Fox's Q1 Earnings: Revenue And EPS Beat, Political Ads, Tubi Expansion Boosts Growth

Fox Corp FOXA reported fiscal first-quarter 2025 revenues of $3.56 billion, up from $3.21 billion a year ago, beating the analyst consensus of $3.37 billion. 

Adjusted net income was $672 million, or $1.45 per share, beating the analyst consensus of $1.11. It was up from $537 million or $1.09 per share a year ago. The stock gained after the print.

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Cable Network Programming reported quarterly segment revenues of $1.60 billion, an increase of 15% Y/Y. Television reported quarterly segment revenues of $1.95 billion, an increase of 10% Y/Y.

Affiliate fee revenues increased by 6% to $1.84 billion, driven by 10% growth in the Television and Cable Network Programming segments. 

Advertising revenues increased 11% to $1.33 billion, primarily due to higher political advertising revenues at the FOX Television Stations, continued growth at Tubi, higher ratings and higher pricing in the direct response marketplace at FOX News Media, and the impact of the “Summer of Soccer” at FOX Sports, including the broadcasts of the UEFA European Championship and CONMEBOL Copa América.

The company reported a quarterly net income of $827 million compared to $407 million Y/Y.

In the first quarter, the company bought back about $250M of its Class A common stock and under the current buyback program, about $1.15B remains.

Chair and CEO Lachlan Murdoch highlighted a solid start to fiscal 2025, citing audience growth at FOX News, record political ad revenue, accelerating revenue at Tubi, and a successful fall sports lineup. Murdoch noted that these combined factors drove impressive revenue and earnings growth for the first fiscal quarter.

Bank of America analyst Jessica Reif Ehrlich had said Fox is benefiting from significant sports and political events, including Super Bowl LIX and the 2024 election.

Ehrlich highlighted strong ad growth in Fox’s news and political segments and nearly sold-out Super Bowl ad slots, with 30-second spots priced at $7 million. The analyst noted Fox’s resilience in linear TV, driven by sports and news while hinting at potential shifts to streaming due to linear decline.

Fox stock surged over 38% year-to-date.

Price Action: FOXA stock is up 3.87% at $43.50 at the last check on Monday.

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