Goldman Sachs
May 11, 2026
Fox Corp F3Q26 Review EBITDA Beat
Single Stock ReportEquitiesCommunication Services
Fox Corp. delivered a strong F3Q26 earnings beat driven by Fox News advertising and momentum in Fox One, leading Goldman Sachs to raise its price target to $81.
Key Takeaways
- 1.Fox Corp. reported a significant EBITDA beat for F3Q26, coming in at $954 million, well ahead of the GS/consensus estimate of $791 million/$745 million.
- 2.The direct-to-consumer service Fox One exceeded subscriber and retention expectations, offsetting linear pay TV headwinds.
- 3.Advertising revenue was stronger than anticipated, particularly at Fox News and Tubi, which maintained profitability for its third consecutive quarter.
Table of Contents
- Earnings review
- Estimate and price target changes
- Investment thesis summary
- Income statement
- Disclosure Appendix
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Authors
Michael Ng, CFAYash Goenka, CFAZorayda Montemayor
Securities
FOXA
Themes
Direct-to-Consumer TransitionLive Sports MoatLinear vs. Digital Advertising
Regions
North AmericaUnited States