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FOX REPORTS FIRST QUARTER FISCAL 2025 REVENUES OF $3.56 BILLION, NET INCOME OF $832 MILLION, AND ADJUSTED EBITDA OF $1.05 BILLION

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Fox (FOX) reported strong Q1 fiscal 2025 results with total revenues of $3.56 billion, up 11% year-over-year. Net income doubled to $832 million ($1.78 per share), while Adjusted EBITDA grew 21% to $1.05 billion. The growth was driven by a 6% increase in affiliate fees, 11% rise in advertising revenues, and 47% jump in other revenues. Key contributors included higher political advertising, growth at Tubi, stronger FOX News Media performance, and successful sports broadcasts. However, expenses increased due to higher programming rights costs at FOX Sports and Tubi operations.

Fox (FOX) ha riportato risultati solidi per il primo trimestre dell'anno fiscale 2025, con ricavi totali di 3,56 miliardi di dollari, in aumento dell'11% rispetto all'anno precedente. L'utile netto è raddoppiato a 832 milioni di dollari (1,78 dollari per azione), mentre l'EBITDA rettificato è cresciuto del 21% arrivando a 1,05 miliardi di dollari. La crescita è stata guidata da un aumento del 6% delle commissioni affiliate, un incremento dell'11% nei ricavi pubblicitari e un balzo del 47% in altri ricavi. Tra i principali fattori di contribuzione si annoverano l'aumento della pubblicità politica, la crescita di Tubi, le prestazioni più forti di FOX News Media e le trasmissioni sportive di successo. Tuttavia, le spese sono aumentate a causa dei costi più elevati dei diritti di programmazione su FOX Sports e le operazioni di Tubi.

Fox (FOX) reportó sólidos resultados para el primer trimestre del año fiscal 2025, con ingresos totales de 3.56 mil millones de dólares, un aumento del 11% en comparación con el año anterior. La utilidad neta se duplicó a 832 millones de dólares (1.78 dólares por acción), mientras que el EBITDA ajustado creció un 21% hasta 1.05 mil millones de dólares. El crecimiento fue impulsado por un aumento del 6% en las tarifas de afiliación, un aumento del 11% en los ingresos publicitarios y un salto del 47% en otros ingresos. Los principales contribuyentes incluyeron mayores ingresos por publicidad política, crecimiento en Tubi, mejor rendimiento de FOX News Media y exitosas transmisiones deportivas. Sin embargo, los gastos aumentaron debido a los costos más altos de derechos de programación en FOX Sports y las operaciones de Tubi.

Fox (FOX)는 2025 회계연도 첫 분기 실적을 발표하며 총 수익 35.6억 달러로 전년 대비 11% 증가했다고 보고했습니다. 순이익은 8.32억 달러로 두 배 증가했으며(주당 1.78달러), 조정 EBITDA는 21% 성장하여 10.5억 달러에 도달했습니다. 성장은 제휴 수수료 6% 증가, 광고 수익 11% 상승, 기타 수익 47% 증가에 의해 촉진되었습니다. 주요 기여 요인은 정치 광고 증가, Tubi의 성장, FOX 뉴스 미디어의 강력한 성과, 그리고 성공적인 스포츠 방송이었습니다. 그러나 FOX 스포츠 및 Tubi 운영의 높은 프로그래밍 권리 비용으로 인해 지출이 증가했습니다.

Fox (FOX) a annoncé de bons résultats pour le premier trimestre de l'exercice fiscal 2025, avec des revenus totaux de 3,56 milliards de dollars, en hausse de 11% par rapport à l'année précédente. Le bénéfice net a doublé pour atteindre 832 millions de dollars (1,78 dollar par action), tandis que l'EBITDA ajusté a augmenté de 21% pour atteindre 1,05 milliard de dollars. Cette croissance est due à une augmentation de 6% des frais d'affiliation, une hausse de 11% des recettes publicitaires et un bond de 47% dans d'autres revenus. Les principaux facteurs de croissance incluent une publicité politique plus élevée, la croissance de Tubi, une meilleure performance de FOX News Media et des diffusions sportives réussies. Cependant, les dépenses ont augmenté en raison des coûts plus élevés des droits de programmation chez FOX Sports et des opérations de Tubi.

