10-K · August 6, 2025
FOX emphasizes leadership in live, appointment-based news, sports and entertainment and is expanding digital distribution (notably Tubi and the planned FOX One launch). The company finished fiscal 2025 with strong…
Earnings analysis · 10-Q
FOX earnings analysis
Filed October 30, 2025 · Our reading of the company's report
The latest report
Fox reported revenues of $3,738 million for the three months ended September 30, 2025 (up $174 million, +4.9% vs. $3,564 million a year ago) and diluted EPS of $1.32 (down from $1.78 a year ago). Operating income…
Read full summary
Fox reported revenues of $3,738 million for the three months ended September 30, 2025 (up $174 million, +4.9% vs. $3,564 million a year ago) and diluted EPS of $1.32 (down from $1.78 a year ago). Operating income remained near $959 million (operating margin ~25.7%) but cash from operations swung to a use of $130 million, producing free cash flow of negative $234 million. Management increased buyback authorization to $12.0 billion and expects an accelerated share repurchase of $1.5 billion to commence October 31, 2025.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.32
What stood out
-
Revenue growth and top-line beat
Total revenues were $3,738 million in the quarter, up $174 million (+4.9%) from $3,564 million in the prior-year period.
-
Operating profitability remains high
Operating income was approximately $959 million, implying an operating margin of ~25.7% on $3,738 million of revenue.
-
Strong cash balance and equity base
Cash and cash equivalents were $4,368 million and total equity was $12,311 million as of September 30, 2025.
-
Materially expanded buyback authorization
Board increased repurchase authorization to $12.0 billion (added $5.0 billion in August 2025); the company repurchased ~4 million shares for ~$250 million in the quarter and announced an expected $1.5 billion accelerated share repurchase (to repurchase $700 million of Class A and $800 million of Class B stock).
-
Investments with liquid market value
Investments in equity securities categorized as Level 1 totaled $1,118 million as of September 30, 2025.
What to watch
-
EPS and net income decline YoY
Diluted EPS was $1.32 versus $1.78 in the prior-year period (a decline of $0.46, -25.8%); net income attributable to Fox stockholders was $599 million versus $827 million a year ago (down $228 million).
-
Operating cash flow turned negative
Net cash used in operating activities was $(130) million in the quarter versus net cash provided of $158 million in the prior-year period (a swing of $288 million).
-
Negative free cash flow and higher capex
Free cash flow was negative $234 million (operating cash flow $(130) million less capital expenditures $104 million); capex increased to $104 million from $64 million year-over-year.
-
Working capital pressure: receivables and inventories increased
Receivables, net increased to $2,810 million from $2,472 million (up $338 million) and total inventories, net rose to $1,362 million from $1,174 million (up $188 million) as of September 30, 2025.
-
Large swing in non-operating results
Non-operating other, net was a charge of $(125) million versus income of $233 million in the prior-year quarter (a negative swing of $358 million).
-
Higher contractual commitments
Total firm commitments and future debt payments increased to approximately $37 billion as of September 30, 2025 from $35 billion at June 30, 2025.
Management's outlook
The 10-Q contains forward-looking capital deployment commentary: management increased the repurchase program to $12.0 billion and expects to enter into a $1.5 billion accelerated share repurchase commencing October 31, 2025 (to repurchase $700 million of Class A and $800 million of Class B) and anticipates completing the ASR during the second half of fiscal 2026. No explicit numeric revenue or EPS guidance was provided in the MD&A.
Earlier filings 4
10-Q · November 4, 2024
FOX reported revenue of $3,564 million and diluted EPS of $1.78 for the three months ended September 30, 2024, driven by higher operating profitability (operating margin ~26.0%). Revenue and EPS increased meaningfully…
10-Q · November 1, 2022
Fox reported quarterly revenue of $3,192 million, up $147 million (+4.8%) versus the prior-year quarter, while diluted EPS declined to $1.10 from $1.21. Operating cash flow strengthened to $270 million (vs. $29 million…
10-K · August 12, 2022
FOX emphasizes a focused strategy around live, appointment-based news, sports and entertainment and is investing in digital distribution (notably TUBI) and rights to marquee sports. The filing highlights scale: FOX…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.