Fox’s fourth quarter results were shaped by ongoing strength in its core live news and sports programming, alongside continued digital momentum. Management pointed to robust advertising demand across their cable and streaming platforms, with CEO Lachlan Murdoch highlighting “record-breaking ad revenue” for both Major League Baseball and NFL broadcasts. The company also credited the success of Tubi, its free ad-supported streaming service, for contributing to growth in both engagement and revenue. Notably, Fox One, the company’s new streaming platform, exceeded early expectations for subscriber uptake and engagement, which Murdoch described as “meaningful insights into audience engagement trends.”
Is now the time to buy FOXA? Find out in our full research report (it’s free for active Edge members).
FOX (FOXA) Q4 CY2025 Highlights:
- Revenue: $5.18 billion vs analyst estimates of $5.09 billion (2% year-on-year growth, 1.8% beat)
- Adjusted EPS: $0.82 vs analyst estimates of $0.52 (58.6% beat)
- Adjusted EBITDA: $692 million vs analyst estimates of $461.8 million (13.4% margin, 49.9% beat)
- Operating Margin: 11.4%, down from 13.4% in the same quarter last year
- Market Capitalization: $25.63 billion
While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.
Our Top 5 Analyst Questions From FOX’s Q4 Earnings Call
- John Hodulik (UBS) asked about the durability of cable advertising strength and whether news advertising CPMs are closing the gap with broadcast. CEO Lachlan Murdoch cited strong demand and higher scatter pricing, expecting growth to continue into the election cycle.
- Jessica Reif Ehrlich (Bank of America Securities) questioned how Fox plans to offset expected NFL rights cost increases and about the entertainment division’s strategy. Murdoch stated Fox will balance its sports portfolio and continue disciplined content investments, highlighting recent successes in entertainment.
- Michael Ng (Goldman Sachs) sought clarity on Fox One’s subscriber momentum and seasonality, as well as its impact on financial statements. Murdoch described Fox One’s uptake as above expectations and outlined efforts to sustain engagement post-football season; CFO Steve Tomsic explained its accounting treatment.
- Michael Morris (Guggenheim) queried improvements in subscriber decline rates and Tubi’s advertising growth. Murdoch pointed to the role of skinny bundles in slowing declines and credited Tubi’s 19% revenue growth to younger, more diverse audiences and strong advertiser interest.
- Robert Fishman (MoffettNathanson) followed up on skinny bundles’ economics for Fox News and sports betting partnerships. Murdoch affirmed Fox’s downside protection in bundled deals and highlighted the advertising potential from sports betting partners like FanDuel and Flutter.
Catalysts in Upcoming Quarters
In the coming quarters, StockStory analysts will be tracking (1) the magnitude and timing of political advertising revenue as the election cycle intensifies, (2) Tubi’s ongoing profitability and engagement growth as its content slate expands, and (3) Fox One’s ability to sustain subscriber momentum and mitigate sports seasonality. Developments in sports rights negotiations and the impact of skinny bundles on subscriber trends will also be important to monitor.
FOX currently trades at $63.36, down from $70.27 just before the earnings. Is there an opportunity in the stock?Find out in our full research report (it’s free).
High-Quality Stocks for All Market Conditions
The market’s up big this year - but there’s a catch. Just 4 stocks account for half the S&P 500’s entire gain. That kind of concentration makes investors nervous, and for good reason. While everyone piles into the same crowded names, smart investors are hunting quality where no one’s looking - and paying a fraction of the price. Check out the high-quality names we’ve flagged in our Top 5 Growth Stocks for this month. This is a curated list of our High Quality stocks that have generated a market-beating return of 244% over the last five years (as of June 30, 2025).
Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.