Fox Corporation reported financial results for its third fiscal quarter of 2025, showing a significant increase in revenue and advertising performance. For the quarter ended March 31, 2025, the company’s total revenues reached $4.37 billion, a 27% increase compared to $3.45 billion in the same quarter last year. Advertising revenue surged by 65%, primarily driven by the Super Bowl LIX, which generated over $800 million in gross advertising revenue.

In terms of profitability, Fox’s net income attributable to stockholders was $346 million, translating to $0.75 per share. In contrast, net income for the prior year’s quarter was $666 million, or $1.40 per share. The adjusted net income rose slightly to $507 million, up from $520 million year-over-year, giving an adjusted earnings per share of $1.10, compared to $1.09 in the prior year.

Adjusted EBITDA for the quarter was $856 million, down from $891 million reported in the same period last year, as higher revenue was offset by increased expenses, particularly related to sports programming rights and production costs linked to the Super Bowl. The increase in net income was attributed notably to a record free cash flow of over $1.9 billion, the highest in the company’s history.

Affiliate fee revenues rose 3% across segments. The Cable Network Programming segment reported $1.64 billion in revenue, an increase of $164 million, while the Television division saw a revenue lift of $766 million, amounting to $2.70 billion for this quarter. Within the Television segment, advertising revenues specifically experienced a remarkable 77% uptick largely thanks to Super Bowl LIX.

Both segments also reported increased expenses; the Cable Network Programming saw a 16% rise mainly driven by sports rights amortization. The Television segment’s expenses surged by 47%, encompassing investments in the Super Bowl broadcast as well as digital content and marketing expenses.

Fox continued its share repurchase program, buying back approximately $800 million worth of stock year-to-date, increasing the total amount repurchased to $6.4 billion since 2019, representing about 30% of total shares outstanding. The company ended the quarter with $4.8 billion in cash and $7.2 billion in debt. Key operational characteristics included a 35% rise in digital revenue from Tubi, marking an acceleration from previous quarters.

The outlook for Fox includes plans to launch a new direct-to-consumer streaming service, named FOX 1, ahead of the upcoming football season. The company is optimistic about its advertising strategy and has noted positive trends in audience engagement across its portfolio, particularly with the ongoing interest in live sports and news programming.