FOX REPORTS FOURTH QUARTER FISCAL 2025 REVENUES OF $3.29 BILLION, NET INCOME OF $719 MILLION, AND ADJUSTED EBITDA OF $939 MILLION
FOX REPORTS FULL YEAR FISCAL 2025 REVENUES OF $16.30 BILLION, NET INCOME OF $2.29 BILLION, AND ADJUSTED EBITDA OF $3.62 BILLION
NEW YORK, Aug. 5, 2025 /PRNewswire/ -- Fox Corporation (NASDAQ:FOXA, FOX)) ("FOX" or the "Company") today reported financial results for the three and twelve months ended June 30, 2025.
Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:
"Fiscal 2025 was another outstanding year for FOX, demonstrating broad based strength across our businesses and achieving record financial results all while making important investments in our digital growth assets. We enter fiscal 2026 with solid operational and financial momentum and look forward to another exciting year that will include the launch of FOX One. We remain confident that our focused strategy, leadership position in key verticals and strong balance sheet will continue to deliver value to all shareholders. Underscoring our confidence in the trajectory of the business, this morning we announced a $5 billion increase to our share repurchase authorization and an increase in our semi-annual dividend to $0.28 per share."
FOURTH QUARTER COMPANY RESULTS
The Company reported total quarterly revenues of $3.29 billion, an increase of $195 million or 6% from the amount reported in the prior year quarter. Affiliate fee revenues increased 3%, driven by 4% growth at the Television segment and 2% growth at the Cable Network Programming segment. Advertising revenues increased 7%, primarily due to continued digital growth led by the Tubi AVOD service, and stronger news ratings and pricing, partially offset by the absence of the prior year broadcasts of the UEFA European Championship and CONMEBOL Copa América. Other revenues increased 33%, primarily due to higher content revenues.
The Company reported quarterly net income of $719 million as compared to the $320 million reported in the prior year quarter. Net income attributable to Fox Corporation stockholders was $717 million ($1.57 per share) as compared to the $319 million ($0.68 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $581 million ($1.27 per share) as compared to the $423 million ($0.90 per share) reported in the prior year quarter.
Quarterly Adjusted EBITDA2 was $939 million, an increase of $166 million or 21% from the amount reported in the prior year quarter, due to the revenue increase noted above, partially offset by higher expenses. The increase in expenses was primarily due to higher entertainment programming costs, digital content costs, and corporate expenses, partially offset by lower sports programming rights amortization and production costs, including the absence of the prior year broadcasts of the UEFA European Championship and CONMEBOL Copa América.
FULL YEAR COMPANY RESULTS
The Company reported total full year revenues of $16.30 billion, an increase of $2.32 billion or 17% from the amount reported in the prior year. Affiliate fee revenues increased 5%, driven by 7% growth at the Television segment and 3% growth at the Cable Network Programming segment. Advertising revenues increased 26%, primarily due to the impact of Super Bowl LIX, higher political advertising revenues, continued digital growth led by the Tubi AVOD service, and stronger news pricing and ratings. Other revenues increased 47%, primarily due to higher sports sublicensing revenues.
The Company reported full year net income of $2.29 billion as compared to the $1.55 billion reported in the prior year. Net Income attributable to Fox Corporation stockholders was $2.26 billion ($4.91 per share) as compared to the $1.50 billion ($3.13 per share) reported in the prior year. Adjusted net income attributable to Fox Corporation stockholders was $2.20 billion ($4.78 per share) as compared to the $1.65 billion ($3.43 per share) reported in the prior year.
Full year Adjusted EBITDA was $3.62 billion, an increase of $741 million or 26% from the amount reported in the prior year, due to the revenue increase noted above, partially offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs, including the impact of Super Bowl LIX, and higher digital content costs.
REVIEW OF OPERATING RESULTS
Three Months Ended June 30,
Twelve Months Ended June 30,
2025
2024
2025
2024
$ Millions
Revenues by Component:
Affiliate fee
$ 1,908
$ 1,859
$ 7,656
$ 7,324
Advertising
1,078
1,007
6,865
5,444
Other
301
226
1,779
1,212
Total revenues
$ 3,287
$ 3,092
$ 16,300
$ 13,980
Segment Revenues:
Cable Network Programming
$ 1,532
$ 1,438
$ 6,930
$ 5,955
Television
1,707
1,615
9,325
7,875
Corporate and Other
63
53
244
209
Eliminations
(15)
(14)
(199)
(59)
Total revenues
$ 3,287
$ 3,092
$ 16,300
$ 13,980
Adjusted EBITDA:
Cable Network Programming
$ 747
$ 703
$ 3,030
$ 2,693
Television
308
148
945
506
Corporate and Other
(116)
(78)
(351)
(316)
Adjusted EBITDA3
$ 939
$ 773
$ 3,624
$ 2,883
Depreciation and amortization:
Cable Network Programming
$ 25
$ 20
$ 94
$ 77
Television
32
31
119
117
Corporate and Other
45
47
172
195
Total depreciation and amortization
$ 102
$ 98
$ 385
$ 389
CABLE NETWORK PROGRAMMING
Three Months Ended June 30,
Twelve Months Ended June 30,
2025
2024
2025
2024
$ Millions
Revenues
Affiliate fee
$ 1,068
$ 1,048
$ 4,316
$ 4,188
Advertising
378
328
1,531
1,262
Other
86
62
1,083
505
Total revenues
1,532
1,438
6,930
5,955
Operating expenses
(618)
(578)
(3,275)
(2,668)
Selling, general and administrative
(168)
(161)
(635)
(610)
Amortization of cable distribution investments
1
4
10
16
Segment EBITDA
$ 747
$ 703
$ 3,030
$ 2,693
Three Months Ended June 30, 2025
Cable Network Programming reported quarterly segment revenues of $1.53 billion, an increase of $94 million or 7% from the amount reported in the prior year quarter. Affiliate fee revenues increased $20 million or 2% as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenues increased $50 million or 15%, primarily due to higher news ratings, pricing and digital advertising revenues, partially offset by the absence of the prior year broadcasts of the CONMEBOL Copa América and UEFA European Championship. Other revenues increased $24 million or 39%, led by higher Fox Nation subscribers.
Cable Network Programming reported quarterly segment EBITDA of $747 million, an increase of $44 million or 6% from the amount reported in the prior year quarter, due to the revenue increase noted above, partially offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs.
Twelve Months Ended June 30, 2025
Cable Network Programming reported full year segment revenues of $6.93 billion, an increase of $975 million or 16% from the amount reported in the prior year. Affiliate fee revenues increased $128 million or 3%, as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenues increased $269 million or 21%, primarily due to higher news pricing, ratings and digital advertising revenues. Other revenues increased $578 million, led by higher sports sublicensing revenues.
Cable Network Programming reported full year segment EBITDA of $3.03 billion, an increase of $337 million or 13% from the amount reported in the prior year, due to the revenue increase noted above partially offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs.
TELEVISION
Three Months Ended June 30,
Twelve Months Ended June 30,
2025
2024
2025
