For the three months ended March 31, 2025, Fox Corp. reported a 27% increase in total revenues compared to the same period in 2024, reaching $4.371 billion. This was driven by a 3% increase in affiliate fee revenue, a significant 65% increase in advertising revenue, and a 20% increase in other revenues.
The affiliate fee revenue increase was attributed to higher average rates per subscriber and higher fees received from affiliated television stations, partially offset by a lower average number of subscribers. The advertising revenue surge was primarily due to the broadcast of Super Bowl LIX in February 2025, in addition to continued digital growth led by the Tubi AVOD service and higher news ratings and pricing. Other revenues saw a 20% increase, primarily due to higher sports sublicensing revenue.
Operating expenses for the same period increased by 45%, primarily due to higher sports programming rights amortization and production costs driven by the broadcast of Super Bowl LIX, higher college football costs, and higher digital content and marketing costs.
For the nine months ended March 31, 2025, Fox Corp. reported a 20% increase in total revenues compared to the same period in 2024, reaching $13.013 billion. This increase was driven by a 5% increase in affiliate fee revenue, a 30% increase in advertising revenue, and a 50% increase in other revenues.
The affiliate fee revenue increase was primarily due to higher average rates per subscriber and higher fees received from affiliated television stations, partially offset by a lower average number of subscribers. The advertising revenue increase was primarily due to the impact of sports content, the broadcast of Super Bowl LIX, higher NFL pricing, and political advertising revenue due to the 2024 presidential and congressional elections. Other revenues saw a 50% increase, primarily due to higher sports sublicensing revenue.
Operating expenses for the nine months ended March 31, 2025, increased by 20%, 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.
Fox Corp. reported a net income of $346 million for the three months ended March 31, 2025, a decrease of $320 million compared to the same period in 2024. For the nine months ended March 31, 2025, the net income attributable to Fox Corporation stockholders was $1.546 billion, a 31% increase compared to the same period in 2024.
The Cable Network Programming segment reported a 11% increase in revenues for the three months ended March 31, 2025, attributed to higher affiliate fee, advertising, and other revenues. Operating expenses for the same period increased by 20%, primarily due to higher sports programming rights amortization and production costs.
The Television segment reported a 40% increase in revenues for the three months ended March 31, 2025, driven by higher advertising and affiliate fee revenues. The Corporate and Other segment reported a 9% increase in revenues for the same period.
Following these announcements, the company's shares moved -0.36%, and are now trading at a price of $50.24. Check out the company's full 10-Q submission here.
