FOXA 10-Q Quarterly Reports

Fox Corporation (FOXA) reported its fiscal third-quarter results for the period ending March 31, 2026, showing a year-over-year decline in both revenue and net income. Total revenues decreased by 9% to $3.99 billion, primarily driven by a significant 24% drop in advertising revenue, largely attributed to the absence of the Super Bowl LIX broadcast and lower ratings. This was partially offset by growth in distribution and content revenues. Despite the revenue dip, the company managed to decrease operating expenses by 16% due to lower sports programming rights amortization costs related to the absence of the Super Bowl. However, net income attributable to stockholders fell 52% to $166 million. The "Corporate and Other" segment saw a substantial increase in revenue but also a significant widening of its Segment EBITDA loss, largely due to costs associated with the launch of the "Fox One" direct-to-consumer streaming service. The company maintained a strong liquidity position with $3.6 billion in cash and cash equivalents and an undrawn $1.0 billion revolving credit facility.

Fox Corporation (FOXA) reported its fiscal second-quarter 2026 results, with total revenues increasing by 2% to $5.18 billion. This growth was primarily driven by a 4% rise in distribution revenues, benefiting from higher subscriber rates, and a 1% increase in advertising revenues, supported by strong linear pricing and digital growth on Tubi, despite a significant drop in political advertising. However, net income attributable to stockholders saw a substantial decline of 39% to $229 million, largely due to a change in the fair value of equity investments and the absence of favorable items from the prior year. The company's Cable Network Programming segment demonstrated solid performance, with revenues up 5% and Segment EBITDA increasing 5%, driven by higher distribution and advertising revenues, and increased sports sublicensing. In contrast, the Television segment experienced a slight revenue dip of 1% for the quarter, and a significant 30% decrease in Segment EBITDA, primarily due to increased sports programming costs (MLB, NFL) and lower entertainment content revenue, despite growth in Tubi and higher advertising rates. The "Corporate and Other" segment reported higher revenues but a significantly lower EBITDA due to substantial costs associated with the launch of its new direct-to-consumer streaming service, FOX One.

Fox Corporation reported a notable increase in total revenues for the three months ended September 30, 2025, up 5% to $3.74 billion, driven by strong performance in both its Cable Network Programming and Television segments. While top-line growth was positive, net income attributable to stockholders saw a significant decline of 28% to $599 million, primarily due to a change in the fair value of equity investments and increased operating expenses, particularly in selling, general, and administrative costs related to the launch of its new direct-to-consumer service, FOX One. The Cable Network Programming segment demonstrated a 4% revenue increase, with Segment EBITDA rising 7%. The Television segment also saw a 5% revenue boost and a 7% increase in Segment EBITDA, with continued digital growth from Tubi and strong NFL advertising performance contributing significantly. However, the Corporate and Other segment experienced an 86% decline in Segment EBITDA, largely attributed to the substantial costs associated with the FOX One launch. Despite the reported net income decrease, the company maintained a solid liquidity position with $4.4 billion in cash and cash equivalents and an undrawn $1.0 billion revolving credit facility.

Fox Corporation (FOXA) reported significant revenue growth for the nine months ended March 31, 2025, driven by strong advertising performance, particularly from the broadcast of Super Bowl LIX and political advertising. Total revenues increased by 20% year-over-year to $13 billion, with the Television segment showing substantial 22% revenue growth, largely due to advertising. The Cable Network Programming segment also saw a 20% revenue increase. Despite revenue gains, net income attributable to stockholders saw a notable decrease of 48% for the three months ended March 31, 2025, primarily due to a change in the fair value of equity investments and the absence of a prior-year gain on asset contribution. However, for the nine-month period, net income attributable to stockholders increased by 31% to $1.55 billion, benefiting from higher Segment EBITDA and equity investment fair value changes. The company maintained a strong liquidity position with approximately $4.8 billion in cash and cash equivalents and an unused $1.0 billion revolving credit facility.

