Company: FOX
Filing Date: 2025-08-06
Form Type: 10-K
Source: 0001628280-25-038077
Chunk: 5

Company: Fox Corp
Filing Date: 2025-08-06
Form: 10-K
Item: Item 8
Chunk 5
---
 for and disclosure of these matters involves complex auditor judgment in assessing the Company’s evaluation of the probability of a loss, and the estimated amount or range of loss.

55

How We Addressed the Matter in Our AuditWe obtained an understanding, evaluated the design and tested the operating effectiveness of internal controls that address the risks of material misstatement relating to management’s evaluation of defamation and disparagement claims, including controls over determining whether a loss is probable and whether the amount of loss can be reasonably estimated, as well as financial statement disclosures. Among other audit procedures, we tested management’s evaluation of the probability of outcome and range of loss, if estimable, through inspection of responses to inquiry letters sent to both internal and external legal counsel, discussions with internal legal counsel to confirm our understanding of the allegations and related merits, and by obtaining written representations from executives of the Company. In addition, we evaluated the adequacy of financial disclosures.

/s/ Ernst & Young LLP

We have served as the Company's auditor since 2018.

New York, New York

August 6, 2025

56

FOX CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) 

For the years ended June 30, 202520242023Revenues$16,300 $13,980 $14,913 Operating expenses(10,518)(9,089)(9,689)Selling, general and administrative(2,168)(2,024)(2,049)Depreciation and amortization(385)(389)(411)Restructuring, impairment and other corporate matters(350)(67)(1,182)Equity (losses) earnings of affiliates(29)(44)4 Interest expense, net(227)(216)(218)Non-operating other, net438 (47)368 Income before income tax expense3,061 2,104 1,736 Income tax expense(768)(550)(483)Net income2,293 1,554 1,253 Less: Net income attributable to noncontrolling interests(30)(53)(14)Net income attributable to Fox Corporation stockholders$2,263 $1,501 $1,239 EARNINGS PER SHARE DATANet income attributable to Fox Corporation stockholders per share:Basic$4.97 $3.14 $2.34 Diluted$4.91 $3.13 $2.