The Company has equity-based compensation plans, including the Fox Corporation 2019 Shareholder Alignment Plan (See Note 12—Equity-Based Compensation in the 2025 Form 10-K).

The following table summarizes the Company’s equity-based compensation:


	For the three months ended September 30,
	2025		2024
	(in millions)
Equity-based compensation	$	28	$	34
Intrinsic value of all settled equity-based awards	$	156	$	78
Tax benefit on settled equity-based awards	$	26	$	15

The Company’s equity-based awards are settled in Class A Common Stock. As of September 30, 2025, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $190 million and is expected to be recognized over a weighted average period between two and three years.

The computation of diluted earnings per share did not include stock options or performance-based stock options outstanding during each period presented if their inclusion would have been antidilutive, and, for those shares that are contingently issuable, if all necessary conditions have not been satisfied for the periods presented.

During the three months ended September 30, 2025 and 2024, approximately 1.6 million and 1.5 million restricted stock units (“RSUs”) vested and approximately 1.1 million and 1.7 million RSUs were granted, respectively. These RSUs generally vest in equal annual installments over a three-year period subject to participants’ continued employment with the Company.

During the three months ended September 30, 2025 and 2024, approximately 1.3 million and 1.6 million performance-based stock options were exercised and approximately 2.4 million and 3.4 million were granted, respectively, which will vest in full at the end of a three-year performance period if the market condition is met and have a term of seven years thereafter.