UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 For the quarterly period ended December 31, 2024 or ☐ 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 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (I.R.S. Employer Identification No.) 1211 Avenue of the Americas New York, New York ...

Financial Performance - Fox Corporation reported total quarterly revenues of $5.08 billion, an increase of $844 million or 20% year-over-year[3]. - Net income for the quarter was $388 million, compared to $115 million in the prior year quarter, representing a significant increase[4]. - Adjusted EBITDA reached $781 million, an increase of $431 million or 123% from the prior year quarter[4]. - Advertising revenues rose by 21% to $2.42 billion, primarily due to higher political advertising and increased digital growth from the Tubi AVOD service[3]. - Other revenues surged by 70% to $756 million, mainly due to higher sports sublicensing revenues[3]. - Adjusted Net Income for the quarter was $442 million, with an Adjusted EPS of $0.96, up from $165 million and $0.34 in the prior year[28]. - Adjusted EBITDA for the three months ended December 31, 2024, was $781 million, compared to $350 million for the same period in 2023, representing a significant increase of 123.4%[34]. Revenue Breakdown - Affiliate fee revenues increased by 6% to $1.9 billion, driven by 9% growth in the Television segment and 4% growth in the Cable Network Programming segment[3]. - The Cable Network Programming segment reported revenues of $2.17 billion, an increase of $507 million or 31% year-over-year[8]. - The Television segment generated revenues of $2.96 billion, an increase of $419 million or 16% from the prior year quarter[12]. Shareholder Returns - The company declared a dividend of $0.27 per Class A and Class B share, payable on March 26, 2025[15]. - As of December 31, 2024, Fox Corporation repurchased approximately $5.1 billion of its Class A common stock and $1 billion of its Class B common stock, with a remaining authorization of $900 million[15]. - The company engaged in share repurchases amounting to $500 million during the six months ended December 31, 2024[24]. Assets and Liabilities - Total assets increased to $23,022 million as of December 31, 2024, compared to $21,972 million as of June 30, 2024, reflecting a growth of approximately 4.8%[22]. - Cash and cash equivalents decreased to $3,322 million from $4,319 million, marking a decline of about 23.1%[24]. - Total current liabilities rose to $3,297 million as of December 31, 2024, compared to $2,952 million as of June 30, 2024, indicating an increase of approximately 11.7%[22]. - The company reported a net decrease in cash and cash equivalents of $997 million for the six months ended December 31, 2024[24]. - The company’s retained earnings increased to $3,949 million as of December 31, 2024, up from $3,139 million as of June 30, 2024[22]. Cash Flow - Net cash used in operating activities for the six months ended December 31, 2024, was $(204) million, an improvement from $(535) million in the same period of 2023[24].

Exhibit 99.1 EARNINGS RELEASE FOR THE QUARTER ENDED DECEMBER 31, 2024 FOX REPORTS SECOND QUARTER FISCAL 2025 REVENUES OF $5.08 BILLION, NET INCOME OF $388 MILLION, AND ADJUSTED EBITDA OF $781 MILLION NEW YORK, NY, February 4, 2025 – Fox Corporation (Nasdaq: FOXA, FOX; "FOX" or the "Company") today reported financial results for the three months ended December 31, 2024. The Company reported total quarterly revenues of $5.08 billion, an increase of $844 million or 20% from the amount reported in the prior yea ...

