Fox Corp
For the period ended Dec 31, 2025. Filed Feb 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Dec 31, 2025 · Filed Feb 4, 2026
FOXA$66.64-1.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-30.
0001628280-25-047354
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-12-31; filed 2026-02-04.
0001628280-26-005285
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 96 previous paragraphs and 106 current paragraphs.
67 unchanged; 28 reworded; 9 added; 1 removed; 0 previous and 2 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
The Company’s revenues increased $104 million or 2% for the three months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, primarily due to higher distribution and advertising revenues. The increase of $69 million or 4% in distribution revenue was primarily due to the impact of higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $115 million, partially offset by the approximately $45 million impact of a lower average number of subscribers. The increase of $33 million or 1% in advertising revenue was due to the approximately $500 million impact principally led by higher linear pricing, continued digital growth led by the Tubi AVOD service and the broadcast of additional Major League Baseball (“MLB”) postseason games. This increase was partially offset by the approximately $465 million impact of lower political advertising revenue due to the absence of the 2024 presidential and congressional elections and lower ratings.
Current report
Operating expenses increased $185 million or 3% for the six months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, primarily due to higher sports programming rights amortization and production costs and higher digital content costs.
Current report
Interest expense, net— Interest expense, net increased $18 million for both the three and six months ended December 31, 2025, respectively, as compared to the corresponding period of fiscal 2025, primarily due to lower interest income as a result of lower average cash and cash equivalent balances, partially offset by a lower average amount of debt outstanding.
Current report
Revenues at the Television segment decreased $24 million or 1% for the three months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, due to lower content and other revenues, partially offset by higher advertising and distribution revenues. The increase of $2 million in advertising revenue was primarily due to sports programming led by the broadcast of additional MLB postseason games and higher pricing partially offset by lower ratings. Also contributing to this increase was continued digital growth led by the Tubi AVOD service. These were partially offset by lower political advertising revenue principally due to the absence of the 2024 presidential and congressional elections. The increase of $7 million or 1% in distribution revenue was primarily due to higher average rates per subscriber partially offset by a lower average number of subscribers at the Company’s owned and operated television stations and higher fees received from television stations that are affiliated with the FOX Network. The decrease of $33 million or 19% in content and other revenues was primarily due to lower entertainment content and other revenues led by the timing of deliveries.
Current report
Television Segment EBITDA decreased $62 million or 30% for the three months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, due to the revenues decrease noted above and higher expenses. Operating expenses increased $22 million or 1% primarily due to higher sports programming rights amortization and production costs principally due to higher MLB postseason and National Football League (“NFL”) costs and higher digital content costs, partially offset by lower entertainment programming rights amortization and production costs. Selling, general and administrative expenses increased $16 million or 6% primarily due to higher employee costs.
Current report
Television Segment EBITDA decreased $35 million or 6% for the six months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, as the revenue increases noted above were more than offset by higher expenses. Operating expenses increased $74 million or 2% primarily due to higher digital content costs and higher sports programming rights amortization and production costs principally due to higher NFL, college football and MLB costs partially offset by the absence of both the WWE and the broadcast of the UEFA European Championshipin the current year. Selling, general and administrative expenses increased $34 million or 7% primarily due to higher employee costs.
Current report
For the three and six months ended December 31, 2025 and 2024
Current report
Corporate and Other EBITDA decreased $57 million or 70% and $119 million or 78% for the three and six months ended December 31, 2025, respectively, as compared to the corresponding periods of fiscal 2025, primarily due to costs associated with the launch of FOX One, led by marketing and content costs, which more than offset related distribution revenue.
Current report
Net cash used in operating activities for the six months ended December 31, 2025 and 2024 was as follows (in millions):
Removed paragraphs (1)
Previous report
Net cash (used in) provided by operating activities for the three months ended September 30, 2025 and 2024 was as follows (in millions):
Reworded paragraphs (28)
Previous wording
•Overview of the Company’s Business—This section provides a general description of the Company’s businesses, as well as developments that occurred during the three months ended September 30, 2025 and 2024 that the Company believes are important in understanding its results of operations and financial condition or to disclose known trends.
