Fox Corporation delivered a strong start to fiscal 2025 (QQ1 2025) with broad-based top-line growth and an expanded EBITDA footprint, underscored by resilient demand across News, Sports, and Entertainment. Revenue rose 11% year over year to $3.56 billion, and quarterly EBITDA reached $1.05 billion, up 21% versus the prior year. The quarter showcased the power of Fox’s diversified platform strategy, with FOX News Media posting elevated ratings and engagement, Tubi accelerating its monetization and political spend, and FOX Sports driving high-profile live events that supported pricing strength across the portfolio. Management signaled continued confidence in the trajectory of Tubi toward a $1 billion revenue run rate in the current fiscal year, and highlighted meaningful cross-channel synergies that underpin the company’s long-term shareholder value creation.
Key drivers include a robust political advertising cycle, record political revenues for Q1 and the full year, and continued strength in local station advertising alongside growth at Tubi. However, Fox cautioned that elevated sports rights amortization and higher sports-related costs modestly offset revenue gains, while the timing of sports schedules (e.g., UFC/UEFA timelines) and the broader ad-market environment remain potential headwinds. The company reinforced its capital-allocation discipline through ongoing buybacks (roughly $5.9B repurchased since 2019) and a solid balance sheet (approximately $4.1B cash and $7.2B debt). The combination of leading brands, scale, and a flexible content ecosystem positions Fox to navigate near-term volatility while advancing a multi-year growth agenda.