格隆汇10月31日｜巴克莱：将福克斯(FOXA.US)目标价从58美元上调至64美元。 ...

Core Viewpoint - Fox Corporation is experiencing strong financial performance and positive market sentiment, supported by Goldman Sachs' reaffirmation of a "Buy" rating and an increased price target for its stock [1][6]. Financial Performance - Fox Corp achieved a record-breaking first quarter in advertising revenue, reaching $1.4 billion, which represents a 6% increase from the previous year [2][6]. - Total quarterly revenues amounted to $3.74 billion, demonstrating robust financial health despite the absence of political ads [2]. Strategic Positioning - CEO Lachlan Murdoch attributes the company's success to strong performance across various segments, including news, sports, entertainment, and Tubi, which enhances engagement and distinguishes Fox from competitors [3]. - The strategic positioning of Fox's brands within the media ecosystem has likely contributed to the stock's positive performance [3]. Stock Performance - The stock price of FOXA is currently $65.51, reflecting a 7.73% increase or $4.70, with fluctuations between a low of $62 and a high of $66.56 on the day [4][6]. - Over the past year, FOXA has seen significant growth, with a low of $41.78 [4]. Market Capitalization and Investor Interest - Fox Corp has a market capitalization of approximately $29.19 billion, indicating its strong presence in the media industry [5]. - Today's trading volume for FOXA is 6.26 million shares, showcasing strong investor interest [5].

Core Insights - Fox Corporation reported earnings per share of $1.51, exceeding the estimated $1.10, and showing a year-over-year improvement from $1.45 [2][6] - The company's revenue for the quarter ending September 2025 reached approximately $3.74 billion, surpassing estimates and reflecting a 4.66% increase over the Zacks Consensus Estimate [3][6] - Strong financial results are attributed to robust advertising sales, particularly in the Television unit and Cable Network Programming division [4][6] Financial Performance - Earnings surprise of 42.45% indicates Fox's consistent ability to exceed market expectations [2] - Advertising revenue in the Television unit increased by 6% to $1.07 billion, while the Cable Network Programming division saw a 7% rise in ad revenue, reaching $345 million [4] - Over the past four quarters, Fox has consistently outperformed consensus estimates for both earnings and revenue [3] Market Position - Fox Corporation has a price-to-earnings (P/E) ratio of approximately 14.36, a price-to-sales ratio of about 1.77, and an enterprise value to sales ratio around 1.90 [5] - The company's earnings yield is about 6.97%, and its debt-to-equity ratio is approximately 0.54, indicating a moderate level of debt relative to equity [5] - A current ratio of about 3.24 suggests strong liquidity [5]

Core Insights - Fox Corporation (FOXA) reported first-quarter fiscal 2026 adjusted earnings per share of $1.51, exceeding the Zacks Consensus Estimate by 42.45% and reflecting a year-over-year increase of 4.1% [1][8] - Total revenues for the quarter grew 4.9% year over year to $3.74 billion, surpassing the consensus mark by 4.66% [1][8] Revenue Breakdown - Distribution revenues, accounting for 51.2% of total revenues, rose 2.5% year over year to $1.92 billion, driven by 3% growth in Cable Network Programming and 2% growth in the Television segment [1][2] - Advertising revenues, making up 37.8% of total revenues, increased 6.2% year over year to $1.41 billion, primarily due to digital growth from the Tubi AVOD service and higher sports pricing, despite a decline in political advertising [2][8] - Content and other revenues, which represent 11% of total revenues, saw a 12% year-over-year increase to $411 million, mainly from higher entertainment content revenues [2] Segment Performance - Cable Network Programming revenues increased 4.1% year over year to $1.66 billion, with advertising revenues growing 7.5% and distribution revenues rising 2.6% [3] - Television revenues rose 5% year over year to $2.05 billion, with advertising revenues up 5.9% and distribution revenues growing 1.9% [4] Operating Expenses and EBITDA - Operating expenses increased 3.3% year over year to $2.08 billion, with operating expenses as a percentage of revenues contracting by 90 basis points to 55.8% [5] - Selling, general & administrative (SG&A) expenses rose 17.3% year over year to $589 million, expanding as a percentage of revenues by 170 basis points to 15.8% [5] - Total adjusted EBITDA increased 1.6% year over year to $1.07 billion, with the adjusted EBITDA margin contracting by 90 basis points to 28.5% [5] Balance Sheet - As of September 30, 2025, Fox had $4.37 billion in cash and cash equivalents, down from $5.35 billion as of June 30, 2025 [7] - Total borrowings remained unchanged at $6.6 billion as of September 30, 2025 [7]

