Fox Corp · Q1 2023 earnings

Briefing

Fox's first quarter of fiscal year 2023 revenues increased by 5% year-over-year.

Fox Corporation reported total quarterly revenues of $3.19 billion, a 5% increase from the prior year quarter. Net income was $613 million, compared to $708 million in the prior year quarter. Adjusted EBITDA was $1.09 billion, a 3% increase from the prior year quarter.

• Total quarterly revenues reached $3.19 billion, a 5% increase year-over-year.
• Affiliate revenues increased by 3%, driven by 6% growth in the Television segment.
• Advertising revenues increased by 8%, primarily due to higher political advertising revenues at FOX Television Stations and continued strength in pricing across the Company’s news and sports brands, and continued growth at TUBI.
• Net income attributable to Fox Corporation stockholders was $605 million ($1.10 per share) compared to $701 million ($1.21 per share) in the prior year quarter.

Headline financials

Revenue & EPS history

FOX delivered solid operational and financial results in our fiscal first quarter. These results demonstrate the continued strength of our established businesses along with the momentum across our digital portfolio. It is a strong start to what promises to be a notable fiscal year of prominent scheduled events across the company underscoring the importance of our live and event programming to viewers. While we are mindful of current macroeconomic conditions, the durability of our brands and FOX’s ability to deliver audiences at scale position us well to navigate this uncertainty while continuing to create value for our shareholders.