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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


☐			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)


Delaware						83-1825597
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1211 Avenue of the Americas

New York,

New York

10036

(Address of principal executive offices and Zip Code)

Registrant’s telephone number, including area code (212) 852-7000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbols	Name of each exchange on which registered
Class A Common Stock, par value $0.01 per share	FOXA	The Nasdaq Global Select Market
Class B Common Stock, par value $0.01 per share	FOX	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of May 8, 2025, 214,037,161 shares of Class A Common Stock, par value $0.01 per share, and 235,581,025 shares of Class B Common Stock, par value $0.01 per share, were outstanding.

FOX CORPORATION

FORM 10-Q

TABLE OF CONTENTS


			Page
Part I. Financial Information
	Item 1.	Financial Statements
		Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2025 and 2024	1
		Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended March 31, 2025 and 2024	2
		Consolidated Balance Sheets as of March 31, 202 5 (unaudited) and June 30, 2024 (audited)	3
		Unaudited Consolidated Statements of Cash Flows for the nine months ended March 31, 2025 and 2024	4
		Unaudited Consolidated Statements of Equity for the three and nine months ended Ma r ch 31, 2025 and 2024	5
		Notes to the Unaudited Consolidated Financial Statements	6
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
	Item 4.	Controls and Procedures	31
Part II. Other Information
	Item 1.	Legal Proceedings	32
	Item 1A.	Risk Factors	32
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
	Item 3.	Defaults Upon Senior Securities	32
	Item 4.	Mine Safety Disclosures	32
	Item 5.	Other Information	32
	Item 6.	Exhibits	33
	Signature		34

FOX CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
Revenues	$	4,371	$	3,447	$	13,013	$	10,888
Operating expenses	(2,965)		(2,050)		(8,759)		(7,305)
Selling, general and administrative	(551)		(510)		(1,578)		(1,485)
Depreciation and amortization	(95)		(98)		(283)		(291)
Restructuring, impairment and other corporate matters	(55)		(15)		(251)		(24)
Equity losses of affiliates	(18)		(2)		(11)		—
Interest expense, net	(55)		(55)		(185)		(169)
Non-operating other, net	(158)		244		156		39
Income before income tax expense	474		961		2,102		1,653
Income tax expense	(120)		(257)		(528)		(419)
Net income	354		704		1,574		1,234
Less: Net income attributable to noncontrolling interests	(8)		(38)		(28)		(52)
Net income attributable to Fox Corporation stockholders	$	346	$	666	$	1,546	$	1,182

EARNINGS PER SHARE DATA

Weighted average shares:
Basic	453		474		457		482
Diluted	461		475		462		484

Net income attributable to Fox Corporation stockholders per share:
Basic	$	0.76	$	1.41	$	3.38	$	2.45
Diluted	$	0.75	$	1.40	$	3.35	$	2.44

The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.

FOX CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(IN MILLIONS)


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
Net income	$	354	$	704	$	1,574	$	1,234
Other comprehensive income, net of tax:
Benefit plan adjustments and other	3		1		2		4
Other comprehensive income, net of tax	3		1		2		4
Comprehensive income	357		705		1,576		1,238
Less: Net income attributable to noncontrolling interests(a)	(8)		(38)		(28)		(52)
Comprehensive income attributable to Fox Corporation stockholders	$	349	$	667	$	1,548	$	1,186


(a)			Net income attributable to noncontrolling interests includes $1 million and $(1) million for the three months ended March 31, 2025 and 2024, respectively, and nil and $(5) million for the nine months ended March 31, 2025 and 2024, respectively, relating to redeemable noncontrolling interests.

The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.

FOX CORPORATION

CONSOLIDATED BALANCE SHEETS

(IN MILLIONS, EXCEPT SHARE AND PER SHARE AMOUNTS)


	As of March 31, 2025		As of June 30, 2024
	(unaudited)		(audited)
ASSETS
Current assets
Cash and cash equivalents	$	4,815	$	4,319
Receivables, net	3,252		2,364
Inventories, net	455		626
Other	227		192
Total current assets	8,749		7,501
Non-current assets
Property, plant and equipment, net	1,660		1,696
Intangible assets, net	3,030		3,038
Goodwill	3,639		3,544
Deferred tax assets	2,712		2,878
Other non-current assets	3,577		3,315
Total assets	$	23,367	$	21,972
LIABILITIES AND EQUITY
Current liabilities
Borrowings	$	600	$	599
Accounts payable, accrued expenses and other current liabilities	2,967		2,353
Total current liabilities	3,567		2,952
Non-current liabilities
Borrowings	6,601		6,598
Other liabilities	1,333		1,366
Redeemable noncontrolling interests	228		242
Commitments and contingencies
Equity
Class A Common Stock(a)	2		2
Class B Common Stock(b)	2		2
Additional paid-in capital	7,628		7,678
Retained earnings	3,999		3,139
Accumulated other comprehensive loss	(105)		(107)
Total Fox Corporation stockholders’ equity	11,526		10,714
Noncontrolling interests	112		100
Total equity	11,638		10,814
Total liabilities and equity	$	23,367	$	21,972


(a)			Class A Common Stock, $0.01 par value per share, 2,000,000,000 shares authorized, 214,961,842 shares and 225,727,598 shares issued and outstanding at par as of March 31, 2025 and June 30, 2024, respectively.
(b)			Class B Common Stock, $0.01 par value per share, 1,000,000,000 shares authorized, 235,581,025 shares issued and outstanding at par as of March 31, 2025 and June 30, 2024.

The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.

FOX CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(IN MILLIONS)


	For the nine months ended March 31,
	2025		2024
OPERATING ACTIVITIES
Net income	$	1,574	$	1,234
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	283		291
Amortization of cable distribution investments	9		12
Restructuring, impairment and other corporate matters	168		24
Equity-based compensation	97		69
Equity losses of affiliates	11		—
Cash distributions received from affiliates	13		—
Non-operating other, net	(156)		(39)
Deferred income taxes	165		152
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables and other assets	(906)		(317)
Inventories net of programming payable	691		(220)
Accounts payable and accrued expenses	(26)		(178)
Other changes, net	(112)		(87)
Net cash provided by operating activities	1,811		941
INVESTING ACTIVITIES
Property, plant and equipment	(212)		(233)
Acquisitions, net of cash acquired	(91)		—
Purchase of investments	(79)		(99)
Other investing activities, net	(25)		8
Net cash used in investing activities	(407)		(324)
FINANCING ACTIVITIES
Repayment of borrowings	—		(1,250)
Borrowings	—		1,232
Repurchase of shares	(750)		(750)
Dividends paid and distributions	(267)		(272)
Other financing activities, net	109		(58)
Net cash used in financing activities	(908)		(1,098)
Net increase (decrease) in cash and cash equivalents	496		(481)
Cash and cash equivalents, beginning of year	4,319		4,272
Cash and cash equivalents, end of period	$	4,815	$	3,791

The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.

FOX CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF EQUITY

(IN MILLIONS)


