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10-K – 2025-08-06 – fox-20250630.htm
2025 2024 2025 2024 (in millions) Projected benefit obligation, beginning of the year $ 1,119 $ 1,172 $ 45 $ 47 Service cost 23 27 1 — Interest cost 57 61 2 2 Benefits paid ( 44 ) ( 43 ) ( 3 ) ( 3 ) Settlements (a) ( 37 ) ( 50 ) — — Actuarial losses (gains) (b) 37 ( 48 ) ( 1 ) ( 1 ) Projected benefit obligation, end of the year 1,155 1,119 44 45 Change in the fair value of plan assets for the Company’s benefit plans: Fair value of plan assets, beginning of the year 891 853 — — Actual return on plan assets 54 45 — — Employer contributions 40 86 3 3 Benefits paid ( 44 ) ( 43 ) ( 3 ) ( 3 ) Settlements (a) ( 37 ) ( 50 ) — — Fair value of plan assets, end of the year 904 891 — — Funded status (c) $ ( 251 ) $ ( 228 ) $ ( 44 ) $ ( 45 ) Grantor Trust assets (c) $ 265 $ 266 $ — $ — (a) Represents the full settlement of former employees’ deferred pension benefit obligations through lump sum payments. (b) Actuarial losses for June 30, 2025 and actuarial gains for June 30, 2024 were primarily due to a change in the mortality assumption and higher interest rates, respectively, utilized in measuring the plan obligations. (c) The Company has established an irrevocable grantor trust (the “Grantor Trust”), administered by an independent trustee, with the intention of making cash contributions to the Trust to fund certain future pension benefit obligations of the Company. The assets in the Grantor Trust are unsecured funds of the Company and can be used to satisfy the Company’s obligations in the event of bankruptcy or insolvency. 89 FOX CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Amounts recognized in the Balance Sheets consist of: Pension benefits Postretirement benefits As of June 30, 2025 2024 2025 2024 (in millions) Pension assets $ 10 $ 36 $ — $ — Accrued pension liabilities ( 261 ) ( 264 ) ( 44 ) ( 45 ) Net amounts recognized $ ( 251 ) $ ( 228 ) $ ( 44 ) $ ( 45 ) Amounts recognized in Accumulated other comprehensive loss, before tax, consist of: Pension benefits Postretirement benefits As of June 30, 2025 2024 2025 2024 (in millions) Actuarial losses (gains) $ 197 $ 169 $ ( 27 ) $ ( 30 ) Accumulated pension benefit obligations as of June 30, 2025 and 2024 were $ 1.05 billion and $ 1.01 billion, respectively. As of June 30, 2025 and 2024, the fair value of plan assets exceeds the projected benefit obligation and accumulated benefit obligation for each funded plan. As of June 30, 2025 and 2024, the projected benefit obligation and accumulated benefit obligation exceeds the fair value of plan assets for each unfunded plan. Information about funded and unfunded pension plans is presented below: Funded plans Unfunded plans As of June 30, 2025 2024 2025 2024 (in millions) Projected benefit obligation $ 894 $ 855 $ 261 $ 264 Accumulated benefit obligation 794 747 256 260 Fair value of plan assets 904 891 — (a) — (a) (a) The fair value of the assets in the Grantor Trust as of June 30, 2025 and 2024 was $ 265 million and $ 266 million, respectively. The components of net periodic benefit costs were as follows: Pension benefits Postretirement benefits For the years ended June 30, 2025 2024 2023 2025 2024 2023 (in millions) Service cost $ 23 $ 27 $ 30 $ 1 $ — $ 1 Interest cost 57 61 52 2 2 2 Expected return on plan assets ( 50 ) ( 45 ) ( 40 ) — — — Amortization of deferred losses (gains) 5 12 23 ( 4 ) ( 4 ) ( 4 ) Net periodic benefit costs $ 35 $ 55 $ 65 $ ( 1 ) $ ( 2 ) $ ( 1 ) The components of net periodic benefit costs other than the service cost component are included in Non- operating other, net in the Statements of Operations. 