Revenue Growth - For the three months ended March 31, 2025, total revenues increased by $924 million or 27% compared to the same period in 2024, driven by higher affiliate fee, advertising, and other revenues[92]. - For the nine months ended March 31, 2025, total revenues increased by $2.1 billion or 20% compared to the same period in 2024, attributed to higher affiliate fee, advertising, and other revenues[96]. - Total revenues for the three months ended March 31, 2025, increased by $924 million or 27% to $4,371 million compared to $3,447 million in the same period of 2024[105]. - For the nine months ended March 31, 2025, total revenues increased by $2,125 million or 20% to $13,013 million compared to $10,888 million in the same period of 2024[105]. Advertising Revenue - Advertising revenue surged by $801 million or 65% for the three months ended March 31, 2025, primarily due to approximately $700 million from the broadcast of Super Bowl LIX[93]. - The increase in advertising revenue for the nine months ended March 31, 2025, was $1.4 billion or 30%, largely due to approximately $850 million from sports content and political advertising[96]. - Television segment revenues increased by $766 million or 40% for the three months ended March 31, 2025, primarily due to higher advertising revenue from the broadcast of Super Bowl LIX[111]. - Television segment revenues increased by $1.4 billion or 22% for the nine months ended March 31, 2025, driven by higher advertising revenue related to sports content and political advertising[114]. Operating Expenses - Operating expenses rose by $915 million or 45% for the three months ended March 31, 2025, mainly due to increased sports programming rights amortization and production costs related to Super Bowl LIX[94]. - Operating expenses for the nine months ended March 31, 2025, increased by $1.5 billion or 20%, primarily due to higher sports programming rights and production costs[97]. - Selling, general and administrative expenses rose by $93 million or 6% for the nine months ended March 31, 2025, mainly due to higher employee costs[98]. - Operating expenses for the Cable Network Programming segment increased by $567 million or 27% for the nine months ended March 31, 2025, primarily due to higher sports programming rights amortization[109]. Net Income - Net income decreased by $350 million or 50% for the three months ended March 31, 2025, primarily due to changes in the fair value of investments in equity securities[101]. - Net income attributable to Fox Corporation stockholders increased by $364 million or 31% for the nine months ended March 31, 2025, compared to the same period in 2024[101]. - The company reported a net income of $354 million for the three months ended March 31, 2025, compared to $704 million in the same period of 2024, indicating a decrease of approximately 49.7%[123]. Cash Flow and Financial Position - As of March 31, 2025, the company had approximately $4.8 billion in cash and cash equivalents and an unused $1.0 billion revolving credit facility[125]. - Net cash provided by operating activities for the nine months ended March 31, 2025, was $1,811 million, an increase from $941 million in 2024, marking a growth of approximately 92.7%[128]. - Net cash used in investing activities increased to $407 million for the nine months ended March 31, 2025, compared to $324 million in 2024, primarily due to acquisitions[129]. Dividends and Strategic Initiatives - The company declared a semi-annual dividend of $0.27 per share during the three months ended March 31, 2025[131]. - The company has evaluated potential acquisitions and dispositions, indicating ongoing strategic growth initiatives[127]. Credit Ratings and Compliance - The company’s credit ratings as of March 31, 2025, were Baa2 from Moody's and BBB from Standard & Poor's, both with a stable outlook[133]. - The company anticipates continued compliance with all covenants under its revolving credit facility as of March 31, 2025[125].
Fox(FOXA) - 2025 Q3 - Quarterly Report