Company: FOX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001628280-25-047354
Chunk: 31

Company: Fox Corp
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 31
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 $1,868 $47 3 %Advertising1,412 1,329 83 6 %Content and other411 367 44 12 %Total revenues3,738 3,564 174 5 %Operating expenses(2,084)(2,018)(66)(3)%Selling, general and administrative(589)(502)(87)(17)%Depreciation and amortization(98)(91)(7)(8)%Restructuring, impairment and other corporate matters8 (26)34 **Equity (losses) earnings of affiliates(1)3 (4)**Interest expense, net(50)(50)— — %Non-operating other, net(125)233 (358)**Income before income tax expense799 1,113 (314)(28)%Income tax expense(190)(281)91 32 %Net income609 832 (223)(27)%Less: Net income attributable to noncontrolling interests(10)(5)(5)(100)%Net income attributable to Fox Corporation stockholders$599 $827 $(228)(28)%(a)The Company generates distribution revenue from agreements with MVPDs for cable network programming and retransmission fees for the broadcast of the Company’s owned and operated television stations and from subscription fees for the Company’s direct-to-consumer streaming services. In addition, the Company generates distribution revenue from agreements with independently owned television stations that are affiliated with the FOX Network.**not meaningful

Overview

For the three months ended September 30, 2025 and 2024

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, 

20

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