Fox (FOXA) shares have gained 16.3% in the year-to-date (YTD) period, outperforming the Zacks Consumer Discretionary sector and the S&P 500 index’s growth of 5.1% and 0.3%, respectively. FOXA has also outperformed its Zacks Broadcast Radio and Television industry peers, including Roku (ROKU) , AMC Networks (AMCX) and Cumulus Media (CMLS) . In the YTD period, shares of Roku, AMC Networks and Cumulus Media have lost 4%, 34.6% and 78.3%, respectively. The company’s shares are riding on its Television and Cable ...

Core Insights - Fox Corporation (FOXA) reported third-quarter fiscal 2025 adjusted earnings per share of $1.10, exceeding the Zacks Consensus Estimate by 18.28% and reflecting a year-over-year increase of 0.9% [1] - Revenues for the quarter rose 26.8% year over year to $4.37 billion, surpassing the consensus mark by 5.3% [1] - The company experienced significant growth in advertising revenues, which increased 64.9% year over year to $2.03 billion, driven by Super Bowl LIX and digital growth from the Tubi AVOD service [2] Revenue Breakdown - Affiliate fees, accounting for 45.9% of total revenues, grew 3.5% year over year to $2 billion, supported by 4% growth in the Television segment and 3% in the Cable Network Programming segment [1] - Cable Network Programming revenues increased 11.1% year over year to $1.63 billion, with advertising revenues growing 25.7% [4] - Television revenues rose 39.5% year over year to $2.70 billion, with advertising revenues jumping 77.2% [5] Operating Performance - Operating expenses increased 44.6% year over year to $2.96 billion, with expenses as a percentage of revenues expanding 840 basis points to 67.8% [6] - Selling, general & administrative (SG&A) expenses rose 8% year over year to $551 million, but as a percentage of revenues, they contracted 220 basis points to 12.6% [7] - Total adjusted EBITDA decreased 3.9% year over year to $856 million, with an adjusted EBITDA margin contracting 630 basis points to 19.6% [7] Financial Position - As of March 31, 2025, Fox had $4.81 billion in cash and cash equivalents, up from $3.32 billion as of December 31, 2024 [8] - The company's long-term debt stood at $600 million as of March 31, 2025 [8] Earnings Estimates - The Zacks Consensus Estimate for FOXA's 2025 earnings is currently $4.45 per share, indicating a year-over-year growth of 29.74% despite a 0.6% decline over the past 30 days [9] - The consensus estimate for FOXA's 2025 revenues is $15.88 billion, reflecting a year-over-year growth of 13.56% [10] Stock Performance - Following the strong third-quarter results, FOXA shares rose 6.33% in pre-market trading, with a year-to-date gain of 3.5% compared to the Zacks Consumer Discretionary sector's growth of 0.2% [3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number 001-38776 FOX CORPORATION (Exact name of registrant as specified in its charter) (State or other jurisdiction of ...

Financial Performance - Fox Corporation reported total quarterly revenues of $4.37 billion, an increase of $924 million or 27% from the prior year quarter[3]. - Advertising revenues increased by 65% to $2.04 billion, primarily due to Super Bowl LIX and digital growth from the Tubi AVOD service[3]. - Quarterly net income was $354 million, down from $704 million in the prior year quarter, with adjusted net income of $507 million[4]. - Adjusted EBITDA for the quarter was $856 million, a decrease of $35 million or 4% from the prior year quarter[4]. - Cable Network Programming segment revenues increased by 11% to $1.64 billion, with advertising revenues up 26%[9]. - Television segment revenues rose by 40% to $2.70 billion, driven by a 77% increase in advertising revenues[12]. - Adjusted net income for the three months ended March 31, 2025, was $507 million, compared to $520 million for the same period in 2024, reflecting a decrease of 2.5%[28]. Shareholder Value - The company repurchased approximately $250 million of its Class A common stock during the quarter, with a total repurchase of $5.35 billion to date[15]. - The company repurchased shares worth $750 million during the nine months ended March 31, 2025[24]. - Fox Corporation maintains a robust balance sheet and is positioned to drive long-term value for shareholders[4]. Assets and Liabilities - Total assets increased to $23,367 million as of March 31, 2025, up from $21,972 million on June 30, 2024, representing a growth of 6.34%[22]. - Total current liabilities rose to $3,567 million as of March 31, 2025, compared to $2,952 million on June 30, 2024, marking an increase of 20.8%[22]. - Total equity increased to $11,638 million as of March 31, 2025, up from $10,814 million on June 30, 2024, indicating a growth of 7.6%[22]. - The company’s borrowings remained stable at $6,601 million for non-current liabilities, with a slight increase from $6,598 million on June 30, 2024[22]. Cash Flow - Cash and cash equivalents at the end of the period were $4,815 million, an increase of 11.5% from $4,319 million at the beginning of the year[24]. - The company reported a net cash provided by operating activities of $1,811 million for the nine months ended March 31, 2025, compared to $941 million for the same period in 2024, an increase of 92.7%[24]. Expenses - The company experienced higher expenses due to increased sports programming rights amortization and production costs related to Super Bowl LIX[4].