Fox (FOX) berichtete über starke Ergebnisse für das erste Quartal des Geschäftsjahres 2025 mit Gesamterlösen von 3,56 Milliarden Dollar, was einem Anstieg von 11% im Vergleich zum Vorjahr entspricht. Der Nettogewinn verdoppelte sich auf 832 Millionen Dollar (1,78 Dollar pro Aktie), während das bereinigte EBITDA um 21% auf 1,05 Milliarden Dollar wuchs. Das Wachstum wurde durch einen Anstieg der Affiliates-Gebühren um 6%, einen Anstieg der Werbeeinnahmen um 11% und einen Sprung von 47% bei anderen Einnahmen angetrieben. Zu den Hauptfaktoren gehörten höhere politische Werbung, das Wachstum von Tubi, stärkere Leistungen von FOX News Media und erfolgreiche Sportübertragungen. Die Ausgaben stiegen jedoch aufgrund höherer Kosten für Programmrechte bei FOX Sports und den Tubi-Betrieb.

Positive
  • Revenue increased 11% YoY to $3.56 billion
  • Net income doubled to $832 million from $415 million YoY
  • Adjusted EBITDA grew 21% to $1.05 billion
  • Affiliate fee revenues up 6% with Television segment growing 10%
  • Advertising revenues increased 11% driven by political advertising
  • Share repurchase program continues with $1.15 billion remaining authorization
Negative
  • Higher expenses due to increased programming rights amortization
  • Higher operational costs at Tubi affecting margins
  • Net subscriber declines impacting affiliate fee growth

Insights

FOX delivered strong Q1 FY2025 results with notable growth across key metrics. Total revenues increased 11% to $3.56 billion, while net income doubled to $832 million. The 21% jump in Adjusted EBITDA to $1.05 billion demonstrates robust operational efficiency.

Key growth drivers include:

  • Political advertising revenue boost at FOX Television Stations
  • Strong performance from Tubi streaming service
  • Solid affiliate fee growth (10% in Television, 3% in Cable)
  • Sports programming success with UEFA and Copa América

The stock buyback program continues to return value to shareholders, with $250 million of Class A shares repurchased during the quarter. With $1.15 billion remaining authorization, this provides ongoing support for the stock price.

FOX's strategic positioning in news and sports continues to pay dividends. FOX News maintained strong ratings while successfully monetizing election cycle coverage. The company's sports rights portfolio delivered significant value, particularly through soccer properties and NFL programming.

Tubi's accelerating revenue growth indicates successful digital transformation efforts. The streaming platform's performance, combined with traditional broadcast strength and political advertising tailwinds, creates a balanced revenue mix that reduces dependency on legacy cable business.

The 47% surge in other revenues, driven by sports sublicensing, demonstrates FOX's ability to maximize content monetization through multiple channels. This multi-platform approach positions the company well for evolving media consumption patterns.

NEW YORK, Nov. 4, 2024 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX; "FOX" or the "Company") today reported financial results for the three months ended September 30, 2024.

The Company reported total quarterly revenues of $3.56 billion, an increase of $357 million or 11% from the amount reported in the prior year quarter. Affiliate fee revenues increased 6%, driven by 10% growth at the Television segment and 3% growth at the Cable Network Programming segment. Advertising revenues increased 11%, primarily due to higher political advertising revenues at the FOX Television Stations, continued growth at Tubi, higher ratings and higher pricing in the direct response marketplace at FOX News Media, and the impact of the "Summer of Soccer" at FOX Sports, including the broadcasts of the UEFA European Championship and CONMEBOL Copa América. These were partially offset by the absence of the prior year broadcast of the FIFA Women's World Cup. Other revenues increased 47%, primarily due to higher sports sublicensing revenues at the national sports networks.

The Company reported quarterly net income of $832 million as compared to the $415 million reported in the prior year quarter. The increase includes the change in fair value of the Company's investments recognized in Non-operating other, net. Net income attributable to Fox Corporation stockholders was $827 million ($1.78 per share) as compared to the $407 million ($0.82 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $672 million ($1.45 per share) as compared to the $537 million ($1.09 per share) reported in the prior year quarter.

Quarterly Adjusted EBITDA2 was $1.05 billion, an increase of $179 million or 21% 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 primarily driven by higher programming rights amortization at FOX Sports and higher costs at Tubi.

Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:

"Fiscal 2025 is off to a solid start across our portfolio with strong audience growth at FOX News, record political advertising across the company, accelerating revenue growth at Tubi and a compelling start to our fall sports calendar. Collectively these contributions have combined to deliver particularly strong financial results in our fiscal first quarter led by notable top line revenue and earnings growth. Our strategy and our focus are delivering for our audiences, advertising and distribution partners, and the FOX shareholders."