Core Insights - Fox (FOXA) reported quarterly earnings of $1.51 per share, exceeding the Zacks Consensus Estimate of $1.06 per share, and showing an increase from $1.45 per share a year ago, resulting in an earnings surprise of +42.45% [1] - The company achieved revenues of $3.74 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 4.66% and up from $3.56 billion year-over-year [2] - Fox has consistently outperformed consensus EPS and revenue estimates over the last four quarters [2] Earnings Performance - The earnings surprise of +42.45% indicates strong performance relative to expectations, with a previous quarter's surprise of +25.74% [1][2] - The current consensus EPS estimate for the upcoming quarter is $0.55, with projected revenues of $5 billion, and for the current fiscal year, the estimate is $4.20 on $15.92 billion in revenues [7] Stock Performance - Fox shares have increased approximately 25.2% since the beginning of the year, outperforming the S&P 500's gain of 17.2% [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations for continued outperformance in the near future [6] Industry Outlook - The Broadcast Radio and Television industry, to which Fox belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, which may impact stock performance [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Revenue Growth - The Company's revenues increased by $174 million or 5% for the three months ended September 30, 2025, compared to the same period in 2024, driven by higher distribution, advertising, and content revenues[93]. - Distribution revenue rose by $47 million or 3%, primarily due to higher average rates per subscriber and increased fees from affiliated television stations, despite a $110 million decrease from a lower average number of subscribers[93]. - Advertising revenue increased by $83 million or 6%, largely attributed to a $185 million boost from digital growth, particularly from the Tubi AVOD service[93]. - The Company reported total revenues of $3,738 million for the three months ended September 30, 2025, compared to $3,564 million in the same period of 2024[94]. - Television segment revenues increased by $97 million or 5% to $2,050 million for the three months ended September 30, 2025, compared to $1,953 million in the same period of 2024[106]. - Advertising revenue rose by $59 million or 6% to $1,067 million, driven by digital growth from the Tubi AVOD service and higher sports pricing[106]. - Corporate and Other revenues increased by $24 million or 37% to $89 million, while Segment EBITDA decreased by $62 million or 86% to $(134) million due to costs associated with the launch of FOX One[109]. Expenses and Income - Net income decreased by $223 million or 27% for the three months ended September 30, 2025, primarily due to changes in the fair value of investments in equity securities[98]. - Selling, general and administrative expenses rose by $87 million or 17%, mainly due to marketing costs associated with the launch of FOX One and higher employee costs[97]. - Operating expenses increased by $66 million or 3%, primarily due to higher entertainment programming rights amortization and digital content costs[96]. - Segment EBITDA for Cable Network Programming increased by $52 million or 7%, reflecting revenue growth despite higher operating expenses[104]. - Segment EBITDA for the Television segment increased by $27 million or 7% to $399 million, despite a $52 million or 4% rise in operating expenses[107]. - Adjusted EBITDA for the three months ended September 30, 2025, was $1,065 million, up from $1,048 million in 2024[114]. Cash Flow and Investments - The Company reported net cash used in operating activities of $(130) million for the three months ended September 30, 2025, compared to $158 million in 2024[119]. - Net cash used in investing activities increased to $(255) million in 2025 from $(78) million in 2024, primarily due to higher investments and capital expenditures[120]. - The Company has approximately $4.4 billion in cash and cash equivalents and an unused $1.0 billion revolving credit facility as of September 30, 2025[116]. Tax and Dividends - The effective tax rate for the Company was 24% for the three months ended September 30, 2025, higher than the statutory rate of 21% due to state taxes[97]. - A semi-annual dividend of $0.28 per share was declared during the three months ended September 30, 2025[122]. Strategic Initiatives - The Company is evaluating potential acquisitions and dispositions of certain businesses and assets, which may involve cash or securities[118].

Core Insights - Fox reported increased revenue in its fiscal first quarter, attributed to higher engagement and advertising demand across its portfolio [1] Group 1 - The revenue growth was driven by enhanced audience engagement [1] - There was a notable increase in advertising demand, contributing to the overall revenue boost [1]

Core Insights - Fox Corp. exceeded Wall Street analysts' expectations in its fiscal first quarter, reporting adjusted earnings per share of $1.51 and total revenue of $3.7 billion, compared to analysts' consensus of $1.06 EPS and $3.58 billion in revenue [1] Financial Performance - The overall quarter performance was solid despite sluggish growth in the advertising business, with ad revenue in the Television unit rising 6% to $1.07 billion and in the Cable Network Programming division increasing 7% to $345 million [2] Strategic Developments - The company launched Fox One, entering the subscription streaming market, which offers access to various linear networks along with sports, news, entertainment, and weather content [3] Audience Engagement - Fox averaged 5.9 million viewers for its Big Noon Saturday telecasts of Big Ten games, with the NFL matchup between the Philadelphia Eagles and Kansas City Chiefs attracting 33.8 million viewers, making it one of the most-watched events of the week [4] Corporate Governance - A significant development during the quarter was the resolution of a family drama, with Rupert Murdoch designating his son, Lachlan, as the principal heir to his media empire, which included substantial payouts to other children [5]