The Zacks Broadcast Radio and Television industry has been grappling with an escalation in cord-cutting despite a surge in demand for streaming content. However, industry players such as Netflix (NFLX) , Gray Media (GTN) , Fox Corporation (FOXA) and TEGNA (TGNA) , are reaping the benefits of a massive spike in digital content consumption. These companies are thriving due to their diverse content offerings, which include original, regional, and short-form content tailored for small screens like smartphones a ...

Group 1 - Fox Corporation will discuss its third quarter fiscal 2025 financial results via a live audio webcast on May 12, 2025, starting at 8:30 a.m. ET [1] - The financial results will be released at approximately 8:00 a.m. ET on the same day [1] - An archived version of the webcast will be available on the company's investor relations website [1] Group 2 - Fox Corporation produces and distributes news, sports, and entertainment content through brands such as FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and Tubi Media Group [2] - The company holds cultural significance with consumers and commercial importance for distributors and advertisers [2] - Fox Corporation aims to leverage its strengths and invest in new initiatives to enhance its offerings and consumer relationships [2]

Market Overview - U.S. stock markets experienced a tumultuous first quarter of 2025 due to uncertainty surrounding the Trump administration's tariffs and trade policies, elevated inflation rates, and the Fed's hawkish stance on interest rates [1] - Growth sectors such as consumer discretionary, technology, communication services, and cryptocurrencies faced significant declines, contrasting with the previous year's performance [2] Company Highlights Royal Caribbean Cruises Ltd. (RCL) - RCL is benefiting from strong cruising demand and robust booking trends, with optimism regarding private destinations as a key growth driver [7][8] - Expected revenue and earnings growth rates for the current year are 9% and 26.7%, respectively, with a recent 0.2% improvement in the Zacks Consensus Estimate for earnings [8] Ralph Lauren Corp. (RL) - RL is leveraging strong brand equity and a diversified growth strategy, with revenue growth driven by a strong direct-to-consumer channel [9][10] - Expected revenue and earnings growth rates for the current year are 3.7% and 13.5%, respectively, with a 4.9% improvement in the Zacks Consensus Estimate for earnings [11] Fox Corp. (FOXA) - FOXA is experiencing growth from rising affiliate fees and digital monetization, particularly in its news and sports segments [12][13] - Expected revenue and earnings growth rates for the current year are 13.4% and 28.3%, respectively, with a 0.5% improvement in the Zacks Consensus Estimate for earnings [14] News Corp. (NWSA) - NWSA is benefiting from growth in Digital Real Estate Services, Book Publishing, and Dow Jones segments, with strategic acquisitions enhancing its revenue streams [15][16] - Expected revenue and earnings growth rates for the current year are -13.6% and 41.4%, respectively, with an 8.8% improvement in the Zacks Consensus Estimate for earnings [17] Sportradar Group AG (SRAD) - SRAD provides sports data services for the sports betting and media industries, offering critical software and content to various stakeholders [18][19] - Expected revenue and earnings growth rates for the current year are 16.4% and over 100%, respectively, with a 10.3% improvement in the Zacks Consensus Estimate for earnings [20]

