Fox Corp

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 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.

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 nine months ended March 31, 2026 and 2025 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 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.

Current wording

•Results of Operations—This section provides an analysis of the Company’s results of operations for the three and nine months ended March 31, 2026 and 2025. 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 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.

Current wording

•Liquidity and Capital Resources—This section provides an analysis of the Company’s cash flows for the nine months ended March 31, 2026 and 2025, as well as a discussion of the Company’s outstanding debt and commitments, both firm and contingent, that existed as of March 31, 2026. 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

The Credible and the FOX Studio Lot operating segments do not meet the criteria under U.S. generally accepted accounting principles (“GAAP”) to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of FOX One, the Company’s direct-to-consumer subscription streaming service launched in August 2025, Credible, the FOX Studio Lot and corporate overhead costs. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.

Current wording

The Credible and the FOX Studio Lot operating segments do not meet the criteria under U.S. generally accepted accounting principles (“GAAP”) to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of FOX One, the Company’s direct-to-consumer subscription streaming service launched in August 2025, Credible, the FOX Studio Lot and corporate overhead costs. Credible is a U.S. consumer finance marketplace. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.

Previous wording

Results of Operations—For the three and six months ended December 31, 2025 versus the three and six months ended December 31, 2024.

Current wording

Results of Operations—For the three and nine months ended March 31, 2026 versus the three and nine months ended March 31, 2025.

Previous 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:

Current wording

The following table sets forth the Company’s operating results for the three and nine months ended March 31, 2026, as compared to the three and nine months ended March 31, 2025:

Previous 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.

Current wording

The Company’s revenues decreased $99 million or 1% for the nine months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, due to lower advertising revenue, partially offset by higher distribution and content and other revenues. The increase of $184 million or 3% in distribution revenue was due to higher average rates per subscriber and higher fees received from television stations that are affiliated with the FOX Network of approximately $360 million, partially offset by the approximately $175 million impact of a lower average number of subscribers. The decrease of $364 million or 6% in advertising revenue was primarily due to the approximately $435 million impact related to sports programming led by the absence of the February 2025 broadcast of Super Bowl LIXpartially offset by the broadcast of additional NFL and Major League Baseball (“MLB”) postseason games and higher pricing. The remaining impact was primarily due to continued digital growth led by the Tubi AVOD service and higher news pricing, partially offset by lower political advertising revenue due to the absence of the 2024 presidential and congressional elections and lower news ratings. The increase of $81 million or 6% in content and other revenues was primarily due to higher sports sublicensing revenue partially offset by lower entertainment production services revenue led by the timing of deliveries.

Previous wording

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 wording

Interest expense, net—Interest expense, net increased $11 million and $29 million or 20% and 16% for the three and nine months ended March 31, 2026, 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.

Previous 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.

Current wording

Income tax expense—The Company’s tax provision and related effective tax rate of 26% and 24% for the three and nine months ended March 31, 2026, respectively, was higher than the statutory rate of 21% primarily due to state taxes and other permanent items.

Previous 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.

Current wording

The Company's tax provision and related effective tax rate of 25% for the three and nine months ended March 31, 2025 was higher than the statutory rate of 21% primarily due to state taxes and other permanent items.

Previous 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.

Current wording

Net income—Net income decreased $179 million or 51% and $543 million or 34% for the three and nine months ended March 31, 2026, respectively, 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 higher Segment EBITDA (as defined below) and, for the nine months ended March 31, 2026, 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 and six months ended December 31, 2025, as compared to the three and six months ended December 31, 2024:

Current wording

The following tables set forth the Company’s Revenues and Segment EBITDA for the three and nine months ended March 31, 2026, as compared to the three and nine months ended March 31, 2025:

Previous wording

Cable Network Programming (44% of the Company’s revenues for the first six months of fiscal 2026 and 2025)

Current wording

Cable Network Programming (44% and 41% of the Company’s revenues for the first nine months of fiscal 2026 and 2025, respectively)

Previous wording

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.

Current wording

Revenues at the Cable Network Programming segment increased $105 million or 6% for the three months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, due to higher distribution, advertising and content and other revenues. Distribution revenue increased $64 million or 5% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $18 million or 5% in advertising revenue was primarily due to sports programming and higher news pricing partially offset by lower ratings. The increase of $23 million or 24% in content and other revenues was primarily due to higher sports sublicensing revenue.

Previous 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.

Current wording

Cable Network Programming Segment EBITDA increased $6 million or 1% for the three months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $101 million or 17% primarily due to higher sports programming rights amortization led by expanded international soccer rights. Selling, general and administrative expenses decreased $3 million or 2% primarily due to lower legal costs.

Previous 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.

Current wording

Revenues at the Cable Network Programming segment increased $280 million or 5% for the nine months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, due to higher distribution, advertising and content and other revenues. Distribution revenue increased $146 million or 4% as higher average rates per subscriber were partially offset by a decrease in the average number of subscribers. The increase of $73 million or 6% in advertising revenue was primarily due to higher news and sports pricing partially offset by lower ratings. The increase of $61 million or 7% in content and other revenues was primarily due to higher sports sublicensing revenue.

Previous 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.

