Fox CorpFOXA
Fox Corp Segments Disclosure
SEGMENT INFORMATION
The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable segments:
•Cable Network Programming, which produces and licenses news and sports content distributed through MVPDs and other digital platforms, primarily in the U.S.
•Television, which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising supported video-on-demand service Tubi, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations are affiliated with the FOX Network and 11 are affiliated with MyNetworkTV. The segment also includes various production companies that produce content for the Company and third parties.
The Credible and the FOX Studio Lot operating segments do not meet the criteria under GAAP to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of Credible, the FOX Studio Lot and corporate overhead costs. Credible is a U.S. consumer finance marketplace. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.
The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment EBITDA (defined below). Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses. Intersegment transactions principally relate to the sublicensing of sports content and rental of studio and administrative space, which are recorded consistently with the recognition of transactions with third parties and are eliminated in consolidation.
Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating other, net and Income tax expense. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s operating segments because it is the primary measure used by the Company’s chief operating decision maker, the Chief Executive Officer, to monitor actual versus budget and prior fiscal year financial results, forecast future periods and perform competitive analyses to evaluate performance and allocate resources.
The tables below present summarized financial information for each of the Company’s reportable segments and Corporate and Other.
For the years ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Revenues | |||||||||||||||||
| Cable Network Programming | $ | 6,930 | $ | 5,955 | $ | 6,043 | |||||||||||
| Television | 9,325 | 7,875 | 8,710 | ||||||||||||||
| Corporate and Other | 244 | 209 | 217 | ||||||||||||||
| Eliminations | (199) | (59) | (57) | ||||||||||||||
| Total revenues | $ | 16,300 | $ | 13,980 | $ | 14,913 | |||||||||||
| Segment EBITDA | |||||||||||||||||
| Cable Network Programming | $ | 3,030 | $ | 2,693 | $ | 2,472 | |||||||||||
| Television | 945 | 506 | 1,009 | ||||||||||||||
| Corporate and Other | (351) | (316) | (290) | ||||||||||||||
| Amortization of cable distribution investments | (10) | (16) | (16) | ||||||||||||||
| Depreciation and amortization | (385) | (389) | (411) | ||||||||||||||
| Restructuring, impairment and other corporate matters | (350) | (67) | (1,182) | ||||||||||||||
| Equity (losses) earnings of affiliates | (29) | (44) | 4 | ||||||||||||||
| Interest expense, net | (227) | (216) | (218) | ||||||||||||||
Non-operating other, net | 438 | (47) | 368 | ||||||||||||||
| Income before income tax expense | 3,061 | 2,104 | 1,736 | ||||||||||||||
| Income tax expense | (768) | (550) | (483) | ||||||||||||||
| Net income | 2,293 | 1,554 | 1,253 | ||||||||||||||
| Less: Net income attributable to noncontrolling interests | (30) | (53) | (14) | ||||||||||||||
| Net income attributable to Fox Corporation stockholders | $ | 2,263 | $ | 1,501 | $ | 1,239 | |||||||||||
For the years ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Reconciliation of Revenues to Segment EBITDA | |||||||||||||||||
| Cable Network Programming | |||||||||||||||||
| Revenues | $ | 6,930 | $ | 5,955 | $ | 6,043 | |||||||||||
| Operating expenses | (3,275) | (2,668) | (2,927) | ||||||||||||||
| Selling, general and administrative | (635) | (610) | (660) | ||||||||||||||
| Amortization of cable distribution investments | 10 | 16 | 16 | ||||||||||||||
| Segment EBITDA | $ | 3,030 | $ | 2,693 | $ | 2,472 | |||||||||||
| Television | |||||||||||||||||
| Revenues | $ | 9,325 | $ | 7,875 | $ | 8,710 | |||||||||||
| Operating expenses | (7,308) | (6,372) | (6,704) | ||||||||||||||
| Selling, general and administrative | (1,072) | (997) | (997) | ||||||||||||||
| Segment EBITDA | $ | 945 | $ | 506 | $ | 1,009 | |||||||||||
For the years ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Revenues by Segment by Component | |||||||||||||||||
| Cable Network Programming | |||||||||||||||||
| Affiliate fee | $ | 4,316 | $ | 4,188 | $ | 4,175 | |||||||||||
| Advertising | 1,531 | 1,262 | 1,403 | ||||||||||||||
| Other | 1,083 | 505 | 465 | ||||||||||||||
| Total Cable Network Programming revenues | 6,930 | 5,955 | 6,043 | ||||||||||||||
| Television | |||||||||||||||||
| Advertising | 5,334 | 4,182 | 5,204 | ||||||||||||||
| Affiliate fee | 3,340 | 3,136 | 2,876 | ||||||||||||||
| Other | 651 | 557 | 630 | ||||||||||||||
| Total Television revenues | 9,325 | 7,875 | 8,710 | ||||||||||||||
| Corporate and Other | 244 | 209 | 217 | ||||||||||||||
| Eliminations | (199) | (59) | (57) | ||||||||||||||
| Total revenues | $ | 16,300 | $ | 13,980 | $ | 14,913 | |||||||||||
For fiscal 2025, 2024 and 2023, the Company had no individual customers that accounted for 10% or more of Revenues.
For the years ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Depreciation and amortization | |||||||||||||||||
| Cable Network Programming | $ | 94 | $ | 77 | $ | 71 | |||||||||||
| Television | 119 | 117 | 126 | ||||||||||||||
| Corporate and Other | 172 | 195 | 214 | ||||||||||||||
| Total depreciation and amortization | $ | 385 | $ | 389 | $ | 411 | |||||||||||
For the years ended June 30, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| (in millions) | |||||||||||||||||
| Capital expenditures | |||||||||||||||||
| Cable Network Programming | $ | 127 | $ | 161 | $ | 66 | |||||||||||
| Television | 82 | 76 | 96 | ||||||||||||||
| Corporate and Other | 122 | 108 | 195 | ||||||||||||||
| Total capital expenditures | $ | 331 | $ | 345 | $ | 357 | |||||||||||
As of June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in millions) | |||||||||||
| Assets | |||||||||||
| Cable Network Programming | $ | 2,895 | $ | 2,792 | |||||||
| Television | 7,924 | 7,961 | |||||||||
| Corporate and Other | 10,755 | 10,090 | |||||||||
| Investments | 1,621 | 1,129 | |||||||||
| Total assets | $ | 23,195 | $ | 21,972 | |||||||
As of June 30, | |||||||||||
| 2025 | 2024 | ||||||||||
| (in millions) | |||||||||||
| Goodwill and intangible assets, net | |||||||||||
| Cable Network Programming | $ | 1,290 | $ | 1,288 | |||||||
| Television | 4,636 | 4,605 | |||||||||
| Corporate and Other | 682 | 689 | |||||||||
| Total goodwill and intangible assets, net | $ | 6,608 | $ | 6,582 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Aug 6, 2025 | Showing above |
| 2024 | Aug 8, 2024 | |
| 2023 | Aug 11, 2023 | |
| 2022 | Aug 12, 2022 | |
| 2021 | Aug 10, 2021 | |
| 2020 | Aug 10, 2020 | |
| 2019 | Aug 9, 2019 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.