Fox Corporation reported a modest year-over-year revenue uptick in Q4 2024, supported by stable demand across its broadcast, cable, and content licensing franchises. Despite higher other expenses weighing on pretax income, the company delivered solid operating leverage with operating income of $671 million and EBITDA of $645 million, translating to an EBITDA margin of roughly 20.9% on $3.092 billion of revenue. Net income was $319 million, or $0.68 per share, reflecting a net margin of 10.3% and YoY and QoQ declines driven largely by non-operating charges.
Cash generation remained a standout feature. Operating cash flow reached $899 million for the period, with capital expenditures of $112 million and free cash flow of $787 million. Fox returned capital to shareholders via a $250 million share repurchase program and a small dividend payout (~$9 million), while ending the quarter with $4.32 billion in cash and equivalents and total liquidity ample enough to support ongoing capital allocation priorities. Net debt stood at approximately $3.83 billion, reinforcing a comfortable balance sheet posture with a current ratio of 2.54 and a debt-to-capitalization of about 0.43.
Looking ahead, Fox's investment thesis hinges on sustaining a diversified, cash-generative business model across news, sports, and entertainment, and advancing monetization of digital and streaming assets (e.g., Tubi and Fox Alternative Entertainment). Management guidance for QQ4 2024 is not explicitly stated in the provided materials; thus investors should monitor ad market trends, sports-rights costs, and the contribution from digital platforms to earnings and free cash flow. The company appears well-positioned to fund continued buybacks and modest capex while preserving liquidity, albeit with continued sensitivity to macro ad cycles and content licensing dynamics.