Company: FOX
Filing Date: 2025-08-06
Form Type: 10-K
Source: 0001628280-25-038077
Chunk: 97

Company: Fox Corp
Filing Date: 2025-08-06
Form: 10-K
Item: Item 7
Chunk 97
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2025 versus Fiscal 2024

The following tables set forth the Company’s Revenues and Segment EBITDA for fiscal 2025, as compared to fiscal 2024:

 For the years ended June 30, 20252024$ Change% Change(in millions, except %)  Better/(Worse)Revenues    Cable Network Programming$6,930 $5,955 $975 16 %Television9,325 7,875 1,450 18 %Corporate and Other244 209 35 17 %Eliminations(199)(59)(140)**Total revenues$16,300 $13,980 $2,320 17 %

 For the years ended June 30, 20252024$ Change% Change(in millions, except %)Better/(Worse)Segment EBITDA  Cable Network Programming$3,030 $2,693 $337 13 %Television945 506 439 87 %Corporate and Other(351)(316)(35)(11)%Adjusted EBITDA(a)$3,624 $2,883 $741 26 %

**not meaningful(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 (43% of the Company’s revenues in fiscal 2025 and 2024)

 For the years ended June 30, 20252024$ Change% Change(in millions, except %)Better/(Worse)RevenuesAffiliate fee$4,316 $4,188 $128 3 %Advertising1,531 1,262 269 21 %Other1,083 505 578 **Total revenues6,930 5,955 975 16 %Operating expenses(3,275)(2,668)(607)(23)%Selling, general and administrative(635)(610)(25)(4)%Amortization of cable distribution investments10 16 (6)(38)%Segment EBITDA$3,030 $2,693 $337 13 %

**not meaningful

Revenues at the Cable Network Programming segment increased $975 million or 16% for fiscal 2025, as compared to fiscal 2024, due to higher affiliate fee, advertising and other revenues. Affiliate fee revenue increased $128