Fox Corp (FOXA)·Q4 2025 Earnings Summary

Executive Summary

• Q4 FY2025 delivered a clean beat: revenue $3.29B vs S&P Global consensus $3.12B* and adjusted EPS $1.27 vs $1.00*, with GAAP EPS $1.57 aided by favorable non‑operating items . S&P Global data show beat magnitudes of ~$0.27 on EPS and ~$0.17B on revenue*.
• Mix drivers: affiliate fees +3% and advertising +7% YoY; growth led by Tubi (digital AVOD), stronger news pricing/ratings; segment EBITDA up sharply at Television as sports rights costs rolled off without last year’s Euro/Copa events .
• Capital returns inflected higher: Fox lifted its total repurchase authorization to $12B (+$5B) and raised the semi‑annual dividend to $0.28/sh; $250M of buybacks executed in the quarter .
• Strategic catalyst: FOX One DTC launch on Aug 21 at $19.99/month; upfront saw double‑digit volume increases, including ~35% volume growth at Tubi with stable pricing—supporting digital momentum into FY26 .

What Went Well and What Went Wrong

• What Went Well

  • Broad-based growth: Q4 revenue +6% YoY to $3.287B; adjusted EBITDA +21% YoY to $939M, with Cable Network Programming ad +15% and Television EBITDA +108% YoY .
  • Digital momentum: “continued digital growth led by the Tubi AVOD service” drove ad gains; management flagged strong upfront performance and Tubi’s ~35% volume increase with stable pricing .
  • Shareholder returns: Authorization increased by $5B to $12B and dividend raised to $0.28/sh; CEO: “record financial results… while making important investments in our digital growth assets” .

• What Went Wrong

  • Cost headwinds: higher entertainment programming and digital content costs; corporate expenses higher; partly offset by lower sports amortization with no Euro/Copa this year .
  • Structural pressure: affiliate fee growth offset by “net subscriber declines,” tempering longer‑term linear economics .
  • Competitive CTV landscape: management called out an “incredibly competitive” CTV market, necessitating execution to sustain Tubi pricing and volume .

Financial Results

Headline P&L vs prior quarters

YoY and vs estimates (Q4 only)

Margins (S&P Global)

Segment breakdown (Q4)

Revenue components (Q4)

KPIs and capital allocation

Non‑GAAP reconciliation context (Q4): GAAP net income includes favorable “Non‑operating other, net” of $282M and restructuring/impairment of $99M, with tax provision adjustment of $47M; adjusted net income $581M ($1.27/share) removes these items .

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• CEO tone: “Fiscal 2025 was another outstanding year for FOX… achieving record financial results… while making important investments in our digital growth assets.”
• FOX One launch: “By then, you will be able to watch our entire sports portfolio… on FOX One… launching across the U.S. on August 21 for $19.99 per month.”
• Upfront/Ad momentum: “We saw double‑digit volume increases and strong pricing… FOX Sports had the record‑breaking upfront… Tubi saw a 35% volume increase with stable pricing.”
• Balance sheet: “ended the quarter with approximately $5.4 billion in cash and $6.6 billion in debt.” (consistent with $5.351B cash; $6.602B LT borrowings)

Q&A Highlights

• FY26 framing and no formal guidance: Analysts pressed for FY26 contours; management reiterated no detailed guidance but described strong upfronts and FOX One launch cadence .
• CTV/AVOD dynamics: Tubi competitive positioning underscored with stable pricing amid industry competition; ad dollars continue shifting from linear into digital/news/sports .
• Affiliate/regulatory: Management positive on FCC stance; FOX One will incorporate local affiliates’ news and sports to reinforce relationships .
• Upfront performance: Double‑digit volume across businesses, >$2B committed at FOX Sports excluding Super Bowl, signaling healthy ad demand into the fall .

Estimates Context

• S&P Global consensus for Q4 FY2025: EPS $1.00 vs actual $1.27 (beat $0.27); revenue $3.12B vs actual $3.29B (beat ~$0.17B)*.
• Trajectory: Q2 FY2025 EPS $0.96 vs $0.64 est*; Q3 FY2025 EPS $1.10 vs $0.90 est*; revenue beats in Q2 ($5.08B vs $4.82B*) and Q3 ($4.37B vs $4.17B*) sustained into Q4*.
• Directional implication: Street may need to lift FY26 digital/CTV assumptions (Tubi monetization, FOX One launch) while moderating event‑cycle tailwinds (e.g., Super Bowl, political ads) in base‑year comps per management commentary.

Estimates table (S&P Global)

Key Takeaways for Investors

• Quality beat with expanding Q4 margins and segment EBITDA momentum sets a constructive base heading into fall sports and news cycles .
• Digital flywheel is strengthening: upfront signals and Tubi volume/pricing resilience bolster confidence in AVOD monetization and CTV share gains .
• FOX One is a near‑term narrative catalyst; successful launch/engagement at $19.99 and affiliate integration will be key watch‑items for DTC execution .
• Capital return acceleration (+$5B authorization; dividend to $0.28) provides downside support and optionality around multiple expansion .
• Mind the comps: FY2026 will lack Super Bowl/political ad windfalls; investors should normalize event‑cycle sensitivities when modeling .
• Cost discipline vs growth investment balance remains central, given entertainment/digital cost inflation; watch margin cadence as FOX One/Tubi scale .
• Regulatory/affiliate posture appears supportive and strategically aligned with FOX One’s local content integration—reducing execution risk on distribution shift .

Citations

• Q4 FY2025 8‑K press release (all GAAP/Non‑GAAP figures, segment tables, dividend/buyback): and SEC HTML:
• Q3 FY2025 8‑K press release:
• Q2 FY2025 8‑K press release:
• Q4 FY2025 earnings call transcript and quotes:
• Q4 FY2025 webcast notice press release (event timing):

Notes

• Values marked with an asterisk (*) are retrieved from S&P Global.