Twenty-First Century Fox (Twenty-First Century Fox) Operating Income : $6,578 Mil (TTM As of Dec. 2018)

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What is Twenty-First Century Fox Operating Income?

Twenty-First Century Fox's Operating Income for the three months ended in Dec. 2018 was $1,396 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2018 was $6,578 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Twenty-First Century Fox's Operating Income for the three months ended in Dec. 2018 was $1,396 Mil. Twenty-First Century Fox's Revenue for the three months ended in Dec. 2018 was $8,499 Mil. Therefore, Twenty-First Century Fox's Operating Margin % for the quarter that ended in Dec. 2018 was 16.43%.

Good Sign:

Twenty-First Century Fox Inc operating margin is expanding. Margin expansion is usually a good sign.

Twenty-First Century Fox's 5-Year average Growth Rate for Operating Margin % was 3.90% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Twenty-First Century Fox's annualized ROC % for the quarter that ended in Dec. 2018 was 13.25%. Twenty-First Century Fox's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2018 was 643.78%.

Twenty-First Century Fox Operating Income Historical Data

The historical data trend for Twenty-First Century Fox's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Twenty-First Century Fox Operating Income Chart

Twenty-First Century Fox Annual Data

Trend

Jun09

Jun10

Jun11

Jun12

Jun13

Jun14

Jun15

Jun16

Jun17

Jun18

Operating Income

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5,488.00

5,906.00

5,992.00

6,555.00

6,379.00

Twenty-First Century Fox Quarterly Data
	Mar14	Jun14	Sep14	Dec14	Mar15	Jun15	Sep15	Dec15	Mar16	Jun16	Sep16	Dec16	Mar17	Jun17	Sep17	Dec17	Mar18	Jun18	Sep18	Dec18
Operating Income	Get a 7-Day Free Trial															1,271.00	1,735.00	1,742.00	1,705.00	1,396.00

Twenty-First Century Fox Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2018 adds up the quarterly data reported by the company within the most recent 12 months, which was $6,578 Mil.

Twenty-First Century Fox (NAS:FOXAV) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Twenty-First Century Fox's annualized ROC % for the quarter that ended in Dec. 2018 is calculated as:

	ROC % (Q: Dec. 2018 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Sep. 2018 )	+	Invested Capital (Q: Dec. 2018 ))	/ count )
=	5584 * ( 1 - 5.45% )	/	( (41263	+	38412)	/ 2 )
=	5279.672	/	39837.5
=	13.25 %

where

	Invested Capital		(Q: Sep. 2018 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	54512	-	6166	-	( 7083	-	max(0, 7802	-	19128	+	7083	))
=	41263

	Invested Capital		(Q: Dec. 2018 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	65886	-	6193	-	( 21281	-	max(0, 7935	-	34017	+	21281	))
=	38412

Note: The Operating Income data used here is four times the quarterly (Dec. 2018) data.

2. Joel Greenblatt's definition of Return on Capital:

Twenty-First Century Fox's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2018 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2018 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Sep. 2018		Q: Dec. 2018
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	47392	/	( ( (1949 + max(5115, 0))	+	(1971 + max(5688, 0)) )	/	2 )
=	47392	/	( ( 7064	+	7659 )	/	2 )
=	47392	/	7361.5
=	643.78 %

where Working Capital is:

	Working Capital		(Q: Sep. 2018 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(7326	+	3804	+	915)	-	(6166	+	764	+	0)
=	5115

	Working Capital		(Q: Dec. 2018 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(8083	+	3934	+	719)	-	(6193	+	855	+	0)
=	5688

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Dec. 2018) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Twenty-First Century Fox's Operating Margin % for the quarter that ended in Dec. 2018 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2018 )	/	Revenue (Q: Dec. 2018 )
	=	1396	/	8499
	=	16.43 %

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Twenty-First Century Fox Operating Income Related Terms

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Twenty-First Century Fox (Twenty-First Century Fox) Business Description

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Address

1211 Avenue of the Americas, New York, NY, USA, 10036

Website

http://www.21cf.com

21st Century Fox is a media conglomerate with a wide range of assets: a film studio, which creates television programs and movies; broadcast television, including the Fox broadcast network and local TV stations in the U.S.; cable networks, which comprise over 300 channels around the world; and direct-broadcast satellite TV in the form of Sky, a satellite pay-tv provider in Europe.