Fox Shares Rebound, but Still Trail the S&P 500 in 2026

Fox Corporation’s Class A shares have jumped 24.1% over the three months through September 22, outpacing the S&P 500’s 3.5% gain. But the rebound has not erased the stock’s broader underperformance: Fox was down 11.3% for 2026, while the index was up 13.4%, according to Barchart’s September 22 figures.

The longer view shows a similar gap. Fox shares gained 6.9% over the past 52 weeks, compared with a 16.5% rise for the S&P 500. The stock was also 15.2% below its January 9 high of $76.39, Barchart reported.

The figures point to a sharp recent recovery after a weak start to the year, rather than a sustained lead over the market. Fox operates Fox News Media, Fox Sports, Fox Entertainment, Tubi and Fox Television Stations, giving investors exposure to both traditional TV and streaming.

Recent results offered a bright spot. Fox reported $4.21 billion in fiscal fourth-quarter revenue, up 28% from a year earlier. The company said advertising revenue rose 78%, driven mainly by its broadcast of the FIFA Men’s World Cup and continued growth at Tubi.

The results also show why one quarter may not settle the longer-term question. Fox said higher sports programming and production costs, including World Cup expenses, partly offset revenue growth. Its traditional television business also faces pressure as viewers leave pay-TV packages.

Fox is making a larger streaming bet through its planned acquisition of Roku. Announced in June, the cash-and-stock deal values Roku at about $22 billion in enterprise value and would combine Fox’s content and Tubi with Roku’s streaming platform. The companies’ announcement said the deal remains subject to approvals.

Investors will be watching whether Fox can sustain digital advertising growth and turn the Roku deal into a stronger streaming business, while managing its costs. Until then, the recent rally and the weaker year-to-date comparison tell two different parts of the stock’s story.