Group 1 - Fox Corporation's CFO Steve Tomsic will participate in the Barclays Communications and Content Symposium on February 25, 2025, at approximately 10:25am Eastern Time [1] - A live and archived webcast of the presentation will be available on Fox Corporation's investor website [1] Group 2 - Fox Corporation produces and distributes news, sports, and entertainment content through brands such as FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations, and Tubi Media Group [2] - The company holds cultural significance with consumers and commercial importance for distributors and advertisers [2] - Fox Corporation aims to engage and inform audiences while developing deeper consumer relationships and creating compelling product offerings [2] - The company has a strong track record in the news, sports, and entertainment industry, which shapes its strategy to capitalize on existing strengths and invest in new initiatives [2]

Core Insights - Fox Corporation reported over $800 million in gross revenue from advertising sales for Super Bowl LIX, marking record pricing for the sold-out event [1][2] - Super Bowl LIX achieved a record-setting average audience of 127.7 million viewers, a 3% increase from the previous year's 123.7 million viewers [3] - The event peaked at 137.7 million viewers during the second quarter, according to Nielsen Media Research [3] FOX Sports Super Bowl LIX Highlights - The pregame coverage averaged 23.4 million viewers, the highest for a Super Bowl pregame starting at 1:00 PM on record [3] - The pre-kick portion averaged 82.5 million viewers, up 9% from last year's 75.8 million viewers [3] - The Apple Music Super Bowl Halftime Show featuring Kendrick Lamar drew an average of 133.5 million viewers, a 3% increase from the previous year [3] Tubi Super Bowl LIX Highlights - Tubi's simulcast of the Super Bowl broke streaming records with a peak of 15.5 million concurrent viewers and an average minute audience of 13.6 million [3] - Tubi recorded 24 million unique viewers accessing the platform during game day programming [3] - The platform utilized FOX's advanced livestreaming operation to deliver a high-quality 4K live stream with minimal latency [3] About Fox Corporation - Fox Corporation produces and distributes news, sports, and entertainment content through brands like FOX News Media, FOX Sports, and Tubi Media Group [2] - The company aims to engage audiences and develop consumer relationships while capitalizing on existing strengths and investing in new initiatives [2]

Core Insights - Fox Corporation reported strong second-quarter fiscal 2025 results with adjusted earnings per share of 96 cents, exceeding the Zacks Consensus Estimate by 47.69% and reflecting a year-over-year increase of 182.4% [1] - Total revenues for the quarter rose 20% year over year to $5.08 billion, surpassing the consensus mark by 3.9% [2] Revenue Breakdown - Affiliate fees, accounting for 37.4% of total revenues, increased by 6.3% to $1.9 billion, driven by 9% growth in the Television segment and 4.4% growth in the Cable Network Programming segment [2] - Advertising revenues, which made up 47.7% of total revenues, grew by 21% year over year to $2.42 billion, influenced by higher political advertising, increased MLB postseason ratings, NFL pricing, and digital growth from the Tubi AVOD service [3] - Other revenues surged 69.9% year over year to $756 million, representing 14.9% of total revenues [3] Segment Performance - Cable Network Programming revenues, constituting 42.6% of total revenues, rose 30.6% year over year to $2.16 billion, with advertising revenues growing by 32.2% [4] - Television revenues, which accounted for 58.3% of total revenues, increased by 16.5% year over year to $2.96 billion, with advertising revenues jumping 18.6% [5] Operating Performance - Operating expenses increased by 11.3% year over year to $3.77 billion, but as a percentage of revenues, they contracted by 580 basis points to 74.4% [6] - Selling, general & administrative (SG&A) expenses rose 6.1% year over year to $525 million, with SG&A as a percentage of revenues contracting by 140 basis points to 10.3% [7] - Total adjusted EBITDA surged 123.1% year over year to $781 million, with an adjusted EBITDA margin expanding by 710 basis points to 15.4% [7] Balance Sheet - As of December 31, 2024, Fox had $3.32 billion in cash and cash equivalents, down from $4.05 billion as of September 30, 2024, with long-term debt standing at $6.6 billion [8] Stock Performance - Fox currently holds a Zacks Rank 2 (Buy), with shares gaining 65.4% over the past year compared to the Zacks Consumer Discretionary sector's growth of 14.7% [9]