Fox Corporation (FOXA) reported a strong performance for the quarter and six months ended December 31, 2024, with significant revenue and net income growth. Total revenues surged by 20% for the quarter and 16% for the six-month period, driven by robust advertising and affiliate fee revenue growth, particularly amplified by political advertising and strong sports programming performance. The Cable Network Programming segment saw a substantial 31% revenue increase for the quarter, while the Television segment benefited significantly from political ad sales and digital growth on Tubi. Adjusted EBITDA demonstrated impressive growth, up 123% for the quarter and 50% for the six months, underscoring improved operational profitability.

Fox Corporation (FOXA) reported a strong first quarter for fiscal year 2025, driven by significant revenue growth and a substantial increase in net income. Total revenues rose by 11% year-over-year, primarily fueled by a robust performance in affiliate fees and advertising, with political advertising revenue being a key contributor. The company's Cable Network Programming segment saw a notable 15% revenue increase, benefiting from higher affiliate rates and increased sports sublicensing revenue. The Television segment also performed well, with a 10% revenue increase, boosted by political advertising at its owned stations and growth at Tubi. Net income attributable to stockholders more than doubled, reaching $827 million compared to $407 million in the prior year's comparable quarter. This substantial improvement was driven by higher Segment EBITDA, a significant unrealized gain on its investment in Flutter Entertainment plc, and better cost management, partially offset by increased income tax expenses. The company also demonstrated solid cash flow generation, with a significant increase in net cash provided by operating activities, highlighting operational strength and effective financial management.

Fox Corporation (FOXA) reported a significant recovery in net income for the third quarter of fiscal year 2024, swinging from a net loss of $54 million in the prior year to a net income of $666 million. This turnaround was primarily driven by the absence of substantial legal settlement costs incurred in the previous year, alongside a gain on asset contribution. Total revenues, however, saw a notable decline of 16% to $3.45 billion, largely attributed to the lapping of major sporting events like the Super Bowl LVII and fewer NFL games in the current year's advertising revenue. The company's operating expenses also decreased by 25%, benefiting from the absence of these large event costs and lower programming amortization. For the nine-month period, net income attributable to stockholders grew by 37% to $1.18 billion, despite an 8% decrease in total revenues to $10.89 billion. The advertising revenue decline was a significant factor, impacted by the absence of Super Bowl LVII and the FIFA Men's World Cup. Cable Network Programming showed resilience with Segment EBITDA up 3% for the quarter, while the Television segment's Segment EBITDA saw a substantial 54% decrease for the nine-month period, heavily influenced by the timing of major sporting events and programming costs. The company maintained a strong liquidity position with $3.8 billion in cash and cash equivalents and an undrawn $1 billion revolving credit facility.

Fox Corporation (FOXA) reported a decrease in revenues and net income for the three and six months ended December 31, 2023, compared to the prior year period. This decline was largely driven by a significant drop in advertising revenue, primarily due to the absence of major sporting events like the FIFA Men's World Cup and lower political advertising compared to the previous year's midterm elections. While affiliate fee revenue saw a modest increase, it was not enough to offset the advertising revenue shortfall. The company's Cable Network Programming segment showed resilience, with Segment EBITDA increasing significantly for the quarter and modestly for the six-month period, benefiting from higher affiliate fees and controlled expenses, despite lower advertising revenue. Conversely, the Television segment experienced a substantial decline in Segment EBITDA, negatively impacted by lower advertising revenue from broadcast networks and entertainment production due to labor disputes, as well as increased programming costs associated with the renewed NFL contract. Adjusted EBITDA declined across the company, reflecting the overall revenue pressures.

