku share in June 2026.
  • Fox's wholly-owned DTC streaming service FOX One launched in August 2025, now mentioned in Business Overview.
  • Ended FY2026 with $4.2B cash (down from $5.4B) after returning $2.3B via buybacks and dividends.
  • FCC will vote on eliminating the 39% national TV ownership cap, which could let Fox cover 100% of US.
  Negative

  • FCC voted to auction 160 MHz of remaining C-Band spectrum by 2027, threatening Fox's satellite transmission.

• Risk Factors (Item 1A)

  New Roku acquisition risk section with $866M/$1.2B termination fees; major new risk.
  Notable

  • Industry-wide MVPD subscriber declines expected to continue and possibly accelerate, pressuring affiliate and ad revenue.
  • Fox offers FOX One DTC streaming service (launched), Tubi, FOX Nation, FOX Weather to counter cord-cutting.
  • Next significant sports rights renewal is the FIFA World Cup package; intensity of competition for sports rights increasing.
  • MLB collective bargaining agreement expires December 2026; labor dispute could halt game broadcasts.
  • Lachlan K. Murdoch controls voting of ~38.8% of Class B shares through LGC Holdco, a governance shift.
  • Board-approved $12B stock repurchase program could increase LGC Holdco's Class B ownership percentage.
  Negative

  • Termination fees: $866M (general), $1.2B (regulatory failure); each party owes the other.
  • Fox must pay Roku $1.2B if deal fails due to regulatory antitrust or investment screening issues.
  • Fox reimburses Roku up to $70M in third-party costs if Fox shareholders don't approve deal.
  • Fox will incur significant debt to finance the Roku acquisition, increasing financial risk.
  • Non-cash impairment charges of $64M in FY2026 for FCC licenses at Television segment.
  • Pending Smartmatic defamation lawsuits could result in significant damages beyond the $800M Dominion settlement.

• Market for the Stock (Item 5)

  Substantial buyback activity, ASR details, and authorization increase.
  Positive

  • Fox repurchased 32 million shares for $2.0 billion in FY2026, more than double the prior year's $1.0 billion pace.
  Notable

  • In August 2025, the board authorized an additional $5 billion in buybacks, raising total authorization to $12 billion.
  • Fox entered a $1.5 billion ASR in Q2 FY2026, receiving shares in two tranches; final settlement averaged $67.36 (Class A) and $59.39 (Class B) per share.

• Management's Discussion (Item 7)

  Roku acquisition, $773M loss, FCC impairment, major events and risks.
  Positive

  • Television segment EBITDA jumped 52% to $1.438B in FY2026, driven by sports and digital growth.
  Notable

  • Fox agreed to acquire Roku for $96 cash + 0.9693 FOX shares per Roku share in June 2026.
  • To fund the cash portion, Fox secured $12B bridge facility ($11B available at June 30, 2026) and $1B term loan.
  • Fox launched FOX One, a DTC streaming service, in August 2025; costs contributed to Corporate & Other EBITDA decline.
  • Dividend raised to $0.29 semi-annual from $0.28; new annual rate implies ~$245M total payout for FY2027.

• Financial Statements (Item 8)

  Financial statements with key company-specific results and risks.
  Notable

  • Stock repurchase authorization increased by $5B to $12B; $2B repurchased in FY2026, $3.4B remaining as of June 2026.
  Negative

  • Smartmatic lawsuit seeks $2.7B in damages; summary judgment argued Dec 2025, trial not expected until late 2026.
  • Derivative lawsuit alleging breach of fiduciary duty over election fraud coverage survived motion to dismiss; discovery ongoing.

• Exhibits (Item 15)

  Roku merger agreement and new term loan are material new events.
  Notable

  • Term Loan Credit Agreement dated June 30, 2026 – new debt financing.
  • Termination of prior Murdoch Family Trust agreement and new Stockholders Agreement in September 2025.

What changed: FY2026 vs. FY2025

About 11% of FOX's FY2026 10-K is new information. 93 paragraphs were added, 360 changed, and 111 removed. Below are the most important lines SECSift identified.

• Financial Statements (Item 8) 140
• Management's Discussion (Item 7) 79
• Business (Item 1) 63
• Risk Factors (Item 1A) 60
• Exhibits (Item 15) 12
• Form 10-K Summary (Item 16) 8
• Market for the Stock (Item 5) 5
• Cybersecurity (Item 1C) 2