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Segment Information
 12 Months Ended
Jun. 30, 2026
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 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.
The tables below present summarized financial information for each of the Company’s reportable segments and Corporate and Other.
For the years ended June 30,
202620252024
(in millions)
Revenues
Cable Network Programming$7,348 $6,930 $5,955 
Television9,666 9,325 7,875 
Total segment revenues17,014 16,255 13,830 
Corporate and Other526 244 209 
Eliminations(414)(199)(59)
Total revenues$17,126 $16,300 $13,980 
Segment EBITDA
Cable Network Programming$3,099 $3,030 $2,693 
Television1,438 945 506 
Total segment EBITDA4,537 3,975 3,199 
Corporate and Other(631)(351)(316)
Amortization of cable distribution investments— (10)(16)
Depreciation and amortization(410)(385)(389)
Restructuring, impairment and other corporate matters(151)(350)(67)
Equity losses of affiliates(20)(29)(44)
Interest expense, net(274)(227)(216)
Non-operating other, net
(773)438 (47)
Income before income tax expense2,278 3,061 2,104 
Income tax expense(551)(768)(550)
Net income1,727 2,293 1,554 
Less: Net income attributable to noncontrolling interests(42)(30)(53)
Net income attributable to Fox Corporation stockholders$1,685 $2,263 $1,501 
For the years ended June 30,
202620252024
(in millions)
Reconciliation of Revenues to Segment EBITDA
Cable Network Programming
Revenues$7,348 $6,930 $5,955 
Operating expenses(3,562)(3,275)(2,668)
Selling, general and administrative(687)(635)(610)
Amortization of cable distribution investments— 10 16 
Segment EBITDA$3,099 $3,030 $2,693 
Television
Revenues$9,666 $9,325 $7,875 
Operating expenses(7,101)(7,308)(6,372)
Selling, general and administrative(1,127)(1,072)(997)
Segment EBITDA$1,438 $945 $506 
For the years ended June 30,
202620252024
(in millions)
Revenues by Segment by Component
Cable Network Programming
Distribution$4,662 $4,440 $4,291 
Advertising1,687 1,531 1,262 
Content and other999 959 402 
Total Cable Network Programming revenues7,348 6,930 5,955 
Television
Advertising5,652 5,334 4,182 
Distribution3,346 3,340 3,136 
Content and other668 651 557 
Total Television revenues9,666 9,325 7,875 
Corporate and Other526 244 209 
Eliminations(414)(199)(59)
Total revenues$17,126 $16,300 $13,980 
For fiscal 2026, 2025 and 2024, the Company had no individual customers that accounted for 10% or more of Revenues.
For the years ended June 30,
202620252024
(in millions)
Depreciation and amortization
Cable Network Programming$105 $94 $77 
Television126 119 117 
Corporate and Other179 172 195 
Total depreciation and amortization$410 $385 $389 
For the years ended June 30,
202620252024
(in millions)
Capital expenditures
Cable Network Programming$147 $127 $161 
Television189 82 76 
Corporate and Other166 122 108 
Total capital expenditures$502 $331 $345 
As of June 30,
20262025
(in millions)
Assets
Cable Network Programming$3,216 $2,895 
Television8,829 7,924 
Corporate and Other9,472 10,755 
Investments965 1,621 
Total assets$22,482 $23,195 
As of June 30,
20262025
(in millions)
Goodwill and intangible assets, net
Cable Network Programming$1,286 $1,290 
Television4,554 4,636 
Corporate and Other677 682 
Total goodwill and intangible assets, net$6,517 $6,608