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Segment Information
 6 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information SEGMENT INFORMATION
The Company is a news, sports and entertainment company, which manages and reports its businesses in four operating segments: Cable Network Programming, Television, Credible and the FOX Studio Lot with the following two reportable segments:
•Cable Network Programming, which produces and licenses news and sports content distributed through traditional cable television systems, direct broadcast satellite operators and telecommunication companies (“traditional MVPDs”), virtual multi-channel video programming distributors (“virtual MVPDs”) and other digital platforms, primarily in the U.S.
•Television, which produces, acquires, markets and distributes programming through the FOX broadcast network, advertising supported video-on-demand service Tubi, 29 full power broadcast television stations, including 11 duopolies, and other digital platforms, primarily in the U.S. Eighteen of the broadcast television stations are affiliated with the FOX Network and 11 are affiliated with MyNetworkTV. The segment also includes various production companies that produce content for the Company and third parties.
The Credible and the FOX Studio Lot operating segments do not meet the criteria under GAAP to be separately reported as a reportable segment or aggregated with other operating segments, and as such are presented as part of Corporate and Other, which is not a reportable segment. Corporate and Other principally consists of FOX One, the Company’s direct-to-consumer subscription streaming service launched in August 2025, Credible, the FOX Studio Lot and corporate overhead costs. Credible is a U.S. consumer finance marketplace. The FOX Studio Lot, located in Los Angeles, California, provides television and film production services along with office space, studio operation services and includes all operations of the facility.
The Company’s operating segments have been determined in accordance with the Company’s internal management structure, which is organized based on operating activities. The Company evaluates performance based upon several factors, of which the primary financial measure is Segment EBITDA (defined below). Due to the integrated nature of these operating segments, estimates and judgments are made in allocating certain assets, revenues and expenses. Intersegment transactions principally relate to the sublicensing of sports content, direct-to-consumer streaming services and rental of studio and administrative space, which are recorded consistently with the recognition of transactions with third parties and are eliminated in consolidation.
Segment EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Segment EBITDA does not include: Depreciation and amortization, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating other, net and Income tax expense. Effective July 1, 2025, the Company no longer removes the impact of amortization of cable distribution investments when calculating Segment EBITDA. Prior periods were not restated as the impact of the change is immaterial to the calculation. Management believes that Segment EBITDA is an appropriate measure for evaluating the operating performance of the Company’s operating segments because it is the primary measure used by the Company’s chief operating decision maker, the Chief Executive Officer, to monitor actual versus budget and prior fiscal year financial results, forecast future periods and perform competitive analyses to evaluate performance and allocate resources.
We use the term "MVPDs" to refer collectively to traditional MVPDs and virtual MVPDs.
The tables below present summarized financial information for each of the Company’s reportable segments and Corporate and Other.
 
For the three months ended December 31,
For the six months ended December 31,
 2025202420252024
 (in millions)
Revenues  
Cable Network Programming$2,275 $2,165 $3,937 $3,762 
Television2,937 2,961 4,987 4,914 
Corporate and Other124 58 213 123 
Eliminations(154)(106)(217)(157)
Total revenues$5,182 $5,078 $8,920 $8,642 
Segment EBITDA
Cable Network Programming$687 $657 $1,487 $1,405 
Television143 205 542 577 
Corporate and Other(138)(81)(272)(153)
Amortization of cable distribution investments— (4)— (8)
Depreciation and amortization(100)(97)(198)(188)
Restructuring, impairment and other corporate matters(14)(170)(6)(196)
Equity earnings of affiliates3 4 2 7 
Interest expense, net(98)(80)(148)(130)
Non-operating other, net(161)81 (286)314 
Income before income tax expense322 515 1,121 1,628 
Income tax expense(75)(127)(265)(408)
Net income247 388 856 1,220 
Less: Net income attributable to noncontrolling interests(18)(15)(28)(20)
Net income attributable to Fox Corporation stockholders$229 $373 $828 $1,200 
For the three months ended December 31,
For the six months ended December 31,
2025202420252024
(in millions)
Reconciliation of Revenues to Segment EBITDA
Cable Network Programming
Revenues$2,275 $2,165 $3,937 $3,762 
Operating expenses(1,426)(1,354)(2,129)(2,056)
Selling, general and administrative(162)(158)(321)(309)
Amortization of cable distribution investments— 4 — 8 
Segment EBITDA$687 $657 $1,487 $1,405 
Television
Revenues$2,937 $2,961 $4,987 $4,914 
Operating expenses(2,521)(2,499)(3,906)(3,832)
Selling, general and administrative(273)(257)(539)(505)
Segment EBITDA$143 $205 $542 $577 
 
For the three months ended December 31,
For the six months ended December 31,
 2025202420252024
 (in millions)
Revenues by Segment by Component
Cable Network Programming  
Distribution(a)
$1,163 $1,109 $2,253 $2,171 
Advertising491 460 836 781 
Content and other621 596 848 810 
Total Cable Network Programming revenues2,275 2,165 3,937 3,762 
Television
Advertising1,964 1,962 3,031 2,970 
Distribution(a)
831 824 1,652 1,630 
Content and other142 175 304 314 
Total Television revenues2,937 2,961 4,987 4,914 
Corporate and Other124 58 213 123 
Eliminations(154)(106)(217)(157)
Total revenues$5,182 $5,078 $8,920 $8,642 
(a)
The Company generates distribution revenue from agreements with MVPDs for cable network programming and retransmission fees for the broadcast of the Company’s owned and operated television stations and from subscription fees for the Company’s direct-to-consumer streaming services. In addition, the Company generates distribution revenue from agreements with independently owned television stations that are affiliated with the FOX Network.
For the three months ended December 31,
For the six months ended December 31,
2025202420252024
(in millions)
Depreciation and amortization
Cable Network Programming$27 $25 $53 $45 
Television30 30 60 59 
Corporate and Other43 42 85 84 
Total depreciation and amortization$100 $97 $198 $188 
For the three months ended December 31,
For the six months ended December 31,
2025202420252024
(in millions)
Capital expenditures
Cable Network Programming$38 $30 $66 $53 
Television31 17 63 28 
Corporate and Other53 27 97 57 
Total capital expenditures$122 $74 $226 $138 
As of
December 31,
2025
As of
June 30,
2025
(in millions)
Assets
Cable Network Programming$3,138 $2,895 
Television9,432 7,924 
Corporate and Other7,412 10,755 
Investments1,489 1,621 
Total assets$21,471 $23,195