Fox

Liquidity and leverage are sound. At December 31, 2025, Fox reported about $2.0B in cash and $6.6B of borrowings; net leverage is roughly 1.3x FY25 adjusted EBITDA. FY25 free cash flow was a record $3.0B with capex only ~$0.33B, though cash is highly seasonal. The company maintains a $1.0B revolver and ample access to capital.

Legal contingencies remain a headline risk: the $787.5M Dominion settlement is behind the company, while the Smartmatic litigation continues with no trial expected until later in 2026 at the earliest per the latest 10‑Q. Overall resilience to shocks is good, supported by must‑have content and a flexible cost base.