On February 4, 2026, Goldman Sachs reiterated its Buy rating on Fox Corporation, adjusting the firm’s 12-month price target downward from 87 to 80. The decision reflects confidence in Fox’s long-term content portfolio and distribution reach despite near-term market volatility. Goldman analysts cited steady cash flow generation from Cable Network Programming and the growing footprint of Fox’s ad-supported streaming service, Tubi, as key drivers supporting the new target.

For the quarter ending December 2025, Fox reported earnings of 0.82 per share, exceeding the Zacks Consensus Estimate of 0.47 by 74.47%. Though below last year’s 0.96, this marked the second consecutive quarter of significant upside versus expectations. Total revenues rose 2.47% year-over-year to 5.18 billion, surpassing consensus by roughly 2%. Distribution revenues climbed 4%, led by a 5% gain in the Cable Network Programming segment, while advertising revenues increased 1% due to higher pricing for sports and news and incremental revenue from MLB postseason games.

Tubi generated record quarterly revenue growth of 19% and delivered its second straight quarter of positive EBITDA, underscoring Fox’s success in the ad-supported streaming market. Executive Chair Lachlan Murdoch highlighted continued momentum in digital advertising and robust content licensing gains. Fox has also maintained an active capital return program, repurchasing 1.8 billion of stock fiscal-year-to-date and totaling 8.4 billion since 2019, representing approximately 35% of shares outstanding.