Core Viewpoint - United States Antimony Corporation (USAC) is a leading producer and processor of critical minerals, specifically antimony, zeolite, and others, and is the only fully integrated antimony company outside of China and Russia [1] Company Highlights - USAC's Chairman and CEO, Mr. Gary C. Evans, is scheduled to appear live on FOX News with Maria Bartiromo on February 10, 2026, at approximately 8:30 am Eastern Time [1]

Core Viewpoint - The article compares Fox Corporation (FOX) and Fox (FOXA) to determine which stock is more attractive to value investors [1] Group 1: Zacks Rank and Earnings Outlook - Fox Corporation has a Zacks Rank of 2 (Buy), indicating a positive earnings estimate revision trend, while Fox has a Zacks Rank of 3 (Hold) [3] - The improving earnings outlook for FOX suggests it is a more favorable option for investors [7] Group 2: Valuation Metrics - FOX has a forward P/E ratio of 12.51, compared to FOXA's forward P/E of 14.18 [5] - FOX's PEG ratio is 7.92, while FOXA's PEG ratio is 8.52, indicating FOX may be undervalued relative to its expected EPS growth [5] - FOX has a P/B ratio of 2.35, whereas FOXA has a P/B of 2.61, further supporting FOX's valuation attractiveness [6] - These metrics contribute to FOX's Value grade of B and FOXA's Value grade of C [6]

Core Insights - Fox Corporation reported second-quarter earnings for fiscal year 2026, achieving $5.18 billion in revenue, a 2% increase year-over-year, surpassing analysts' expectations of $5.06 billion [1] Revenue Growth - Distribution revenues increased by 4%, primarily driven by a 5% growth in Fox's cable network programming segment [1] - Advertising revenues rose by 1%, attributed to higher pricing for ads during sports and news programs, additional MLB postseason games, and digital growth from Tubi, Fox's ad-supported streaming platform [2] Cable Programming Performance - Fox's cable programming, including Fox News Channel and FOX Business Network, saw a revenue increase of 5% to $2.28 billion, with advertising revenue growing approximately 7% [4] Audience Engagement - Fox News maintained its position as the most-watched cable network, leading in total day viewership and producing the top 11 cable news programs [7] - Social media views for Fox News Digital surged by 170% year-over-year, with Fox News and FOX Business ranking first in YouTube video views among peers [7] Streaming Platform Growth - Tubi experienced its most streamed quarter ever, with total viewer time increasing by 27% year-over-year, and expanded its content slate to include an NFL game simulcast [8] - Fox's subscription streaming service, Fox One, completed its first full quarter without cannibalizing traditional subscribers, with live sporting events driving significant engagement [9][10]

Core Insights - Fox Corporation reported a total revenue of $5.18 billion for the fiscal second quarter, reflecting a 2% increase from the prior year, driven by distribution revenue growth of 4% and advertising revenue growth of 1% despite a challenging comparison to last year's political advertising cycle [5][6][16] Television Segment - The Television segment generated revenue of $2.94 billion, with television advertising revenue remaining unchanged due to growth in Tubi and additional MLB postseason games being offset by the absence of prior-year political advertising [1] - Television distribution revenue increased by 1%, while television content and other revenue declined by 19% due to lower entertainment production studio revenue [1] - Segment EBITDA was reported at $143 million, down from $205 million a year earlier [1] Cable Segment - The Cable segment posted revenue of $2.28 billion and adjusted EBITDA of $687 million, both up 5% from the previous year [2] - Cable advertising revenue rose by 7%, attributed to higher pricing in news and sports, while cable distribution revenue also increased by 5% [2] Advertising Performance - Fox experienced robust advertising demand across news, sports, and streaming, with record-breaking ad revenue for the MLB postseason and strong performance in NFL and college football [7][8] - The company added approximately 200 new advertisers in the first half of the fiscal year, building on 350 new advertisers from the previous year [9] Distribution Trends - Distribution revenue rose by 4%, with subscriber declines improving sequentially, reported at a decline rate of 6.3% [11] - Fox One, launched five months ago, exceeded expectations, with no noticeable cannibalization of traditional subscribers [11] Tubi Performance - Tubi achieved its most-streamed quarter ever, with total view time up 27% year over year and quarterly revenue up 19%, achieving EBITDA profitability for the second consecutive quarter [13][14] - The platform's audience composition shows that 70% of Tubi's user base consists of cord cutters or cord nevers [14] Financial Position - Fox reported a free cash flow deficit of $791 million for the quarter, consistent with seasonal working capital tied to sports rights payments [15] - The company repurchased $1.8 billion of shares fiscal year-to-date, with cumulative repurchases since 2019 totaling $8.4 billion, representing about 35% of total shares outstanding [16]

