Fox Corporation saw a 17% revenue gain in fiscal year 2025 compared to 2024. This surge was due to Fox airing the Super Bowl, political advertisements throughout the 2024 election and the growth of Tubi.
The company reported its fourth quarter earnings on Tuesday. Executive Chairman and CEO Lachlan Murdoch noted that the company’s growth around revenue, adjusted earnings-per-share (EPS) and free cash flow all set records for Fox. The company also announced a $5 billion increase to its share repurchase authorization as well as an increase in its semi-annual dividend to 28 cents a share ahead of its earnings call.
Throughout the year, affiliate fees increased by 5% due to 7% growth in the television segment and 3% growth in the cable network programming segment. That cable surge is notable. Most of Fox’s competitors report losses on the increasingly shrinking cable battleground. Advertising revenue also increased by 26% during the year due to the aforementioned Super Bowl, political ads and Tubi’s growth. Other revenues increased 47% during the year thanks to higher sports sub-licensing revenues.
As for Tubi, the streamer had an especially strong fourth quarter. Advertising revenues in the television division increased 3% year-over-year to hit $21 million, which was largely driven by Tubi.
Here are the key results:
Net Income: $719 million, a 125% improvement compared to the fourth quarter of 2024. Net income for the year was $2.29 billion, a 48% increase compared to fiscal year 2024.
Earnings Per Share: $1.27 adjusted, a roughly 41% year-over-year increase compared to $1.01 expected by analysts surveyed by Yahoo Finance.
Revenue: $3.29 billion, up 6% year-over-year compared to $3.11 billion expected by analysts surveyed by Yahoo Finance for the quarter. Revenue for the fiscal year was $16.3 billion, a 17% increase compared to 2024.
Adjusted EBITDA: $939 million, a 21%% year-over-year increase. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) for the year was $3.62 billion, a 26% increase compared to fiscal year 2024.
Fox also unveiled its viewership numbers during its earnings call. Fox News’ total day audience increased by 25% in the quarter and 31% in the demo, maintaining over 60% share of the cable news audience. Fox News Digital also had a strong quarter, securing over 1.5 billion YouTube views and over 3.7 billion social media, video views. Both of those totals are the strongest the company have reported to date.
When asked about the increased advertising revenue throughout fiscal year 2025, Murdoch pointed to the high ratings of Fox News. Fox’s coverage of the assassination attempt against President Trump and President Biden dropping out of the 2024 election were highlighted as stories that drove viewership during the year.
As for Tubi, the streamer exceeded over 100 million monthly active users and generated over 1.1 billion in revenue during fiscal year 2025. Throughout the year the streamer accounted for an all time high of 2.2% share of total U.S. television viewers. Specially in the fourth quarter of 2024, the streamer saw 17% growth in total view time, which Murdoch described as “sustainable.”
The company also unveiled the launch date and price point for Fox One, it’s streamer dedicated to cord cutters and cord nevers. The offering will be available on Aug. 21, ahead of the NFL season, and it will cost $19.99 a month. There will be no exclusive content on the streamer, which will also be available to anyone who subscribes to Fox’s cable offerings. Bundling plans for the service will be released at a later date.
The network closed out the 2025 upfront season with double digit-volume growth for the second year, an insider told TheWrap. Sports revenue alone exceeded $2 billion, excluding buys related to the World Cup. The company’s news division also saw double-digit volume and strong pricing growth, and the volume of upfront ad dollars committed to Tubi grew by 35% year-over-year.