	Class A			Class B			Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total Fox Corporation Stockholders’ Equity		Noncontrolling Interests(a)		Total Equity
	Common Stock			Common Stock
	Shares	Amount		Shares	Amount
Balance, December 31, 2024	219	$	2	235	$	2	$	7,650	$	3,949	$	(108)	$	11,495	$	116	$	11,611
Net income	—	—		—	—		—		346		—		346		7		353
Other comprehensive income	—	—		—	—		—		—		3		3		—		3
Dividends	—	—		—	—		—		(122)		—		(122)		—		(122)
Shares repurchased	(5)	—		—	—		(79)		(174)		—		(253)		—		(253)
Other	1	—		—	—		57		—		—		57		(11)		46
Balance, March 31, 2025	215	$	2	235	$	2	$	7,628	$	3,999	$	(105)	$	11,526	$	112	$	11,638
Balance, December 31, 2023	241	$	3	235	$	2	$	7,879	$	2,514	$	(146)	$	10,252	$	73	$	10,325
Net income	—	—		—	—		—		666		—		666		39		705
Other comprehensive income	—	—		—	—		—		—		1		1		—		1
Dividends	—	—		—	—		—		(123)		—		(123)		—		(123)
Shares Repurchased	(8)	—		—	—		(139)		(114)		—		(253)		—		(253)
Other	—	—		—	—		28		(17)		—		11		(1)		10
Balance, March 31, 2024	233	$	3	235	$	2	$	7,768	$	2,926	$	(145)	$	10,554	$	111	$	10,665
Balance, June 30, 2024	226	$	2	235	$	2	$	7,678	$	3,139	$	(107)	$	10,714	$	100	$	10,814
Net income	—	—		—	—		—		1,546		—		1,546		28		1,574
Other comprehensive income	—	—		—	—		—		—		2		2		—		2
Dividends	—	—		—	—		—		(246)		—		(246)		—		(246)
Shares repurchased	(17)	—		—	—		(278)		(480)		—		(758)		—		(758)
Other	6	—		—	—		228		40		—		268		(16)		252
Balance, March 31, 2025	215	$	2	235	$	2	$	7,628	$	3,999	$	(105)	$	11,526	$	112	$	11,638
Balance, June 30, 2023	263	$	3	235	$	2	$	8,253	$	2,269	$	(149)	$	10,378	$	67	$	10,445
Net income	—	—		—	—		—		1,182		—		1,182		57		1,239
Other comprehensive income	—	—		—	—		—		—		4		4		—		4
Dividends	—	—		—	—		—		(250)		—		(250)		—		(250)
Shares repurchased	(32)	—		—	—		(536)		(222)		—		(758)		—		(758)
Other	2	—		—	—		51		(53)		—		(2)		(13)		(15)
Balance, March 31, 2024	233	$	3	235	$	2	$	7,768	$	2,926	$	(145)	$	10,554	$	111	$	10,665


(a)			Excludes Redeemable noncontrolling interests which are reflected in temporary equity (See Note 4—Fair Value under the heading “Redeemable Noncontrolling Interests”).

The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.

FOX CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

Fox Corporation (“FOX” or the “Company”) is a news, sports and entertainment company, which manages and reports its businesses in the following reportable segments: Cable Network Programming and Television.

The accompanying Unaudited Consolidated Financial Statements of FOX have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Unaudited Consolidated Financial Statements. Operating results for the interim periods presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2025.

The preparation of the Company’s Unaudited Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Unaudited Consolidated Financial Statements and accompanying disclosures. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may differ from those estimates.

These interim Unaudited Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 as filed with the Securities and Exchange Commission on August 8, 2024 (the “2024 Form 10-K”).

All significant intercompany transactions and accounts within the Company’s consolidated businesses have been eliminated. Investments in and advances to entities or joint ventures in which the Company has significant influence, but less than a controlling financial interest, are accounted for using the equity method. Significant influence generally exists when the Company owns an interest between 20% and 50%. Equity securities in which the Company has no significant influence (generally less than a 20% ownership interest) with readily determinable fair values are accounted for at fair value based on quoted market prices. Equity securities without readily determinable fair values are accounted for either at fair value or using the measurement alternative method which is at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. All gains and losses on investments in equity securities are recognized in the Unaudited Consolidated Statements of Operations.

The Company’s fiscal year ends on June 30 (“fiscal”) of each year. Certain fiscal 2024 amounts have been reclassified to conform to the fiscal 2025 presentation.

The Unaudited Consolidated Financial Statements are referred to as the “Financial Statements” herein. The Unaudited Consolidated Statements of Operations are referred to as the “Statements of Operations” herein. The Consolidated Balance Sheets are referred to as the “Balance Sheets” herein.

NOTE 2. ACQUISITIONS, DISPOSALS AND OTHER TRANSACTIONS

The Company’s acquisitions support the Company’s strategy to strengthen its core brands, grow its digital businesses and selectively enhance production capabilities for its digital and linear platforms. In February 2025, the Company acquired a controlling ownership interest in a digital media company. The accounting for the business combination is based on provisional amounts and the allocation of the consideration transferred is not final and is subject to changes pending the completion of the final valuation of certain assets and liabilities. During the nine months ended March 31, 2024, the Company made no acquisitions.

In February 2024, FOX announced that it would enter into a joint venture with ESPN, a subsidiary of The Walt Disney Company (“Disney”), and Warner Bros. Discovery Inc. (“WBD”) to form a digital distribution platform

FOX CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

focused on sports called Venu Sports. On January 10, 2025, FOX, Disney and WBD announced the decision to discontinue Venu Sports (See Note 8—Commitments and Contingencies under the heading "Venu Sports”). In connection with that decision, FOX recorded restructuring charges and wrote off the previously capitalized costs during the three and nine months ended March 31, 2025, respectively, in Restructuring, impairment and other corporate matters in the Statements of Operations.

NOTE 3. INVENTORIES, NET

The Company’s inventories were comprised of the following:


	As of March 31, 2025		As of June 30, 2024
	(in millions)
Licensed programming, including prepaid sports rights	$	720	$	841
Owned programming	537		497
Total inventories, net	1,257		1,338
Less: current portion of inventories, net	(455)		(626)
Total non-current inventories, net	$	802	$	712

Owned programming
Released	$	321	$	238
In-process or other	216		259
Total	$	537	$	497

The following table presents the aggregate amortization expense related to Inventories, net included in Operating expenses in the Statements of Operations:


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
	(in millions)
Total amortization expense	$	1,913	$	1,134	$	5,801	$	4,596

NOTE 4. FAIR VALUE

Fair value measurements are required to be disclosed using a three-tiered fair value hierarchy which distinguishes market participant assumptions into the following categories: (i) inputs that are quoted prices in active markets (“Level 1”); (ii) inputs other than quoted prices included within Level 1 that are observable, including quoted prices for similar assets or liabilities (“Level 2”); and (iii) inputs that require the entity to use its own assumptions about market participant assumptions (“Level 3”).

FOX CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following tables present information about financial assets and redeemable noncontrolling interests carried at fair value on a recurring basis:


	Fair value measurements
	As of March 31, 2025
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	970	$	970	(a)	$	—	$	—
Redeemable noncontrolling interests	(228)		—			—		(228)		(b)
Total	$	742	$	970		$	—	$	(228)


	Fair value measurements
	As of June 30, 2024
	Total		Level 1			Level 2		Level 3
	(in millions)
Investments in equity securities	$	797	$	797	(a)	$	—	$	—
Redeemable noncontrolling interests	(242)		—			—		(242)		(b)
Total	$	555	$	797		$	—	$	(242)


(a)			The investments categorized as Level 1 primarily represent an investment in equity securities of Flutter Entertainment plc (“Flutter”) with a readily determinable fair value.
(b)			The Company utilizes both the market and income approach valuation techniques for its Level 3 fair value measures. Inputs to such measures could include observable market data obtained from independent sources such as broker quotes and recent market transactions for similar assets. It is the Company’s policy to maximize the use of observable inputs in the measurement of its Level 3 fair value measurements. To the extent observable inputs are not available, the Company utilizes unobservable inputs based upon the assumptions market participants would use in valuing the redeemable noncontrolling interests. Examples of utilized unobservable inputs are future cash flows and long-term growth rates.

Redeemable Noncontrolling Interests

The redeemable noncontrolling interests recorded are put rights held by minority shareholders in Credible Labs Inc. (“Credible”), an entertainment production company and a digital media company.

The changes in redeemable noncontrolling interests classified as Level 3 measurements were as follows:


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
	(in millions)
Beginning of period	$	(200)	$	(243)	$	(242)	$	(213)
Acquisitions(a)	(27)		—		(27)		—
Net (income) loss	(1)		1		—		5
Accretion and redemption value adjustments	—		(18)		41		(52)
End of period	$	(228)	$	(260)	$	(228)	$	(260)


(a)			See Note 2—Acquisitions, Disposals and Other Transactions.

FOX CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The put right held by the Credible minority interest shareholder was exercised in December 2024. The Company and the Credible minority interest shareholder will determine the value of the redeemable noncontrolling interest as part of a predetermined fair market value process.

The put right held by the entertainment production company’s minority shareholder will become exercisable in fiscal 2027. The put right held by the digital media company’s minority shareholders will become exercisable in fiscal 2030.

Financial Instruments

The carrying value of the Company’s financial instruments exclusive of borrowings, such as cash and cash equivalents, receivables, payables and investments accounted for using the measurement alternative method, approximates fair value.


