Fox Hits Record Revenue, EBITDA in FY25 on Sports, News, Tubi Strength

TL;DR

**Fox is absolutely crushing it, delivering record financials and viewership across the board, making it a must-own in the media space.**

AI Summary

Fox Corporation delivered strong operational and financial results in fiscal 2025, achieving record annual revenue, Adjusted EBITDA, and Free Cash Flow. The company's Tubi Media Group saw record revenues exceeding $1 billion, a 29% increase from the prior fiscal year, with total view time reaching approximately 11 billion hours, up 13%. FOX News Media maintained its dominance, finishing as the #1 cable network for the tenth consecutive year in Monday to Friday primetime and total day viewing, with FOX Nation subscribers growing over 34% and FOX Weather's total view time doubling. FOX Sports broadcast Super Bowl LIX, which averaged nearly 128 million viewers, making it the most-watched telecast in U.S. history, and the inaugural Indy 500 broadcast drew over 7 million viewers. Affiliate fee revenue grew by 5% due to higher average rates, and advertising revenue surged by 26%, driven by the U.S. presidential election cycle and Super Bowl LIX. Fox ended the fiscal year with approximately $5.4 billion in cash and returned approximately $1.25 billion to stockholders through dividends and stock repurchases, while retiring $600 million of debt.

Why It Matters

Fox's robust fiscal 2025 performance, marked by record revenues and strong viewership across its key segments like FOX News, FOX Sports, and Tubi, signals a resilient media giant effectively navigating a competitive landscape. For investors, the significant capital return of $1.25 billion and $600 million in debt retirement demonstrates financial discipline and commitment to shareholder value. This strong showing, particularly in live news and sports, positions Fox favorably against streaming-only competitors, reinforcing its market-leading brands and content value for advertisers and distributors. Employees benefit from a stable, growing company, while customers continue to receive high-demand content.

Risk Assessment

Risk Level: low — The risk level is low given Fox's strong financial position, ending fiscal 2025 with approximately $5.4 billion in cash and cash equivalents. The company also demonstrated financial prudence by retiring $600 million of debt and returning $1.25 billion to stockholders, indicating robust liquidity and a commitment to shareholder value.

Analyst Insight

Investors should consider Fox's consistent performance and capital return strategy as a strong indicator of stability and growth potential. The company's dominance in live news and sports, coupled with Tubi's rapid expansion, suggests continued revenue generation, making FOX a compelling long-term hold.

Financial Highlights

debt To Equity

Not specified

revenue

Not specified

operating Margin

Not specified

total Assets

Not specified

total Debt

Not specified

net Income

Not specified

eps

Not specified

gross Margin

Not specified

cash Position

$5.4B

revenue Growth

+26%

Revenue Breakdown

Executive Compensation

Key Numbers

• $1.25B — Capital returned to stockholders (Through cash dividends and stock repurchase program in fiscal 2025)
• $600M — Debt retired (In fiscal 2025)
• $5.4B — Cash and cash equivalents (On balance sheet as of June 30, 2025)
• $1B — Tubi Media Group revenue (Exceeded for the first time in fiscal 2025, a 29% increase)
• 128M — Super Bowl LIX viewers (Averaged across all platforms, making it the most-watched telecast in U.S. history)
• 34% — FOX Nation subscriber growth (Compared to the prior year in fiscal 2025)
• 29% — FOX Television Stations digital advertising revenue growth (Compared to the prior fiscal year)
• 26% — Advertising revenue growth (In fiscal 2025)
• 5% — Affiliate fee revenue growth (In fiscal 2025)
• 190M — Shares repurchased (Since the stock repurchase program's launch in November 2019)

Key Players & Entities

• Fox Corporation (company) — Registrant
• Ernst & Young LLP (company) — Independent registered public accounting firm
• Lachlan K. Murdoch (person) — Director nominee
• Tony Abbott AC (person) — Director nominee
• William A. Burck (person) — Director nominee and Audit Committee Chair
• Chase Carey (person) — Director nominee
• Roland A. Hernandez (person) — Director nominee and Compensation Committee Chair
• Margaret "Peggy" L. Johnson (person) — Director nominee
• Paul D. Ryan (person) — Director nominee and Nominating and Corporate Governance Committee Chair
• Laura A. Cleveland (person) — Senior Vice President and Corporate Secretary

FAQ

Risk Factors

• Competition in Streaming and Content [high — market]: The company faces intense competition in the streaming market from established players and new entrants, requiring continuous investment in content and technology. Tubi's growth is significant but must be sustained against aggressive rivals.
• Evolving Media Regulations [medium — regulatory]: Changes in media ownership rules, content regulations, and data privacy laws could impact the company's operations and profitability. Compliance with these evolving regulations is critical.
• Technological Disruption [medium — operational]: The rapid pace of technological change in media distribution and consumption presents a risk. Failure to adapt to new platforms and consumer preferences could lead to market share erosion.
• Advertising Market Volatility [medium — financial]: Advertising revenue, a key growth driver, is susceptible to economic downturns and shifts in advertiser spending. The reliance on cyclical events like elections and major sports broadcasts creates revenue variability.
• Intellectual Property and Content Disputes [low — legal]: The company's extensive content library and broadcast rights are subject to potential disputes over intellectual property, licensing, and contractual obligations.

