tapebrief

FOX · Q4 2025 Earnings

Bullish

Fox Corporation (Class B)

Reported August 5, 2025

30-second summary

Fox printed Q4 FY2025 revenue of $3.29B (+6% YoY), adjusted EPS of $1.27, and adjusted EBITDA of $939M (+21% YoY), with Cable advertising +15% and Television segment EBITDA more than doubling on the absence of prior-year Euros/Copa América costs. In context, FY2025 closed at $16.30B revenue (+17%) and $4.78 adjusted EPS. Management is pointing FY2026 toward the FOX One streaming launch as the next leg. No earnings call transcript was available with the print, so this brief is built off the release alone.

Headline numbers

EPS

Q4 FY2025

$1.27

Revenue

Q4 FY2025

$3.29B

+6.3% YoY

Key financials

Q4 FY2025
MetricQ4 FY2025YoY
Revenue$3.29B+6.3%
EPS$1.27—

Guidance

Prior quarter data unavailable — comparison not possible.

Segment performance

Q4 FY2025
SegmentQ4 FY2025YoY
Cable Network Programming$1.532B+6.5%
Television$1.707B+5.7%
Cable Network Programming EBITDA$747M—
Television EBITDA$308M—

Platform metrics

Q4 FY2025
SegmentQ4 FY2025
Affiliate Fee Revenue Growth3%
Advertising Revenue Growth7%
Other Revenue Growth33%

Profitability

Q4 FY2025
SegmentQ4 FY2025
Adjusted EBITDA$939M

Management tone

No earnings call transcript was available for this quarter, so a multi-quarter tone arc cannot be constructed. The written CEO commentary in the release emphasizes "solid operational and financial momentum" entering FY2026 and frames the FOX One streaming launch as the defining event of the coming year. That framing — leading with a new direct-to-consumer product rather than the legacy linear bundle — is the signal worth tracking once call commentary becomes available next quarter.

What to watch into next quarter

FOX One launch economics: pricing, content scope, and whether management discloses subscriber targets or first-year revenue/loss expectations. Streaming launches by linear-first peers have typically depressed near-term EBITDA — watch whether Fox guides to a margin trough.

Affiliate fee growth trajectory: the +3% Q4 FY2025 print is below typical contractual escalators, suggesting subscriber declines are biting harder. Watch whether this stays at 3% or compresses further as more renewals get repriced against a smaller pay-TV base.

Advertising growth composition: company-wide ad +7% masks a sharper Cable ad +15% (news ratings, pricing, and digital) versus Television ad +3% (Tubi growth offsetting the absence of UEFA Euros/Copa América broadcasts). Watch whether Cable news pricing strength sustains and whether Television ad growth re-accelerates as the Euros/Copa comp washes out.

"Other revenue" durability: +33% is a sharp print driven by higher content revenues. Watch whether this is a one-quarter item or a sustained new revenue stream.

Capital allocation ahead of FOX One: management called out the balance sheet and added $5B to the repurchase authorization — watch whether buyback pace accelerates or moderates to fund the streaming launch.

Sources

  1. Fox Corporation Q4 and Full Year Fiscal 2025 Earnings Release, filed with SEC on August 5, 2025 — https://www.sec.gov/Archives/edgar/data/1754301/000162828025037611/foxq42025earningsrelease.htm

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