	As of March 31, 2025		As of June 30, 2024
	(in millions)
Borrowings
Fair value	$	7,161	$	7,017
Carrying value	$	7,201	$	7,197

Fair value is generally determined by reference to market values resulting from trading on a national securities exchange or in an over-the-counter market (a Level 1 measurement).

Concentrations of Credit Risk

Cash and cash equivalents are maintained with several financial institutions. The Company has deposits held with banks that exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and are maintained with financial institutions of reputable credit and, therefore, bear minimal credit risk.

Generally, the Company does not require collateral to secure receivables. As of March 31, 2025, the Company had one individual customer that accounted for approximately 10% of the Company’s receivables. As of June 30, 2024, the Company had no individual customers that accounted for 10% or more of the Company’s receivables.

NOTE 5. BORROWINGS

Borrowings include senior notes (See Note 9—Borrowings in the 2024 Form 10-K under the heading “Public Debt – Senior Notes Issued”). The Company is party to a credit agreement providing a $1.0 billion unsecured revolving credit facility with a sub-limit of $150 million available for the issuance of letters of credit and a maturity date of June 2028 (See Note 9—Borrowings in the 2024 Form 10-K under the heading “Revolving Credit Agreement”). As of March 31, 2025, there were no borrowings outstanding under the revolving credit agreement. Subsequent to March 31, 2025, $600 million of 3.050% senior notes due in April 2025 matured and were repaid in full.

NOTE 6. STOCKHOLDERS’ EQUITY

Stock Repurchase Program

The Company’s Board of Directors has authorized a stock repurchase program under which the Company can repurchase $7 billion of Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”), and Class B Common Stock, par value $0.01 per share (the “Class B Common Stock”). The program has no time limit and may be modified, suspended or discontinued at any time.

FOX CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

In total, the Company repurchased approximately 17 million shares of Class A Common Stock for approximately $750 million during the nine months ended March 31, 2025.

Repurchased shares are retired and reduce the number of shares issued and outstanding. The Company allocates the amount of the repurchase price over par value between additional paid-in capital and retained earnings.

As of March 31, 2025, the Company’s remaining stock repurchase authorization was approximately $650 million. Subsequent to March 31, 2025, the Company repurchased approximately 1 million shares of Class A Common Stock for approximately $50 million.

Dividends

The following table summarizes the dividends declared per share on both the Company’s Class A Common Stock and Class B Common Stock:


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
Cash dividend per share	$	0.27	$	0.26	$	0.54	$	0.52

NOTE 7. EQUITY-BASED COMPENSATION

The Company has equity-based compensation plans, including the Fox Corporation 2019 Shareholder Alignment Plan (See Note 12—Equity-Based Compensation in the 2024 Form 10-K).

The following table summarizes the Company’s equity-based compensation:


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
	(in millions)
Equity-based compensation	$	29	$	21	$	97	$	69
Intrinsic value of all settled equity-based awards	$	20	$	2	$	123	$	74
Tax benefit on settled equity-based awards	$	5	$	—	$	22	$	11

The Company’s equity-based awards are settled in Class A Common Stock. As of March 31, 2025, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $135 million and is expected to be recognized over a weighted average period between two and three years.

The computation of diluted earnings per share did not include stock options or performance-based stock options outstanding during each period presented if their inclusion would have been antidilutive, and, for those shares that are contingently issuable, all necessary conditions have not been satisfied for the periods presented.

FOX CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Awards Vested, Granted and Exercised

Restricted Stock Units

During the nine months ended March 31, 2025 and 2024, approximately 1.5 million and 1.9 million restricted stock units (“RSUs”) vested and approximately 1.7 million and 2.0 million RSUs were granted, respectively. These RSUs generally vest in equal annual installments over a three-year period subject to participants’ continued employment with the Company.

Performance-Based Stock Options

During the nine months ended March 31, 2025 and 2024, approximately 3.0 million and 0.5 million performance-based stock options were exercised and approximately 3.4 million and 4.0 million were granted, respectively, which will vest in full at the end of a three-year performance period as the market condition has been met and have a term of seven years thereafter.

NOTE 8. COMMITMENTS AND CONTINGENCIES

Commitments

The Company has commitments under certain firm contractual arrangements (“firm commitments”) to make future payments. These firm commitments secure the future rights to various assets and services to be used in the normal course of operations. The total firm commitments and future debt payments as of March 31, 2025 and June 30, 2024 were approximately $37 billion and $38 billion, respectively. The decrease from June 30, 2024 was primarily due to sports programming rights payments.

Contingencies

The Company establishes an accrued liability for legal claims and indemnification claims when the Company determines that a loss is both probable and the amount of the loss can be reasonably estimated. Once established, accruals are adjusted from time to time, as appropriate, in light of additional information. The amount of any loss ultimately incurred in relation to matters for which an accrual has been established may be higher or lower than the amounts accrued for such matters. Any fees, expenses, fines, penalties, judgments or settlements which might be incurred by the Company in connection with the various proceedings could affect the Company’s results of operations and financial condition. For the contingencies disclosed below for which there is at least a reasonable possibility that a loss may be incurred, other than the accrual provided, the Company was unable to estimate the amount of loss or range of loss.

FOX News

The Company’s FOX News business and certain of its current and former employees have been subject to allegations of sexual harassment and discrimination on the basis of sex and race. The Company has resolved many of these claims and is contesting other claims in litigation. The Company has also received regulatory and investigative inquiries relating to these matters. To date, none of the amounts paid in settlements or reserved for pending or future claims is material, individually or in the aggregate, to the Company. The amount of additional liability, if any, that may result from these or related matters cannot be estimated at this time. However, the Company does not currently anticipate that the ultimate resolution of any such pending matters will have a material adverse effect on its business, financial condition, results of operations or cash flows.

U.K. Newspaper Matters Indemnity

In connection with the separation of 21CF and News Corporation in June 2013 (the “21CF News Corporation Separation”), 21CF agreed to indemnify News Corporation, on an after-tax basis, for payments made after the 21CF News Corporation Separation arising out of civil claims and investigations relating to phone hacking, illegal data access and inappropriate payments to public officials that occurred at subsidiaries of News Corporation before the 21CF News Corporation Separation, as well as legal and professional fees and expenses paid in connection with the related criminal matters, other than fees, expenses and costs relating to employees who are not (i) directors, officers or certain designated employees or (ii) with respect to civil matters,

FOX CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

co-defendants with News Corporation (the “U.K. Newspaper Matters Indemnity”). In accordance with the Separation Agreement (as defined in Note 1—Description of Business and Basis of Presentation in the 2024 Form 10-K under the heading “The Transaction”), the Company assumed certain costs and liabilities related to the U.K. Newspaper Matters Indemnity. The liability recorded in the Balance Sheets related to the indemnity was approximately $65 million as of June 30, 2024 and approximately $45 million as of March 31, 2025.

Defamation and Disparagement Claims

From time to time, the Company and its news businesses, including FOX News Media and the FOX Television Stations, and their employees are subject to lawsuits alleging defamation or disparagement. These include lawsuits filed by Smartmatic USA Corp. and certain of its affiliates (collectively, “Smartmatic”) in February 2021 seeking $2.7 billion in damages and Dominion Voting Systems, Inc. and certain of its affiliates (collectively, “Dominion”) in March 2021 seeking $1.6 billion in damages. On March 31, 2023, the court in the Dominion case issued its rulings on summary judgment motions that were unfavorable to the Company. Following these rulings, on April 18, 2023, the Company and its subsidiary, Fox News Network, LLC, entered into a Release and Settlement Agreement with Dominion pursuant to which the parties agreed to resolve the lawsuits among them. The Company paid an aggregate of approximately $800 million to settle this and a related lawsuit in April 2023.

