Company: FOX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001628280-25-047354
Chunk: 35

Company: Fox Corp
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 35
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$1,008 $59 6 %Distribution821 806 15 2 %Content and other162 139 23 17 %Total revenues2,050 1,953 97 5 %Operating expenses(1,385)(1,333)(52)(4)%Selling, general and administrative(266)(248)(18)(7)%Segment EBITDA$399 $372 $27 7 %

For the three months ended September 30, 2025 and 2024

Revenues at the Television segment increased $97 million or 5% for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, due to higher advertising, distribution and content and other revenues. The increase of $59 million or 6% in advertising revenue was primarily due to continued digital growth led by the Tubi AVOD service and higher sports pricing and ratings led by the National Football League, partially offset by lower political advertising revenue principally due to the absence of the 2024 presidential and congressional elections. The increase of $15 million or 2% in distribution revenue was primarily due to higher average rates per subscriber partially offset by a lower average number of subscribers at the Company’s owned and operated television stations and higher fees received from television stations that are affiliated with the FOX Network. The increase of $23 million or 17% in content and other revenues was primarily due to higher entertainment content revenue led by the timing of deliveries.

Television Segment EBITDA increased $27 million or 7% for the three months ended September 30, 2025, as compared to the corresponding period of fiscal 2025, due to the revenue increases noted above, partially offset by higher expenses. Operating expenses increased $52 million or 4% primarily due to higher entertainment programming rights amortization and higher digital content costs. This increase was partially offset by lower sports programming rights amortization primarily due to the absence of WWE and the broadcast of the Union of European Football Associations European Championship. Selling, general and administrative expenses increased $18 million or 7% primarily due to higher employee costs.

23

Corporate and Other For the three months ended September 30, 20252024Change% Change(in millions, except %)  Better/(Worse)Revenues$89 $65 $24 37 %Operating expenses(45)(20)(25)**Selling, general and administrative(178)(117)(61)(