Summary
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.
Financial Highlights
48 data pointsBeta
Financial Statements
Beta
| Revenue | $5.08B |
| SG&A Expenses | $525.00M |
| Net Income | $373.00M |
| EPS (Basic) | $0.82 |
| EPS (Diluted) | $0.81 |
| Shares Outstanding (Basic) | 457.00M |
| Shares Outstanding (Diluted) | 462.00M |
Key Highlights
- 1Total revenues increased by 20% to $5.1 billion for the three months ended December 31, 2024, and by 16% to $8.6 billion for the six months ended December 31, 2024.
- 2Net income attributable to Fox Corporation stockholders more than tripled to $373 million for the three months and more than doubled to $1.2 billion for the six months, compared to the prior year periods.
- 3Advertising revenue saw a substantial increase of 21% for the quarter and 17% for the six months, heavily influenced by political advertising from the 2024 elections and continued digital growth at Tubi.
- 4The Cable Network Programming segment reported a 31% revenue increase for the quarter and 24% for the six months, driven by higher affiliate fees, advertising, and significant growth in other revenues (primarily sports sublicensing).
- 5The Television segment revenue grew by 16% for the quarter and 14% for the six months, with advertising and affiliate fee revenues being key contributors, boosted by political advertising and sports.
- 6Adjusted EBITDA showed remarkable growth, increasing by 123% to $781 million for the three months and by 50% to $1.8 billion for the six months, indicating strong underlying operational performance.
- 7The company maintained a healthy liquidity position with approximately $3.3 billion in cash and cash equivalents and an undrawn $1.0 billion revolving credit facility as of December 31, 2024.
Frequently Asked Questions
The primary drivers of Fox Corporation's revenue growth for the quarter ended December 31, 2024, were significant increases in affiliate fee revenue (up 6%), advertising revenue (up 21%), and other revenues (up 70%). The advertising surge was notably boosted by political advertising related to the 2024 presidential and congressional elections, digital growth at Tubi, and strong news ratings. Higher sports programming, including MLB postseason and NFL pricing, also contributed. Increased sports sublicensing revenue was a key factor in the 'other revenues' growth.
Both segments demonstrated strong performance. The Cable Network Programming segment saw revenues increase by 31% for the quarter, driven by higher affiliate fees, advertising (especially news and sports), and substantial growth in sports sublicensing. The Television segment's revenue grew by 16% for the quarter, largely due to political advertising from the 2024 elections, digital growth on Tubi, and higher NFL pricing. While both experienced growth, the Cable segment's 'other revenues' from sports sublicensing was a particularly large contributor to its overall revenue increase.
Adjusted EBITDA is a non-GAAP financial measure that Fox Corporation uses to evaluate the operating performance of its businesses, excluding items like amortization, depreciation, restructuring costs, interest, and taxes. The significant increase in Adjusted EBITDA (123% for the quarter and 50% for the six months) indicates a substantial improvement in the core operational profitability of the company, separating it from non-operational factors. Investors often find this metric useful for comparing performance across periods and with peers.
Fox Corporation appears to have a strong liquidity position. As of December 31, 2024, the company held approximately $3.3 billion in cash and cash equivalents and had an undrawn $1.0 billion revolving credit facility. The company also noted compliance with its credit facility covenants. The substantial increase in net cash used in operating activities for the six-month period (from a use of $535 million to a use of $204 million) also suggests improved cash flow generation from operations, primarily due to higher Segment EBITDA and lower restructuring payments, despite increased programming costs.