Q2 2025 Fox Corp Earnings Call Transcript
Key Points
- Fox Corp (FOX) reported a record fiscal second quarter EBITDA of $781 million, more than doubling year-over-year.
- Revenue growth of 20% to over $5 billion was driven by strong affiliate and advertising revenue growth.
- Tubi achieved a 31% increase in ad revenues, contributing significantly to advertising growth.
- Fox News saw a 40% increase in total day audience and a 45% increase in prime time audience year-over-year.
- Fox Corp (FOX) successfully completed all affiliate renewals impacting fiscal 2025, ensuring stable future revenue streams.
- Fox Corp (FOX) recorded a free cash flow deficit of $436 million this quarter due to the seasonality of payments for sports rights.
- Subscriber declines were approximately 7%, although this was an improvement from the previous quarter.
- The Venue sports streaming joint venture with Warner Bros Discovery and Disney was discontinued due to legal distractions.
- There is ongoing investment in Tubi, which is expected to continue before reaching profitability.
- Fox Corp (FOX) faces challenges in the sports rights market, competing with digital bidders like Netflix.
Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation second-quarter fiscal year 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I'll now turn the conference over to Chief Investor Relations Officer, Ms. Gabrielle Brown. Please go ahead, Ms. Brown.
Thank you, operator. Good morning, and welcome to our Fiscal 2025 Second Quarter Earnings Call. Joining me on the call today are Lachlan Murdoch, Executive Chair and Chief Executive Officer; John Nallen, Chief Operating Officer; and Steve Tomsic, our Chief Financial Officer. First, Lachlan and Steve will give some prepared remarks on the most recent quarter, and then we'll take questions from the investment community.
Please note that this call may include forward-looking statements regarding Fox Corporation's financial performance and operating results. These statements are based on management's current expectations, and actual
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