The Company continues to believe the Smartmatic and other pending lawsuits alleging defamation or disparagement are without merit and intends to defend against them vigorously, including through any appeals. The parties filed motions for summary judgment in the Smartmatic case on April 30, 2025. At this time, a trial in the Smartmatic lawsuit is not expected to commence until late 2025 or early 2026 at the earliest. The Company is unable to predict the final outcome of these matters and has determined that a loss in the Smartmatic case is neither probable nor reasonably estimable. There can be no assurance that the ultimate resolution of these pending matters will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

On April 11, 2023 and April 20, 2023, stockholders of the Company filed derivative lawsuits in the Delaware Court of Chancery (the “Chancery Court”) against certain directors of the Company, which the Chancery Court subsequently consolidated into one matter captioned In re Fox Corporation Deriv. Litig., C.A. No. 2023-0418 (Del.Ch.). Two additional derivative lawsuits were subsequently filed by the Company’s stockholders in the Chancery Court on September 12, 2023 against certain directors and officers of the Company and are part of the consolidated lawsuit. Each of the lawsuits names the Company as a nominal defendant. On April 26, 2024, the lead plaintiffs filed an amended complaint that alleges that certain directors and officers, as applicable, breached their fiduciary duties by allowing the Company’s news channel to air allegations regarding election fraud in connection with the 2020 U.S. Presidential election, which resulted in significant defamation litigation. The amended complaint seeks orders awarding damages in favor of the Company; directing the Company to reform and improve its policies and procedures; and awarding the plaintiffs attorneys' fees and costs. On December 27, 2024, the Chancery Court denied the defendants’ motion to dismiss the amended complaint. On February 18, 2025, the Chancellor of the Chancery Court, on the Chancellor’s own motion, reassigned the consolidated lawsuit to a different Vice Chancellor. On April 28, 2025, the Chancery Court granted the defendants’ motion for leave to move for summary judgment on an issue relating to director independence. The Company intends to continue to vigorously defend against these claims.

Actions and Claims Arising from Alleged Misuse of Personal Information

The Company and its subsidiaries, including Tubi, Inc. (“Tubi”), are from time to time parties to actions and arbitration claims arising from their alleged misuse of personal information. In June 2023, a putative class action lawsuit titled Campos v. Tubi was filed with the U.S. District Court for the Northern District of Illinois, Eastern Division (the “District Court”), alleging that Tubi shared viewer information with third parties in violation of the privacy protection provisions of the federal Video Privacy Protection Act (“VPPA”). After a determination that Campos lacked standing to sue Tubi, plaintiff’s counsel filed a new putative class action titled Gregory v. Tubi with the 17th Judicial Circuit Court in Winnebago County, Illinois (the “Illinois State Court”). On July 26, 2024, the parties entered into a Settlement and Release Agreement to resolve all claims, which includes the dismissal of the Campos lawsuit and settlement of the Gregory lawsuit. On January 24, 2025, the Illinois State

FOX CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Court entered a final order approving the Settlement and Release Agreement. The settlement will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. On February 24, 2025, ten individuals appealed the Illinois State Court’s final order approving the Settlement and Release Agreement. The Company moved to dismiss the appeal as moot on March 25, 2025, which the appellate court denied on April 29, 2025. The Company intends to vigorously defend against the claims on appeal. The Company also intends to vigorously defend against any other actions and arbitration claims arising from the alleged misuse of personal information that have not been settled or resolved by the Gregory settlement, including approximately 15,000 successful opt outs of the Gregory lawsuit that are pending in consolidated arbitrations before JAMS. Following the Gregory settlement, those arbitration claims were amended to include alleged violations of the VPPA, in addition to their original allegations that Tubi’s advertising practices violate California’s Unruh Act. The Company is unable to predict the final outcome of these other actions and arbitration claims and has determined that a loss in these matters is neither probable nor reasonably estimable. There can be no assurance that the ultimate resolution of these matters will not have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows.

Venu Sports

In February 2024, FOX announced that it would enter into a joint venture with ESPN, a subsidiary of Disney, and WBD to form a digital distribution platform focused on sports called Venu Sports. On February 20, 2024, FuboTV Inc. and FuboTV Media Inc (collectively, “Fubo”) filed a lawsuit against Disney, ESPN, Inc., ESPN Enterprises, Inc., HULU, LLC, FOX and WBD in the U.S. District Court for the Southern District of New York alleging claims under federal and New York antitrust laws.

On January 6, 2025, Disney and Fubo announced that they have entered into an agreement to combine the Hulu + Live TV business with Fubo, forming a combined virtual MVPD company (the “Disney/Fubo Transaction”). In conjunction with the Disney/Fubo Transaction, Fubo and the defendants settled the Venu Sports lawsuit and the defendants made an aggregate $220 million settlement payment to Fubo, of which approximately $80 million was the Company’s portion, which was recorded in Restructuring, impairment and other corporate matters in the Statements of Operations during the three months ended December 31, 2024. On January 10, 2025, the defendants announced their decision to discontinue the Venu Sports joint venture and not launch its streaming service effective immediately, and as a result the Company wrote off the previously capitalized costs. Under certain circumstances, including if the Disney/Fubo Transaction does not close due to the failure to obtain certain regulatory approvals, a termination fee of $130 million will be payable to Fubo. Concurrently with the Disney/Fubo transaction, Disney has committed to provide Fubo a senior unsecured term loan of up to $145 million in January 2026. If any such payment is required for the termination fee or senior unsecured term loan, it will be paid by FOX, Disney and WBD.

Other

The Company’s operations are subject to tax primarily in various domestic jurisdictions and as a matter of course, the Company is regularly audited by federal and state tax authorities. The Company believes it has appropriately accrued for the expected outcome of all pending tax matters and does not currently anticipate that the ultimate resolution of pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity. Each member of the 21CF consolidated group, which includes 21CF, the Company (prior to the Transaction (as defined in Note 1—Description of Business and Basis of Presentation in the 2024 Form 10-K under the heading “The Transaction”)) and 21CF’s other subsidiaries, is jointly and severally liable for the U.S. federal income and, in certain jurisdictions, state tax liabilities of each other member of the consolidated group. Consequently, the Company could be liable in the event any such liability is incurred, and not discharged, by any other member of the 21CF consolidated group. The tax matters agreement entered into in connection with the Separation (as defined in Note 1—Description of Business and Basis of Presentation in the 2024 Form 10-K under the heading “The Transaction”) requires 21CF and/or Disney to indemnify the Company for any such liability. Disputes or assessments could arise during future audits by the IRS in amounts that the Company cannot quantify.

FOX CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 9. PENSION AND OTHER POSTRETIREMENT BENEFITS

The Company participates in and/or sponsors various pension, savings and postretirement benefit plans. Pension plans and postretirement benefit plans are closed to new participants with the exception of a small group covered by collective bargaining agreements. The net periodic benefit cost was $9 million and $13 million for the three months ended March 31, 2025 and 2024, respectively, and $26 million and $40 million for the nine months ended March 31, 2025 and 2024, respectively.

NOTE 10. SEGMENT INFORMATION

The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable segments:

•Cable Network Programming, which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies, virtual multi-channel video programming distributors and other digital platforms, primarily in the U.S.

•Television, which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising supported video-on-demand service Tubi, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station. The segment also includes various production companies that produce content for the Company and third parties.

The Credible and the FOX Studio Lot operating segments do not meet the criteria under GAAP to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of Credible, the FOX Studio Lot and corporate overhead costs. Credible is a U.S. consumer finance marketplace. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.

The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment EBITDA (defined below). Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses.

Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment 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 Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s operating segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate the performance of and allocate resources to the Company’s businesses.

FOX CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The tables below present summarized financial information for each of the Company’s reportable segments and Corporate and Other.


