v3.26.3
Segment Information
 3 Months Ended
Sep. 30, 2026
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, virtual multi-channel video programming distributors 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, 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. 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 three months ended September 30,
20262025
(in millions)
Revenues
Cable Network Programming$1,803 $1,662 
Television2,713 2,050 
Total segment revenues4,516 3,712 
Corporate and Other246 89 
Eliminations(191)(63)
Total revenues$4,571 $3,738 
Segment EBITDA
Cable Network Programming$859 $800 
Television934 399 
Total segment EBITDA1,793 1,199 
Corporate and Other(152)(134)
Depreciation and amortization(118)(98)
Restructuring, impairment and other corporate matters(17)8 
Equity losses of affiliates— (1)
Interest expense, net(80)(50)
Non-operating other, net(143)(125)
Income before income tax expense1,283 799 
Income tax expense(326)(190)
Net income957 609 
Less: Net income attributable to noncontrolling interests(14)(10)
Net income attributable to Fox Corporation stockholders$943 $599 
For the three months ended September 30,
20262025
(in millions)
Reconciliation of Revenues to Segment EBITDA
Cable Network Programming
Revenues$1,803 $1,662 
Operating expenses(793)(703)
Selling, general and administrative(151)(159)
Segment EBITDA$859 $800 
Television
Revenues$2,713 $2,050 
Operating expenses(1,496)(1,385)
Selling, general and administrative(283)(266)
Segment EBITDA$934 $399 
For the three months ended September 30,
20262025
(in millions)
Revenues by Segment by Component
Cable Network Programming
Distribution$1,200 $1,090 
Advertising373 345 
Content and other230 227 
Total Cable Network Programming revenues1,803 1,662 
Television
Advertising1,708 1,067 
Distribution850 821 
Content and other155 162 
Total Television revenues2,713 2,050 
Corporate and Other246 89 
Eliminations(191)(63)
Total revenues$4,571 $3,738 
For the three months ended September 30,
20262025
(in millions)
Depreciation and amortization
Cable Network Programming$26 $26 
Television58 30 
Corporate and Other34 42 
Total depreciation and amortization$118 $98 
For the three months ended September 30,
20262025
(in millions)
Capital expenditures
Cable Network Programming$29 $28 
Television33 32 
Corporate and Other51 44 
Total capital expenditures$113 $104 
As of
September 30,
2026
As of
June 30,
2026
(in millions)
Assets
Cable Network Programming$3,263 $3,216 
Television9,316 8,829 
Corporate and Other9,681 9,472 
Investments833 965 
Total assets$23,093 $22,482