v3.25.3
Segment Information
 3 Months Ended
Sep. 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 traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”), virtual multi-channel video programming distributors (“virtual 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 FOX One, the Company’s direct-to-consumer subscription streaming service launched in August 2025, 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, direct-to-consumer streaming services 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: 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. Effective July 1, 2025, the Company no longer removes the impact of amortization of cable distribution investments when calculating Segment EBITDA. Prior periods were not restated as the impact of the change is immaterial to the calculation. 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.
We use the term "MVPDs" to refer collectively to traditional MVPDs and virtual MVPDs.
The tables below present summarized financial information for each of the Company’s reportable segments and Corporate and Other.
 
For the three months ended September 30,
 20252024
 (in millions)
Revenues  
Cable Network Programming$1,662 $1,597 
Television2,050 1,953 
Corporate and Other89 65 
Eliminations(63)(51)
Total revenues$3,738 $3,564 
Segment EBITDA
Cable Network Programming$800 $748 
Television399 372 
Corporate and Other(134)(72)
Amortization of cable distribution investments— (4)
Depreciation and amortization(98)(91)
Restructuring, impairment and other corporate matters8 (26)
Equity (losses) earnings of affiliates(1)3 
Interest expense, net(50)(50)
Non-operating other, net(125)233 
Income before income tax expense799 1,113 
Income tax expense(190)(281)
Net income609 832 
Less: Net income attributable to noncontrolling interests(10)(5)
Net income attributable to Fox Corporation stockholders$599 $827 
For the three months ended September 30,
20252024
(in millions)
Reconciliation of Revenues to Segment EBITDA
Cable Network Programming
Revenues$1,662 $1,597 
Operating expenses(703)(702)
Selling, general and administrative(159)(151)
Amortization of cable distribution investments— 4 
Segment EBITDA$800 $748 
Television
Revenues$2,050 $1,953 
Operating expenses(1,385)(1,333)
Selling, general and administrative(266)(248)
Segment EBITDA$399 $372 
 
For the three months ended September 30,
 20252024
 (in millions)
Revenues by Segment by Component
Cable Network Programming  
Distribution(a)
$1,090 $1,062 
Advertising345 321 
Content and other227 214 
Total Cable Network Programming revenues1,662 1,597 
Television
Advertising1,067 1,008 
Distribution(a)
821 806 
Content and other162 139 
Total Television revenues2,050 1,953 
Corporate and Other89 65 
Eliminations(63)(51)
Total revenues$3,738 $3,564 
(a)
The Company generates distribution revenue from agreements with MVPDs for cable network programming and retransmission fees for the broadcast of the Company’s owned and operated television stations and from subscription fees for the Company’s direct-to-consumer streaming services. In addition, the Company generates distribution revenue from agreements with independently owned television stations that are affiliated with the FOX Network.
For the three months ended September 30,
20252024
(in millions)
Depreciation and amortization
Cable Network Programming$26 $20 
Television30 29 
Corporate and Other42 42 
Total depreciation and amortization$98 $91 
For the three months ended September 30,
20252024
(in millions)
Capital expenditures
Cable Network Programming$28 $23 
Television32 11 
Corporate and Other44 30 
Total capital expenditures$104 $64 
As of
September 30,
2025
As of
June 30,
2025
(in millions)
Assets
Cable Network Programming$3,052 $2,895 
Television8,378 7,924 
Corporate and Other9,701 10,755 
Investments1,635 1,621 
Total assets$22,766 $23,195