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
	(in millions)
Revenues
Cable Network Programming	$	1,636	$	1,472	$	5,398	$	4,517
Television	2,704		1,938		7,618		6,260
Corporate and Other	58		53		181		156
Eliminations	(27)		(16)		(184)		(45)
Total revenues	$	4,371	$	3,447	$	13,013	$	10,888
Segment EBITDA
Cable Network Programming	$	878	$	819	$	2,283	$	1,990
Television	60		145		637		358
Corporate and Other	(82)		(73)		(235)		(238)
Amortization of cable distribution investments	(1)		(4)		(9)		(12)
Depreciation and amortization	(95)		(98)		(283)		(291)
Restructuring, impairment and other corporate matters	(55)		(15)		(251)		(24)
Equity losses of affiliates	(18)		(2)		(11)		—
Interest expense, net	(55)		(55)		(185)		(169)
Non-operating other, net	(158)		244		156		39
Income before income tax expense	474		961		2,102		1,653
Income tax expense	(120)		(257)		(528)		(419)
Net income	354		704		1,574		1,234
Less: Net income attributable to noncontrolling interests	(8)		(38)		(28)		(52)
Net income attributable to Fox Corporation stockholders	$	346	$	666	$	1,546	$	1,182

FOX CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
	(in millions)
Revenues by Segment by Component
Cable Network Programming
Affiliate fee	$	1,135	$	1,104	$	3,248	$	3,140
Advertising	372		296		1,153		934
Other	129		72		997		443
Total Cable Network Programming revenues	1,636		1,472		5,398		4,517
Television
Advertising	1,664		939		4,634		3,503
Affiliate fee	870		834		2,500		2,325
Other	170		165		484		432
Total Television revenues	2,704		1,938		7,618		6,260
Corporate and Other	58		53		181		156
Eliminations	(27)		(16)		(184)		(45)
Total revenues	$	4,371	$	3,447	$	13,013	$	10,888


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
	(in millions)
Depreciation and amortization
Cable Network Programming	$	24	$	20	$	69	$	57
Television	28		29		87		86
Corporate and Other	43		49		127		148
Total depreciation and amortization	$	95	$	98	$	283	$	291


	As of March 31, 2025		As of June 30, 2024
	(in millions)
Assets
Cable Network Programming	$	3,078	$	2,792
Television	8,720		7,961
Corporate and Other	10,207		10,090
Investments	1,362		1,129
Total assets	$	23,367	$	21,972

FOX CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 11. ADDITIONAL FINANCIAL INFORMATION

Restructuring, Impairment and Other Corporate Matters

The following table sets forth the components of Restructuring, impairment and other corporate matters included in the Statements of Operations:


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
	(in millions)
Restructuring charges(a)	$	(15)	$	—	$	(26)	$	—
Other corporate matters
Legal settlement costs(a)	(25)		—		(122)		(4)
U.K. Newspaper Matters Indemnity(b)	(14)		(3)		(33)		(15)
Other(a)	(1)		(12)		(70)		(5)
Total restructuring, impairment and other corporate matters	$	(55)	$	(15)	$	(251)	$	(24)


(a)			Primarily related to Venu Sports (See Note 2—Acquisitions, Disposals and Other Transactions).
(b)			See Note 8—Commitments and Contingencies under the heading "U.K. Newspaper Matters Indemnity."

Interest Expense, net

The following table sets forth the components of Interest expense, net included in the Statements of Operations:


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
	(in millions)
Interest expense	$	(94)	$	(99)	$	(313)	$	(309)
Interest income	39		44		128		140
Total interest expense, net	$	(55)	$	(55)	$	(185)	$	(169)

FOX CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Non-Operating Other, net

The following table sets forth the components of Non-operating other, net included in the Statements of Operations:


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
	(in millions)
Net (losses) gains on investments in equity securities(a)	$	(155)	$	83	$	164	$	(110)
Gain on sale of assets(b)	—		167		—		167
Other	(3)		(6)		(8)		(18)
Total non-operating other, net	$	(158)	$	244	$	156	$	39


(a)			Net (losses) gains on investments in equity securities includes the (losses) gains related to the change in fair value of the Company’s investment in Flutter (See Note 4—Fair Value), and for the nine months ended March 31, 2024, the losses related to the Company’s investment in a live streaming mobile platform.
(b)			Gain on sale of assets related to the launch of the United Football League during the three and nine months ended March 31, 2024.

Other Non-Current Assets

The following table sets forth the components of Other non-current assets included in the Balance Sheets:


	As of March 31, 2025		As of June 30, 2024
	(in millions)
Investments(a)	$	1,362	$	1,129
Operating lease assets	859		904
Inventories, net	802		712
Grantor Trust	240		247
Other	314		323
Total other non-current assets	$	3,577	$	3,315


(a)			Includes investments accounted for at fair value on a recurring basis of $970 million and $797 million as of March 31, 2025 and June 30, 2024, respectively (See Note 4—Fair Value).

FOX CORPORATION

NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Accounts Payable, Accrued Expenses and Other Current Liabilities

The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets:


	As of March 31, 2025		As of June 30, 2024
	(in millions)
Programming payable	$	1,317	$	683
Accrued expenses	959		1,006
Deferred revenue	253		180
Operating lease liabilities	51		76
Other current liabilities	387		408
Total accounts payable, accrued expenses and other current liabilities	$	2,967	$	2,353

Other Liabilities

The following table sets forth the components of Other liabilities included in the Balance Sheets:


	As of March 31, 2025		As of June 30, 2024
	(in millions)
Non-current operating lease liabilities	$	855	$	879
Accrued non-current pension/postretirement liabilities	261		276
Other non-current liabilities	217		211
Total other liabilities	$	1,333	$	1,366

Future Performance Obligations

As of March 31, 2025, approximately $4.9 billion of revenues are expected to be recognized primarily over the next one to three years. The Company’s most significant remaining performance obligations relate to affiliate contracts, content licensing contracts with fixed fees and sports advertising contracts. The amount disclosed does not include (i) revenues related to performance obligations that are part of a contract whose original expected duration is one year or less, (ii) revenues that are in the form of sales- or usage-based royalties and (iii) revenues related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice.

Supplemental Information


	For the nine months ended March 31,
	2025		2024
	(in millions)
Supplemental cash flows information
Cash paid for interest	$	(342)	$	(338)
Cash paid for income taxes	$	(350)	$	(148)

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Readers should carefully review this document and the other documents filed by Fox Corporation (“FOX” or the “Company”) with the Securities and Exchange Commission (the “SEC”). This section should be read together with the unaudited interim consolidated financial statements and related notes appearing elsewhere in this Quarterly Report on Form 10-Q and the Annual Report on Form 10-K for the fiscal year ended June 30, (“fiscal”) 2024 as filed with the SEC on August 8, 2024 (the “2024 Form 10-K”). The Unaudited Consolidated Financial Statements are referred to as the “Financial Statements” herein.

INTRODUCTION

Management’s discussion and analysis of financial condition and results of operations is intended to help provide an understanding of the Company’s financial condition, changes in financial condition and results of operations. This discussion is organized as follows:

•Overview of the Company’s Business—This section provides a general description of the Company’s businesses, as well as developments that occurred during the three and nine months ended March 31, 2025 and 2024 that the Company believes are important in understanding its results of operations and financial condition or to disclose known trends.

•Results of Operations—This section provides an analysis of the Company’s results of operations for the three and nine months ended March 31, 2025 and 2024. This analysis is presented on both a consolidated and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.

•Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the nine months ended March 31, 2025 and 2024, as well as a discussion of the Company’s outstanding debt and commitments, both firm and contingent, that existed as of March 31, 2025. Included in the discussion of outstanding debt is a discussion of the amount of financial capacity available to fund the Company’s future commitments and obligations, as well as a discussion of other financing arrangements.

•Caution Concerning Forward-Looking Statements—This section provides a description of the use of forward-looking information appearing in this Quarterly Report on Form 10-Q, including in Management’s Discussion and Analysis of Financial Condition and Results of Operations. Such information is based on management’s current expectations about future events which are subject to change and to inherent risks and uncertainties. Refer to Part I., Item 1A. “Risk Factors” in the 2024 Form 10-K for a discussion of the risk factors applicable to the Company.

OVERVIEW OF THE COMPANY’S BUSINESS

•Cable Network Programming, which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”), virtual multi-channel video programming distributors (“virtual MVPDs”) and other digital platforms, primarily in the U.S.

•Television, which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising-supported video-on-demand (“AVOD”) service Tubi, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station. The segment also includes various production companies that produce content for the Company and third parties.

marketplace. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.

We use the term "MVPDs" to refer collectively to traditional MVPDs and virtual MVPDs.

RESULTS OF OPERATIONS

Results of Operations—For the three and nine months ended March 31, 2025 versus the three and nine months ended March 31, 2024.

