Financial Performance - Fox Corporation reported a revenue growth of 17% to $16 billion, with adjusted EBITDA growth of 26% to $3.6 billion and adjusted EPS growth of 39% to $4.78 per share, all records for the company [6][16][18] - Free cash flow increased by 100% to $3 billion, marking another record [6][16] - Net income attributable to stockholders was $2.3 billion or $4.91 per share, up from $1.5 billion or $3.13 per share in the previous fiscal year [18] Business Segment Performance - The Cable Network programming segment achieved 7% revenue growth and 6% EBITDA growth, with cable advertising revenues up 15% [20] - The Television segment delivered 6% revenue growth, with advertising revenues growing 3% [21] - Tubi saw a 32% revenue growth in the fourth quarter, driven by a 17% increase in total view time [12][19] Market Trends - Fox News maintained over 60% share of the cable news audience, with total day audience up 25% and demo audience up 31% [8][42] - The overall advertising market for Fox remains healthy, with record-setting double-digit volume growth and strong pricing growth across the portfolio [7][74] - Tubi reached over 100 million monthly active users and generated over $1.1 billion in revenue, achieving a 2.2% share of total U.S. television viewings [12][13] Company Strategy and Industry Competition - Fox One, a direct-to-consumer streaming platform, is set to launch at $19.99 per month, targeting both cordless consumers and current pay TV subscribers [11][12] - The company plans to invest in digital-led growth initiatives, including Tubi and Latin America, while maintaining a focus on organic growth [23][66] - Fox's strategy emphasizes engaging viewers across various platforms, including traditional cable and digital offerings [14] Management Commentary on Operating Environment and Future Outlook - Management expressed confidence in the trajectory of the business, citing strong operational and financial momentum entering fiscal 2026 [15] - The company anticipates challenges in fiscal 2026 due to the absence of political advertising and the Super Bowl, but expects strong performance from the FIFA Men's World Cup [36][75] - Management highlighted the importance of maintaining strong relationships with affiliates and local stations, especially with the launch of Fox One [85] Other Important Information - The company announced a $5 billion increase to its share repurchase authorization, reflecting a strong balance sheet [15][26] - Fox's advertising revenue growth was driven by a robust demand for sports programming and political advertising [17][74] Q&A Session Summary Question: Insights on fiscal 2026 expectations - Management acknowledged the challenges ahead, particularly with political advertising and the Super Bowl, but emphasized strong underlying business momentum [31][34] Question: Update on cable advertising trends - Management reported strong advertising demand, particularly for Fox News, with significant increases in ratings translating to revenue growth [41][42] Question: Tubi's competitive position - Tubi is outperforming the broader CTV market due to its extensive content library and strong engagement with a younger, cordless audience [50][52] Question: M&A participation - Management stated that while they are always looking for opportunities, they have not found any that meet their high internal benchmarks for capital use [71][72]

Core Points - Fox Corporation is launching a new streaming service called FOX One on August 21, 2025, priced at $19.99 per month or $199.99 annually [1] - FOX One will consolidate all of FOX's leading News, Sports, and Entertainment content into one platform, providing live streaming and on-demand access to various FOX brands [2][5] - The service aims to cater to cord-cutters and cord-nevers, offering a value proposition that combines multiple FOX channels and advanced AI-powered personalization technologies [3][5] Company Overview - Fox Corporation produces and distributes news, sports, and entertainment content through iconic brands such as FOX News Media, FOX Sports, and FOX Entertainment, which hold cultural significance and commercial importance [6] - The company leverages technological innovations from Tubi Media Group to enhance user experience and deliver content directly to audiences [5][6]

Core Insights - Fox Corp. reported total revenue of $3.29 billion and earnings per share of $1.57 for the fiscal fourth quarter, exceeding Wall Street expectations of $3.11 billion and $1.01 EPS [1] - The company experienced a 7% increase in total advertising revenue, reaching $1.08 billion, attributed to the success of the free streaming service Tubi, improved ratings at Fox News, and better pricing strategies [2] - For the full fiscal year, Fox Corp. achieved total revenue of $16.3 billion, marking a 17% increase from the previous year, driven by events such as the 2024 election and Super Bowl LIX [5] Revenue Breakdown - The Cable Network Programming division led overall performance with a 7% revenue increase to $1.53 billion, where advertising revenue rose by 15% and affiliate fee revenue increased by 2% despite net subscriber declines [3] - The Television division's revenue grew by 6% to $1.71 billion, primarily due to contributions from Tubi, with upcoming highlights including college football, NFL telecasts, and Major League Baseball playoffs [4]

Exhibit 99.1 EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2025 Page 1 "Fiscal 2025 was another outstanding year for FOX, demonstrating broad based strength across our businesses and achieving record financial results all while making important investments in our digital growth assets. We enter fiscal 2026 with solid operational and financial momentum and look forward to another exciting year that will include the launch of FOX One. We remain confident that our focused strategy, leadership ...

Core Insights - Fox Corporation (FOXA) is scheduled to report its fourth-quarter fiscal 2025 results on August 5, with earnings estimated at $1.01 per share, reflecting a 12.22% increase year-over-year, and revenues projected at $3.11 billion, indicating a 0.48% growth from the previous year [1][9]. Group 1: Recent Performance - The company has consistently exceeded the Zacks Consensus Estimate in the last four quarters, with an average surprise of 25.94% [2]. - In the third quarter, Fox reported revenues of $4.37 billion, a 27% increase year-over-year, primarily driven by Super Bowl LIX advertising and digital growth at Tubi [3][9]. Group 2: Strategic Developments - Positive developments include the launch of Fox One, a direct-to-consumer streaming service, and the introduction of the AI-driven OneFOX media platform, enhancing digital advertising capabilities [4]. - Tubi added eight million new users on Super Bowl day and achieved 35% year-over-year revenue growth in the third quarter [4]. Group 3: Challenges Ahead - The upcoming quarter may face challenges due to the absence of a Super Bowl broadcast, making year-over-year advertising comparisons difficult [6][9]. - In the third quarter, net income attributable to Fox stockholders decreased to $346 million from $666 million in the prior year, attributed to higher sports programming costs and content investments [6].

