I'll research FOX Corporation before writing the preview. Let me start by gathering recent filings, earnings history, news, and stock price data.Let me read the most recent quarter's earnings materials and the year-ago Q4, plus get recent news and stock price.Now let me get the year-ago Q4 (fiscal 2025) release for comparison, recent news, and stock price data.There's a striking ~17% stock drop between June 11–15, 2026. Let me investigate what happened and look for recent news/analyst commentary.Let me search the web for what drove the mid-June 2026 move and any recent developments.The Roku acquisition is the key story. Let me get more detail on the deal, analyst reaction, and consensus estimates for the upcoming quarter.I have enough to write a well-grounded preview. Let me verify a couple of stock-context figures before writing.Here is my earnings preview.

Fox Corporation (FOXA / FOX) — Q4 FY2026 Earnings Preview

Reports Thursday, August 6, 2026 (before the open) — fiscal Q4 & full-year ended June 30, 2026

The one-line setup

Fox goes into this print on solid operating footing — record World Cup ratings, momentum at Fox One, and a healthy ad market — but the story has been completely rewritten by the $22 billion cash-and-stock acquisition of Roku announced June 15, 2026. The stock cratered ~17% on that news, and the deal (not the June-quarter numbers) will dominate the call. This is a "what does the pro-forma company look like, and can they still return cash?" report more than a beat/miss report.

What the Street expects

Metric	Consensus (Q4 FY26)	Year-ago (Q4 FY25)	Comment
Adjusted EPS	~$1.34 (some as high as ~$1.44)	$1.27	~5–6% growth
Revenue	~$3.6B	$3.29B	~9% growth, aided by World Cup
Full-year FY26 adj. EPS	~$4.94	$4.78	~+3%

Fox has a recent habit of clearing the bar — last quarter it posted $1.32 adjusted EPS vs. ~$1.02 expected on $3.99B revenue vs. ~$3.78B expected.

The number that matters most on the P&L: management has repeatedly guided to record full-year adjusted EBITDA in FY26. With nine-month adjusted EBITDA at $2,711M vs. FY25's full-year $3,624M, Fox needs roughly >$913M in Q4 EBITDA to deliver the record (year-ago Q4 was $939M). Watch whether the World Cup's revenue lift offsets its sports-rights amortization enough to hit that.

The dominant issue: the Roku deal

This is the fulcrum of the entire report.

Terms: ~$22B total value, ~$160/share for Roku, cash-and-stock, funded with roughly $8B of new debt. Existing Fox holders would own ~73% of the combined company, Roku holders ~27% — i.e., ~27% dilution. Expected close first half of calendar 2027.
Why the stock fell ~17%: the market repriced Fox for the dilution and a post-deal net leverage ratio of ~2.8x EBITDA — a big jump for a company that has run with net cash and prided itself on balance-sheet strength ($3.6B cash / $6.6B debt as of March).
Strategic logic: pairs Fox's live news/sports + Tubi with Roku's connected-TV operating system and The Roku Channel — a "capture the living room" / own-the-distribution-stack bet. Murdoch framed it as a "defining moment."
Regulatory overhang: in July, Elizabeth Warren and other congressional Democrats flagged antitrust concerns and pressed the DOJ for an "impartial" review, arguing the deal could reduce free-streaming competition.

What to listen for on the call: 1. Updated pro-forma leverage, financing structure, and deleveraging path. 2. Whether the $12B buyback authorization effectively goes on pause (Fox repurchased ~$1.95B YTD FY26 and >$8.5B / ~36% of shares since 2019 — a core part of the bull thesis). 3. Any integration/synergy framing and the regulatory timeline. 4. Whether the dividend (raised to $0.28 semi-annual) is safe (it clearly is, but expect the question).

The FIFA World Cup — a genuine tailwind (split across two quarters)

The first men's World Cup in the U.S. in 30 years (104 matches) landed in June–July 2026 and was a ratings monster: - The final drew ~38.9M viewers on Fox (~62.8M combined with Telemundo/Peacock) — the largest non-NFL U.S. TV audience in nearly 30 years. - The U.S.–Bosnia group match (24.4M) became the most-watched English-language soccer telecast in U.S. history. - Group stage averaged ~5.1M across Fox/FS1/Tubi, roughly double 2022.

Key modeling nuance from management: the tournament economics are roughly 50/50 between fiscal Q4 (June) and fiscal Q1'27 (July). It is revenue- and EBITDA-accretive on the broadcast (Television) side, less so on cable, but accretive for the total company. So expect a big Television-segment advertising number this quarter, partially masked by sports-rights costs.

Fox One — the streaming pivot's proof point

Launched August 21, 2025 at $19.99/mo (also bundled with ESPN's DTC service).
Reportedly added ~3 million subscribers in June around the World Cup — a huge spike.
Through Q3, churn ran below expectations and over half of viewing was news, which management views as sticky.
The retention question is everything: can Fox keep the World Cup cohort now that the tournament is over? The NFL season starting within weeks is the next hook. Management has deliberately excluded Fox One subs from the reported cable sub-decline metric (still stabilizing at <6.5%), so watch for any new disclosure on Fox One scale, churn, and ARPU.

Other things to watch

Advertising: trends were "double digits ex-Super Bowl" last quarter, with strong scatter, low option take-up, and no cancellations. FOX News national CPMs were up ~45% with 500+ new premium advertisers added over two years. Look for confirmation the healthy upfront closed well.
Political ad set-up: management sees a potential record ~$11B midterm political market, with Fox well-positioned in battleground states — but that revenue ramps in the autumn (FY27), so it's a forward narrative, not a Q4 driver.
Tubi: ~23% revenue growth and breakeven-or-better for three straight quarters; digital investment envelope expected "comfortably inside" last year's ~$290M.
Cable distribution: grew ~5% last quarter on pricing + Fox One; ~one-third of distribution income (skewed to TV/retrans) is up for renewal in FY27, and management expects TV distribution to return to growth.

Stock & valuation context

FOXA sits at ~$58.70 (Aug 5), up ~7% year-over-year but ~23% below its January 2026 peak (~$76). It fell nearly ~29% from its pre-Roku June high (~$68) to its late-June trough (~$49) before recovering.
Roughly $29B market cap, ~14–15x P/E, ~0.9% dividend yield pre-deal.
Trading dynamic into the print: because the fundamentals are strong but the Roku deal recut the risk profile, the reaction will hinge less on the EPS beat and more on (a) capital-return commentary, (b) leverage/financing detail, and (c) any read on Fox One retention post–World Cup. A clean quarter with reassurance on buybacks and deleveraging could support the recovery; renewed leverage/regulatory concern could cap it.

Bottom line

Expect a strong core quarter — World Cup-fueled ad revenue, a likely EPS beat, and probably the record full-year EBITDA management has telegraphed. But the signal-to-noise on the P&L is low right now. The real catalysts are management's framing of the Roku deal (leverage, dilution, buyback trajectory, regulatory path) and any hard data on whether the ~3M World Cup–driven Fox One subscribers stick. Those two items will drive the stock far more than the headline beat/miss.

Note: consensus figures and deal/ratings details above are drawn from public reporting and Fox's own filings/transcripts through early August 2026; estimates vary modestly by source (EPS ~$1.34–$1.44). This is an informational preview, not investment advice.