The following table sets forth the Company’s operating results for the three and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024:


	For the three months ended March 31,								For the nine months ended March 31,
	2025		2024		Change		% Change		2025		2024		Change		% Change
(in millions, except %)					Better/(Worse)								Better/(Worse)
Revenues
Affiliate fee	$	2,005	$	1,938	$	67	3	%	$	5,748	$	5,465	$	283	5	%
Advertising	2,036		1,235		801		65	%	5,787		4,437		1,350		30	%
Other	330		274		56		20	%	1,478		986		492		50	%
Total revenues	4,371		3,447		924		27	%	13,013		10,888		2,125		20	%
Operating expenses	(2,965)		(2,050)		(915)		(45)	%	(8,759)		(7,305)		(1,454)		(20)	%
Selling, general and administrative	(551)		(510)		(41)		(8)	%	(1,578)		(1,485)		(93)		(6)	%
Depreciation and amortization	(95)		(98)		3		3	%	(283)		(291)		8		3	%
Restructuring, impairment and other corporate matters	(55)		(15)		(40)		**		(251)		(24)		(227)		**
Equity losses of affiliates	(18)		(2)		(16)		**		(11)		—		(11)		**
Interest expense, net	(55)		(55)		—		—	%	(185)		(169)		(16)		(9)	%
Non-operating other, net	(158)		244		(402)		**		156		39		117		**
Income before income tax expense	474		961		(487)		(51)	%	2,102		1,653		449		27	%
Income tax expense	(120)		(257)		137		53	%	(528)		(419)		(109)		(26)	%
Net income	354		704		(350)		(50)	%	1,574		1,234		340		28	%
Less: Net income attributable to noncontrolling interests	(8)		(38)		30		79	%	(28)		(52)		24		46	%
Net income attributable to Fox Corporation stockholders	$	346	$	666	$	(320)	(48)	%	$	1,546	$	1,182	$	364	31	%

not meaningful

Overview

For the three months ended March 31, 2025 and 2024

The Company’s revenues increased $924 million or 27% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. The increase of $67 million or 3% in affiliate fee revenue was primarily due to the impact of higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of

approximately $180 million, partially offset by the approximately $110 million impact of a lower average number of subscribers across all networks. The increase of $801 million or 65% in advertising revenue was primarily due to revenues from the broadcast of Super Bowl LIX in February 2025 of approximately $700 million after agency commissions. The remaining increase of approximately $100 million was primarily due to continued digital growth led by the Tubi AVOD service and higher news ratings and pricing. The increase of $56 million or 20% in other revenues was primarily due to higher sports sublicensing revenue.

Operating expenses increased $915 million or 45% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to the impact of higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX in February 2025, higher college football costs, including licensing costs for rights that are sublicensed, and higher digital content and marketing costs.

Selling, general and administrative expenses increased $41 million or 8% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to higher employee costs.

For the nine months ended March 31, 2025 and 2024

The Company’s revenues increased $2.1 billion or 20% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. The increase of $283 million or 5% in affiliate fee revenue was primarily due to the impact of higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $615 million, partially offset by the approximately $330 million impact of a lower average number of subscribers across all networks. The increase of $1.4 billion or 30% in advertising revenue was primarily due to the approximately $850 million impact related to sports content led by revenues from the broadcast of Super Bowl LIX in February 2025 and higher National Football League (“NFL”) pricing. The remaining increase of approximately $500 million was primarily due to the impact of political advertising revenue due to the 2024 presidential and congressional elections predominantly at the Company’s owned and operated television stations, continued digital growth led by the Tubi AVOD service and higher news ratings and pricing. The increase of $492 million or 50% in other revenues was primarily due to higher sports sublicensing revenue.

Operating expenses increased $1.5 billion or 20% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to the approximately $1.2 billion impact of higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX in February 2025 and higher NFL and college football costs, including licensing costs for rights that are sublicensed, partially offset by the absence of WWE. The remaining increase of approximately $250 million was primarily due to higher digital content and marketing costs and higher newsgathering costs principally due to the 2024 presidential election.

Selling, general and administrative expenses increased $93 million or 6% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to higher employee costs.

Restructuring, impairment and other corporate matters—See Note 11—Additional Financial Information to the accompanying Financial Statements under the heading “Restructuring, Impairment and Other Corporate Matters.”

Interest expense, net— Interest expense, net increased $16 million or 9% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to lower interest income as a result of lower average cash and cash equivalent balances, partially offset by a lower average amount of debt outstanding.

Non-operating other, net—See Note 11—Additional Financial Information to the accompanying Financial Statements under the heading “Non-Operating Other, net.”

Income tax expense—The Company’s tax provision and related effective tax rate for the three and nine months ended March 31, 2025 of 25% was higher than the statutory rate of 21% primarily due to state taxes and other permanent items.

The Company's tax provision and related effective tax rate for the three and nine months ended March 31, 2024 of 27% and 25% respectively, was higher than the statutory rate of 21% primarily due to state taxes.

Net income —Net income decreased $350 million or 50% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to a change in fair value of the Company’s investments in equity securities and the absence of a gain on a contribution of assets, partially offset by lower provision for income tax. Net Income increased $340 million or 28% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, primarily due to higher Segment EBITDA (as defined below) and a change in fair value of the Company’s investments in equity securities, partially offset by the absence of a gain on a contribution of assets, the legal settlement and other costs associated with the discontinuation of Venu Sports (See Note 2—Acquisitions, Disposals and Other Transactions to the accompanying Financial Statements) and higher provision for income tax.

Segment Analysis

Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Restructuring, impairment and other corporate matters, Interest expense, net, Non-operating other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s operating segments because it is the primary measure used by the Company’s chief operating decision maker to evaluate performance and allocate resources.

The following tables set forth the Company’s Revenues and Segment EBITDA for the three and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024:


	For the three months ended March 31,								For the nine months ended March 31,
	2025		2024		Change		% Change		2025		2024		Change		% Change
(in millions, except %)					Better/(Worse)								Better/(Worse)
Revenues
Cable Network Programming	$	1,636	$	1,472	$	164	11	%	$	5,398	$	4,517	$	881	20	%
Television	2,704		1,938		766		40	%	7,618		6,260		1,358		22	%
Corporate and Other	58		53		5		9	%	181		156		25		16	%
Eliminations	(27)		(16)		(11)		(69)	%	(184)		(45)		(139)		**
Total revenues	$	4,371	$	3,447	$	924	27	%	$	13,013	$	10,888	$	2,125	20	%


	For the three months ended March 31,								For the nine months ended March 31,
	2025		2024		Change		% Change		2025		2024		Change		% Change
(in millions, except %)					Better/(Worse)								Better/(Worse)
Segment EBITDA
Cable Network Programming	$	878	$	819	$	59	7	%	$	2,283	$	1,990	$	293	15	%
Television	60		145		(85)		(59)	%	637		358		279		78	%
Corporate and Other	(82)		(73)		(9)		(12)	%	(235)		(238)		3		1	%
Adjusted EBITDA(a)	$	856	$	891	$	(35)	(4)	%	$	2,685	$	2,110	$	575	27	%


**			not meaningful
(a)			For a discussion of Adjusted EBITDA and a reconciliation of Net income to Adjusted EBITDA, see “Non-GAAP Financial Measures” below.

Cable Network Programming (41% of the Company’s revenues for the first nine months of fiscal 2025 and 2024)


	For the three months ended March 31,								For the nine months ended March 31,
	2025		2024		Change		% Change		2025		2024		Change		% Change
(in millions, except %)					Better/(Worse)								Better/(Worse)
Revenues
Affiliate fee	$	1,135	$	1,104	$	31	3	%	$	3,248	$	3,140	$	108	3	%
Advertising	372		296		76		26	%	1,153		934		219		23	%
Other	129		72		57		79	%	997		443		554		**
Total revenues	1,636		1,472		164		11	%	5,398		4,517		881		20	%
Operating expenses	(601)		(499)		(102)		(20)	%	(2,657)		(2,090)		(567)		(27)	%
Selling, general and administrative	(158)		(158)		—		—	%	(467)		(449)		(18)		(4)	%
Amortization of cable distribution investments	1		4		(3)		(75)	%	9		12		(3)		(25)	%
Segment EBITDA	$	878	$	819	$	59	7	%	$	2,283	$	1,990	$	293	15	%

not meaningful

For the three months ended March 31, 2025 and 2024

Revenues at the Cable Network Programming segment increased $164 million or 11% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $31 million or 3% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $76 million or 26% in advertising revenue was primarily due to higher news ratings, pricing and digital advertising revenue. The increase of $57 million or 79% in other revenues was primarily due to higher sports sublicensing revenue.

