Company: FOX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001628280-25-047354
Chunk: 65

Company: Fox Corp
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 65
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 expense, net, Non-operating other, net and Income tax expense. Effective July 1, 2025, the Company no longer removes the impact of amortization of cable distribution investments when calculating Adjusted EBITDA. Prior periods were not restated as the impact of the change is immaterial to the calculation.

Management believes that information about Adjusted EBITDA assists all users of the Company’s Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect Net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Adjusted EBITDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

Adjusted EBITDA is considered a non-GAAP financial measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment charges, which are significant components in assessing the Company’s financial performance. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

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The following table reconciles Net income to Adjusted EBITDA 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, 20252024 (in millions) Net income$609 $832 AddAmortization of cable distribution investments— 4 Depreciation and amortization98 91 Restructuring, impairment and other corporate matters(8)26 Equity losses (earnings) of affiliates1 (3)Interest expense, net50 50 Non-operating other, net125 (233)Income tax expense190 281 Adjusted EBITDA$1,065 $1,048 

The following table sets forth the computation of Adjusted EBITDA 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, 202