Fox rises after earnings beat because revenue climbed on World Cup and midterms

What happened

Fox (FOX) rose 6.6% on November 3, 2026, after quarterly results beat estimates, led by a sizable ad-revenue lift from the FIFA World Cup and the U.S. midterm elections. The stock closed at $59.63 after it opened 1.8% above the previous close, and trading volume was 1.8 times its 20-day average. Earnings published that session were the proximate cause of the move.

Coverage from Business Wire and Seeking Alpha said the World Cup materially boosted advertising revenue and helped push political ad spending across the company’s portfolio above $350 million, contributing to the quarter’s outperformance.

How big was the move

The stock’s one-day change was 3.2 times a typical daily move for this stock and was 6.2 percentage points better than the Communication Services sector median, which rose 0.3% on the day. The S&P 500 rose 0.4% on the day while the stock rose 6.6%, and over the last five sessions the stock rose 3.8% as the S&P 500 fell 2.0%. With a beta of 0.66, the stock typically moves less than the market, so the session’s price action outpaced what its market sensitivity would have implied.

The technical picture

The stock sat 3.8% above its 20-day moving average and 2.8% above its 50-day moving average, with the 50-day average above the 200-day average, a sign of an established uptrend. The stock has been above its 200-day average for 14 consecutive trading days and was 12.5% below the 52-week high. The Relative Strength Index (14 days) was 57, in a neutral range, and 60-day volatility was 33% annualized, higher than 84% of its own readings over five years. Momentum across one month and three months was positive, with the stock up 5.2% and 14.2% respectively.

Fundamentals and valuation

For the four quarters through September 30, 2026, revenue was $17.96 billion, a 9.0% increase from a year earlier, and diluted earnings per share were $4.71, which rose 5.8% from a year earlier. Gross margin narrowed to 34.1% from 35.8% a year earlier, while operating margin improved to 23.0% from 22.0% a year earlier. Free-cash-flow margin was 12.9% and return on invested capital was 14.1%. The balance sheet shows net debt of 0.7 times EBITDA, and share count over one year decreased by 5.9%.

Valuation measures placed the stock at 12.7 times trailing earnings, lower than 62% of its own readings over the past five years and below the five-year median of 13.7 times earnings. Price to forward earnings was 9.9 times expected earnings and free-cash-flow yield was 9.2%. PromtFinance scores rated Value at 87 (Strong), Revisions at 84 (Strong), and Stability at 87 (Strong), while Growth was 59 (Neutral).

Earnings and analyst expectations

The company’s last reported results on November 2, 2026, showed earnings per share of $2.54 against $2.06 expected, 23.3% above estimates. That report extended a streak of 15 consecutive quarters beating estimates, with the average surprise over the last four reports 35.5% above estimates. The typical two-day reaction after recent reports was that the stock rose 2.9%, making the one-day 6.6% move on November 3 an outsized response.

Analysts’ consensus price target was $84.80, 42.2% above the closing price, based on 43 analysts with a rating. Forty-two percent of those ratings were Buy or Strong Buy, and the consensus rating was Hold. The next report is scheduled for February 3, 2027.

What to watch

• November 2, 2026: the last report showed EPS of $2.54 against $2.06 expected, 23.3% above estimates
• Revenue for the four quarters through September 30, 2026: $17.96 billion, grew 9.0% year over year
• PromtFinance Value score: 87 (Strong) and Revisions score: 84 (Strong)
• Consensus price target: $84.80, 42.2% above the closing price
• Next report date: February 3, 2027