On this page of StockholderLetter.com we present the latest annual shareholder letter from Fox Corp — ticker symbol FOX. Reading current and past FOX letters to shareholders can bring important insights into the investment thesis.
20 ANNUAL REPORT


A MESSAGE FROM L ACHL AN MURDOCH Dear Shareholders, It was a record-breaking fiscal year at FOX, in which we set a new high-water mark both financially and from a viewership perspective, in a clear demonstration of the wisdom of our differentiated strategy. With an abundance of newsworthy events throughout the fiscal year, FOX News and our Stations continued to deliver on our promise to our audience providing them with the best information, insights and in-depth reporting. From our coverage of the 2024 presidential election and second Trump administration to the wars in Gaza and Ukraine to the hurricanes in Florida and North Carolina, the wildfires in California and recent floods in Texas our brilliant team of journalists work tirelessly to get these stories to our viewers.
FOX Television Stations produce over 1,350 n FOX s broadcast of Super Bowl LIX broke hours of local news programming each week. viewership and advertising records as the The integrity of reporting from our teams on the most watched telecast in U.S. history. ground across the 18 markets we serve distinguish us from the proliferation of unreliable news and n including: delivering the most streamed Super misinformation. FOX Television Stations are the Bowl in history, exceeding 100 million monthly #1 local news source according to Comscore1, and active users and reaching an all-time high of we value the bond we share with the communities 2.2% share of total U.S. television viewing. that we are honored to serve. Meanwhile, at a national level, FOX News n demographic and was the only network that grew news with audience shares at times reaching over year-over-year across all key demographics. 70% during the fiscal year. Even more impressive watched channel in all of television. And for the 2024-25 broadcast season, FOX was the #1 network in the key Adults 18-49 reinforced its position as the clear leader in cable is the fact that it currently ranks as the most Tubi s multiple achievements in fiscal 2025 Financial highlights include: n Our revenue growth of 17% to a record $16 billion, Maintaining this public trust as we deliver the as well as record Adjusted EBITDA and news in real-time and contributing fully to Adjusted EPS. the marketplace of ideas is of the highest importance to our company. More broadly, this was also another outstanding n $3 billion. n year of results for FOX, demonstrating the strength Operational highlights include: n Record political advertising revenue across the FOX platforms. We achieved a 26% rise in total advertising revenue to $7 billion. operationally and financially across all our businesses, and delivering our best year yet. Our Free Cash Flow growth of 100% to a record n We announced a $5 billion increase to our share repurchase authorization. n And we returned approximately $1.25 billion to shareholders.
 • shareholder letter icon 9/25/2025 Letter Continued (Full PDF)
 • stockholder letter icon 9/22/2023 FOX Stockholder Letter
 • stockholder letter icon 9/26/2024 FOX Stockholder Letter
 • stockholder letter icon More "Television & Radio" Category Stockholder Letters


FOX Shareholder/Stockholder Letter Transcript:

20
ANNUAL REPORT



A MESSAGE FROM
L ACHL AN MURDOCH
Dear Shareholders,
It was a record-breaking fiscal year at FOX,
in which we set a new high-water mark both
financially and from a viewership perspective,
in a clear demonstration of the wisdom
of our differentiated strategy.
With an abundance of newsworthy events
throughout the fiscal year, FOX News and our
Stations continued to deliver on our promise
to our audience     providing them with the best
information, insights and in-depth reporting.
From our coverage of the 2024 presidential election
and second Trump administration     to the wars
in Gaza and Ukraine     to the hurricanes in Florida
and North Carolina, the wildfires in California
and recent floods in Texas     our brilliant team of
journalists work tirelessly to get these stories
to our viewers.

FOX Television Stations produce over 1,350
n
FOX   s broadcast of Super Bowl LIX broke

hours of local news programming each week.
viewership and advertising records as the
The integrity of reporting from our teams on the
most watched telecast in U.S. history.
ground across the 18 markets we serve distinguish
us from the proliferation of unreliable news and
n
including: delivering the most streamed Super
misinformation. FOX Television Stations are the
Bowl in history, exceeding 100 million monthly
#1 local news source according to Comscore1, and
active users and reaching an all-time high of
we value the bond we share with the communities
2.2% share of total U.S. television viewing.
that we are honored to serve.
Meanwhile, at a national level, FOX News
n
demographic and was the only network that grew
news with audience shares at times reaching over
year-over-year across all key demographics.
70% during the fiscal year. Even more impressive
watched channel in all of television.
And for the 2024-25 broadcast season, FOX

was the #1 network in the key Adults 18-49
reinforced its position as the clear leader in cable
is the fact that it currently ranks as the most
Tubi   s multiple achievements in fiscal 2025

Financial highlights include:
n
Our revenue growth of 17% to a record $16 billion,

Maintaining this public trust as we deliver the
as well as record Adjusted EBITDA and
news in real-time and contributing fully to
Adjusted EPS.
the marketplace of ideas is of the highest
importance to our company.
More broadly, this was also another outstanding
n
$3 billion.
n
year of results for FOX, demonstrating the strength
Operational highlights include:
n
Record political advertising revenue across

the FOX platforms.
We achieved a 26% rise in total advertising

revenue to $7 billion.
    operationally and financially     across all our
businesses, and delivering our best year yet.
Our Free Cash Flow growth of 100% to a record

n
We announced a $5 billion increase to our share

repurchase authorization.
n
And we returned approximately $1.25 billion

to shareholders.



shareholder letter icon 9/25/2025 Letter Continued (Full PDF)
 

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