FOX REPORTS THIRD QUARTER FISCAL 2025 REVENUES OF $4.37 BILLION, NET INCOME OF $354 MILLION, AND ADJUSTED EBITDA OF $856 MILLION

, /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX; "FOX" or the "Company") today reported financial results for the three months ended March 31, 2025. The Company reported total quarterly revenues of $4.37 billion, an increase of $924 million or 27% from the amount reported in the prior year quarter. Affiliate fee revenues increased 3%, driven by 4% growth at the Television segment and 3% growth at the Cable Network Programming segment. Advertising revenues increased 65%, primarily due to the impact of Super Bowl LIX, continued digital growth led by the Tubi AVOD service, and stronger news ratings and pricing. Other revenues increased 20%, primarily due to higher sports sublicensing revenues. The Company reported quarterly net income of $354 million as compared to the $704 million reported in the prior year quarter. Net income attributable to Fox Corporation stockholders was $346 million ($0.75 per share) as compared to the $666 million ($1.40 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $507 million ($1.10 per share) as compared to the $520 million ($1.09 per share) reported in the prior year quarter. Quarterly Adjusted EBITDA2 was $856 million as compared to the $891 million reported in the prior year quarter, as the revenue increase noted above was more than offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX and higher digital content and marketing costs. Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said: "Our strong fiscal third quarter underscored the central role FOX plays in informing and entertaining America, and our financial performance, highlighted by record free cash flow, once again illustrates the strength of the FOX platform. Whether it is our market leading coverage of a sustained, active news cycle or our broadcast of a record-breaking Super Bowl, we deliver for our audiences, advertisers and distribution partners. We are confident that our best-in-class assets, deliberate strategy and robust balance sheet position us strongly to drive long-term value for our shareholders." REVIEW OF OPERATING RESULTS Three Months Ended March 31, Nine Months Ended March 31, 2025 2024 2025 2024 $ Millions Revenues by Component: Affiliate fee $ 2,005 $ 1,938 $ 5,748 $ 5,465 Advertising 2,036 1,235 5,787 4,437 Other 330 274 1,478 986 Total revenues $ 4,371 $ 3,447 $ 13,013 $ 10,888 Segment Revenues: Cable Network Programming $ 1,636 $ 1,472 $ 5,398 $ 4,517 Television 2,704 1,938 7,618 6,260 Corporate and Other 58 53 181 156 Eliminations (27) (16) (184) (45) Total revenues $ 4,371 $ 3,447 $ 13,013 $ 10,888 Adjusted EBITDA: Cable Network Programming $ 878 $ 819 $ 2,283 $ 1,990 Television 60 145 637 358 Corporate and Other (82) (73) (235) (238) Adjusted EBITDA3 $ 856 $ 891 $ 2,685 $ 2,110 Depreciation and amortization: Cable Network Programming $ 24 $ 20 $ 69 $ 57 Television 28 29 87 86 Corporate and Other 43 49 127 148 Total depreciation and amortization $ 95 $ 98 $ 283 $ 291 CABLE NETWORK PROGRAMMING Three Months EndedMarch 31, Nine Months EndedMarch 31, 2025 2024 2025 2024 $ Millions Revenues Affiliate fee $ 1,135 $ 1,104 $ 3,248 $ 3,140 Advertising 372 296 1,153 934 Other 129 72 997 443 Total revenues 1,636 1,472 5,398 4,517 Operating expenses (601) (499) (2,657) (2,090) Selling, general and administrative (158) (158) (467) (449) Amortization of cable distribution investments 1 4 9 12 Segment EBITDA $ 878 $ 819 $ 2,283 $ 1,990 Cable Network Programming reported quarterly segment revenues of $1.64 billion, an increase of $164 million or 11% from the amount reported in the prior year quarter. Affiliate fee revenues increased $31 million or 3% as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenues increased $76 million or 26%, primarily due to higher news ratings, pricing and digital advertising revenues. Other revenues increased $57 million or 79%, primarily due to higher sports sublicensing revenues. Cable Network Programming reported quarterly segment EBITDA of $878 million, an increase of $59 million or 7% from the amount reported in the prior year quarter, primarily due to the revenue increase noted above, partially offset by higher expenses. The increase in expenses was driven by higher sports programming rights amortization and production costs. TELEVISION Three Months EndedMarch 31, Nine Months EndedMarch 31, 2025 2024 2025 2024 $ Millions Revenues Advertising $ 1,664 $ 939 $ 4,634 $ 3,503 Affiliate fee 870 834 2,500 2,325 Other 170 165 484 432 Total revenues 2,704 1,938 7,618 6,260 Operating expenses (2,359) (1,540) (6,191) (5,178) Selling, general and administrative (285) (253) (790) (724) Segment EBITDA $ 60 $ 145 $ 637 $ 358 Television reported quarterly segment revenues of $2.70 billion, an increase of $766 million or 40% from the amount reported in the