Cable Network Programming Segment EBITDA increased $59 million or 7% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $102 million or 20% primarily due to higher sports programming rights amortization and production costs driven by higher college football costs, including licensing costs for rights that are sublicensed.

For the nine months ended March 31, 2025 and 2024

Revenues at the Cable Network Programming segment increased $881 million or 20% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $108 million or 3% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $219 million or 23% in advertising revenue was primarily due to higher news ratings, pricing and digital advertising revenue and the impact related to sports content led by higher pricing and Major League Baseball postseason ratings. The increase of $554 million in other revenues was primarily due to higher sports sublicensing revenue.

Cable Network Programming Segment EBITDA increased $293 million or 15% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $567 million or 27% primarily due to higher sports programming rights amortization and production costs driven by higher college football costs, including licensing costs for rights that are sublicensed, partially offset by the absence of the Fédération International de Football Association Women’s World Cup in the current year. Also contributing to this increase was higher newsgathering costs primarily due to the 2024 presidential election. Selling, general and administrative expenses increased $18 million or 4% primarily due to higher employee costs.

Television (59% and 58% of the Company’s revenues for the first nine months of fiscal 2025 and 2024, respectively)


	For the three months ended March 31,								For the nine months ended March 31,
	2025		2024		Change		% Change		2025		2024		Change		% Change
(in millions, except %)					Better/(Worse)								Better/(Worse)
Revenues
Advertising	$	1,664	$	939	$	725	77	%	$	4,634	$	3,503	$	1,131	32	%
Affiliate fee	870		834		36		4	%	2,500		2,325		175		8	%
Other	170		165		5		3	%	484		432		52		12	%
Total revenues	2,704		1,938		766		40	%	7,618		6,260		1,358		22	%
Operating expenses	(2,359)		(1,540)		(819)		(53)	%	(6,191)		(5,178)		(1,013)		(20)	%
Selling, general and administrative	(285)		(253)		(32)		(13)	%	(790)		(724)		(66)		(9)	%
Segment EBITDA	$	60	$	145	$	(85)	(59)	%	$	637	$	358	$	279	78	%

For the three months ended March 31, 2025 and 2024

Revenues at the Television segment increased $766 million or 40% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher advertising, affiliate fee and other revenues. The increase of $725 million or 77% in advertising revenue was primarily due to revenues from the

broadcast of Super Bowl LIX in February 2025 and continued digital growth led by the Tubi AVOD service. The increase of $36 million or 4% in affiliate fee revenue was primarily due to higher average rates per subscriber partially offset by a lower average number of subscribers at the Company’s owned and operated television stations and higher fees received from television stations that are affiliated with the FOX Network. The increase of $5 million or 3% in other revenues was primarily due to higher content revenue.

Television Segment EBITDA decreased $85 million or 59% for the three months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, as the revenue increases noted above were more than offset by higher expenses. Operating expenses increased $819 million or 53% primarily due to higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX in February 2025 and higher digital content and marketing costs. Selling, general and administrative expenses increased $32 million or 13% primarily due to higher employee costs.

For the nine months ended March 31, 2025 and 2024

Revenues at the Television segment increased $1.4 billion or 22% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to higher advertising, affiliate fee and other revenues. The increase of $1.1 billion or 32% in advertising revenue was primarily due to the impact related to sports content led by revenues from the broadcast of Super Bowl LIX in February 2025 and higher pricing. Also contributing to this increase was the impact of higher political advertising revenue due to the 2024 presidential and congressional elections predominantly at the Company’s owned and operated television stations and continued digital growth led by the Tubi AVOD service. The increase of $175 million or 8% in affiliate fee revenue was primarily due to higher average rates per subscriber partially offset by a lower average number of subscribers at the Company’s owned and operated television stations and higher fees received from television stations that are affiliated with the FOX Network. The increase of $52 million or 12% in other revenues was primarily due to higher content revenue.

Television Segment EBITDA increased $279 million or 78% for the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $1 billion or 20% primarily due to higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX in February 2025 and higher NFL costs and higher digital content and marketing costs partially offset by the absence of WWE. Selling, general and administrative expenses increased $66 million or 9% primarily due to higher employee costs.

Corporate and Other


	For the three months ended March 31,								For the nine months ended March 31,
	2025		2024		Change		% Change		2025		2024		Change		% Change
(in millions, except %)					Better/(Worse)								Better/(Worse)
Revenues	$	58	$	53	$	5	9	%	$	181	$	156	$	25	16	%
Operating expenses	(19)		(13)		(6)		(46)	%	(55)		(43)		(12)		(28)	%
Selling, general and administrative	(121)		(113)		(8)		(7)	%	(361)		(351)		(10)		(3)	%
Segment EBITDA	$	(82)	$	(73)	$	(9)	(12)	%	$	(235)	$	(238)	$	3	1	%

For the three and nine months ended March 31, 2025 and 2024

Revenues within Corporate and Other for the three and nine months ended March 31, 2025 and 2024 include revenues generated by Credible and the operation of the FOX Studio Lot. Operating expenses for the three and nine months ended March 31, 2025 and 2024 include advertising and promotional expenses at Credible. Selling, general and administrative expenses for the three and nine months ended March 31, 2025 and 2024 primarily relate to employee costs, professional fees and the costs of operating the FOX Studio Lot.

Non-GAAP Financial Measures

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, 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 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 U.S. generally accepted accounting principles (“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 and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024:


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
	(in millions)
Net income	$	354	$	704	$	1,574	$	1,234
Add
Amortization of cable distribution investments	1		4		9		12
Depreciation and amortization	95		98		283		291
Restructuring, impairment and other corporate matters	55		15		251		24
Equity losses of affiliates	18		2		11		—
Interest expense, net	55		55		185		169
Non-operating other, net	158		(244)		(156)		(39)
Income tax expense	120		257		528		419
Adjusted EBITDA	$	856	$	891	$	2,685	$	2,110

The following table sets forth the computation of Adjusted EBITDA for the three and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024.


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
	(in millions)
Revenues	$	4,371	$	3,447	$	13,013	$	10,888
Operating expenses	(2,965)		(2,050)		(8,759)		(7,305)
Selling, general and administrative	(551)		(510)		(1,578)		(1,485)
Amortization of cable distribution investments	1		4		9		12
Adjusted EBITDA	$	856	$	891	$	2,685	$	2,110

LIQUIDITY AND CAPITAL RESOURCES

Current Financial Condition

The Company has approximately $4.8 billion of cash and cash equivalents as of March 31, 2025 and an unused five-year $1.0 billion unsecured revolving credit facility (See Note 5—Borrowings to the accompanying Financial Statements). The Company also has access to the worldwide capital markets, subject to market conditions. As of March 31, 2025, the Company was in compliance with all of the covenants under the revolving credit facility, and it does not anticipate any noncompliance with such covenants.

The principal uses of cash that affect the Company’s liquidity position include the following: the acquisition of rights and related payments for entertainment and sports programming; operational expenditures including production costs; marketing and promotional expenses; expenses related to broadcasting the Company’s programming; employee and facility costs; capital expenditures; acquisitions, including redeemable noncontrolling interests; income taxes, interest and dividend payments; debt repayments; legal settlements; and stock repurchases.

The Company has evaluated, and expects to continue to evaluate, possible acquisitions and dispositions of certain businesses and assets. Such transactions may be material and may involve cash, the Company’s securities or the assumption of additional indebtedness.

Sources and Uses of Cash

Net cash provided by operating activities for the nine months ended March 31, 2025 and 2024 was as follows (in millions):


For the nine months ended March 31,	2025		2024
Net cash provided by operating activities	$	1,811	$	941

The increase in net cash provided by operating activities during the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, was primarily due to higher Segment EBITDA, principally due to higher political advertising receipts from the 2024 presidential and congressional elections, and lower restructuring payments, partially offset by higher sports and entertainment programming costs and higher tax and legal settlement payments (See Note 14—Commitments and Contingencies to the accompanying Financial Statements).

Net cash used in investing activities for the nine months ended March 31, 2025 and 2024 was as follows (in millions):


For the nine months ended March 31,	2025		2024
Net cash used in investing activities	$	(407)	$	(324)

The increase in net cash used in investing activities during the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, was primarily due to the fiscal 2025 acquisition (See Note 2—Acquisitions, Disposals, and Other Transactions to the accompanying Financial Statements), partially offset by a decrease in capital expenditures and the Company’s investments.