Current wording

Cable Network Programming Segment EBITDA increased $88 million or 4% for the nine months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $174 million or 7% primarily due to higher sports programming rights amortization led by expanded international soccer rights. This increase was partially offset by lower newsgathering costs due to the absence of the 2024 presidential election. Selling, general and administrative expenses increased $9 million or 2% primarily due to higher technology costs, partially offset by lower legal costs.

Previous wording

Television (56% and 57% of the Company’s revenues for the first six months of fiscal 2026 and 2025, respectively)

Current wording

Television (56% and 59% of the Company’s revenues for the first nine months of fiscal 2026 and 2025, respectively)

Previous 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.

Current wording

Revenues at the Television segment decreased $507 million or 19% for the three months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, due to lower advertising and distribution revenues, partially offset by higher content and other revenues. The decrease of $498 million or 30% in advertising revenue was primarily due to the absence of the February 2025 broadcast of Super Bowl LIX, partially offset by the broadcast of an additional NFL postseason game and continued digital growth led by the Tubi AVOD service. The decrease of $12 million or 1% in distribution revenue was due to a lower average number of subscribers at the Company’s owned and operated television stations.

Previous wording

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 wording

Revenues at the Television segment decreased $434 million or 6% for the nine months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, due to lower advertising and content and other revenues, partially offset by higher distribution revenue. The decrease of $437 million or 9% in advertising revenue was primarily due to sports programming led by the absence of the February 2025 broadcast of Super Bowl LIXpartially offset by the broadcast of additional NFL and MLB postseason games and higher pricing. Also contributing to this decrease was lower political advertising revenue principally due to the absence of the 2024 presidential and congressional elections. These decreases were partially offset by continued digital growth led by the Tubi AVOD service. The increase of $10 million in distribution revenue was 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 $7 million or 1% in content and other revenues was primarily due to lower entertainment production services revenue led by the timing of deliveries.

Previous wording

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 wording

Television Segment EBITDA increased $96 million or 15% for the nine months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, as the revenue decreases noted above were more than offset by lower expenses. Operating expenses decreased $549 million or 9% primarily due to lower sports programming amortization led by the absence of the February 2025 broadcast of Super Bowl LIX partially offset by higher NFL costs, including the broadcast of an additional NFL postseason game, and higher digital content costs. Selling, general and administrative expenses increased $19 million or 2% primarily due to higher employee costs, partially offset by lower legal costs.

Previous 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.

Current wording

Revenues within Corporate and Other for the three and nine months ended March 31, 2026 and 2025 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 nine months ended March 31, 2026 and 2025 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 nine months ended March 31, 2026 and 2025 primarily relate to employee costs, professional fees, costs associated with the launch of FOX One and the costs of operating the FOX Studio Lot.

Previous wording

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 wording

Corporate and Other EBITDA decreased $39 million or 48% and $158 million or 67% for the three and nine months ended March 31, 2026, respectively, as compared to the corresponding periods of fiscal 2025, primarily due to intercompany FOX branded content and marketing costs associated with the launch of FOX One, which more than offset related distribution revenue.

Previous 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:

Current wording

The following table reconciles Net income to Adjusted EBITDA for the three and nine months ended March 31, 2026, as compared to the three and nine months ended March 31, 2025:

Previous 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.

Current wording

The following table sets forth the computation of Adjusted EBITDA for the three and nine months ended March 31, 2026, as compared to the three and nine months ended March 31, 2025:

Previous 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.

Current wording

The Company has approximately $3.6 billion of cash and cash equivalents as of March 31, 2026 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 global capital markets, subject to market conditions.

Previous 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.

Current wording

The decrease in net cash provided by operating activities during the nine months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, was primarily due to lower advertising receipts due to the absence of Super Bowl LIXand the 2024 presidential and congressional elections and higher sports programming payments.

Previous wording

Net cash used in investing activities for the six months ended December 31, 2025 and 2024 was as follows (in millions):

Current wording

Net cash used in investing activities for the nine months ended March 31, 2026 and 2025 was as follows (in millions):

Previous 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.

Current wording

The increase in net cash used in investing activities during the nine months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, was primarily due to an increase in the Company’s investments and capital expenditures, partially offset by a decrease in the Company’s acquisitions.

Previous wording

Net cash used in financing activities for the six months ended December 31, 2025 and 2024 was as follows (in millions):

Current wording

Net cash used in financing activities for the nine months ended March 31, 2026 and 2025 was as follows (in millions):

Previous 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.

Current wording

The increase in net cash used in financing activities during the nine months ended March 31, 2026, 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

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.

Current 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 March 31, 2026, which was paid on March 25, 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.

Previous wording

This document contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical or current fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements regarding (i) future earnings, revenues or other measures of the Company’s financial performance; (ii) the Company’s plans, strategies and objectives for future operations; (iii) proposed new programming or other offerings; (iv) future economic conditions or performance; (v) future share repurchases; and (vi) assumptions underlying any of the foregoing. Forward-looking statements may include, among others, the words “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” or any other similar words.

Current wording

This document contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical or current fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements regarding (i) future earnings, revenues or other measures of the Company’s financial performance; (ii) the Company’s plans, strategies and objectives for future operations; (iii) proposed new programming or other offerings; (iv) future economic conditions or performance; and (v) assumptions underlying any of the foregoing. Forward-looking statements may include, among others, the words “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” or any other similar words.