On May 12, 2025, Fox Corp (FOXA, Financial) released its 8-K filing for the third quarter of fiscal 2025, revealing a robust revenue performance but a mixed earnings per share (EPS) outcome. The company reported total quarterly revenues of $4.37 billion, surpassing the analyst estimate of $4,180.15 million. However, the reported EPS of $0.75 fell short of the estimated $0.87.

Company Overview

Fox Corp operates in two primary segments: cable networks and television. The cable networks segment includes Fox News, Fox Business, and several pay-TV sports stations. The television segment encompasses the Fox broadcast network, 29 owned and operated local television stations, and the ad-supported streaming platform Tubi. Since selling most of its entertainment assets to Disney in 2019, Fox has focused on live news and sports content, heavily tied to the pay-TV bundle. The Murdoch family maintains control over Fox.

Performance and Challenges

Fox Corp's performance in the third quarter was marked by a significant 27% increase in total revenues compared to the prior year quarter, driven by a 65% surge in advertising revenues. This growth was largely attributed to the impact of Super Bowl LIX, digital growth led by Tubi, and stronger news ratings and pricing. However, the company's net income of $354 million represented a decline from the $704 million reported in the prior year quarter, highlighting challenges in managing increased expenses.

Financial Achievements

The company's financial achievements include a notable increase in affiliate fee revenues by 3%, with the Television segment growing by 4% and the Cable Network Programming segment by 3%. These achievements underscore Fox's ability to leverage its strong content offerings to drive revenue growth in a competitive media landscape.

Key Financial Metrics

Fox Corp reported an adjusted EBITDA of $856 million, down from $891 million in the prior year quarter, as revenue gains were offset by higher expenses. The increase in expenses was primarily due to higher sports programming rights amortization and production costs associated with Super Bowl LIX, as well as increased digital content and marketing costs.

Metric	Q3 2025	Q3 2024
Total Revenues	$4.37 billion	$3.45 billion
Net Income	$354 million	$704 million
Adjusted EBITDA	$856 million	$891 million

Analysis and Commentary

Executive Chair and CEO Lachlan Murdoch commented on the results, stating,

Our strong fiscal third quarter underscored the central role FOX plays in informing and entertaining America, and our financial performance, highlighted by record free cash flow, once again illustrates the strength of the FOX platform."

This statement reflects the company's confidence in its strategic positioning and its ability to deliver value to shareholders despite the challenges faced.

Conclusion

Fox Corp's third-quarter results highlight its strong revenue-generating capabilities, particularly in advertising, driven by major events like the Super Bowl and digital growth. However, the decline in net income and adjusted EBITDA points to challenges in managing rising costs. As the company continues to navigate the evolving media landscape, its focus on live news and sports content remains a critical component of its strategy to drive long-term shareholder value.

Explore the complete 8-K earnings release (here) from Fox Corp for further details.