REVIEW OF OPERATING RESULTS



Three Months Ended September 30,


2024


2023


$ Millions

Revenues by Component:








Affiliate fee

$     1,843


$     1,740

Advertising

1,329


1,200

Other

392


267

Total revenues

$     3,564


$     3,207





Segment Revenues:








Cable Network Programming

$     1,597


$     1,387

Television

1,953


1,780

Corporate and Other

65


54

Eliminations

(51)


(14)

Total revenues

$     3,564


$     3,207





Adjusted EBITDA:








Cable Network Programming

$        748


$        607

Television

372


351

Corporate and Other

(72)


(89)

Adjusted EBITDA3

$     1,048


$        869





Depreciation and amortization:








Cable Network Programming

$          20


$          18

Television

29


29

Corporate and Other

42


49

Total depreciation and amortization

$          91


$          96

 

CABLE NETWORK PROGRAMMING



Three Months Ended September 30,


2024


2023


$ Millions

Revenues




Affiliate fee

$     1,037


$     1,005

Advertising

321


290

Other

239


92

Total revenues

1,597


1,387

Operating expenses

(702)


(649)

Selling, general and administrative

(151)


(135)

Amortization of cable distribution investments

4


4

Segment EBITDA

$        748


$        607

Cable Network Programming reported quarterly segment revenues of $1.60 billion, an increase of $210 million or 15% from the amount reported in the prior year quarter. Affiliate fee revenues increased $32 million or 3% as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenues increased $31 million or 11%, primarily due to higher ratings, higher pricing in the direct response marketplace and higher digital advertising revenues, partially offset by the effect of higher preemptions associated with breaking news coverage at FOX News Media. Other revenues increased $147 million, primarily due to higher sports sublicensing revenues at the national sports networks.

Cable Network Programming reported quarterly segment EBITDA of $748 million, an increase of $141 million or 23% 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 programming rights amortization at the national sports networks and higher newsgathering costs, including costs relating to presidential election cycle coverage, at FOX News Media.

TELEVISION



Three Months Ended September 30,


2024


2023


$ Millions

Revenues




Advertising

$     1,008


$        910

Affiliate fee

806


735

Other

139


135

Total revenues

1,953


1,780

Operating expenses

(1,333)


(1,198)

Selling, general and administrative

(248)


(231)

Segment EBITDA

$        372


$        351

Television reported quarterly segment revenues of $1.95 billion, an increase of $173 million or 10% from the amount reported in the prior year quarter. Advertising revenues increased $98 million or 11%, primarily due to higher political advertising revenues at the FOX Television Stations, continued growth at Tubi, an additional NFL broadcast window, higher NFL ratings and the broadcasts of the UEFA European Championship and CONMEBOL Copa América at FOX Sports. These were partially offset by the absence of the prior year broadcast of the FIFA Women's World Cup. Affiliate fee revenues increased $71 million or 10%, 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 $4 million or 3%, primarily due to higher third-party content revenues at FOX Entertainment studios.

Television reported quarterly segment EBITDA of $372 million, an increase of $21 million or 6%, 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, including an additional NFL broadcast window, and higher costs at Tubi.

SHARE REPURCHASE PROGRAM

As of September 30, 2024, the Company has repurchased approximately $4.85 billion of its Class A common stock and approximately $1 billion of its Class B common stock, with a remaining authorization of $1.15 billion. 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


2024


2023


$ Millions, except per share amounts





Revenues

$     3,564


$     3,207





Operating expenses

(2,018)


(1,862)

Selling, general and administrative

(502)


(480)

Depreciation and amortization

(91)


(96)

Restructuring, impairment and other corporate matters

(26)


9

Equity earnings of affiliates

3


1

Interest expense, net

(50)


(42)

Non-operating other, net

233


(176)

Income before income tax expense

1,113


561

Income tax expense

(281)


(146)

Net income

832


415

Less: Net income attributable to noncontrolling interests

(5)


(8)

Net income attributable to Fox Corporation stockholders

$        827


$        407









Weighted average shares:

464


494





Net income attributable to Fox Corporation stockholders per share:

$       1.78


$       0.82

 

CONSOLIDATED BALANCE SHEETS



September 30,
2024


June 30,
2024


$ Millions

Assets:




Current assets:




Cash and cash equivalents

$            4,052


$            4,319

Receivables, net

2,687


2,364

Inventories, net

795


626

Other

259


192

Total current assets

7,793


7,501





Non-current assets:




