FOX REPORTS FIRST QUARTER FISCAL 2025 REVENUES OF $3.56 BILLION, NET INCOME OF $832 MILLION, AND ADJUSTED EBITDA OF $1.05 BILLION
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.
- 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
- 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
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
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
The Company reported total quarterly revenues of
The Company reported quarterly net income of
Quarterly Adjusted EBITDA2 was
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
Cable Network Programming reported quarterly segment EBITDA of
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
Television reported quarterly segment EBITDA of
SHARE REPURCHASE PROGRAM
As of September 30, 2024, the Company has repurchased approximately
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, | June 30, | ||
$ 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, | 2 | 2 | |
Class B common stock, | 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 | |||
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. |
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SOURCE Fox Corporation
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