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].
Fox(FOXA) - 2026 Q1 - Quarterly Results