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Mar 31, 2025
Fox Q3 2025 Earnings Report
Fox reported strong Q3 2025 results driven by advertising growth from Super Bowl LIX and digital platforms, despite increased expenses.
Key Takeaways
Fox Corporation delivered a solid Q3 performance with significant revenue growth, boosted by Super Bowl advertising and digital strength from Tubi, though net income declined due to higher production and content costs.
Revenue rose to $4.37 billion, up 27% year-over-year.
Net income declined to $354 million from $704 million in Q3 2024.
Adjusted EPS was $1.10, slightly higher than the prior year.
Super Bowl LIX and Tubi were major drivers of advertising revenue growth.
Revenue by Segment
Forward Guidance
Fox expects continued strength in digital and live event content, though rising content costs may pressure margins.
Positive Outlook
- Strong digital growth led by Tubi.
- Market-leading Super Bowl broadcast performance.
- Resilient affiliate fee revenue growth.
- Record free cash flow achieved.
- Robust balance sheet with $4.8B in cash.
Challenges Ahead
- Net income declined significantly YoY.
- Higher sports programming and production costs.
- Declines in net subscribers affecting affiliate fees.
- EBITDA fell despite revenue increase.
- Increased marketing spend pressures margins.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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