Fox Corporation (FOXA) reported relatively flat total revenues of $3.21 billion for the first quarter of fiscal year 2024, a slight increase of 0.5% compared to the prior year's quarter. This stability was driven by an increase in affiliate fee revenue, boosted by higher rates from contractual renewals and affiliations, which offset a decline in advertising revenue. The decrease in advertising was primarily attributed to the absence of political advertising post-midterm elections and lower ratings, though partially mitigated by the FIFA Women's World Cup and growth in the AVOD service Tubi. However, profitability saw a significant decrease, with Net Income attributable to Fox Corporation stockholders falling 33% to $407 million. This was largely due to a 12% increase in operating expenses, driven by higher sports programming rights, particularly for the NFL and FIFA Women's World Cup, and increased digital investment costs. Additionally, a substantial negative swing in 'Other, net' and lower income tax expenses compared to the prior year also contributed to the profit decline. Adjusted EBITDA declined 20% to $869 million. The company maintains a strong liquidity position with $3.8 billion in cash and equivalents and an undrawn $1 billion revolving credit facility. Despite the revenue stability, the declining profitability and increased operating expenses, particularly related to sports rights and digital initiatives, are key areas for investors to monitor.

Fox Corporation (FOXA) reported solid revenue growth of 18% year-over-year for the third quarter ended March 31, 2023, reaching $4.1 billion. This surge was largely driven by a substantial increase in advertising revenue, which climbed 43%, significantly boosted by the broadcast of Super Bowl LVII and a higher volume of NFL games, alongside continued growth at its AVOD service, Tubi. Affiliate fee revenue also saw a modest 3% increase. Despite the revenue gains, the company experienced a net loss of $50 million for the quarter, a reversal from a $290 million net income in the prior year. This swing was primarily attributable to significant legal settlement costs at FOX News Media, which were partially offset by a higher gain from the sale of its investment in Flutter Entertainment plc and strong performance in Segment EBITDA. For the nine-month period, net income was $884 million, a 4% decrease year-over-year, also impacted by the aforementioned legal costs but supported by the Super Bowl and political advertising. From a segment perspective, the Television segment showed remarkable revenue growth of 36% for the quarter, driven by Super Bowl LVII and increased NFL coverage, while the Cable Network Programming segment experienced a slight 1% revenue decline. Management highlights strong liquidity with approximately $4.1 billion in cash and an undrawn $1.0 billion credit facility.

Fox Corporation (FOXA) reported a strong financial performance for the second quarter of fiscal year 2023, with total revenues increasing by 4% to $4.6 billion and net income attributable to stockholders soaring by 49% to $313 million compared to the prior year period. This growth was driven by significant contributions from its Television segment, which benefited from increased advertising revenue due to the FIFA Men's World Cup, political advertising from the U.S. midterm elections, and additional NFL games. The Cable Network Programming segment saw relatively flat revenues but a substantial decline in Segment EBITDA, largely due to increased programming rights amortization and digital investment costs. Despite higher selling, general, and administrative expenses, the company's overall profitability improved significantly, evidenced by a 71% increase in Adjusted EBITDA to $531 million for the quarter. Management highlighted strong liquidity with approximately $4.1 billion in cash and cash equivalents and an undrawn $1.0 billion revolving credit facility. The company also announced an increased stock repurchase authorization of $3 billion, signaling confidence in its financial health and commitment to returning capital to shareholders. Recent strategic developments include the dissolution of a special committee formed to explore a potential combination with News Corporation.

Fox Corporation reported a 5% increase in total revenues for the first quarter of fiscal year 2023, reaching $3.19 billion, driven by growth in affiliate fees, advertising, and other revenue streams. Advertising revenue saw a notable 8% increase, largely due to political advertising at FOX Television Stations in anticipation of the mid-term elections and improved pricing at the FOX Network and FOX News Media. The company's net income attributable to stockholders decreased by 14% to $605 million compared to the prior year quarter, impacted by the absence of asset disposition gains and other non-operational factors. Adjusted EBITDA, a key performance indicator, saw a modest 3% increase to $1.09 billion, reflecting overall operational strength despite some segment-specific pressures. The Cable Network Programming segment experienced a 1% revenue increase, though Segment EBITDA declined by 4% due to higher expenses related to digital initiatives and breaking news coverage at FOX News Media. Conversely, the Television segment demonstrated stronger performance with an 8% revenue increase and a significant 14% rise in Segment EBITDA, benefiting from political advertising, growth at TUBI, and higher sports pricing. The company maintains a strong liquidity position with $5.0 billion in cash and equivalents and an undrawn $1.0 billion revolving credit facility.