Financial Data and Key Metrics Changes - Total revenues for the second quarter reached $5.18 billion, a 2% increase from the prior year quarter [14] - Adjusted EBITDA was $692 million, down from $781 million in the prior year quarter due to higher expenses [15] - Net income attributable to stockholders was $229 million or $0.52 per share, compared to $373 million or $0.81 per share in the prior year [15] Business Line Data and Key Metrics Changes - Cable segment revenues were $2.28 billion with an Adjusted EBITDA of $687 million, both representing a 5% growth year-over-year [16] - Television segment reported revenues of $2.94 billion, with advertising revenues unchanged due to the absence of last year's political advertising [17] - Distribution revenue grew 4% during the quarter, with subscriber declines improving sequentially [6] Market Data and Key Metrics Changes - Advertising revenue grew 1% despite a difficult comparison to last year's political cycle, driven by strong linear pricing and robust revenue growth at Tubi [14] - FOX News Digital saw a 170% increase in social media views over the prior year [8] - Tubi achieved its most streamed quarter of all time, with total view time growing 27% year-over-year [10] Company Strategy and Development Direction - The company emphasizes a strategy focused on live sports and news, alongside the growth of Tubi and FOX One [11] - FOX One has exceeded expectations with strong consumer engagement, particularly among sports fans [39] - The company is committed to maintaining a strong balance sheet and delivering sustained growth and shareholder value [12] Management's Comments on Operating Environment and Future Outlook - Management noted robust advertising market conditions and expects continued strength in political advertising as the midterm elections approach [25] - The company is optimistic about the upcoming FIFA Men's World Cup and its potential profitability [27] - Management expressed confidence in the strategic direction and the ability to offset increased costs in the NFL contracts [33] Other Important Information - The company repurchased an additional $1.8 billion in shares, bringing the total cumulative amount repurchased to $8.4 billion since the buyback program began [19] - A semiannual dividend of $0.28 per share was announced, contributing to a total cumulative cash return to shareholders of approximately $10.4 billion [19] Q&A Session Summary Question: Can you discuss the standout performance in cable advertising? - Management highlighted a robust advertising market for Fox News, with a significant increase in new advertisers and strong scatter pricing [25] Question: How do you plan to offset increased costs in the NFL? - Management indicated that they can offset some costs by balancing their sports portfolio and expect a robust political advertising cycle to benefit them [33] Question: What is the performance outlook for FOX One? - Management reported that FOX One has exceeded expectations, with a significant portion of its audience being sports fans, and they are on track to meet subscriber benchmarks [39] Question: Can you elaborate on the improvement in subscriber declines? - Management noted a 6.3% decline in subscribers, which is an improvement, and attributed it to the emergence of skinny bundles in the cable universe [45] Question: What are the growth drivers for Tubi? - Management stated that Tubi's growth is driven by a 27% increase in total view time and strong advertising trends, particularly among younger audiences [48]

Financial Data and Key Metrics Changes - Total revenues for the second quarter reached $5.18 billion, a 2% increase from the prior year quarter [14] - Adjusted EBITDA was $692 million, down from $781 million in the prior year quarter due to higher expenses [15] - Net income attributable to stockholders was $229 million or $0.52 per share, compared to $373 million or $0.81 per share in the prior year [15] Business Line Data and Key Metrics Changes - Cable segment revenues were $2.28 billion with an Adjusted EBITDA of $687 million, both representing a 5% growth year-over-year [16] - Television segment reported revenues of $2.94 billion, with advertising revenues unchanged due to the absence of last year's political advertising [17] - Distribution revenue grew 4% during the quarter, with subscriber declines improving sequentially [6] Market Data and Key Metrics Changes - Advertising revenue grew 1% despite a difficult comparison to last year's record political cycle, driven by strong linear pricing and robust revenue growth at Tubi [14] - Fox News Media achieved the highest ad revenue in its history for the first half of the fiscal year, adding 200 new advertisers [62] - Tubi's total view time grew 27% year-over-year, leading to record quarterly revenue growth of 19% [10] Company Strategy and Development Direction - The company emphasizes a strategy focused on live sports and news, alongside the growth of Tubi and Fox One, to maintain its leadership position [11] - Fox One has exceeded expectations with strong consumer engagement, particularly among sports fans [39] - The company is committed to utilizing its full buyback authorization, having repurchased $1.8 billion in shares year-to-date [19] Management's Comments on Operating Environment and Future Outlook - Management noted robust advertising market trends and expects continued strength in political advertising as the midterm elections approach [25] - The company is optimistic about the upcoming World Cup and its potential profitability due to strong advertiser interest [27] - Management expressed confidence in the strategic direction and financial position, highlighting the ability to deliver sustained growth and shareholder value [12] Other Important Information - The company announced a $0.28 per share semiannual dividend, bringing total cumulative cash return to shareholders to approximately $10.4 billion since establishment [19] - The balance sheet remains strong, with approximately $2 billion in cash and $6.6 billion in debt [20] Q&A Session Summary Question: Can you discuss the standout performance in cable advertising? - Management highlighted a robust advertising market for Fox News, with significant new advertiser additions and strong scatter pricing [25] Question: How do you plan to offset increased costs associated with the NFL? - Management indicated that they can offset some costs by balancing their sports portfolio and expect a robust political advertising cycle to benefit local stations [33] Question: What is driving the performance of Fox One? - Management noted that Fox One has exceeded expectations, with a significant portion of its audience being sports fans, and they are actively promoting upcoming sports events [39] Question: Can you elaborate on the improvement in subscriber declines? - Management reported a 6.3% decline in subscribers, attributing the improvement to the emergence of skinny bundles in the cable universe [45] Question: What categories are seeing strength in advertising? - Management observed significant demand across various categories, particularly financial and pharma, with eight of the top ten categories showing growth [61]

