Company: FOX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001628280-25-047354
Chunk: 66

Company: Fox Corp
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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52024 (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; operational expenditures including production costs; marketing and promotional expenses; expenses related to broadcasting the Company’s programming; employee and facility costs; capital expenditures; acquisitions, including redeemable noncontrolling interests; income taxes, interest and dividend payments; debt repayments; legal settlements; and stock repurchases.

The Company has evaluated, and expects to continue to evaluate, possible acquisitions and dispositions of certain businesses and assets. Such transactions may be material and may involve cash, the Company’s securities or the assumption of additional indebtedness.

25

Sources and Uses of Cash

Net cash (used in) provided by operating activities for the three months ended September 30, 2025 and 2024 was as follows (in millions):

For the three months ended September 30,20252024Net cash (used in) provided by operating activities$(130)$158 

The change in net cash (used in) provided by operating activities during the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, was primarily due to lower political advertising receipts due to the absence of the 2024 presidential and congressional elections, higher sports and entertainment programming payments and higher tax payments, partially offset by higher Segment EBITDA.

Net cash used in investing activities for the three months ended September 30, 2025 and 2024 was as follows (in millions):

For the three months ended September 30,