Fox Corporation (FOXA) reported its fiscal third-quarter and nine-month results ending March 31, 2022. For the quarter, total revenues increased by 7% to $3.46 billion, driven by growth in affiliate fees, advertising, and other revenues across its Cable Network Programming and Television segments. However, net income attributable to stockholders experienced a significant 50% decline to $283 million, largely impacted by a change in the fair value of its investment in Flutter Entertainment plc and lower Segment EBITDA in the Television segment. For the nine-month period, total revenues grew 9% to $10.94 billion, while net income attributable to stockholders fell 53% to $899 million, also affected by a prior year's $462 million reimbursement from Disney and the Flutter investment change. The Cable Network Programming segment showed modest 2% revenue growth and 5% EBITDA growth for the nine months, demonstrating resilience. In contrast, the Television segment, which includes Tubi and broadcast stations, saw revenue increases but a substantial 70% drop in Segment EBITDA for the nine months, primarily due to increased investments in digital platforms like Tubi, higher sports programming costs, and a write-down of production costs. The company maintained a strong liquidity position with $4.6 billion in cash and cash equivalents and an undrawn $1 billion revolving credit facility.

Fox Corporation's (FOXA) filing for the second quarter ended December 31, 2021, indicates a mixed financial performance. Total revenues saw a healthy increase of 9% year-over-year to $4.44 billion for the quarter, driven by higher affiliate fees and advertising revenue, particularly from sports content and the growth of Tubi. However, the company reported a net loss of $73 million for the quarter, a significant reversal from a net income of $230 million in the prior year period. This net loss was primarily attributed to changes in the fair value of an investment and other net items, rather than core operational performance. Operationally, the Cable Network Programming segment demonstrated strong growth, with segment EBITDA increasing 17% year-over-year, fueled by higher affiliate fees and advertising, and a rebound in live sports events. Conversely, the Television segment experienced a significant decline in segment EBITDA, down 48%, as increased operating expenses, including higher sports programming rights and digital investments at Tubi, outpaced revenue growth. Despite the quarterly net loss, the company maintains a solid liquidity position with $4.3 billion in cash and cash equivalents and an undrawn $1.0 billion revolving credit facility.

Fox Corporation's (FOXA) quarterly report for the period ending September 30, 2021, indicates a 12% increase in total revenues to $3.045 billion compared to the prior year's quarter, driven by robust performance in affiliate fees, advertising, and other revenue streams. Despite top-line growth, net income attributable to stockholders saw a significant decline of 37% to $701 million, primarily due to a substantial one-time settlement benefit received in the prior year's comparable quarter related to the Disney divestiture. The company's operational performance, measured by Adjusted EBITDA, decreased by 9% to $1.064 billion, reflecting increased operating expenses related to programming rights, sports production, and digital investments. Segment-wise, Cable Network Programming saw a modest 1% decrease in Segment EBITDA, with revenue growth offset by higher expenses, particularly in sports programming due to the return of a full college football schedule. The Television segment experienced a more pronounced 21% decline in Segment EBITDA, as revenue increases were outpaced by significant rises in operating expenses, including higher programming rights amortization and increased digital investment in Tubi. The company maintains a strong liquidity position with approximately $5.4 billion in cash and cash equivalents and an undrawn $1 billion revolving credit facility.