Financial Data and Key Metrics Changes - Total revenues for the second quarter reached $5.18 billion, a 2% increase from the prior year quarter [14] - Adjusted EBITDA was $692 million, down from $781 million in the prior year quarter, due to higher expenses [15] - Net income attributable to stockholders was $229 million or $0.52 per share, compared to $373 million or $0.81 per share in the prior year [15] Business Line Data and Key Metrics Changes - Cable segment revenues were $2.28 billion with an Adjusted EBITDA of $687 million, both representing a 5% growth year-over-year [16] - Television segment reported revenues of $2.94 billion, with advertising revenues unchanged due to the absence of last year's political advertising [17] - Distribution revenue grew 4% during the quarter, with subscriber declines improving sequentially [6] Market Data and Key Metrics Changes - Advertising revenue grew 1% despite tough comparisons to last year's political cycle, driven by strong linear pricing and robust revenue growth at Tubi [14] - FOX News Digital saw a 170% increase in social media views over the prior year, indicating strong audience engagement [9] - Tubi achieved its most streamed quarter ever, with total view time growing 27% year-over-year [11] Company Strategy and Development Direction - The company emphasizes a strategy focused on live sports and news, alongside the growth of Tubi and FOX One, to reinforce its leadership position [12] - FOX One is positioned as a premier destination for live sports and news streaming, with targeted marketing to cord-cutters [6] - The company is committed to maintaining a strong balance sheet and delivering sustained growth and shareholder value through share buybacks and dividends [19][20] Management's Comments on Operating Environment and Future Outlook - Management noted a robust advertising market and expects continued strength in political advertising as the midterm elections approach [25] - The company anticipates profitability from the upcoming FIFA Men's World Cup, driven by strong advertiser interest [26] - Management expressed confidence in the strategic direction and the ability to connect with audiences across various platforms [12] Other Important Information - The company repurchased an additional $1.8 billion in shares, bringing the total repurchased to $8.4 billion since the buyback program began [19] - A semiannual dividend of $0.28 per share was announced, contributing to a total cumulative cash return to shareholders of approximately $10.4 billion [19] Q&A Session Questions and Answers Question: Can you discuss cable advertising performance and expectations for the political cycle? - The advertising market for Fox News has been robust, with 200 new advertisers added this half, reflecting strong demand [24] - The company expects to benefit from a robust political advertising cycle, particularly at local stations [25] Question: How does the company plan to offset increased costs associated with the NFL? - The company is confident in its ability to offset costs by balancing its sports portfolio and leveraging its strong content [30] Question: What is the performance of FOX One and its impact on the P&L? - FOX One has exceeded expectations, with a significant portion of its audience being sports fans, and the platform's costs are recorded in the corporate segment [38][40] Question: Can you elaborate on the improvement in subscriber declines and the drivers behind it? - The subscriber decline improved to 6.3%, driven by the emergence of skinny bundles in the cable universe [45] - The company is optimistic about the impact of skinny bundles on subscriber retention [46] Question: What are the growth drivers for Tubi's advertising revenue? - Tubi's revenue growth of 19% was driven by a 27% increase in total view time and strong advertiser demand [48]