Current wording
•Overview of the Company’s Business—This section provides a general description of the Company’s businesses, as well as developments that occurred during the three and six months ended December 31, 2025 and 2024 that the Company believes are important in understanding its results of operations and financial condition or to disclose known trends.
Previous wording
•Results of Operations—This section provides an analysis of the Company’s results of operations for the three months ended September 30, 2025 and 2024. This analysis is presented on both a consolidated and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.
Current wording
•Results of Operations—This section provides an analysis of the Company’s results of operations for the three and six months ended December 31, 2025 and 2024. This analysis is presented on both a consolidated and a segment basis. In addition, a brief description is provided of significant transactions and events that impact the comparability of the results being analyzed.
Previous wording
•Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the three months ended September 30, 2025 and 2024, as well as a discussion of the Company’s outstanding debt and commitments, both firm and contingent, that existed as of September 30, 2025. Included in the discussion of outstanding debt is a discussion of the amount of financial capacity available to fund the Company’s future commitments and obligations, as well as a discussion of other financing arrangements.
Current wording
•Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the six months ended December 31, 2025 and 2024, as well as a discussion of the Company’s outstanding debt and commitments, both firm and contingent, that existed as of December 31, 2025. Included in the discussion of outstanding debt is a discussion of the amount of financial capacity available to fund the Company’s future commitments and obligations, as well as a discussion of other financing arrangements.
Previous wording
Results of Operations—For the three months ended September 30, 2025 versus the three months ended September 30, 2024.
Current wording
Results of Operations—For the three and six months ended December 31, 2025 versus the three and six months ended December 31, 2024.
Previous wording
The following table sets forth the Company’s operating results for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024:
Current wording
The following table sets forth the Company’s operating results for the three and six months ended December 31, 2025, as compared to the three and six months ended December 31, 2024:
Previous wording
Operating expenses increased $66 million or 3% for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, primarily due to the approximately $80 million impact of higher entertainment programming rights amortization and digital content costs. This increase was offset by approximately $15 million primarily due to lower sports programming rights amortization and lower newsgathering costs led by the absence of the 2024 presidential election.
Current wording
Operating expenses increased $119 million or 3% for the three months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, primarily due to approximately $180 million of higher sports programming rights amortization and production costs and higher digital content costs. This increase was partially offset by lower entertainment programming rights amortization and production costs and lower newsgathering costs led by the absence of the 2024 presidential election.
Previous wording
Selling, general and administrative expenses increased $87 million or 17% for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, primarily due to costs associated with the marketing of the launch of FOX One and higher employee costs.
Current wording
Selling, general and administrative expenses increased $70 million or 13% for the three months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, primarily due to costs associated with the marketing of the launch of FOX One and higher employee costs.
Previous wording
The Company’s revenues increased $174 million or 5% for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, due to higher distribution, advertising and content and other revenues. The increase of $47 million or 3% in distribution revenue was primarily due to the impact of higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $155 million, partially offset by the approximately $110 million impact of a lower average number of subscribers. The increase of $83 million or 6% in advertising revenue was primarily due to the approximately $185 million impact principally due to continued digital growth led by the Tubi AVOD service, higher news pricing and higher sports pricing and ratings, partially offset by the approximately $100 million impact of lower political advertising revenue due to the absence of the 2024 presidential and congressional elections. The increase of $44 million or 12% in content and other revenues was primarily due to higher entertainment content revenue and higher sports sublicensing revenue.
Current wording
The Company’s revenues increased $278 million or 3% for the six months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, due to higher distribution, advertising and content and other revenues. The increase of $116 million or 3% in distribution revenue was primarily due to the impact of higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $270 million, partially offset by the approximately $155 million impact of a lower average number of subscribers. The increase of $116 million or 3% in advertising revenue was due to the approximately $515 million impact principally due to higher linear pricing, continued digital growth led by the Tubi AVOD service and the broadcast of additional MLB postseason games, partially offset by lower ratings. The revenue increase was also partially offset by the approximately $400 million impact of lower political advertising revenue due to the absence of the 2024 presidential and congressional elections. The increase of $46 million or 4% in content and other revenues was primarily due to higher sports sublicensing revenue partially offset by lower entertainment content and other revenues led by the timing of deliveries.