Financial Performance - Total revenues for the quarter ended September 30, 2025, were $3.74 billion, an increase of $174 million or 5% year-over-year[2]. - Net income for the quarter was $609 million, down from $832 million in the prior year, with adjusted net income attributable to stockholders at $686 million, up from $672 million[3]. - Adjusted EBITDA for the quarter was $1.07 billion, reflecting a 2% increase from the previous year, primarily driven by revenue growth[3]. - Adjusted Net Income for the same period was $686 million, up 2.1% from $672 million year-over-year, with Adjusted EPS increasing to $1.51 from $1.45[28]. - Adjusted EBITDA for the quarter was $1,065 million, representing a slight increase of 1.6% compared to $1,048 million in the prior year[33]. - Non-operating other, net, contributed $125 million to net income, a significant improvement from a loss of $233 million in the previous year[28]. Revenue Breakdown - Distribution revenues increased by 3% to $1.91 billion, while advertising revenues rose by 6% to $1.41 billion, largely due to digital growth from the Tubi AVOD service[2][5]. - The Television segment reported revenues of $2.05 billion, a 5% increase, with advertising revenues up 6% driven by higher sports pricing and ratings[11][12]. - Cable Network Programming segment revenues increased by 4% to $1.66 billion, with segment EBITDA rising by 7% to $800 million[7][8]. Share Repurchase and Dividends - The Company announced a $1.5 billion accelerated share repurchase transaction, with $700 million for Class A and $800 million for Class B common stock[14]. - As of September 30, 2025, the Company had repurchased approximately $5.85 billion of Class A common stock and $1.0 billion of Class B common stock, with a remaining authorization of $5.15 billion[14]. - The company repurchased shares worth $250 million and paid dividends totaling $138 million during the quarter[24]. Operating Expenses and Cash Flow - The company reported total operating expenses of $2.08 billion, an increase from $2.02 billion in the prior year[20]. - The company reported a net cash used in operating activities of $130 million, a significant decline from $158 million provided in the same period last year[24]. - Total cash used in investing activities was $255 million, compared to $78 million in the same quarter of 2024[24]. - Cash and cash equivalents at the end of the period were $4,368 million, down from $5,351 million at the beginning of the year[24]. - The company experienced a net decrease in cash and cash equivalents of $983 million, compared to a decrease of $267 million in the same quarter of 2024[24]. Assets and Adjustments - Total assets as of September 30, 2025, were $22.77 billion, down from $23.20 billion at the end of the previous quarter[22]. - The company adjusted its calculation of Adjusted EBITDA effective July 1, 2025, no longer excluding the impact of amortization of cable distribution investments[30].

Core Insights - Fox Corporation (FOXA) is scheduled to report its first-quarter fiscal 2025 results on October 30, with earnings estimated at $1.06 per share, reflecting a 26.9% year-over-year decline, while revenues are projected at $3.58 billion, indicating a marginal growth of 0.4% from the previous year [1][9] Financial Performance - The company has consistently beaten the Zacks Consensus Estimate in the last four quarters, with an average surprise of 30.29% [2] - FOXA entered the first quarter of fiscal 2026 with strong operational and financial momentum, benefiting from a diversified portfolio across news, sports, and digital entertainment [3] Revenue Drivers - The performance of FOX News and steady affiliate fee trends are expected to have positively impacted results, alongside investments to expand its direct-to-consumer offerings [3] - The launch of FOX One, a unified streaming platform priced at $19.99 per month, is a significant step in the company's digital evolution, although initial marketing and content integration costs may have affected profitability [4] Advertising Revenue - Advertising revenues are anticipated to have moderated due to the absence of $270 million in political advertising from the prior year, but strong engagement at FOX News likely provided some offset [5][9] - Key shows and events, including the return of NFL on FOX and college football, are expected to have boosted viewership and pricing power [5] Challenges - FOXA is likely facing near-term headwinds from increased programming and production costs, softer entertainment ad demand, and additional digital spending related to FOX One, which may limit margin expansion [6] Earnings Expectations - According to the Zacks model, FOXA has an Earnings ESP of -7.55% and a Zacks Rank of 2 (Buy), indicating a lower likelihood of an earnings beat [7]