Company: FOX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001628280-25-047354
Chunk: 33

Company: Fox Corp
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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sumer streaming services and rental of studio and administrative space, which are recorded consistently with the recognition of transactions with third parties and are eliminated in consolidation.

Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Depreciation and amortization, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating other, net and Income tax expense. Effective July 1, 2025, the Company no longer removes the impact of amortization of cable distribution investments when calculating Segment EBITDA. Prior periods were not restated as the impact of the change is immaterial to the calculation. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s operating segments because it is the primary measure used by the Company’s chief operating decision maker, the Chief Executive Officer, to monitor actual versus budget and prior fiscal year financial results, forecast future periods and perform competitive analyses to evaluate performance and allocate resources.

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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: For the three months ended September 30, 20252024Change% Change(in millions, except %)Better/(Worse)RevenuesCable Network Programming$1,662 $1,597 $65 4 %Television2,050 1,953 97 5 %Corporate and Other89 65 24 37 %Eliminations(63)(51)(12)(24)%Total revenues$3,738 $3,564 $174 5 %

 For the three months ended September 30,20252024Change% Change(in millions, except %)Better/(Worse)Segment EBITDACable Network Programming$800 $748 $52 7 %Television399 372 27 7 %Corporate and Other(134)(72)(62)(86)%Adjusted EBITDA(a)$1,065 $1,048 $17 2 %(a)For a discussion of Adjusted EBITDA and a reconciliation of Net income to Adjusted EBITDA, see “Non-GAAP Financial Measures” below.

Cable Network Programming (44% and 45% of the Company’s revenues for the first three