Financial Data and Key Metrics Changes - The company reported EBITDA of over $1 billion, up 21% year-over-year, driven by sustained revenue growth of 11% [6][20] - Total company revenues grew to $3.56 billion, with advertising revenues also increasing by 11% year-over-year [20][22] - Net income attributable to stockholders was $827 million, or $1.78 per share, compared to $407 million, or $0.82 per share in the prior year [22] Business Line Data and Key Metrics Changes - Cable networks revenue grew 15% year-over-year, with advertising revenue up 11%, primarily driven by FOX News Media [23] - Television segment revenues increased by 10%, with advertising revenues up 11%, benefiting from strong political cycles and NFL ratings [25][26] - Tubi experienced a 19% revenue growth during the quarter, with expectations to cross the $1 billion revenue mark this fiscal year [13][20] Market Data and Key Metrics Changes - FOX News total audience grew more than 40% year-over-year, with a significant increase in the key 25-54 demographic [9] - The company achieved record political revenue for both the first quarter and the full fiscal year, benefiting from strong engagement and political advertising [12][20] - Tubi's audience is characterized as younger and diverse, making it a valuable target for advertisers [40] Company Strategy and Development Direction - The company aims to leverage its strong content and brands to drive revenue growth, focusing on both traditional and digital platforms [19] - There is a commitment to returning capital to shareholders through share buybacks, with $300 million repurchased so far this fiscal year [28] - The company is exploring thoughtful M&A opportunities while maintaining a strong balance sheet [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the advertising marketplace, noting healthy growth across various segments, particularly in sports and news [51] - The company anticipates continued momentum in Tubi and expects to maintain strong advertising revenues post-election [54] - Management believes there is a subscriber floor in the bundled subscriber declines, indicating a stable demand for core packages [34] Other Important Information - The company ended the quarter with approximately $4.1 billion in cash and $7.2 billion in debt, indicating a strong financial position [28] - The company is awaiting the appeal of an injunction related to its venue platform, which it believes is pro-consumer and pro-competition [48] Q&A Session Summary Question: Impact of Comcast's potential separation of cable network business - Management does not foresee any impact on Fox from Comcast's plans, emphasizing the synergies across its platforms [32] Question: Trends in affiliate revenue growth and subscriber declines - Management noted a slight improvement in subscriber trends and expressed optimism about reaching a bottom in bundled subscriber declines [34][35] Question: Political advertising dynamics and Tubi's role - Management highlighted that political spending has shifted back to local and targeted spends, benefiting both local stations and Tubi without cannibalization [39][40] Question: Future of Tubi and its revenue potential - Management is optimistic about Tubi's growth trajectory, expecting it to reach $1 billion in revenue, driven by political advertising and a sustainable business model [44][46] Question: Advertising environment post-election - Management anticipates a healthy advertising environment post-election, with strong pricing and demand across various segments [51][54] Question: Approval process for Flutter and FanDuel - Management expects the licensing process for FanDuel to be completed within a year, with no immediate rush [57] Question: Tubi's accelerating revenue growth - Management attributed Tubi's accelerating revenue growth to improved fill rates and effective pricing strategies [58]

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 September 30, 2024 or ☐ 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 ...

Revenue Growth - Total revenues increased by $357 million or 11% for the three months ended September 30, 2024, compared to the same period in 2023, reaching $3,564 million[87]. - Affiliate fee revenue rose by $103 million or 6% to $1,843 million, driven by higher average rates per subscriber and increased fees from affiliated television stations[88]. - Advertising revenue grew by $129 million or 11% to $1,329 million, largely due to higher political advertising revenue related to the 2024 elections[88]. - Other revenues surged by $125 million or 47% to $392 million, primarily from increased sports sublicensing revenue[88]. - Cable Network Programming segment revenues increased by $210 million or 15% for the three months ended September 30, 2024, compared to the same period in 2023, reaching $1,597 million[99]. - Television segment revenues increased by $173 million or 10% to $1,953 million, with advertising revenue up by $98 million or 11% due to higher political advertising and NFL ratings[102]. - Adjusted EBITDA for the three months ended September 30, 2024, was $1,048 million, an increase of $179 million or 21% compared to $869 million in the same period of 2023[111]. Operating Expenses - Operating expenses increased by $156 million or 8% to $2,018 million, mainly due to higher sports programming rights amortization and newsgathering costs[89]. - Operating expenses increased by $53 million or 8% in the Cable Network Programming segment, primarily due to higher sports programming rights costs[101]. Net Income and Financial Performance - Net income for the three months ended September 30, 2024, increased by $417 million, reaching $832 million, attributed to an unrealized gain on investments and higher Segment EBITDA[93]. - The Company reported net income of $832 million for the three months ended September 30, 2024, compared to $415 million in the prior year[110]. Cash and Dividends - The Company has approximately $4.1 billion in cash and cash equivalents as of September 30, 2024, along with an unused $1.0 billion revolving credit facility[112]. - Net cash provided by operating activities increased to $158 million for the three months ended September 30, 2024, compared to $1 million in the same period of 2023[115]. - The Company declared a semi-annual dividend of $0.27 per share during the three months ended September 30, 2024[118]. Risks and Uncertainties - The company anticipates potential declines in advertising expenditures due to various economic factors and changes in consumer behavior[124]. - The company faces risks related to the competitive nature of the industry and the popularity of its content, particularly sports programming[125]. - The company is subject to risks from the inability to renew programming rights on favorable terms, especially for sports[125]. - The company acknowledges the potential impact of labor disputes involving professional sports leagues on its operations[125]. - The company has identified risks associated with the degradation or failure of its network and information systems[125]. - The company is exposed to risks from content piracy and the protection of its intellectual property rights[125]. - Forward-looking statements are subject to inherent risks and uncertainties, including economic conditions and regulatory changes[124]. - The company does not undertake any obligation to update forward-looking statements unless required by law[126]. Tax and Interest - The effective tax rate for the three months ended September 30, 2024, was 25%, higher than the statutory rate of 21% due to state taxes[92]. - Interest expense increased by $8 million or 19% to $50 million, reflecting higher weighted-average interest rates on senior notes[91]. Strategic Considerations - The Company is evaluating potential acquisitions and dispositions of certain businesses and assets, which may involve cash or securities[114]. - No material changes to critical accounting policies and estimates were reported in the 2024 Form 10-K[122]. - The company has not reported any material changes in market risks since the 2024 Form 10-K[127].