Property, plant and equipment, net

1,685


1,696

Intangible assets, net

3,030


3,038

Goodwill

3,547


3,544

Deferred tax assets

2,772


2,878

Other non-current assets

3,711


3,315

Total assets

$         22,538


$         21,972





Liabilities and Equity:




Current liabilities:




Borrowings

$               600


$               599

Accounts payable, accrued expenses and other current liabilities

2,405


2,353

Total current liabilities

3,005


2,952





Non-current liabilities:




Borrowings

6,599


6,598

Other liabilities

1,356


1,366

Redeemable noncontrolling interests

202


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

7,641


7,678

Retained earnings

3,734


3,139

Accumulated other comprehensive loss

(103)


(107)

Total Fox Corporation stockholders' equity

11,276


10,714

Noncontrolling interests

100


100

Total equity

11,376


10,814

Total liabilities and equity

$         22,538


$         21,972

 

CONSOLIDATED STATEMENTS OF CASH FLOWS



Three Months Ended
September 30,


2024


2023


$ Millions

Operating Activities:




Net income

$               832


$               415

Adjustments to reconcile net income to cash provided by operating activities




Depreciation and amortization

91


96

Amortization of cable distribution investments

4


4

Restructuring, impairment and other corporate matters

26


(9)

Equity-based compensation

34


24

Equity earnings of affiliates

(3)


(1)

Non-operating other, net

(233)


176

Deferred income taxes

103


47

Change in operating assets and liabilities, net of acquisitions and dispositions




Receivables and other assets

(397)


(284)

Inventories net of programming payable

(303)


(253)

Accounts payable and accrued expenses

(110)


(187)

Other changes, net

114


(27)

Net cash provided by operating activities

158


1





Investing Activities:




Property, plant and equipment

(64)


(71)

Other investing activities, net

(14)


13

Net cash used in investing activities

(78)


(58)





Financing Activities:




Repurchase of shares

(250)


(250)

Dividends paid and distributions

(131)


(135)

Other financing activities, net

34


(1)

Net cash used in financing activities

(347)


(386)





Net decrease in cash and cash equivalents

(267)


(443)

Cash and cash equivalents, beginning of year

4,319


4,272

Cash and cash equivalents, end of period

$            4,052


$            3,829

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 September 30, 2024 and 2023:


Three Months Ended


September 30, 2024


September 30, 2023


Income


EPS


Income


EPS


$ Millions, except per share data

Net income attributable to Fox Corporation stockholders

$        827


$       1.78


$        407


$       0.82









Restructuring, impairment and other corporate matters

26


0.06


(9)


(0.02)









Non-operating other, net

(233)


(0.50)


176


0.36









Tax provision

52


0.11


(37)


(0.07)









As adjusted

$        672


$       1.45


$        537


$       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 months ended September 30, 2024 and 2023:


Three Months Ended September 30,


2024


2023


$ Millions

Net income

$        832


$        415

Add:




Amortization of cable distribution investments

4


4

Depreciation and amortization

91


96

Restructuring, impairment and other corporate matters

26


(9)

Equity earnings of affiliates

(3)


(1)

Interest expense, net

50


42

Non-operating other, net

(233)


176

Income tax expense

281


146

Adjusted EBITDA

$     1,048


$        869

 

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.

 

(PRNewsfoto/Twenty-First Century Fox, Inc.) (PRNewsfoto/Twenty-First Century Fox, Inc.)

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/fox-reports-first-quarter-fiscal-2025-revenues-of-3-56-billion-net-income-of-832-million-and-adjusted-ebitda-of-1-05-billion-302295318.html

SOURCE Fox Corporation

FAQ

What was Fox 's (FOX) revenue in Q1 fiscal 2025?

Fox reported total revenues of $3.56 billion in Q1 fiscal 2025, representing an 11% increase from the prior year quarter.

How much did FOX's net income grow in Q1 2025?

FOX's net income grew to $832 million in Q1 2025, compared to $415 million in the prior year quarter, representing a 100% increase.

What drove FOX's advertising revenue growth in Q1 2025?

FOX's advertising revenue growth was driven by higher political advertising at FOX Television Stations, growth at Tubi, higher ratings at FOX News Media, and the 'Summer of Soccer' broadcasts.

How much stock has FOX repurchased as of September 30, 2024?

As of September 30, 2024, FOX has repurchased approximately $4.85 billion of Class A common stock and $1 billion of Class B common stock, with $1.15 billion remaining authorization.

Fox Corporation Class B

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