Short answer
Fox Corporation (Class B) (FOX) filed its fiscal 2025 10-K annual report with the SEC on Aug 6, 2025. It reported revenue of $16.3B (+16.6% year over year) and net income of $2.3B.
- Top risk flagged: Regulatory risk: Increased income tax expense at effective rate 25% vs statutory 21%, due to state taxes and permanent items affecting FY2025
FY2025 key financial metrics · XBRL
- Revenue
- $16.3B
- +16.6% YoY
- Net income
- $2.3B
- +50.8% YoY
- EPS (diluted)
- $4.91
- +56.9% YoY
- ROE
- 18.9%
- +4.9 pp YoY
- Operating cash flow
- $3.3B
- +80.7% YoY
Source: XBRL data from the Fox Corporation (Class B) (FOX) FY2025 10-K on SEC EDGAR. USD.
Fox Corporation (Class B) FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Ownership and operation of U.S. television broadcast stations and cable networks
- Regulatory risk emphasis: Increased focus on evolving AI-related laws raising potential legal liabilities and compliance costs in 2025
- Notable litigation expense: $800 million paid in April 2023 settlement of defamation claims related to Dominion lawsuit
- Strategic capital management: $12 billion stock repurchase program approved, potentially increasing Murdoch Family Trust voting power
- Regulatory challenge: FCC's July 2025 mandate to auction at least 100 MHz of C-Band spectrum, reducing satellite transmission availability
Management Discussion & Analysis
- Revenue $16B for fiscal 2025 with 47% affiliate fees, 42% advertising, 11% other operating activities
- Operating segments: Cable Network Programming and Television primary revenue drivers
- Cable Network Programming segment licenses content via traditional and virtual MVPDs
- Television segment includes FOX broadcast network, Tubi AVOD, 29 stations, production companies
- Credible and FOX Studio Lot reported within Corporate and Other, not separately disclosed
Risk Factors
- Regulatory risk: Increased income tax expense at effective rate 25% vs statutory 21%, due to state taxes and permanent items affecting FY2025
- Geopolitical/macroeconomic risk: Decline in average number of subscribers by ~460 million impact on affiliate fees in FY2025
- Operational/supply risk: Higher sports programming rights amortization and production costs up $1 billion driven by NFL and Super Bowl LIX broadcasts
- Competitive risk: Digital growth led by Tubi AVOD service faces competition in digital advertising markets and evolving viewer preferences
- Financial/structural risk: $1.25 billion senior notes issued Oct 2023 with maturity and repayment of $600 million and $1.25 billion senior notes in Jan 2024 and Apr 2025 respectively
Generated from the filing text; verify against the original. How to read a 10-K
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