v3.25.2
Segment Information
 12 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable segments:
•Cable Network Programming, which produces and licenses news and sports content distributed through MVPDs and other digital platforms, primarily in the U.S.
•Television, which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising supported video-on-demand service Tubi, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations are affiliated with the FOX Network and 11 are affiliated with MyNetworkTV. The segment also includes various production companies that produce content for the Company and third parties.
The Credible and the FOX Studio Lot operating segments do not meet the criteria under GAAP to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of Credible, the FOX Studio Lot and corporate overhead costs. Credible is a U.S. consumer finance marketplace. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.
The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment EBITDA (defined below). Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses. Intersegment transactions principally relate to the sublicensing of sports content and rental of studio and administrative space, which are recorded consistently with the recognition of transactions with third parties and are eliminated in consolidation.
Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s operating segments because it is the primary measure used by the Company’s chief operating decision maker, the Chief Executive Officer, to monitor actual versus budget and prior fiscal year financial results, forecast future periods and perform competitive analyses to evaluate performance and allocate resources.
The tables below present summarized financial information for each of the Company’s reportable segments and Corporate and Other.
For the years ended June 30,
202520242023
(in millions)
Revenues
Cable Network Programming$6,930 $5,955 $6,043 
Television9,325 7,875 8,710 
Corporate and Other244 209 217 
Eliminations(199)(59)(57)
Total revenues$16,300 $13,980 $14,913 
Segment EBITDA
Cable Network Programming$3,030 $2,693 $2,472 
Television945 506 1,009 
Corporate and Other(351)(316)(290)
Amortization of cable distribution investments(10)(16)(16)
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, net
438 (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 
For the years ended June 30,
202520242023
(in millions)
Reconciliation of Revenues to Segment EBITDA
Cable Network Programming
Revenues$6,930 $5,955 $6,043 
Operating expenses(3,275)(2,668)(2,927)
Selling, general and administrative(635)(610)(660)
Amortization of cable distribution investments10 16 16 
Segment EBITDA$3,030 $2,693 $2,472 
Television
Revenues$9,325 $7,875 $8,710 
Operating expenses(7,308)(6,372)(6,704)
Selling, general and administrative(1,072)(997)(997)
Segment EBITDA$945 $506 $1,009 
For the years ended June 30,
202520242023
(in millions)
Revenues by Segment by Component
Cable Network Programming
Affiliate fee$4,316 $4,188 $4,175 
Advertising1,531 1,262 1,403 
Other1,083 505 465 
Total Cable Network Programming revenues6,930 5,955 6,043 
Television
Advertising5,334 4,182 5,204 
Affiliate fee3,340 3,136 2,876 
Other651 557 630 
Total Television revenues9,325 7,875 8,710 
Corporate and Other244 209 217 
Eliminations(199)(59)(57)
Total revenues$16,300 $13,980 $14,913 
For fiscal 2025, 2024 and 2023, the Company had no individual customers that accounted for 10% or more of Revenues.
For the years ended June 30,
202520242023
(in millions)
Depreciation and amortization
Cable Network Programming$94 $77 $71 
Television119 117 126 
Corporate and Other172 195 214 
Total depreciation and amortization$385 $389 $411 
For the years ended June 30,
202520242023
(in millions)
Capital expenditures
Cable Network Programming$127 $161 $66 
Television82 76 96 
Corporate and Other122 108 195 
Total capital expenditures$331 $345 $357 
As of June 30,
20252024
(in millions)
Assets
Cable Network Programming$2,895 $2,792 
Television7,924 7,961 
Corporate and Other10,755 10,090 
Investments1,621 1,129 
Total assets$23,195 $21,972 
 
As of June 30,
 20252024
 (in millions)
Goodwill and intangible assets, net
Cable Network Programming$1,290 $1,288 
Television4,636 4,605 
Corporate and Other682 689 
Total goodwill and intangible assets, net$6,608 $6,582