fox-20250331

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 March 31, 2025


☐			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 or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

1211 Avenue of the Americas

New York,

New York

10036

(Address of principal executive offices and Zip Code)

Registrant’s telephone number, including area code (212) 852-7000

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbols	Name of each exchange on which registered
Class A Common Stock, par value $0.01 per share	FOXA	The Nasdaq Global Select Market
Class B Common Stock, par value $0.01 per share	FOX	The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

As of May 8, 2025, 214,037,161 shares of Class A Common Stock, par value $0.01 per share, and 235,581,025 shares of Class B Common Stock, par value $0.01 per share, were outstanding.

FOX CORPORATION

FORM 10-Q

TABLE OF CONTENTS


			Page
Part I. Financial Information
	Item 1.	Financial Statements
		Unaudited Consolidated Statements of Operations for the three and nine months ended March 31, 2025 and 2024	1
		Unaudited Consolidated Statements of Comprehensive Income for the three and nine months ended March 31, 2025 and 2024	2
		Consolidated Balance Sheets as of March 31, 202 5 (unaudited) and June 30, 2024 (audited)	3
		Unaudited Consolidated Statements of Cash Flows for the nine months ended March 31, 2025 and 2024	4
		Unaudited Consolidated Statements of Equity for the three and nine months ended Ma r ch 31, 2025 and 2024	5
		Notes to the Unaudited Consolidated Financial Statements	6
	Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	31
	Item 4.	Controls and Procedures	31
Part II. Other Information
	Item 1.	Legal Proceedings	32
	Item 1A.	Risk Factors	32
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
	Item 3.	Defaults Upon Senior Securities	32
	Item 4.	Mine Safety Disclosures	32
	Item 5.	Other Information	32
	Item 6.	Exhibits	33
	Signature		34

FOX CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
Revenues	$	4,371	$	3,447	$	13,013	$	10,888
Operating expenses	(2,965)		(2,050)		(8,759)		(7,305)
Selling, general and administrative	(551)		(510)		(1,578)		(1,485)
Depreciation and amortization	(95)		(98)		(283)		(291)
Restructuring, impairment and other corporate matters	(55)		(15)		(251)		(24)
Equity losses of affiliates	(18)		(2)		(11)		—
Interest expense, net	(55)		(55)		(185)		(169)
Non-operating other, net	(158)		244		156		39
Income before income tax expense	474		961		2,102		1,653
Income tax expense	(120)		(257)		(528)		(419)
Net income	354		704		1,574		1,234
Less: Net income attributable to noncontrolling interests	(8)		(38)		(28)		(52)
Net income attributable to Fox Corporation stockholders	$	346	$	666	$	1,546	$	1,182

EARNINGS PER SHARE DATA

Weighted average shares:
Basic	453		474		457		482
Diluted	461		475		462		484

Net income attributable to Fox Corporation stockholders per share:
Basic	$	0.76	$	1.41	$	3.38	$	2.45
Diluted	$	0.75	$	1.40	$	3.35	$	2.44

The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.

FOX CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(IN MILLIONS)


	For the three months ended March 31,				For the nine months ended March 31,
	2025		2024		2025		2024
Net income	$	354	$	704	$	1,574	$	1,234
Other comprehensive income, net of tax:
Benefit plan adjustments and other	3		1		2		4
Other comprehensive income, net of tax	3		1		2		4
Comprehensive income	357		705		1,576		1,238
Less: Net income attributable to noncontrolling interests(a)	(8)		(38)		(28)		(52)
Comprehensive income attributable to Fox Corporation stockholders	$	349	$	667	$	1,548	$	1,186


(a)			Net income attributable to noncontrolling interests includes $1 million and $(1) million for the three months ended March 31, 2025 and 2024, respectively, and nil and $(5) million for the nine months ended March 31, 2025 and 2024, respectively, relating to redeemable noncontrolling interests.

The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.

SEC Form 10-Q filed by Fox Corporation