Previous wording
Income tax expense—The Company’s tax provision and related effective tax rate of 24% for the three months ended September 30, 2025 was higher than the statutory rate of 21% primarily due to state taxes partially offset by other permanent items.
Current wording
Income tax expense—The Company’s tax provision and related effective tax rate of 23% and 24% for the three and six months ended December 31, 2025, respectively, was higher than the statutory rate of 21% primarily due to state taxes.
Previous wording
The Company's tax provision and related effective tax rate of 25% for the three months ended September 30, 2024 was higher than the statutory rate of 21% primarily due to state taxes.
Current wording
The Company's tax provision and related effective tax rate of 25% for the three and six months ended December 31, 2024 was higher than the statutory rate of 21% primarily due to state taxes and other permanent items.
Previous wording
Net income—Net income decreased $223 million or 27% for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, primarily due to a change in fair value of the Company’s investments in equity securities, partially offset by lower provision for income tax.
Current wording
Net income—Net income decreased $141 million or 36% and $364 million or 30% for the three and six months ended December 31, 2025, as compared to the corresponding periods of fiscal 2025, primarily due to a change in fair value of the Company’s investments in equity securities, partially offset by lower legal settlement and other costs associated with the discontinuation of Venu Sports in fiscal 2025. These changes resulted in lower income before income tax expense and a corresponding lower provision for income tax.
Previous wording
The following tables set forth the Company’s Revenues and Segment EBITDA for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024:
Current wording
The following tables set forth the Company’s Revenues and Segment EBITDA for the three and six months ended December 31, 2025, as compared to the three and six months ended December 31, 2024:
Previous wording
Cable Network Programming (44% and 45% of the Company’s revenues for the first three months of fiscal 2026 and 2025, respectively)
Current wording
Cable Network Programming (44% of the Company’s revenues for the first six months of fiscal 2026 and 2025)
Previous wording
Revenues at the Cable Network Programming segment increased $65 million or 4% for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, due to higher distribution, advertising and content and other revenues. Distribution revenue increased $28 million or 3% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $24 million or 7% in advertising revenue was primarily due to higher news pricing partially offset by the absence of the broadcast of CONMEBOL Copa Américain the current year. The increase of $13 million or 6% in content and other revenues was primarily due to higher sports sublicensing revenue.
Current wording
Revenues at the Cable Network Programming segment increased $110 million or 5% for the three months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, due to higher distribution, advertising and content and other revenues. Distribution revenue increased $54 million or 5% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $31 million or 7% in advertising revenue was primarily due to higher news and sports pricing partially offset by lower ratings. The increase of $25 million or 4% in content and other revenues was primarily due to higher sports sublicensing revenue.
Previous wording
Cable Network Programming Segment EBITDA increased $52 million or 7% for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $1 million primarily due to higher sports programming rights amortization and production costs led by international soccer rights acquired in the current year. This increase was largely offset by lower newsgathering costs led by the absence of the 2024 presidential election. Selling, general and administrative expenses increased $8 million or 5% primarily due to higher employee costs.
Current wording
Cable Network Programming Segment EBITDA increased $30 million or 5% for the three months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $72 million or 5% primarily due to higher sports programming rights amortization and production costs led by expanded international soccer rights. This increase was partially offset by lower newsgathering costs led by the absence of the 2024 presidential election. Selling, general and administrative expenses increased $4 million or 3% primarily due to higher employee costs.
