Yahoo Finance

• Total Revenue Growth: 27% increase in total revenues.

• Advertising Revenue: 65% growth, driven by the Super Bowl and Tubi.

• Affiliate Fee Revenue: 3% growth over the prior year quarter.

• Other Revenue: 20% year-over-year growth, driven by high sports sub-licensing revenues.

• Adjusted EBITDA: $856 million, compared to $891 million in the prior year quarter.

• Net Income: $346 million or $0.75 per share, compared to $666 million or $1.40 per share in the prior year.

• Adjusted Net Income: $507 million with adjusted EPS of $1.10.

• Cable Network Revenue Growth: 11% revenue growth and 7% EBITDA growth.

• Cable Advertising Revenue: 26% growth over the prior year.

• Cable Other Revenue: 79% growth due to high sports sub-licensing revenues.

• Television Segment Revenue Growth: 40% growth.

• Television Advertising Revenue: 77% growth, led by Super Bowl 59.

• Television Affiliate Fee Revenue: 4% increase in the quarter.

• Free Cash Flow: Record quarterly free cash flow of over $1.9 billion.

• Share Buyback Program: $800 million repurchased fiscal year-to-date, totaling $6.4 billion since 2019.

• Cash and Debt: Ended the quarter with $4.8 billion in cash and $7.2 billion in debt.

• Warning! GuruFocus has detected 6 Warning Sign with FOX.

Release Date: May 12, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Fox Corp (NASDAQ:FOX) reported a 65% increase in total company advertising revenue, driven by the Super Bowl and strong engagement across platforms.

• The Super Bowl broadcast on Fox platforms attracted 128 million viewers, making it the most-watched telecast in US history.

• Fox News Channel achieved record audience share, with a 48% increase in total day audience and a 58% increase in the demo.

• Tubi experienced a 35% year-on-year revenue growth, with significant engagement and retention post-Super Bowl.

• Fox Corp (NASDAQ:FOX) generated a record quarterly free cash flow of over $1.9 billion, demonstrating strong financial health.

Negative Points

• Net income attributable to Fox stockholders decreased to $346 million from $666 million in the prior year period.

• Quarterly adjusted EBITDA decreased to $856 million from $891 million in the prior year, due to higher sports rights amortization and production costs.

• Expenses at the television segment increased by 47%, driven by the Super Bowl broadcast and continued investment in Tubi.

• The company faces ongoing challenges with subscriber declines, although the rate of decline is improving.

• Fox Corp (NASDAQ:FOX) is preparing for potential regulatory challenges, such as FCC considerations on capping reverse retrans.