prior year quarter. Advertising revenues increased $725 million or 77%, primarily due to the impact of Super Bowl LIX, and continued digital growth led by the Tubi AVOD service. Affiliate fee revenues increased $36 million or 4%, driven by higher average rates at the Company's owned and operated television stations and increases in fees from third-party FOX affiliates. Other revenues increased $5 million or 3%, primarily due to higher content revenues. Television reported quarterly segment EBITDA of $60 million, as compared to the $145 million reported in the prior year quarter, as the revenue increase noted above was more than offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX and higher digital content and marketing costs. SHARE REPURCHASE PROGRAM As of March 31, 2025, the Company has repurchased approximately $5.35 billion of its Class A common stock and approximately $1 billion of its Class B common stock, with a remaining authorization of $650 million. During the quarter, the Company repurchased approximately $250 million of its Class A common stock. CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook" and similar expressions are used to identify these forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the Company's businesses. More detailed information about these factors is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Statements in this press release speak only as of the date they were made, and the Company undertakes no duty to update or release any revisions to any forward-looking statement made in this press release or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in the Company's expectations, except as required by law. To access a copy of this press release through the Internet, access Fox Corporation's corporate website located at http://www.foxcorporation.com. CONSOLIDATED STATEMENTS OF OPERATIONS Three Months Ended March 31, Nine Months Ended March 31, 2025 2024 2025 2024 $ Millions, except per share amounts Revenues $ 4,371 $ 3,447 $ 13,013 $ 10,888 Operating expenses (2,965) (2,050) (8,759) (7,305) Selling, general and administrative (551) (510) (1,578) (1,485) Depreciation and amortization (95) (98) (283) (291) Restructuring, impairment and other corporate matters (55) (15) (251) (24) Equity losses of affiliates (18) (2) (11) — Interest expense, net (55) (55) (185) (169) Non-operating other, net (158) 244 156 39 Income before income tax expense 474 961 2,102 1,653 Income tax expense (120) (257) (528) (419) Net income 354 704 1,574 1,234 Less: Net income attributable to noncontrolling interests (8) (38) (28) (52) Net income attributable to Fox Corporation stockholders $ 346 $ 666 $ 1,546 $ 1,182 Weighted average shares: 461 475 462 484 Net income attributable to Fox Corporation stockholders per share: $ 0.75 $ 1.40 $ 3.35 $ 2.44 CONSOLIDATED BALANCE SHEETS March 31,2025 June 30,2024 $ Millions Assets: Current assets: Cash and cash equivalents $ 4,815 $ 4,319 Receivables, net 3,252 2,364 Inventories, net 455 626 Other 227 192 Total current assets 8,749 7,501 Non-current assets: Property, plant and equipment, net 1,660 1,696 Intangible assets, net 3,030 3,038 Goodwill 3,639 3,544 Deferred tax assets 2,712 2,878 Other non-current assets 3,577 3,315 Total assets $ 23,367 $ 21,972 Liabilities and Equity: Current liabilities: Borrowings $ 600 $ 599 Accounts payable, accrued expenses and other current liabilities 2,967 2,353 Total current liabilities 3,567 2,952 Non-current liabilities: Borrowings 6,601 6,598 Other liabilities 1,333 1,366 Redeemable noncontrolling interests 228 242 Commitments and contingencies Equity: Class A common stock, $0.01 par value 2 2 Class B common stock, $0.01 par value 2 2 Additional paid-in capital 7,628 7,678 Retained earnings 3,999 3,139 Accumulated other comprehensive loss (105) (107) Total Fox Corporation stockholders' equity 11,526 10,714 Noncontrolling interests 112 100 Total equity 11,638 10,814 Total liabilities and equity $ 23,367 $ 21,972 CONSOLIDATED STATEMENTS OF CASH FLOWS Nine Months Ended March 31, 2025 2024 $ Millions Operating Activities: Net income $ 1,574 $ 1,234 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 283 291 Amortization of cable distribution investments 9 12 Restructuring, impairment and other corporate matters 168 24 Equity-based compensation 97 69 Equity losses of affiliates 11 — Cash distributions received from affiliates 13 — Non-operating other, net (156) (39) Deferred income taxes 165 152 Change in operating assets and liabilities, net of acquisitions and dispositions Receivables and other assets (906) (317) Inventories net of programming payable 691 (220) Accounts payable and accrued expenses (26) (178) Other changes, net (112) (87) Net cash provided by operating activities 1,811 941 Investing Activities: Property, plant and equipment (212) (233) Acquisitions, net of cash acquired (91) — Purchase of investments (79) (99) Other investing activities, net (25) 8 Net cash used in investing activities (407) (324) Financing Activities: Repayment of borrowings — (1,250) Borrowings — 1,232 Repurchase of shares (750) (750) Dividends paid and distributions (267) (272) Other financing activities, net 109 (58) Net cash used in financing activities (908) (1,098) Net increase (decrease) in cash and cash equivalents 496 (481) Cash and cash equivalents, beginning of year 4,319 4,272 Cash and cash equivalents, end of period $ 4,815 $ 3,791 NOTE 1 – ADJUSTED NET INCOME AND ADJUSTED EPS The Company uses net income attributable to Fox Corporation stockholders and earnings per share ("EPS") attributable to Fox Corporation stockholders excluding net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provision and Noncontrolling interest ("Adjusted Net Income" and "Adjusted EPS" respectively) to evaluate the performance of the Company's operations exclusive of certain items that impact the comparability of results from period to period. Adjusted Net Income and Adjusted EPS may not be comparable to similarly titled measures reported by other companies. Adjusted Net Income and Adjusted EPS are not measures of performance under GAAP and should be considered in addition to, and not as substitutes for, net income attributable to Fox Corporation stockholders and EPS as reported in accordance with GAAP. However, management uses these measures in comparing the Company's historical performance and believes that they provide meaningful and comparable information to management, investors and equity analysts to assist in their analysis of the Company's performance relative to prior periods and the Company's competitors. The following table reconciles net income attributable to Fox Corporation stockholders and EPS attributable to Fox Corporation stockholders to Adjusted Net Income and Adjusted EPS for the three months ended March 31, 2025 and 2024: Three Months Ended March 31, 2025 March 31, 2024 Income EPS Income EPS $ Millions, except per share data Net income attributable to Fox Corporation stockholders $ 346 $ 0.75 $ 666 $ 1.40 Restructuring, impairment and other corporate matters 55 0.12 15 0.03 Non-operating other, net 158 0.34 (244) (0.51) Tax provision (52) (0.11) 52 0.11 Noncontrolling interest adjustment — — 31 0.07 Rounding — — — (0.01) As adjusted $ 507 $ 1.10 $ 520 $ 1.09 NOTE 2 – ADJUSTED EBITDA Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Adjusted EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating other, net and Income tax expense. Management believes that information about Adjusted EBITDA assists all users of the Company's Unaudited Consolidated Financial Statements by allowing them to evaluate changes in the operating results of the Company's portfolio of businesses separate from non-operational factors that affect Net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company's business and its enterprise value against historical data and competitors' data, although historical results, including Adjusted EBITDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences). Adjusted EBITDA is considered a non-GAAP financial measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment charges, which are significant components in assessing the Company's financial performance. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. The following table reconciles net income to Adjusted EBITDA for the three and nine months ended March 31, 2025 and 2024: Three Months EndedMarch 31, Nine Months EndedMarch 31, 2025 2024 2025 2024 $ Millions Net income $ 354 $ 704 $ 1,574 $ 1,234 Add: Amortization of cable distribution investments 1 4 9 12 Depreciation and amortization 95 98 283 291 Restructuring, impairment and other corporate matters 55 15 251 24 Equity losses of affiliates 18 2 11 — Interest expense, net 55 55 185 169 Non-operating other, net 158 (244) (156) (39) Income tax expense 120 257 528 419 Adjusted EBITDA $ 856 $ 891 $ 2,685 $ 2,110 ______________________________________________ 1 Excludes net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provision and Noncontrolling interest adjustments. See Note 1 for a description of adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders, which are considered non-GAAP financial measures, and a reconciliation of reported net income attributable to Fox Corporation stockholders and earnings per share attributable to Fox Corporation stockholders to adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders.2 Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.3 Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA. SOURCE Fox Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

FOX REPORTS THIRD QUARTER FISCAL 2025 REVENUES OF $4.37 BILLION, NET INCOME OF $354 MILLION, AND ADJUSTED EBITDA OF $856 MILLION

FAQ

Why Bullish?

How important is it?

Why Short Term?

Related Companies

Related News