Previous wording
Television Segment EBITDA increased $27 million or 7% for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $52 million or 4% primarily due to higher entertainment programming rights amortization and higher digital content costs. This increase was partially offset by lower sports programming rights amortization primarily due to the absence of WWE and the broadcast of the Union of European Football Associations European Championship. Selling, general and administrative expenses increased $18 million or 7% primarily due to higher employee costs.
Current wording
Cable Network Programming Segment EBITDA increased $82 million or 6% for the six months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $73 million or 4% primarily due to higher sports programming rights amortization and production costs led by expanded international soccer rights. This increase was partially offset by lower newsgathering costs led by the absence of the 2024 presidential election. Selling, general and administrative expenses increased $12 million or 4% primarily due to higher employee costs.
Previous wording
Television (55% of the Company’s revenues for the first three months of fiscal 2026 and 2025)
Current wording
Television (56% and 57% of the Company’s revenues for the first six months of fiscal 2026 and 2025, respectively)
Previous wording
Revenues at the Television segment increased $97 million or 5% for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, due to higher advertising, distribution and content and other revenues. The increase of $59 million or 6% in advertising revenue was primarily due to continued digital growth led by the Tubi AVOD service and higher sports pricing and ratings led by the National Football League, partially offset by lower political advertising revenue principally due to the absence of the 2024 presidential and congressional elections. The increase of $15 million or 2% in distribution revenue was primarily due to higher average rates per subscriber partially offset by a lower average number of subscribers at the Company’s owned and operated television stations and higher fees received from television stations that are affiliated with the FOX Network. The increase of $23 million or 17% in content and other revenues was primarily due to higher entertainment content revenue led by the timing of deliveries.
Current wording
Revenues at the Television segment increased $73 million or 1% for the six months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, due to higher advertising and distribution revenues, partially offset by lower content and other revenues. The increase of $61 million or 2% in advertising revenue was primarily due to sports programming led by the broadcast of additional MLB postseason games and higher pricing partially offset by lower ratings. Also contributing to this increase was continued digital growth led by the Tubi AVOD service. These were partially offset by lower political advertising revenue principally due to the absence of the 2024 presidential and congressional elections. The increase of $22 million or 1% in distribution revenue was primarily due to higher average rates per subscriber partially offset by a lower average number of subscribers at the Company’s owned and operated television stations and higher fees received from television stations that are affiliated with the FOX Network. The decrease of $10 million or 3% in content and other revenues was primarily due to lower entertainment content and other revenues led by the timing of deliveries.
Previous wording
Revenues within Corporate and Other for the three months ended September 30, 2025 and 2024 include revenues generated by Credible, the operation of the FOX Studio Lot and distribution revenue at FOX One. Operating expenses for the three months ended September 30, 2025 and 2024 include advertising and promotional expenses at Credible and costs associated with the launch of FOX One. Selling, general and administrative expenses for the three months ended September 30, 2025 and 2024 primarily relate to employee costs, professional fees, FOX One marketing costs and the costs of operating the FOX Studio Lot. Corporate and Other EBITDA decreased $62 million or 86% for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, primarily due to costs associated with the launch of FOX One, led by marketing costs, which more than offset related distribution revenue.
Current wording
Revenues within Corporate and Other for the three and six months ended December 31, 2025 and 2024 include distribution revenue at FOX One and revenues generated by Credible and the operation of the FOX Studio Lot. Operating expenses for the three and six months ended December 31, 2025 and 2024 include costs associated with the launch of FOX One and advertising and promotional expenses at Credible. Selling, general and administrative expenses for the three and six months ended December 31, 2025 and 2024 primarily relate to employee costs, professional fees, FOX One marketing costs and the costs of operating the FOX Studio Lot.
Previous wording
The following table reconciles Net income to Adjusted EBITDA for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024:
Current wording
The following table reconciles Net income to Adjusted EBITDA for the three and six months ended December 31, 2025, as compared to the three and six months ended December 31, 2024:
Previous wording
The following table sets forth the computation of Adjusted EBITDA for the three months ended September 30, 2025, as compared to the three months ended September 30, 2024.