Net cash used in financing activities for the nine months ended March 31, 2025 and 2024 was as follows (in millions):


For the nine months ended March 31,	2025		2024
Net cash used in financing activities	$	(908)	$	(1,098)

The decrease in net cash used in financing activities during the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, was primarily due to higher proceeds received from the exercise of employee stock options and the net impact of the October 2023 issuance of $1.25 billion of senior notes and the repayment of $1.25 billion of senior notes that matured in January 2024.

Stock Repurchase Program

See Note 6—Stockholders’ Equity to the accompanying Financial Statements under the heading “Stock Repurchase Program.”

Dividends

The Company declared a semi-annual dividend of $0.27 per share on both the Class A Common Stock and the Class B Common Stock during the three months ended March 31, 2025, which was paid on March 26, 2025 with a record date for determining dividend entitlements of March 5, 2025. The Company expects to continue to pay semi-annual dividends, although each dividend is subject to approval by the Company’s Board of Directors.

Debt Instruments

Borrowings include senior notes (See Note 5—Borrowings to the accompanying Financial Statements).

Ratings of the Senior Notes

The following table summarizes the Company’s credit ratings as of March 31, 2025:

Rating Agency

Senior Debt

Outlook

Moody’s

Baa2

Stable

Standard & Poor’s

BBB

Stable

Revolving Credit Agreement

The Company has an unused five-year $1.0 billion unsecured revolving credit facility with a maturity date of June 2028 (See Note 5—Borrowings to the accompanying Financial Statements).

Commitments and Contingencies

See Note 8—Commitments and Contingencies to the accompanying Financial Statements.

CRITICAL ACCOUNTING POLICIES AND ESTIMATES

There have been no material changes to the accounting policies and estimates as described in Part II., Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies and Estimates” in the 2024 Form 10-K.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This document 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. All statements other than statements of historical or current fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements regarding (i) future earnings, revenues or other measures of the Company’s financial performance; (ii) the Company’s plans, strategies and objectives for future operations; (iii) proposed new programming or other offerings; (iv) future economic conditions or performance; and (v) assumptions underlying any of the foregoing. 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, such as those disclosed or incorporated by reference in our filings with the SEC. 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 and the following factors:

•evolving technologies and distribution platforms and changes in consumer behavior as consumers seek more control over when, where and how they consume content, and related impacts on advertisers and MVPDs;

•declines in advertising expenditures due to various factors such as the economic prospects of advertisers or the economy including the impact of tariffs, major sports events and election cycles, evolving technologies and distribution platforms and related changes in consumer behavior and shifts in advertisers’ expenditures, the evolving market for AVOD advertising campaigns, and audience measurement methodologies’ ability to accurately reflect actual viewership levels;

•further declines in the number of subscribers to MVPD services;

•the failure to enter into or renew on favorable terms, or at all, affiliation or carriage agreements or arrangements through which the Company makes its content available for viewing through online video platforms;

•the highly competitive nature of the industry in which the Company’s businesses operate;

•the popularity of the Company’s content, including special sports events; and the continued popularity of the sports franchises, leagues and teams for which the Company has acquired programming rights;

•the Company’s ability to renew programming rights, particularly sports programming rights, on sufficiently favorable terms, or at all;

•damage to the Company’s brands or reputation;

•the inability to realize the anticipated benefits of the Company’s strategic investments and acquisitions, and the effects of any combination or significant acquisition, disposition or other similar transaction involving the Company;

•the loss of key personnel;

•labor disputes, including labor disputes involving professional sports leagues whose games or events the Company has the right to broadcast;

•lower than expected valuations associated with the Company’s reporting units, indefinite-lived intangible assets, investments or long-lived assets;

•a degradation, failure or misuse of the Company’s network and information systems and other technology relied on by the Company that causes a disruption of services or improper disclosure of personal data or other confidential information;

•content piracy and signal theft and the Company’s ability to protect its intellectual property rights;

•the failure to comply with laws, regulations, rules, industry standards or contractual obligations relating to privacy and personal data protection;

•changes in tax, federal communications or other laws, regulations, practices or the interpretations thereof;

•the impact of any investigations or fines from governmental authorities, including Federal Communications Commission (“FCC”) rules and policies and FCC decisions regarding revocation, renewal or grant of station licenses, waivers and other matters;

•the failure or destruction of satellites or transmitter facilities the Company depends on to distribute its programming;

•unfavorable litigation outcomes or investigation results that require the Company to pay significant amounts or lead to onerous operating procedures;

•changes in GAAP or other applicable accounting standards and policies;

•the Company’s ability to secure additional capital on acceptable terms;

•the impact of widespread health emergencies or pandemics and measures to contain their spread; and

•the other risks and uncertainties detailed in Part I, Item 1A. ‘Risk Factors’ in the 2024 Form 10-K.

Forward-looking statements in this Quarterly Report speak only as of the date hereof, and forward-looking statements in documents that are incorporated by reference hereto speak only as of the date of those documents. The Company does not undertake any obligation to update or release any revisions to any forward-looking statement made herein or to report any events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in our expectations, except as required by law.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in the market risks reported in the 2024 Form 10-K.

ITEM 4. CONTROLS AND PROCEDURES

(a)Disclosure Controls and Procedures

The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective in recording, processing, summarizing and reporting on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and were effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

(b)Changes in Internal Control over Financial Reporting

There were no changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the Company’s third quarter of fiscal 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II

ITEM 1. LEGAL PROCEEDINGS

See Note 8—Commitments and Contingencies to the accompanying Unaudited Consolidated Financial Statements of FOX under the heading “Contingencies” for a discussion of the Company’s legal proceedings.

ITEM 1A. RISK FACTORS

There have been no material changes to the risk factors described in the section titled “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, as filed with the Securities and Exchange Commission (the “SEC”) on August 8, 2024.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Below is a summary of the Company’s repurchases of its Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”) during the three months ended March 31, 2025:


	Total number of shares purchased(a)	Average price paid per share(b)		Approximate dollar value of shares that may yet be purchased under the program(b)(c)
				(in millions)
January 1, 2025 - January 31, 2025	1,027,995	$	48.64
February 1, 2025 - February 28, 2025	1,799,268	55.58
March 1, 2025 - March 31, 2025	1,854,774	53.88
Total	4,682,037	53.38		$	650


(a)			The Company has not made any purchases of Class A Common Stock or Class B Common Stock, par value $0.01 per share (the “Class B Common Stock” and, together with the Class A Common Stock, the “Common Stock”), other than in connection with the publicly announced stock repurchase program described below.
(b)			These amounts exclude any fees, commissions, excise taxes or other costs associated with the share repurchases.
(c)			The Company’s Board of Directors has authorized a stock repurchase program, under which the Company can repurchase $7 billion of Common Stock. The program has no time limit and may be modified, suspended or discontinued at any time.

In total, the Company repurchased approximately 17 million shares of Class A Common Stock for approximately $750 million during the nine months ended March 31, 2025.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

Not applicable.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

Not applicable.

ITEM 6. EXHIBITS

(a) Exhibits.


10.1						Form of Employment Agreement.*+

31.1						Chief Executive Officer Certification required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.*

31.2						Chief Financial Officer Certification required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.*

32.1						Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes Oxley Act of 2002.**

101						The following financial information from the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2025 and 2024; (ii) Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended March 31, 2025 and 2024; (iii) Consolidated Balance Sheets as of March 31, 2025 (unaudited) and June 30, 2024 (audited); (iv) Unaudited Consolidated Statements of Cash Flows for the nine months ended March 31, 2025 and 2024; (v) Unaudited Consolidated Statements of Equity for the three and nine months ended March 31, 2025 and 2024; and (vi) Notes to the Unaudited Consolidated Financial Statements.*

104						Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101).

Filed herewith.

Furnished herewith.

This exhibit is a management contract or compensatory plan or arrangement.

SIGNATURE

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Fox Corporation (Registrant)

	By:	/s/ Steven Tomsic
		Steven Tomsic
		Chief Financial Officer

Date: May 12, 2025

Fox Corp 10-Q