Exhibit 99.1 EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2024 FOX REPORTS FIRST QUARTER FISCAL 2025 REVENUES OF $3.56 BILLION, NET INCOME OF $832 MILLION, AND ADJUSTED EBITDA OF $1.05 BILLION NEW YORK, NY, November 4, 2024 – Fox Corporation (Nasdaq: FOXA, FOX; "FOX" or the "Company") today reported financial results for the three months ended September 30, 2024. The Company reported total quarterly revenues of $3.56 billion, an increase of $357 million or 11% from the amount reported in the prior y ...

Exhibit 99.1 EARNINGS RELEASE FOR THE QUARTER ENDED SEPTEMBER 30, 2024 FOX REPORTS FIRST QUARTER FISCAL 2025 REVENUES OF $3.56 BILLION, NET INCOME OF $832 MILLION, AND ADJUSTED EBITDA OF $1.05 BILLION NEW YORK, NY, November 4, 2024 – Fox Corporation (Nasdaq: FOXA, FOX; "FOX" or the "Company") today reported financial results for the three months ended September 30, 2024. The Company reported total quarterly revenues of $3.56 billion, an increase of $357 million or 11% from the amount reported in the prior y ...

Fox Corporation (NASDAQ:FOX) Q4 2024 Results Conference Call August 6, 2024 8:00 AM ET Company Participants Gabrielle Brown - Executive VP & Chief Investor Relations Officer Lachlan Murdoch - Executive Chair & Chief Executive Officer Steven Tomsic - Chief Financial Officer Conference Call Participants Ben Swinburne - Morgan Stanley John Hodulik - UBS Robert Fishman - MoffettNathanson Jessica Reif Ehrlich Cohen - Bank of America Michael Ng - Goldman Sachs. Operator Ladies and gentlemen, thank you for standin ...

