For the three months ended March 31, 2025, Fox Corp reported total revenues of $4.371 billion, a 27% increase from the corresponding period in 2024. The revenue increase was driven by higher affiliate fee, advertising, and other revenues. Affiliate fee revenue increased by 3% to $2.005 billion, primarily due to higher average rates per subscriber and higher fees received from television stations affiliated with the FOX Network. Advertising revenue surged by 65% to $2.036 billion, mainly attributed to the broadcast of Super Bowl LIX in February 2025 and continued digital growth led by the Tubi AVOD service. Other revenues also increased by 20% to $330 million, primarily due to higher sports sublicensing revenue.
Operating expenses for the three months ended March 31, 2025, increased by 45% to $2.965 billion, primarily due to higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX, higher college football costs, and increased digital content and marketing costs.
Net income attributable to Fox Corporation stockholders decreased by 48% to $346 million for the three months ended March 31, 2025, primarily due to a change in fair value of the Company’s investments in equity securities and the absence of a gain on a contribution of assets, partially offset by lower provision for income tax.
For the nine months ended March 31, 2025, Fox Corp reported total revenues of $13.013 billion, a 20% increase from the corresponding period in 2024. The revenue increase was driven by higher affiliate fee, advertising, and other revenues. Affiliate fee revenue increased by 5% to $5.748 billion, primarily due to higher average rates per subscriber and higher fees received from television stations affiliated with the FOX Network. Advertising revenue surged by 30% to $5.787 billion, primarily due to the impact of sports content, including revenues from the broadcast of Super Bowl LIX in February 2025, higher NFL pricing, and political advertising revenue due to the 2024 presidential and congressional elections. Other revenues also increased by 50% to $1.478 billion, primarily due to higher sports sublicensing revenue.
Operating expenses for the nine months ended March 31, 2025, increased by 20% to $8.759 billion, primarily due to higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX, higher NFL and college football costs, higher digital content and marketing costs, and higher newsgathering costs due to the 2024 presidential election.
Net income attributable to Fox Corporation stockholders increased by 31% to $1.546 billion for the nine months ended March 31, 2025, primarily due to higher Segment EBITDA and a change in fair value of the Company’s investments in equity securities, partially offset by the absence of a gain on a contribution of assets, the legal settlement and other costs associated with the discontinuation of Venu Sports, and higher provision for income tax.
The Cable Network Programming segment reported revenues of $1.636 billion for the three months ended March 31, 2025, an 11% increase from the corresponding period in 2024. The segment's Segment EBITDA increased by 7% to $878 million, primarily due to higher advertising, affiliate fee, and other revenues.
The market has reacted to these announcements by moving the company's shares -0.36% to a price of $50.24. If you want to know more, read the company's complete 10-Q report here.
