Fox Corp Class A stock (US35137L1052): Q3 earnings beat lifts shares 7.6%

Fox Corp delivered stronger-than-expected Q3 results with adjusted EPS beating forecasts by 33%, revenue reaching $4 billion, and stock gaining 7.6% as Tubi strength offsets Super Bowl revenue decline.

Fox Corp Class A shares surged 7.59% to close at $67.72 on May 12, 2026, following the release of third-quarter fiscal 2026 earnings that significantly exceeded analyst expectations, according to Investing.com as of May 12, 2026.

As of: May 12, 2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: Fox Corporation
• Sector/industry: Media, broadcasting, cable news, sports programming
• Headquarters/country: United States
• Core markets: Television broadcasting, cable news, sports, digital distribution
• Key revenue drivers: FOX News, FOX Sports, FOX Network, FOX Television Stations, Tubi streaming
• Home exchange/listing venue: Nasdaq (FOXA)
• Trading currency: USD

Fox Corp Class A: core business model

Fox Corporation operates as a diversified media company focused on television broadcasting, cable news, and sports programming across multiple platforms. The company's portfolio includes FOX News, FOX Sports, the FOX broadcast network, and FOX Television Stations, complemented by digital distribution channels. In recent years, Fox has expanded into streaming through Tubi, a free ad-supported video platform that has become a material revenue contributor. The company serves US investors through its Nasdaq listing and generates revenue from advertising, affiliate fees, and content licensing across traditional and digital channels.

Q3 earnings beat and revenue performance

Fox Corp's third-quarter fiscal 2026 results demonstrated significant operational strength. Adjusted earnings per share exceeded forecasts by 33.33%, while total revenue reached $4 billion, surpassing expectations, according to Investing.com as of May 12, 2026. Excluding revenue associated with the Super Bowl broadcast in 2025, underlying sales grew double digits year-over-year, indicating consistent momentum in core operations, according to Morningstar as of May 12, 2026.

Tubi strength and digital revenue growth

A key driver of Fox's outperformance has been the material contribution from digital revenue sources, particularly Tubi. The free ad-supported streaming platform has emerged as a significant growth engine, helping the company navigate industry headwinds and offset the cyclical revenue cliff from the Super Bowl broadcast cycle. This diversification into streaming demonstrates Fox's ability to adapt to changing media consumption patterns while maintaining profitability in traditional broadcasting segments.

Analyst perspective and price target adjustments

Wells Fargo analyst Steven Cahall raised the firm's price target on Fox Corp to $71 from $67, maintaining an Equal Weight rating on the shares, according to TipRanks as of May 12, 2026. The broader analyst consensus rates Fox at Hold with an average price target of $72.93, suggesting modest upside from current levels. The stock's current valuation reflects a P/E ratio of 16.28 and a dividend yield of 0.83%, positioning it as a moderate-growth media play with income characteristics.

Conclusion

Fox Corp's Q3 earnings beat and 7.6% stock gain reflect the company's ability to deliver operational strength despite industry headwinds. The combination of strong EPS growth, revenue outperformance, and digital platform expansion through Tubi demonstrates management's execution in a challenging media landscape. For US investors, Fox represents exposure to traditional broadcasting assets with emerging streaming revenue diversification, though the consensus Hold rating suggests balanced risk-reward at current valuations.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.