Company: FOX
Filing Date: 2025-08-06
Form Type: 10-K
Source: 0001628280-25-038077
Chunk: 94

Company: Fox Corp
Filing Date: 2025-08-06
Form: 10-K
Item: Item 7
Chunk 94
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Ds.

The Company’s Cable Network Programming and Television segments derive the majority of their revenues from affiliate fees for the transmission of content and advertising sales. For fiscal 2025, the Company generated revenues of $16 billion, of which approximately 47% was generated from affiliate fees, approximately 42% was generated from advertising, and approximately 11% was generated from other operating activities.

Affiliate fees primarily include (i) monthly subscriber-based license and retransmission consent fees paid by programming distributors that carry the Company’s cable networks and owned and operated television stations and (ii) fees received from non-owned and operated television stations that are affiliated with the FOX Network. U.S. law governing retransmission consent provides a mechanism for the television stations owned by the Company to seek and obtain payment from MVPDs that carry the Company’s broadcast signals.

For more information, see Item 1. “Business” and Item 1A. “Risk Factors.”

35

RESULTS OF OPERATIONS

Results of Operations—Fiscal 2025 versus Fiscal 2024

The following table sets forth the Company’s operating results for fiscal 2025, as compared to fiscal 2024:

 For the years ended June 30, 20252024$ Change% Change(in millions, except %)  Better/(Worse)RevenuesAffiliate fee$7,656 $7,324 $332 5 %Advertising6,865 5,444 1,421 26 %Other1,779 1,212 567 47 %Total revenues16,300 13,980 2,320 17 %Operating expenses(10,518)(9,089)(1,429)(16)%Selling, general and administrative(2,168)(2,024)(144)(7)%Depreciation and amortization(385)(389)4 1 %Restructuring, impairment and other corporate matters(350)(67)(283)**Equity losses of affiliates(29)(44)15 34 %Interest expense, net(227)(216)(11)(5)%Non-operating other, net438 (47)485 **Income before income tax expense3,061 2,104 957 45 %Income tax expense(768)(550)(218)(40)%Net income2,293 1,554 739 48 %Less: Net income attributable to noncontrolling interests(30)(53)23 43 %Net income