Fox (FOXA) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 delivered nearly $14 billion in revenue and $2.88 billion in EBITDA, with strong affiliate revenue growth and record viewership at Tubi and Fox News.

• Tubi solidified its position as the most-watched free TV and movie streaming service in the US, with record audience metrics.

• Fox News achieved its highest share of cable news audience in primetime since 2015.

• Fox brands saw increased total viewing time despite lacking major events like the Super Bowl and FIFA Men's World Cup.

• Entering fiscal 2025, FOX is positioned for major events including the Presidential Election and Super Bowl.

Financial highlights

• Fiscal 2024 revenues reached almost $14 billion, with adjusted EBITDA of $2.88 billion.

• Net income attributable to stockholders was $1.55 billion ($3.13/share), up from $1.24 billion ($2.33/share) in 2023.

• Adjusted net income for the year was $1.65 billion, with adjusted EPS of $3.43.

• Q4 revenues were $3.09 billion (up 2% YoY), with adjusted EBITDA of $773 million (up 5% YoY).

• Advertising revenue for the year declined to $5.44 billion from $6.61 billion, mainly due to the absence of major sports events and lower political advertising.

Outlook and guidance

• Fiscal 2025 will feature major events like Super Bowl LIX and the U.S. election cycle, expected to drive significant advertising and free cash flow growth.

• Political advertising is anticipated to reach record levels, especially as the election map expands.

• Tubi and digital-led growth initiatives remain a focus, with continued investment and improved EBITDA expected.

• Venu Sports streaming service to launch in the fall, targeting 5 million subscribers over five years.