Company: FOX
Filing Date: 2025-08-06
Form Type: 10-K
Source: 0001628280-25-038077
Chunk: 100

Company: Fox Corp
Filing Date: 2025-08-06
Form: 10-K
Item: Item 7
Chunk 100
---
 all users of the Company’s Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect Net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Adjusted EBITDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

Adjusted EBITDA is considered a non-GAAP financial measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment charges, which are significant components in assessing the Company’s financial performance. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

40

Fiscal 2025 versus Fiscal 2024

The following table reconciles Net income to Adjusted EBITDA for fiscal 2025, as compared to fiscal 2024:

 For the years ended June 30, 20252024 (in millions) Net income$2,293 $1,554 AddAmortization of cable distribution investments10 16 Depreciation and amortization385 389 Restructuring, impairment and other corporate matters350 67 Equity losses of affiliates29 44 Interest expense, net227 216 Non-operating other, net(438)47 Income tax expense768 550 Adjusted EBITDA$3,624 $2,883 

The following table sets forth the computation of Adjusted EBITDA for fiscal 2025, as compared to fiscal 2024:

 For the years ended June 30, 20252024 (in millions) Revenues$16,300 $13,980 Operating expenses(10,518)(9,089)Selling, general and administrative(2,168)(2,024)Amortization of cable distribution investments10 16 Adjusted EBITDA$3,624 $2,883 

LIQUIDITY AND CAPITAL RESOURCES

Current Financial Condition

The Company has approximately $5.4 billion of cash and cash equivalents