Core Insights - Fox has acquired a 33% stake in Penske Entertainment, which owns the Indianapolis Motor Speedway and IndyCar, marking a strategic investment aimed at fostering growth for IndyCar and extending Fox Sports' media rights deal [1][4] - The partnership is expected to enhance IndyCar's visibility and engagement through innovative racing events, a stronger digital strategy, and improved promotion for drivers [4][5] - The Indianapolis 500 broadcast on Fox achieved an average of 7.01 million viewers, a 41% increase from the previous year, indicating a significant rise in IndyCar's viewership [8] Investment and Partnership Details - The investment is characterized as a strategic partnership to drive new growth for IndyCar, including a multi-year extension of Fox Sports' media rights [1][4] - Fox Sports is in its inaugural season broadcasting IndyCar, with all races aired on Fox, making it the only series in the U.S. not broadcast on cable [6][8] Leadership and Future Vision - Eric Shanks, CEO of Fox Sports, expressed enthusiasm about joining the IndyCar ownership group, emphasizing the sport's potential for storytelling and fan engagement [2][5] - Roger Penske highlighted the long-standing trust and shared vision between Fox and Penske Entertainment, indicating a commitment to the sport's growth trajectory [5] Viewership Trends - IndyCar has seen a 31% year-over-year increase in viewership this season, reflecting a positive trend in audience engagement [8]

Core Viewpoint - Fox Corporation demonstrates resilience in the traditional media sector despite facing secular headwinds, maintaining characteristics of a strong cash-generating entity [1]. Group 1 - The company is recognized for its long-standing presence in traditional media [1]. - Despite industry challenges, Fox Corporation continues to exhibit robust cash flow characteristics [1].

Market Overview - The market capitalization of major US stocks shows varied performance, with Oracle at 762.30 billion, Mastercard at 321.36 billion, and Visa at 770.15 billion, reflecting increases of +0.66%, +0.86%, and +0.68% respectively [3] - Exxon Mobil's market cap is 679.53 billion, with a slight decrease of -0.98%, while Johnson & Johnson and Netflix show minor changes of -0.08% and -0.05% respectively [3] - Companies like Wells Fargo and Cisco have market caps of 270.15 billion and 279.59 billion, with respective increases of +0.98% and -0.58% [3] Notable Stock Movements - T-Mobile US Inc experienced a significant increase of +6.20%, reaching a market cap of 272.19 billion [3] - General Electric and Coca-Cola saw market caps of 285.05 billion and 298.76 billion, with increases of +0.37% and +0.91% respectively [3] - Companies like Disney and Goldman Sachs have market caps of 229.06 billion and 221.80 billion, with slight changes of +0.01% and -0.60% [3] Sector Performance - The technology sector shows mixed results, with Intel at 991.05 billion, down -3.28%, while AMD increased by +2.46% to 254.92 billion [5] - The consumer goods sector is represented by companies like Procter & Gamble and Coca-Cola, with market caps of 371.68 billion and 298.76 billion, showing slight increases [3][4] - The energy sector, represented by Exxon Mobil and Chevron, shows varied performance, with Exxon down -0.98% and Chevron up +0.66% [3] Summary of Key Companies - Oracle's market cap stands at 762.30 billion, reflecting a positive trend [3] - Mastercard and Visa show strong performance with market caps of 321.36 billion and 770.15 billion, both increasing [3] - Companies like Pfizer and Comcast have market caps of 1579.81 billion and 1332.00 billion, with Pfizer showing minimal change and Comcast down -3.16% [4][5]

Group 1 - Fox Corporation will discuss its fourth quarter and full year financial results for the 2025 fiscal year on August 5, 2025, at 8:30 a.m. ET [1] - The financial results will be released at approximately 8:00 a.m. ET on the same day [1] - A live audio webcast of the presentation will be available for investors [1] Group 2 - Fox Corporation produces and distributes news, sports, and entertainment content through brands like FOX News Media, FOX Sports, and FOX Entertainment [2] - The company holds cultural significance and commercial importance, allowing it to engage audiences and develop consumer relationships [2] - Fox Corporation has a strong track record in the news, sports, and entertainment industry, shaping its strategy for future investments [2]

Core Viewpoint - Fox Corporation (FOX) has received an upgrade to a Zacks Rank 1 (Strong Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, reflecting the company's changing earnings picture [1][2]. - A strong correlation exists between changes in earnings estimates and near-term stock price movements, making the Zacks rating system valuable for investors [4][6]. Institutional Investor Influence - Institutional investors utilize earnings estimates to determine the fair value of a company's shares, impacting stock price movements through their large transactions [4]. Business Improvement Indicators - The rising earnings estimates for Fox indicate an improvement in the company's underlying business, which is expected to drive the stock price higher [5][10]. Earnings Estimate Revisions - Fox is projected to earn $4.53 per share for the fiscal year ending June 2025, with no year-over-year change, while the Zacks Consensus Estimate has increased by 2.3% over the past three months [8]. Zacks Rank System Overview - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7][9]. - The upgrade of Fox to a Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].