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Fox Operating Income

: $2,765 Mil (TTM As of Jun. 2021)
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Fox's Operating Income for the three months ended in Jun. 2021 was $628 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Jun. 2021 was $2,765 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Fox's Operating Income for the three months ended in Jun. 2021 was $628 Mil. Fox's Revenue for the three months ended in Jun. 2021 was $2,890 Mil. Therefore, Fox's Operating Margin % for the quarter that ended in Jun. 2021 was 21.73%.

Warning Sign:

Fox Corp operating margin has been in 5-year decline. The average rate of decline per year is -2.5%.

Fox's 5-Year average Growth Rate for Operating Margin % was -2.50% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Fox's annualized ROC % for the quarter that ended in Jun. 2021 was 12.37%. Fox's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2021 was 63.31%.


Fox Operating Income Historical Data

The historical data trend for Fox's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Fox Annual Data
Trend Jun16 Jun17 Jun18 Jun19 Jun20 Jun21
Operating Income
Premium Member Only 2,535.00 2,215.00 2,431.00 2,497.00 2,765.00

Fox Quarterly Data
Jun16 Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21
Operating Income Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 643.00 1,093.00 229.00 815.00 628.00

Fox Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Jun. 2021 adds up the quarterly data reported by the company within the most recent 12 months, which was $2,765 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Fox  (NAS:FOX) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Fox's annualized ROC % for the quarter that ended in Jun. 2021 is calculated as:

ROC % (Q: Jun. 2021 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Mar. 2021 ) + Invested Capital (Q: Jun. 2021 ))/ count )
=2512 * ( 1 - 23.81% )/( (15503 + 15443)/ 2 )
=1913.8928/15473
=12.37 %

where

Note: The Operating Income data used here is four times the quarterly (Jun. 2021) data.

2. Joel Greenblatt's definition of Return on Capital:

Fox's annualized ROC (Joel Greenblatt) % for the quarter that ended in Jun. 2021 is calculated as:

ROC (Joel Greenblatt) %(Q: Jun. 2021 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Mar. 2021  Q: Jun. 2021
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=1824/( ( (2100 + max(783, 0)) + (2177 + max(702, 0)) )/ 2 )
=1824/( ( 2883 + 2879 )/ 2 )
=1824/2881
=63.31 %

where Working Capital is:

Working Capital(Q: Mar. 2021 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2153 + 685 + 91) - (1695 + 214 + 237)
=783

Working Capital(Q: Jun. 2021 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2029 + 729 + 105) - (1736 + 196 + 229)
=702

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Jun. 2021) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Fox's Operating Margin % for the quarter that ended in Jun. 2021 is calculated as:

Operating Margin %=Operating Income (Q: Jun. 2021 )/Revenue (Q: Jun. 2021 )
=628/2890
=21.73 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.


Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.


Fox Operating Income Related Terms

Thank you for viewing the detailed overview of Fox's Operating Income provided by GuruFocus.com. Please click on the following links to see related term pages.


Fox Business Description

Fox logo
Industry
Traded in Other Exchanges
Address
1211 Avenue of the Americas, New York, NY, USA, 10036
Fox represents the assets not sold to Disney by the predecessor firm, Twenty First Century Fox. The remaining assets include Fox News, the FOX broadcast network, FS1 and FS2, Fox Business, Big Ten Network, 28 owned and operated local television stations of which 17 are affiliated with the Fox Network, and the Fox Studios lot. The Murdoch family continues to control the successor firm, which represents a large-scale bet on the value of live sports and news in the U.S. market.
Executives
Hernandez Roland A director 300 NORTH SAN RAFAEL AVE PASADENA CA 91105
Murdoch Lachlan K director, officer: Executive Chairman, CEO C/O NEWS AMERICA INCORPORATED 1211 AVENUE OF THE AMERICAS NEW YORK NY 10036
Murdoch Keith Rupert director, officer: Chairman C/O FOX CORPORATION 1211 AVENUE OF THE AMERICAS NEW YORK NY 10036
Nallen John officer: Chief Operating Officer C/O NEWS AMERICA INCORPORATED 1211 AVENUE OF THE AMERICAS NEW YORK NY 10036
Nasser Jacques A director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: NASSER JACQUES A a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Carey Chase director C/O NEWS AMERICA INCORPORATED 1211 AVENUE OF THE AMERICAS NEW YORK NY 10036
Dinh Viet D officer: Chief Legal and Policy Officer GEORGETOWN UNIVERSITY LAW CENTER 600 NEW JERSEY AVENUE NW WASHINGTON DC 20001
Tomsic Steven officer: Chief Financial Officer 1211 AVENUE OF THE AMERICAS NEW YORK NY 10036
Ryan Paul D director 1211 AVENUE OF THE AMERICAS NEW YORK NY 10036
Dias Anne director 1211 AVENUE OF THE AMERICAS NEW YORK NY 10036
Cruden Financial Services Llc 10 percent owner C/O MCDONALD CARANO WILSON LLP 100 LIBERTY STREET RENO NV 89501
Murdoch Family Trust 10 percent owner C/O MCDONALD CARANO WILSON LLP 100 LIBERTY STREET RENO NV 89501
Twenty-first Century Fox, Inc. 10 percent owner 1211 AVENUE OF THE AMERICAS NEW YORK NY 10036

Fox Headlines

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