Challenge RatePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
FOX $61.321Y +10.2%YTD -5.6%● earnings calls (score)
67.76
44.39
6
4
5
Sep 25Aug 26
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Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
Base3Base 3GAAP revenue YoY -8.63% → base 3. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+
Transcript +1Tier 1: Prior year Q3 included Super Bowl LIX broadcast generating over $800 million in gross advertising revenue. Management stated excluding the Super Bowl impact, advertising revenue would have grown double digits. GAAP revenue understates underlying performance due to this one-time scheduling comp. +1.
+
EPS+1EPS +1GAAP EPS YoY -49.33% vs rev YoY -8.63%, GAAP spread -40.70 percentage points (outside -5 percentage points, mechanical -1). Operating income cross-check: operating income YoY +5.39% vs rev YoY -8.63%, operating income spread +14.02 percentage points (outside +5 percentage points, says +1). GAAP EPS and OI disagree on direction — OI wins. Confirmed by management-stated adjusted EPS $1.32 vs $1.10, up 20.0%, adjusted spread +28.63 percentage points. Non-core items ($0.94/share gap between GAAP $0.38 and adjusted $1.32) are below-the-line distortions. EPS adjustment = +1.
+
Guidance0Guidance 0FOX stated 'positioning us to deliver record EBITDA this fiscal year' — qualitative reiteration of existing full-year outlook, no specific numeric guidance introduced, raised, or lowered. -> 0.
=
Final5
How this score was built
Base3Base 3GAAP revenue YoY -8.63% → base 3. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.+Transcript+1Transcript +1Tier 1: Prior year Q3 included Super Bowl LIX broadcast generating over $800 million in gross advertising revenue. Management stated excluding the Super Bowl impact, advertising revenue would have grown double digits. GAAP revenue understates underlying performance due to this one-time scheduling comp. +1.+EPS+1EPS +1GAAP EPS YoY -49.33% vs rev YoY -8.63%, GAAP spread -40.70 percentage points (outside -5 percentage points, mechanical -1). Operating income cross-check: operating income YoY +5.39% vs rev YoY -8.63%, operating income spread +14.02 percentage points (outside +5 percentage points, says +1). GAAP EPS and OI disagree on direction — OI wins. Confirmed by management-stated adjusted EPS $1.32 vs $1.10, up 20.0%, adjusted spread +28.63 percentage points. Non-core items ($0.94/share gap between GAAP $0.38 and adjusted $1.32) are below-the-line distortions. EPS adjustment = +1.+Guidance0Guidance 0FOX stated 'positioning us to deliver record EBITDA this fiscal year' — qualitative reiteration of existing full-year outlook, no specific numeric guidance introduced, raised, or lowered. -> 0.=Final5
Macro Signals
↑Enterprise Spending→CAPEX
Revenue of $4 billion declined 8.6% as the Super Bowl comp created a headline drag, but adjusted EPS of $1.32 was up 20% year-over-year on operating leverage and Fox News ad pricing strength. Fox News achieved record Q3 ad revenue, Tubi continued growing double-digits, and the Fox One streaming service exceeded management expectations. Management reiterated its record full-year EBITDA outlook with FIFA World Cup and political cycle catalysts ahead.
Key Themes7
positive📊 company
Underlying Ad Revenue Growing Double Digits Ex-Super Bowl
Excluding the Super Bowl impact, total company advertising revenue grew double digits over the prior year. FOX added 200 new premium advertising clients in fiscal 2026 on top of 350 in fiscal 2025.
Revenue GrowthDemand
positive📊 company
FOX News Record Q3 Ad Revenue And Pricing Power
FOX News achieved its highest third quarter advertising revenue ever. National CPMs are up over 45%, with FOX News finishing as the most watched cable network in both total day and Prime.
Revenue GrowthPricingCompetitive Dynamics
positive📊 company
Tubi Revenue Growth And Profitability Milestone
Tubi revenue grew 23% with total view time up 19%. Tubi was breakeven or better for the third consecutive quarter, with more than 220 creators and nearly 100 million monthly active users.
Revenue GrowthSubscriber Growth
positive📊 company
Fox One Subscription Service Exceeding Expectations
Fox One subscriber additions and retention outperformed expectations with lower-than-expected churn. Over half of Fox One viewership in Q3 was news content, demonstrating content breadth beyond sports.
Subscriber GrowthCompetitive Dynamics
positive📊 company
Cable Distribution Revenue Growth Amid Cord-Cutting
Cable segment distribution revenue grew 5% as pricing gains outpaced subscriber declines, which stabilized below 6.5% across third-party distributors before Fox One additions.
Revenue GrowthPricing
negative📊 company
Super Bowl Comp Drives Headline Revenue Decline
Total company revenue was $4 billion as headline advertising revenue declined 24% due to the absence of Super Bowl LIX, which generated over $800 million in gross advertising revenue in the prior year quarter.
Revenue Growth
positive📊 company
FIFA World Cup And Political Revenue Catalysts Ahead
FOX will broadcast 104 FIFA World Cup matches this summer. Political ad spending estimates of $11 billion for midterms would be a record, with FOX well-positioned in battleground states.
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
EPS
“adjusted EPS was $1.32, up 20% compared to the $1.10 per share recorded in the prior year”
Revenue
“total company revenue of $4 billion”
Guidance
“positioning us to deliver record EBITDA this fiscal year”
Key metric
“EBITDA growth of 11% to just over $950 million”
Mentions2
What FOX and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
Companies FOX discussed
2 mentions
FanDuelnot trackedFY2026 Q3Investment
“we remain bullish on FanDuel. We retain our 2.5% option in Flutter -- sorry, 2.5% equity stake in Flutter and our 18.6% option in FanDuel.”
Fox reaffirms a bullish stance on its sports-betting investments, holding a 2.5% equity stake in Flutter and an 18.6% option in FanDuel.
NFLnot trackedFY2026 Q3Partner
“The NFL has been a key partner with Fox for more than 30 years in what is a mutually beneficial relationship.”
Fox frames the NFL as a longstanding, mutually beneficial content-rights partner and just acquired two additional NFL games, underscoring the league's central role in Fox's programming.
Revenue of $4 billion declined 8.6% as the Super Bowl comp created a headline drag, but adjusted EPS of $1.32 was up 20% year-over-year on operating leverage and Fox News ad pricing strength
Revenue grew 12% with show count and ticket sales tracking ahead of the prior year by double digits, while Venue Nation fan count was expected to grow at a double-digit rate
Netflix delivered Q1 revenue growth of 16% with sustained double-digit growth and the advertising business scaling rapidly, as live sports drove outsized engagement and acquisition while the subscriber base exceeded 325 million members
Roku opened 2026 with an outstanding first quarter, growing platform revenue 28% ahead of outlook as advertising rose 27% and subscription revenue rose 30%, helped by the Olympics and Super Bowl