FOXAMEDIUM SIGNALFINANCIAL10-K

FOXA delivered exceptional financial performance with net income surging 51% and operating cash flow jumping 81%, while demonstrating strong operational execution across its media properties.

The dramatic improvement in cash generation and profitability suggests FOXA's strategic focus on its core media assets is paying dividends, with strong performance likely driven by sports programming, advertising recovery, and Tubi's growth. The substantial share buyback activity (Class A shares outstanding dropped from 224.6M to 210.0M) combined with strong earnings growth creates a compelling value creation story for shareholders.

Comparing 2025-08-06 vs 2024-08-08View on EDGAR →
FINANCIAL ANALYSIS

FOXA delivered outstanding financial results with net income growing 51% to $2.3B and operating cash flow surging 81% to $3.3B, indicating strong operational leverage and cash generation capabilities. Current assets expanded 12% to $8.4B while stockholders' equity grew 12% to $12.0B, reflecting a strengthening balance sheet, though inventory declined 31% to $432M which may signal improved content monetization or timing differences in production investments. The overall financial picture demonstrates robust profitability growth, exceptional cash flow performance, and effective capital allocation through share repurchases.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+80.7%
$1.8B→$3.3B

Operating cash flow surged 80.7% — exceptional cash generation, highest quality earnings signal.

Net Income
P&L
+50.8%
$1.5B→$2.3B

Net income grew 50.8% — bottom-line growth signals improving overall business health.

Inventory
Balance Sheet
-31%
$626.0M→$432.0M

Inventory drawn down 31% — strong sell-through or deliberate destocking; watch for supply constraints.

Current Assets
Balance Sheet
+12.4%
$7.5B→$8.4B

Current assets grew 12.4% — improving short-term liquidity or inventory/receivables build.

Stockholders Equity
Balance Sheet
+11.6%
$10.7B→$12.0B

Equity base grew 11.6% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2025-08-06
PRIOR — 2024-08-08
ADDED
As of August 1, 2025, 209,954,934 shares of Class A Common Stock and 235,581,025 shares of Class B Common Stock were outstanding.
Eighteen of the broadcast television stations are affiliated with the FOX Network and 11 are affiliated with MyNetworkTV.
Business Overview FOX produces and delivers compelling news, sports and entertainment content through its iconic brands, including FOX News Media, FOX Sports, Tubi Media Group, FOX Entertainment and FOX Television Stations.
Tubi, our leading AVOD service, attracts a young, diverse and highly engaged audience to its content library of nearly 300,000 movies and television episodes.
FOX News also finished the fiscal year as the #1 cable network in Monday to Friday primetime and total day viewing among total viewers for the tenth consecutive year and delivered ratings that were comparable to ratings delivered by the four broadcast networks in weekday primetime viewing.
A leader in marquee live sports broadcasts, FOX Sports programs the National Football League ( NFL ) featuring America's Game of the Week ), college football (including the Big Ten Conference), Major League Baseball's ( MLB ) Regular Season, All-Star Game and post-season, including exclusive rights to the World Series , National Association of Stock Car Auto Racing ( NASCAR ) and other marquee cyclical events, including the Super Bowl and the F d ration Internationale de Football Association ( FIFA ) Men's World Cup .
Under FOX s ownership, Tubi has become one of the most relevant and 2 fastest growing AVOD services in the country, with 13% growth in total view time (the total number of hours watched) in fiscal 2025 compared to the prior fiscal year.
Tubi finished the fiscal year with approximately 2.2% share of all television viewing according to Nielsen s The Gauge , making it among the most watched free ad-supported streaming services in the U.S.
During the 2024-2025 broadcast season, FOX Entertainment featured two of the season s top three debuts including the #1 Comedy Universal Basic Guys , along with television s three highest-rated and most watched cooking shows Next Level Chef , Hell s Kitchen and Kitchen Nightmares .
in the majority of the markets in which it operates among adults 25-54.
REMOVED
As of August 5, 2024, 224,646,403 shares of Class A Common Stock and 235,581,025 shares of Class B Common Stock were outstanding.
Eighteen of the broadcast television stations are affiliated with the FOX Network, 10 are affiliated with MyNetworkTV and one is an independent station.
Business Overview FOX produces and delivers compelling news, sports and entertainment content through its iconic brands, including FOX News Media, FOX Sports, FOX Entertainment, FOX Television Stations and Tubi Media Group.
Tubi, our leading AVOD service, attracts a young, diverse and highly engaged audience to its content library of over 260,000 movies and television episodes.
A leader in marquee live sports broadcasts, FOX Sports programs the National Football League ( NFL ) (including the #1 show on television among Adults 18-49, America's Game of the Week ), college football (including the Big Ten Conference), Major League Baseball's ( MLB ) Regular Season, All-Star Game and World Series , National Association of Stock Car Auto Racing ( NASCAR ) and other marquee cyclical events, including the Super Bowl and the F d ration Internationale de Football Association ( FIFA ) Men's and Women's World Cup .
During the 2023-2024 broadcast season, FOX Entertainment featured the season s #1 new entertainment series with the FOX-owned animated comedy Krapopolis , launched the #1 game show with The Floor , once again presented television s top cooking 2 competition series with Gordon Ramsay s Next Level Chef , Hell s Kitchen , MasterChef Junior and Kitchen Nightmares , and had four of the top comedies on television with Krapopolis , The Simpsons , Bob s Burgers and Family Guy .
Under FOX s ownership, Tubi has become one of the most relevant and fastest growing AVOD services in the country, with over 40% growth in total view time (the total number of hours watched) in fiscal 2024 compared to the prior fiscal year.
Tubi finished the fiscal year with approximately 2.0% of all television viewing according to Nielsen s The Gauge , further cementing its leadership as the most watched free ad-supported TV ( FAST ) streaming service in the U.S.
We believe the strength and leadership of our brands will continue to support industry leading affiliate fee revenue growth and sustained advertising revenue, while enabling us to nimbly respond to the opportunities and challenges traditional media companies are facing as technologies and changes in consumer behavior continue to rapidly evolve.
FOX News and FOX Business are available in over 65 million U.S.
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