Fox (FOXA) Q1 2025 earnings summary

Executive summary

• Quarterly revenue rose 11% year-over-year to $3.56 billion, driven by higher affiliate fees, advertising, sports sublicensing, and strong content performance across news, sports, and entertainment.

• EBITDA increased 21% to $1.05 billion, with net income attributable to stockholders more than doubling to $827 million ($1.78/share), up from $407 million ($0.82/share) last year, reflecting higher segment EBITDA and an unrealized gain on Flutter investment.

• Adjusted net income was $672 million ($1.45/share), up from $537 million ($1.09/share) year-over-year.

• FOX News achieved record viewership, leading all major political demographics and swing states, with total audience up over 40% and key demo up over 60% year-over-year.

• Tubi posted 19% revenue growth, is on track to surpass $1 billion in annual revenue, and has become a major recipient of political advertising.

Financial highlights

• Affiliate fee revenue grew 6% year-over-year, with 10% growth in Television and 3% in Cable Network Programming.

• Advertising revenue increased 11%, benefiting from political ad spending, Tubi growth, FOX News Media, and major sports events.

• Other revenues surged 47%, mainly from higher sports sublicensing at national sports networks.

• Free cash flow was $94 million for the quarter; net cash provided by operating activities was $158 million, up from $1 million a year ago.

• Diluted EPS was $1.78, up from $0.82 year-over-year.

Outlook and guidance

• Tubi expected to cross $1 billion in revenue this fiscal year, with growth accelerating in Q2.

• TV segment anticipated to benefit from political, Tubi, and sports revenue tailwinds, with strong performance expected in Q2–Q4.

• Super Bowl in Q3 will be highly cash flow accretive, though not EBITDA accretive.

• Management expects continued semi-annual dividends, subject to board approval, and ongoing share repurchases under the $7 billion authorization.

• The company remains focused on strengthening core brands, digital growth, and selective production enhancements.