Revenue Performance - For the three months ended December 31, 2025, total revenues increased by $104 million or 2% to $5,182 million compared to the same period in 2024, driven by higher distribution and advertising revenues [88]. - For the six months ended December 31, 2025, total revenues increased by $278 million or 3% to $8,920 million, attributed to higher distribution, advertising, and content revenues [92]. - Cable Network Programming segment revenues rose by $110 million or 5% for the three months ended December 31, 2025, driven by higher distribution, advertising, and content revenues [102]. - Television segment revenues decreased by $24 million or 1% for the three months ended December 31, 2025, primarily due to lower content revenues, despite higher advertising and distribution revenues [107]. - Television segment revenues increased by $73 million or 1% for the six months ended December 31, 2025, mainly due to higher advertising and distribution revenues [109]. Operating Expenses - Operating expenses for the three months ended December 31, 2025, increased by $119 million or 3% to $3,895 million, mainly due to higher sports programming rights amortization and production costs [90]. - Operating expenses for the six months ended December 31, 2025, increased by $185 million or 3% to $5,979 million, primarily driven by higher sports programming rights and digital content costs [93]. - Operating expenses for Cable Network Programming increased by $72 million or 5% for the three months ended December 31, 2025, primarily due to higher sports programming rights costs [103]. Net Income and EBITDA - Net income for the three months ended December 31, 2025, decreased by $141 million or 36% to $247 million, largely due to changes in the fair value of investments in equity securities [97]. - Adjusted EBITDA for Cable Network Programming decreased by $89 million or 11% for the three months ended December 31, 2025, reflecting the impact of increased expenses [101]. - Adjusted EBITDA for the three months ended December 31, 2025, was $692 million, compared to $781 million for the same period in 2024, representing a decrease of 11.4% [119]. - Corporate and Other EBITDA decreased by $57 million or 70% for the three months ended December 31, 2025, and by $119 million or 78% for the six months ended December 31, 2025, primarily due to costs associated with the launch of FOX One [114]. Cash Flow and Financial Position - The Company has approximately $2.0 billion in cash and cash equivalents as of December 31, 2025, along with an unused $1.0 billion revolving credit facility [120]. - Net cash used in operating activities for the six months ended December 31, 2025, was $(799) million, compared to $(204) million in 2024, indicating a significant increase in cash outflow [124]. - Net cash used in investing activities for the six months ended December 31, 2025, was $(393) million, up from $(240) million in 2024, primarily due to increased investments and capital expenditures [125]. - Net cash used in financing activities for the six months ended December 31, 2025, was $(2.142) billion, compared to $(553) million in 2024, largely due to stock repurchase activities [126]. Dividends and Acquisitions - The Company declared a semi-annual dividend of $0.28 per share, payable on March 25, 2026, with a record date of March 4, 2026 [128]. - The Company is evaluating potential acquisitions and dispositions of certain businesses and assets, which may involve cash or the assumption of additional indebtedness [123]. Credit Rating - The Company maintains a stable credit rating of Baa2 from Moody's and BBB from Standard & Poor's as of December 31, 2025 [130].

Core Insights - Fox Corporation reported a 2% year-over-year revenue growth for Q2 of fiscal year 2026, reaching $5.18 billion, surpassing analyst expectations of $5.06 billion [1] - Adjusted earnings per share were $0.82, exceeding analyst forecasts of $0.51, driven by strong advertising demand in news and sports networks, as well as growth in the ad-supported streaming service Tubi [1]

Core Insights - Fox Corp. exceeded revenue expectations for the October-to-December quarter, reporting total revenue of $5.18 billion, a 2% increase from the previous year [1] - Earnings per share were reported at 52 cents, matching Wall Street expectations, with an adjusted figure of 81 cents [1] Revenue Breakdown - Advertising revenue increased by 1%, supported by higher pricing in sports and news, despite challenges from the upcoming presidential cycle [2] - Distribution revenue rose by 4%, primarily due to a 5% growth in the Cable Network Programming unit [2] - Television division revenue slightly decreased to $2.937 billion, a notable decline given the typical strength of the fall quarter [3] Expense and Profitability Analysis - EBITDA in the Television division fell to $143 million from $205 million in the prior year, attributed to higher expenses related to sports programming rights and production costs [5] - Distribution revenues saw a modest increase of 1%, driven by higher average rates at owned television stations and increased fees from third-party affiliates [4] Management Commentary - CEO Lachlan Murdoch emphasized that the results reflect a differentiated strategy and high-quality execution, showcasing the strength of the company's leadership brands across various sectors [6]