Fox Corporation (FOXA) reported a significant increase in net income for the three and nine months ended March 31, 2021, driven primarily by a substantial reimbursement from Disney related to the Divestiture Tax and unrealized gains on investments. Total revenues saw a modest increase for the nine-month period, but a decrease for the quarter, primarily due to lower advertising revenue, which was partially offset by increased affiliate fees and the performance of Tubi. The company is navigating the ongoing impacts of the COVID-19 pandemic, which has affected advertising spend and content production, particularly sports events, although many have resumed. Operationally, the Cable Network Programming segment showed growth in Segment EBITDA, benefiting from higher affiliate fees and advertising revenue, while the Television segment experienced a notable decline in Segment EBITDA for the quarter due to lower advertising revenue and increased programming costs, despite overall revenue flatness for the nine months. The company maintains a strong liquidity position with substantial cash reserves and an undrawn revolving credit facility, positioning it to manage operational needs and potential future investments.

Fox Corporation's Form 10-Q for the quarter ended December 31, 2020, reveals a mixed financial performance, with overall revenue growth driven by strong advertising, particularly from political campaigns and the inclusion of Tubi. However, net income attributable to stockholders saw a notable decline compared to the prior year's quarter, primarily due to lower unrealized gains on equity investments. The company continues to navigate the impacts of the COVID-19 pandemic, which has disrupted sports schedules and content production, leading to affiliate fee credits for under-delivered college football games. Despite these challenges, the company maintains a solid liquidity position with substantial cash reserves and an undrawn revolving credit facility.

Fox Corporation (FOXA) reported a solid increase in net income for the first quarter of fiscal year 2021, driven by a significant reimbursement from Disney related to the divestiture tax and strong performance in its Cable Network Programming and Television segments. While overall revenues saw a modest 2% increase, this was primarily fueled by a 10% rise in affiliate fees, reflecting higher rates per subscriber. Advertising revenue, however, experienced a notable 7% decline, largely attributed to the ongoing impacts of COVID-19, including the cancellation or postponement of major sports events and reduced entertainment programming. The company's operating expenses decreased significantly (20%), a key factor in the improved profitability. This reduction was mainly due to lower programming rights and production costs, also linked to pandemic-related disruptions. Despite increased interest expenses from recent debt issuance and higher selling, general, and administrative costs (partially due to acquisitions), Fox Corp demonstrated resilience. The company maintained a strong liquidity position with substantial cash reserves and an available credit facility, underscoring its ability to navigate the challenging economic environment. Investors should note the ongoing impact of COVID-19 on advertising revenue and content availability, which remains a key risk factor. However, the company's strategic focus on affiliate fee growth, coupled with cost management initiatives, suggests a path towards continued profitability. The reimbursement from Disney significantly boosted the current quarter's net income, and while this is a non-recurring item, the underlying operational improvements are encouraging.

Fox Corporation's (FOXA) Form 10-Q for the quarter ended March 31, 2020, highlights a significant increase in total revenues, up 25% year-over-year for the quarter, driven by strong advertising revenue, bolstered by the broadcast of Super Bowl LIV and increased digital advertising. Affiliate fee revenue also saw a healthy 10% rise due to higher per-subscriber rates. However, the company is navigating the early impacts of the COVID-19 pandemic, which is causing disruptions to sporting event broadcasts and local advertising markets, leading to an estimated potential revenue impact of $200 million to $240 million in the fourth quarter of fiscal year 2020. Operationally, the company experienced increased expenses, largely attributed to higher sports programming rights amortization and production costs, as well as costs associated with operating as a standalone public company. Despite these increased costs and the looming uncertainty of COVID-19, Fox Corp completed strategic acquisitions, including Tubi for approximately $445 million and three television stations for $350 million, while also selling two stations. The company also announced a $2 billion stock repurchase program and has maintained a strong liquidity position with $3.2 billion in cash and cash equivalents and an unused $1.0 billion revolving credit facility.

