10-QPeriod: Q3 FY2025

Fox Corp Quarterly Report for Q3 Ended Mar 31, 2025

Filed May 12, 2025For Securities:FOXAFOX

Summary

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.

Financial Highlights

50 data points
Beta

Revenue

$4.37B

Net Income

$346.00M

7.9% Net Margin

EPS (Diluted)

$0.75

Total Assets

$23.37B

Cash & Equivalents

$4.82B

Free Cash Flow

$1.94B

Financial Statements
Beta
Revenue$4.37B
SG&A Expenses$551.00M
Net Income$346.00M
EPS (Basic)$0.76
EPS (Diluted)$0.75
Shares Outstanding (Basic)453.00M
Shares Outstanding (Diluted)461.00M

Key Highlights

  • 1Total revenues surged by 20% to $13.01 billion for the nine months ended March 31, 2025, compared to the prior year period.
  • 2Advertising revenue was a key driver, increasing by 30% for the nine-month period, boosted by Super Bowl LIX broadcast and political advertising.
  • 3The Television segment experienced a 22% revenue increase for the nine months, with advertising revenue up 32%, largely due to Super Bowl LIX and digital growth from Tubi.
  • 4Cable Network Programming segment revenues grew 20% for the nine months, with strong contributions from affiliate fees and advertising.
  • 5Net income attributable to Fox Corporation stockholders decreased by 48% for the three-month period but increased by 31% for the nine-month period.
  • 6The company ended the period with substantial liquidity, holding $4.8 billion in cash and cash equivalents and an available $1.0 billion revolving credit facility.
  • 7The company repurchased approximately $750 million of its Class A Common Stock during the nine months ended March 31, 2025.

Frequently Asked Questions

Revenue growth was primarily driven by strong advertising revenue, significantly boosted by the broadcast of Super Bowl LIX and increased political advertising related to the 2024 presidential and congressional elections. Higher affiliate fees and other revenues, including sports sublicensing, also contributed.

The decrease in net income for the three months ended March 31, 2025, was primarily due to unfavorable year-over-year changes in the fair value of the company's investments in equity securities and the absence of a significant gain on a contribution of assets that was recognized in the prior year period. These factors more than offset the lower income tax provision.

Fox Corporation maintains a strong liquidity position with approximately $4.8 billion in cash and cash equivalents as of March 31, 2025. Additionally, the company has an unused $1.0 billion unsecured revolving credit facility, providing significant financial flexibility.

The Television segment saw robust revenue growth of 22% for the nine months, largely driven by advertising, and its Segment EBITDA increased by 78%. The Cable Network Programming segment also performed well, with revenues up 20% for the nine months and Segment EBITDA increasing by 15%. The Corporate and Other segment reported a slight revenue increase and a marginal improvement in Segment EBITDA.