Current wording
The following table sets forth the computation of Adjusted EBITDA for the three and six months ended December 31, 2025, as compared to the three and six months ended December 31, 2024.
Previous wording
The Company has approximately $4.4 billion of cash and cash equivalents as of September 30, 2025 and an unused five-year $1.0 billion unsecured revolving credit facility (See Note 5—Borrowings to the accompanying Financial Statements). The Company also has access to the worldwide capital markets, subject to market conditions. As of September 30, 2025, the Company was in compliance with all of the covenants under the revolving credit facility, and it does not anticipate any noncompliance with such covenants.
Current wording
The Company has approximately $2.0 billion of cash and cash equivalents as of December 31, 2025 and an unused five-year $1.0 billion unsecured revolving credit facility (See Note 5—Borrowings to the accompanying Financial Statements). The Company also has access to the worldwide capital markets, subject to market conditions. As of December 31, 2025, the Company was in compliance with all of the covenants under the revolving credit facility, and it does not anticipate any noncompliance with such covenants.
Previous wording
The change in net cash (used in) provided by operating activities during the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, was primarily due to lower political advertising receipts due to the absence of the 2024 presidential and congressional elections, higher sports and entertainment programming payments and higher tax payments, partially offset by higher Segment EBITDA.
Current wording
The increase in net cash used in operating activities during the six months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, was primarily due to lower political advertising receipts due to the absence of the 2024 presidential and congressional elections, higher sports programming payments and tax payments, partially offset by lower restructuring payments.
Previous wording
Net cash used in investing activities for the three months ended September 30, 2025 and 2024 was as follows (in millions):
Current wording
Net cash used in investing activities for the six months ended December 31, 2025 and 2024 was as follows (in millions):
Previous wording
The increase in net cash used in investing activities during the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, was primarily due to an increase in the Company’s investments and capital expenditures.
Current wording
The increase in net cash used in investing activities during the six months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, was primarily due to an increase in the Company’s investments and capital expenditures.
Previous wording
Net cash used in financing activities for the three months ended September 30, 2025 and 2024 was as follows (in millions):
Current wording
Net cash used in financing activities for the six months ended December 31, 2025 and 2024 was as follows (in millions):
Previous wording
The increase in net cash used in financing activities during the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, was primarily due to the Company’s purchase of noncontrolling interest.
Current wording
The increase in net cash used in financing activities during the six months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, was primarily due to activity under the stock repurchase program, including the $1.5 billion accelerated share repurchase transaction (See Note 6—Stockholders’ Equity to the accompanying Financial Statements under the heading “Stock Repurchase Program”), and the Company’s purchase of noncontrolling interest.
Previous wording
The Company declared a semi-annual dividend of$0.28 per share on both the Class A Common Stock and the Class B Common Stock during thethree months ended September 30, 2025, which was paid on September 24, 2025. The Company expects to continue to pay semi-annual dividends, although each dividend is subject to approval by the Company’s Board of Directors.
Current wording
Subsequent to December 31, 2025, the Company declared a semi-annual dividend of$0.28 per share on both the Class A Common Stock and the Class B Common Stock. The dividend declared is payable on March 25, 2026 with a record datefor determining dividend entitlements of March 4, 2026.The Company expects to continue to pay semi-annual dividends, although each dividend is subject to approval by the Company’s Board of Directors.
Rearranged current paragraphs (2)
Current report — wording carried from elsewhere
Selling, general and administrative expenses increased $157 million or 15% for the six months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, primarily due to costs associated with the marketing of the launch of FOX One and higher employee costs.
Current report — wording carried from elsewhere
Revenues at the Cable Network Programming segment increased $175 million or 5% for the six months ended December 31, 2025, as compared to the corresponding period of fiscal 2025, due to higher distribution, advertising and content and other revenues. Distribution revenue increased $82 million or 4% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $55 million or 7% in advertising revenue was primarily due to higher news and sports pricing partially offset by lower ratings. The increase of $38 million or 5% in content and other revenues was primarily due to higher sports sublicensing revenue.