Fox Corporation's (FOXA) second fiscal quarter of 2020, ending December 31, 2019, showed robust top-line growth with total revenues increasing by 5% to $3.78 billion compared to the prior year period. This growth was driven by a 7% increase in affiliate fees and a 32% surge in other revenues, primarily from the FOX Studios lot and consolidation of Credible and Bento Box. Advertising revenue saw a modest 1% increase. However, operating expenses rose by 10%, outpacing revenue growth, leading to a significant increase in interest expenses due to senior note issuance. Despite these cost pressures, net income attributable to stockholders surged by a remarkable 3650% to $300 million from $8 million in the prior year, largely due to favorable changes in the fair value of investments. Adjusted EBITDA, a key operational metric, saw a notable decrease of 41% to $261 million, reflecting higher operating expenses and a significant increase in interest expense. The company also announced a substantial $2 billion stock repurchase program authorization, with an initial $350 million accelerated share repurchase (ASR) agreement initiated in November 2019. Strategically, Fox Corp is acquiring three television stations from Nexstar Media Group for approximately $350 million, while divesting two stations for $45 million. The acquisition of a 67% stake in Credible for approximately $260 million also closed in October 2019. These moves signal a focus on strategic growth and capital return to shareholders.

Fox Corporation (FOXA) reported its first quarterly results as a standalone public company following its separation from 21st Century Fox in March 2019. For the three months ended September 30, 2019, the company saw a 5% increase in total revenues to $2.67 billion, driven primarily by a 14% rise in affiliate fees in its Television segment and a 2% increase in its Cable Network Programming segment. However, net income attributable to Fox Corporation stockholders decreased by 17% to $499 million, impacted by higher interest expenses from a significant debt issuance in January 2019 and a decrease in unrealized gains on investments. Despite the decline in net income, the company's operational performance showed strength, with Adjusted EBITDA increasing by 12% to $856 million. This growth was propelled by robust performance in both the Cable Network Programming segment (up 8% in Segment EBITDA) and the Television segment (up 47% in Segment EBITDA), the latter benefiting from strong affiliate fee revenue and higher pricing for entertainment programming. The company also announced strategic initiatives, including a $2 billion stock repurchase program and the acquisition of a 67% stake in Credible Labs Inc., a consumer finance marketplace, signaling a focus on both shareholder returns and diversification.

Fox Corporation (FOXA) reported its first quarterly results as a standalone entity following its separation from Twenty-First Century Fox (21CF) and subsequent distribution on March 19, 2019. The company's performance for the nine months ended March 31, 2019, showed a significant revenue increase of 14% to $8.9 billion, driven by strong advertising and affiliate fee growth across its Cable Network Programming and Television segments. Despite these revenue gains, net income attributable to stockholders decreased by 34% to $1.14 billion, primarily due to the absence of a significant tax benefit recorded in the prior year from the Tax Cuts and Jobs Act. Key financial developments include the issuance of $6.8 billion in senior notes and a $8.5 billion dividend paid to 21CF (net of a $2.0 billion payment from Disney). The company also benefited from an increased tax basis in its assets post-separation, expected to provide annual tax deductions and cash tax savings. Looking ahead, Fox Corp is entering a sports wagering partnership with The Stars Group, signaling strategic moves to leverage its brands in new growth areas. Investors should note the impact of corporate allocations from 21CF, increased interest expenses from new debt, and the ongoing integration as a new standalone entity.

This 10-Q filing for Fox Corp (FOXA) covers the period ending December 31, 2018, and provides a crucial look into the company's financial performance and position following significant recent transactions, including the divestiture of 21st Century Fox assets. Investors should focus on the "Management's Discussion and Analysis" section for insights into how these changes are impacting operational results, profitability, and future strategic direction. The unaudited financial statements offer a snapshot of the company's revenue streams, expenses, and balance sheet health during this transformative period. Key areas of interest for investors include the performance of the remaining core businesses such as the FOX Broadcast Network, Fox News, and Fox Sports. Understanding the revenue generation, cost structures, and any emerging trends within these segments is vital. Furthermore, the "Risk Factors" section in Part II warrants close attention, as it outlines potential challenges and uncertainties that could affect the company's future performance, including the ongoing integration of newly acquired or retained assets and the competitive media landscape.