10-KPeriod: FY2025

Fox Corp Annual Report, Year Ended Jun 30, 2025

Filed August 6, 2025For Securities:FOXAFOX

Summary

Fox Corporation (FOXA) reported a strong fiscal year 2025, demonstrating significant revenue and net income growth. Total revenues increased by 17% to $16.3 billion, driven by robust performance across all segments. The Cable Network Programming segment saw a 16% revenue increase, primarily due to higher affiliate fees and advertising, while the Television segment experienced an 18% revenue jump, largely fueled by strong advertising revenue from major sports broadcasts like the Super Bowl LIX and political advertising. Net income attributable to Fox Corporation stockholders rose an impressive 51% to $2.26 billion. The company highlighted its strategic strengths, including premium brands like FOX News Media and FOX Sports, leadership positions in key programming, and a significant presence in major domestic markets. The company also continues to invest in its digital distribution offerings, with Tubi showing substantial growth in total view time. Financially, Fox Corp ended fiscal 2025 with a healthy $5.4 billion in cash and cash equivalents, while actively returning capital to stockholders through share repurchases and dividends, and managing its debt effectively. The company also remains focused on its long-term goals of maintaining leadership in news, sports, and entertainment, and expanding its digital engagement with consumers.

Financial Highlights

50 data points
Beta

Revenue

$16.30B

Net Income

$2.26B

13.9% Net Margin

EPS (Diluted)

$4.91

Total Assets

$23.20B

Cash & Equivalents

$5.35B

Free Cash Flow

$2.99B

Financial Statements
Beta
Revenue$16.30B
SG&A Expenses$2.17B
Net Income$2.26B
EPS (Basic)$4.97
EPS (Diluted)$4.91
Shares Outstanding (Diluted)461.00M

Key Highlights

  • 1Total revenues grew 17% to $16.3 billion in fiscal 2025.
  • 2Net income attributable to Fox Corporation stockholders increased by 51% to $2.26 billion.
  • 3Advertising revenue saw a significant 26% increase, boosted by Super Bowl LIX, NFL pricing, and political advertising.
  • 4Cable Network Programming segment EBITDA grew 13%, driven by affiliate fees and advertising.
  • 5The Television segment experienced an 87% surge in Segment EBITDA, propelled by strong advertising and affiliate revenue growth.
  • 6Fox Corporation ended fiscal 2025 with $5.4 billion in cash and cash equivalents.
  • 7The company returned approximately $1.25 billion to stockholders through stock repurchases and dividends in fiscal 2025.

Frequently Asked Questions

Fox Corporation's revenue growth in fiscal year 2025 was primarily driven by increases in affiliate fee revenue, advertising revenue, and other revenues. Affiliate fee revenue benefited from higher average rates per subscriber and increased fees from affiliated television stations. Advertising revenue saw a substantial increase, largely due to strong performance in sports programming, including the Super Bowl LIX and NFL games, as well as political advertising revenue from the 2024 elections, particularly at the company's owned and operated television stations. Digital growth from services like Tubi also contributed significantly.

Fox Corporation maintained a strong financial position in fiscal year 2025, ending the year with $5.4 billion in cash and cash equivalents. The company actively managed its capital resources by repaying $600 million of debt and returning approximately $1.25 billion to stockholders through stock repurchases and dividends. Additionally, the company has access to a $1.0 billion unsecured revolving credit facility, indicating robust liquidity.

Fox Corporation's strategic priorities focus on maintaining leading positions in news, sports, and entertainment content. They also aim to increase revenue growth through high-quality programming, expand digital distribution offerings and direct consumer engagement, such as through their Tubi platform and the upcoming FOX One streaming service. The company continues to invest in its core brands and explore opportunities for brand extensions and growth.

Fox Corporation is actively expanding its digital distribution offerings to adapt to changing consumer behaviors. This includes significant investment in its AVOD service, Tubi, which has experienced strong growth in total view time and audience engagement. The company is also developing its direct-to-consumer (DTC) presence with services like FOX Nation and FOX Weather, and plans to launch the FOX One DTC subscription streaming service by Fall 2025 to broaden its programming reach beyond traditional footprints.