Industry Context

The media and entertainment industry is undergoing rapid transformation, driven by the shift to digital platforms and streaming services. Fox Corporation operates in a highly competitive landscape, contending with major players across broadcast television, cable news, sports, and digital media. Key trends include the increasing importance of direct-to-consumer offerings like Tubi, the continued strength of live sports and news, and the ongoing consolidation within the industry.

Regulatory Implications

Fox Corporation operates under various regulatory frameworks, including those governing broadcast licenses, content standards, and media ownership. Potential changes in these regulations, particularly concerning net neutrality, content moderation, and cross-ownership rules, could impact the company's business model and profitability. Compliance and proactive engagement with regulatory bodies are essential.

What Investors Should Do

1. Monitor Tubi's continued growth trajectory and its ability to maintain market share against aggressive streaming competitors.
2. Assess the sustainability of advertising revenue growth, particularly in light of economic uncertainties and the cyclical nature of political advertising.
3. Evaluate the company's capital allocation strategy, focusing on the balance between returning capital to shareholders (dividends, buybacks) and reinvesting in content and technology.
4. Stay informed about potential regulatory changes impacting the media landscape and their specific effects on Fox Corporation's business segments.

Key Dates

• 2025-06-30: Fiscal Year End — Marks the end of the reporting period for the strong financial results, including record revenue and cash flow.
• 2025-02-09: Super Bowl LIX Broadcast — Achieved record viewership (128 million), significantly boosting advertising revenue and demonstrating FOX Sports' broadcast power.
• 2019-11-01: Stock Repurchase Program Launch — Since its inception, the company has repurchased 190 million shares, indicating a commitment to returning capital to shareholders.

Glossary

Adjusted EBITDA

Earnings Before Interest, Taxes, Depreciation, and Amortization, adjusted for certain non-recurring or non-cash items. It's a measure of operational profitability. (Used to assess the company's core operating performance and profitability, as it reached record levels.)

Free Cash Flow

The cash a company generates after accounting for cash outflows to support operations and maintain its capital assets. It represents the cash available for debt repayment, dividends, and share buybacks. (Indicates the company's financial health and ability to fund its activities and return value to shareholders; reached record levels.)

DEF 14A

A proxy statement filed by public companies with the SEC detailing information about the annual meeting of shareholders, including executive compensation, board structure, and corporate governance. (This document provides the detailed financial and operational information analyzed here, including executive pay and strategic performance.)

Tubi Media Group

Fox Corporation's free, ad-supported video-on-demand (AVOD) streaming service. (A key growth area for Fox, achieving record revenues exceeding $1 billion and significant viewership growth.)

Affiliate Fee Revenue

Revenue generated from fees paid by cable, satellite, and telecommunications providers for the right to distribute Fox's cable networks. (A stable revenue stream that grew by 5% due to higher rates.)

Year-Over-Year Comparison

Fiscal 2025 demonstrated significant year-over-year improvement for Fox Corporation. Revenue growth accelerated, notably driven by a 26% surge in advertising revenue and a 29% increase in Tubi Media Group's revenue, which surpassed $1 billion. Affiliate fee revenue also saw a healthy 5% increase. While specific net income and margin figures are not detailed in this excerpt for comparison, the reported record levels of revenue, Adjusted EBITDA, and Free Cash Flow suggest a strong operational performance and improved profitability compared to the prior fiscal year. The company also continued its commitment to shareholder returns, repurchasing shares and paying dividends, alongside debt reduction.

