Company: FOX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001628280-25-047354
Chunk: 37

Company: Fox Corp
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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 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.

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The following table reconciles Net income to Adjusted 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, 20252024 (in millions) Net income$609 $832 AddAmortization of cable distribution investments— 4 Depreciation and amortization98 91 Restructuring, impairment and other corporate matters(8)26 Equity losses (earnings) of affiliates1 (3)Interest expense, net50 50 Non-operating other, net125 (233)Income tax expense190 281 Adjusted EBITDA$1,065 $1,048 

The following table sets forth the computation of Adjusted 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, 20252024 (in millions) Revenues$3,738 $3,564 Operating expenses(2,084)(2,018)Selling, general and administrative(589)(502)Amortization of cable distribution investments— 4 Adjusted EBITDA$1,065 $1,048 

LIQUIDITY AND CAPITAL RESOURCES

Current Financial Condition

The Company has approximately $4.4 billion of cash and cash equivalents as of September 30, 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 September 30, 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.

The principal uses of cash that affect the Company’s liquidity position include the following: the acquisition of rights and related payments for entertainment and sports programming;