Media Performance - FOX News has been the top-rated national cable news channel for over 20 consecutive years, finishing the fiscal year as the 1 cable network in Monday to Friday primetime and total day viewing among total viewers for the eighth consecutive year[18] - Tubi experienced over 40% growth in total view time in fiscal 2024 compared to the prior fiscal year, finishing with approximately 2.0% of all television viewing according to Nielsen's The Gauge[20] - FOX Entertainment featured the season's 1 new entertainment series and had four of the top comedies on television during the 2023-2024 broadcast season[19] - FOX Television Stations was the 1 or 2 rated news provider in the hours of 5 a.m. - 9 a.m. in the majority of its operating markets[20] - The FOX Network ranked 2 in the 18 to 49 and 18 to 34 year old audiences during the 2023-2024 broadcast season, and 1 in the male 18 to 49 and 18 to 34 year old audiences[50] - FOX Entertainment features top-rated programming, including the 1 new entertainment series Krapopolis and the 1 game show The Floor during the 2023-2024 season[52] Financial Performance - FOX's cash and cash equivalents at the end of fiscal 2024 were approximately $4.3 billion, with $1.25 billion returned to stockholders through stock repurchase and cash dividends[22] - FOX maintains a strong balance sheet, allowing for continued investment in growth initiatives and potential acquisitions across media categories[22] - The Company has $7.25 billion of outstanding fixed-rate debt as of June 30, 2024[303] - The fair value of borrowings liability increased from $6.895 billion in 2023 to $7.017 billion in 2024[305] - The total fair value of common stock investments decreased from $884 million in 2023 to $797 million in 2024[306] Content and Distribution - Tubi streamed approximately 9.7 billion hours of content over the fiscal year, marking a record for the platform[26] - The company launched over 140 new original titles and over 60 sports, entertainment, and local news channels on Tubi in fiscal 2024[24] - Tubi's content library expanded to over 260,000 titles, including 140 new original titles in fiscal 2024[54] - FOX News Media networks had a total of 67 million subscribers for FOX News and 65 million for FOX Business as of June 30, 2024[28] - FOX News Media operates direct-to-consumer services such as FOX Nation and FOX Weather, expanding its digital distribution capabilities[35] - FOX Entertainment Global engages in domestic and international sales and licenses of scripted and unscripted series, enhancing its distribution capabilities[55] Sports Broadcasting - FOX Sports has secured significant long-term contracts for marquee live sports broadcasts, including the NFL and FIFA World Cup[18] - FOX Sports has an expanded 11-year media rights agreement with the NFL, enhancing its coverage of NFL games and digital rights[52] - The UFL, launched in January 2024, consists of eight teams and has multi-year distribution agreements with FOX Sports and Disney/ESPN[66] Workforce and Employee Initiatives - As of June 30, 2024, the company had approximately 10,200 full-time employees[93] - The company’s internship program welcomed approximately 600 students in fiscal year 2024 and was recognized as one of the "100 Best Internships" by Vault[95] - The company provides comprehensive benefits, including medical insurance, dental and vision coverage, and a 401(k) Savings Plan with company contributions[98][99] - The company has expanded its partnership with the National Alliance on Mental Illness (NAMI) in 2024 to enhance mental health resources for employees[102] - The company launched the FOX Ad Sales Fast Future Initiative in 2021 to develop future leaders within its Ad Sales team[97] - The company’s diversity initiatives require that minority and female candidates are considered for every Director vacancy[94] - The company offers backup childcare and pet care services, as well as online academic help for employees' children[101] - The company has implemented various early career training initiatives to equip individuals with vital job skills[96] - The company’s workforce includes a significant portion of unionized employees, primarily based in the United States[93] Community Engagement and Philanthropy - The Company contributed over $9.5 million to various communities through philanthropic efforts in fiscal year 2024[111] - The FOX Giving program matched employee contributions to eligible non-profits, exceeding $1.5 million in total contributions during the fiscal year[116] - FOX's commitment to military veterans included a $2 million contribution to the Tunnel to Towers' Homeless Veteran Program[112] Regulatory and Compliance - The Company has filed all license renewal applications for its television stations, with one pending application opposed by a third party[70] - The FCC's national television ownership rule limits collective national audience reach to 39% of U.S. television households, impacting potential acquisitions[71] - The company actively monitors and adapts to evolving privacy and data security laws that impact its digital businesses[85] Environmental and Safety Initiatives - The Company has implemented a proactive Environment, Health and Safety (EHS) Program to manage risks and improve workplace safety[105] Real Estate and Assets - The FOX Studio Lot provides revenue streams from leasing office space and operating studio facilities, primarily for Disney productions until 2026[61] - FOX Television Stations owns and operates 29 full power broadcast television stations, delivering content to 38.4% of U.S. television households[44] - The Company holds a 66% equity stake in Credible Labs Inc., which operates consumer finance and insurance marketplaces in the U.S.[62] - The Company owns approximately 4.3 million ordinary shares of Flutter, representing about 2.4% equity interest as of June 30, 2024[63] Future Initiatives - A joint venture with ESPN and Warner Bros. Discovery for a digital sports distribution platform, Venu Sports, is expected to launch in fall 2024[67]