Company: FOX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001628280-25-047354
Chunk: 59

Company: Fox Corp
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 59
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 presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of FOX One, the Company’s direct-to-consumer subscription 

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streaming service launched in August 2025, Credible, the FOX Studio Lot and corporate overhead costs. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.

We use the term "MVPDs" to refer collectively to traditional MVPDs and virtual MVPDs.

RESULTS OF OPERATIONS

Results of Operations—For the three months ended September 30, 2025 versus the three months ended September 30, 2024.

The following table sets forth the Company’s operating results 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)RevenuesDistribution(a)$1,915 $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