Equity-Based Compensation

3 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement [Abstract]

EQUITY-BASED COMPENSATION

The Company has equity-based compensation plans, including the Fox Corporation 2019 Shareholder Alignment Plan (See Note 12—Equity-Based Compensation in the 2024 Form 10-K).

The following table summarizes the Company’s equity-based compensation:


	For the three months ended September 30,
	2024		2023
	(in millions)
Equity-based compensation	$	34	$	24
Intrinsic value of all settled equity-based awards	$	78	$	65
Tax benefit on settled equity-based awards	$	15	$	10

The Company’s equity-based awards are settled in Class A Common Stock. As of September 30, 2024, the Company’s total estimated compensation cost, not yet recognized, related to non-vested equity awards held by the Company’s employees was approximately $195 million and is expected to be recognized over a weighted average period between two and three years.

As of September 30, 2024 and 2023, the Company had approximately 4 million and 5 million stock options outstanding, respectively. The computation of diluted earnings per share did not include stock options outstanding during each period presented if their inclusion would have been antidilutive, and, for those shares that are contingently issuable, all necessary conditions have not been satisfied for the periods presented.

Awards Vested, Granted and Exercised

Restricted Stock Units

During the three months ended September 30, 2024 and 2023, approximately 1.5 million and 1.7 million restricted stock units (“RSUs”) vested and approximately 1.7 million and 1.8 million RSUs were granted, respectively. These RSUs generally vest in equal annual installments over a three-year period subject to participants’ continued employment with the Company.

Performance-Based Stock Options

During the three months ended September 30, 2024 and 2023, approximately 1.6 million and 0.2 million performance-based stock options were exercised and approximately 3 million and 4 million were granted, respectively, which will vest in full at the end of a three-year performance period if the market condition is met, and have a term of seven years thereafter.