Key Financial Figures

• $0.01 — ders of Class B Common Stock, par value $0.01 per share ("Class B Common Stock"), are
• $1 billion — d to the prior fiscal year and exceeded $1 billion for the first time. Total view time rea
• $5.4 billion — nded the fiscal year with approximately $5.4 billion of cash and cash equivalents on its bal
• $1.25 billion — nce sheet while returning approximately $1.25 billion of capital to its stockholders through
• $600 million — s stock repurchase program and retiring $600 million of debt in fiscal 2025. As of June 30,
• $6.6 billion — e Company has repurchased approximately $6.6 billion (approximately 190 million shares) unde

Filing Documents

• fox-20250925.htm (DEF 14A) — 1287KB
• fox-20250925_g1.gif (GRAPHIC) — 16KB
• fox-20250925_g10.jpg (GRAPHIC) — 114KB
• fox-20250925_g11.jpg (GRAPHIC) — 19KB
• fox-20250925_g12.jpg (GRAPHIC) — 33KB
• fox-20250925_g13.jpg (GRAPHIC) — 687KB
• fox-20250925_g14.jpg (GRAPHIC) — 642KB
• fox-20250925_g2.gif (GRAPHIC) — 2KB
• fox-20250925_g3.gif (GRAPHIC) — 3KB
• fox-20250925_g4.gif (GRAPHIC) — 4KB
• fox-20250925_g5.jpg (GRAPHIC) — 18KB
• fox-20250925_g6.jpg (GRAPHIC) — 22KB
• fox-20250925_g7.jpg (GRAPHIC) — 14KB
• fox-20250925_g8.jpg (GRAPHIC) — 129KB
• fox-20250925_g9.jpg (GRAPHIC) — 98KB
• 0001628280-25-042772.txt ( ) — 6434KB
• fox-20250925.xsd (EX-101.SCH) — 2KB
• fox-20250925_lab.xml (EX-101.LAB) — 2KB
• fox-20250925_pre.xml (EX-101.PRE) — 1KB
• fox-20250925_htm.xml (XML) — 100KB

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 34 Summary Compensation Table for the Fiscal Year Ended June 30, 2025 34 Grants of Plan-Based Awards During the Fiscal Year Ended June 30, 2025 35 Employment Arrangements 36 Outstanding Equity Awards at June 30, 2025 37 Stock Vested and Option Exercises During the Fiscal Year Ended June 30, 2025 38 Pension Benefits as of June 30, 2025 39 Potential Payments Upon Termination 40 CEO Pay Ratio 41 Policies and Practices Related to the Timing of Grants of Certain Equity Awards 42 Pay Versus Performance 43 NON-EXECUTIVE DIRECTOR COMPENSATION 46 Board and Committee Retainers for the Fiscal Year Ended June 30, 2025 46 Director Compensation for the Fiscal Year Ended June 30, 2025 46 Non-Executive Director Stock Ownership Guidelines 47 EQUITY COMPENSATION PLAN INFORMATION 48 i 2025 Proxy Statement Table of Contents EXECUTIVE OFFICERS OF FOX CORPORATION 49

SECURITY OWNERSHIP OF FOX CORPORATION

SECURITY OWNERSHIP OF FOX CORPORATION 50 PROPOSAL NO. 4: ADVISORY VOTE TO APPROVE THE FREQUENCY OF FUTURE ADVISORY VOTES TO APPROVE NAMED EXECUTIVE OFFICER COMPENSATION 52 PROPOSAL NO. 5 : IMPROVE EXECUTIVE COMPENSATION PROGRAM 53 PROPOSAL NO . 6: S IMPLE MAJORITY VOTE 55 INFORMATION ABOUT THE ANNUAL MEETING 57 ANNUAL REPORT ON FORM 10-K 62 202 6 ANNUAL MEETING OF STOCKHOLDERS 62 OTHER MATTERS 62 2025 Proxy Statement ii Table of Contents This proxy statement contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical or current fact are "forward-looking statements" for purposes of federal and state securities laws. Forward-looking statements may include, among others, the words "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook" or any other similar words. Although the Company's management believes that the expectations reflected in any of the Company's forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any forward-looking statements. The Company's future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties. Important factors that could cause the Company's actual results, performance and achievements to differ materially from those estimates or projections contained in the Company's forward-looking statements include, but are not limited to, government regulation, economic, strategic, political and social conditions. For more detailed information about these factors, see Item 1A, "Risk Factors" and Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations—Caution Concerning

Executive Compensation

Executive Compensation The Company has established a compensation program that seeks to closely align the interests of its named executive officers with the interests of its stockholders. The Company's executive compensation program is designed to attract, retain and motivate top executive talent, drive performance without encouraging unnecessary or excessive risk-taking and support both short-term and long-term value creation for stockholders. The Company's annual bonus program and long-term equity-based program under the Fox Corporation 2019 Shareholder Alignment Plan (the "2019 SAP") for its named executive officers rely on a number of diversified performance metrics. Collectively, the annual bonus program and equity-based awards granted under the 2019 SAP result in a significant portion of each named executive officer's total compensation opportunity being dependent upon achievement of targeted levels of financial performance, stock price appreciation, relative total shareholder returns and individual and group contributions. The Company has strong governance policies related to ex

View Full Filing

View this DEF 14A filing on SEC EDGAR