90 FOX CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Pension benefits Postretirement benefits For the years ended June 30, 2025 2024 2023 2025 2024 2023 Additional information Weighted-average assumptions used to determine benefit obligations Discount rate 5.5 % 5.5 % 5.3 % 5.3 % 5.4 % 5.3 % Weighted-average assumptions used to determine net periodic benefit costs Discount rate for service cost 5.5 % 5.3 % 4.8 % 5.5 % 5.3 % 4.8 % Discount rate for interest cost 5.3 % 5.4 % 4.5 % 5.3 % 5.4 % 4.5 % Expected return on plan assets 5.6 % 5.3 % 5.0 % N/A N/A N/A N/A – not applicable. The Company utilizes a full yield curve approach in the estimation of the service and interest components of net periodic benefit costs for pension and postretirement benefits by applying the specific spot rates along the yield curve used in the determination of the benefit obligation to their underlying projected cash flows. The Company utilizes the latest mortality table released by the Society of Actuaries with adjustments to reflect plan specific characteristics. The following assumed health care cost trend rates were also used in accounting for postretirement benefits: Postretirement benefits As of June 30, 2025 2024 Health care cost trend rate 6.4 % 6.6 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) 4.9 % 4.9 % Year that the rate reaches the ultimate trend rate 2031 2031 The following table sets forth the estimated benefit payments and estimated settlements for the next five fiscal years and in aggregate for the five fiscal years thereafter. These payments are estimated based on the same assumptions used to measure the Company’s benefit obligation at the end of the fiscal year and include benefits attributable to estimated future employee service: Expected benefit payments Pension benefits Postretirement benefits (in millions) Fiscal year 2026 $ 88 $ 3 2027 87 4 2028 89 4 2029 96 4 2030 98 4 2031-2035 482 19 91 FOX CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The above table presents expected benefit payments for the postretirement benefits net of a nominal amount of U.S. Medicare subsidy receipts per year. Plan Assets and Grantor Trust The following tables present Plan assets for the Company’s funded pension plans and Grantor Trust assets to fund certain future unfunded pension benefit obligations of the Company. The assets are classified by level within the fair value hierarchy, as described in Note 6—Fair Value, as of June 30, 2025 and 2024: As of June 30, 2025 Fair value measurements at reporting date using Assets measured Total Level 1 at NAV (a) (in millions) Pension plan assets Pooled funds (b) Money market funds $ 35 $ 35 $ — Domestic equity funds 116 116 — Domestic fixed income funds (c) 582 582 — International equity funds 83 83 — Balanced funds 55 55 — Partnership interests 33 — 33 Total fair value of plan assets $ 904 $ 871 $ 33 Grantor Trust assets Pooled funds (b) Money market funds $ 8 $ 8 $ — Domestic fixed income funds (c) 68 68 — Balanced funds 60 60 — Domestic government obligations (d) 128 128 — Other (e) 1 1 — Total fair value of Grantor Trust assets $ 265 $ 265 $ — 92 FOX CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of June 30, 2024 Fair value measurements at reporting date using Assets measured Total Level 1 at NAV (a) (in millions) Pension plan assets Pooled funds (b) Money market funds $ 12 $ 12 $ — Domestic equity funds 156 156 — Domestic fixed income funds (c) 488 488 — International equity funds 118 118 — Balanced funds 69 69 — Partnership interests 48 — 48 Total fair value of plan assets $ 891 $ 843 $ 48 Grantor Trust assets Pooled funds (b) Money market funds $ 26 $ 26 $ — Domestic fixed income funds (c) 66 66 — Balanced funds 53 53 — Domestic government obligations (d) 120 120 — Other (e) 1 1 — Total fair value of Grantor Trust assets $ 266 $ 266 $ — (a) Investments that are measured at fair value using the net asset value (“NAV”) per share (or its equivalent) as a practical expedient are excluded from the fair value hierarchy disclosure. These investments have monthly liquidity. (b) Pooled funds that have a readily determinable fair value are valued at the regularly published NAV. (c) Domestic fixed income funds consist primarily of investment grade securities. (d) Government obligations consist of investment grade securities whose fair value is based on observable market data obtained from dealers and brokers. (e) Includes cash and cash equivalents. The investment objective for the funded pension plans is to grow assets at a level commensurate with the growth in the liability while minimizing funded status volatility. The asset allocation strategy will change over time by shifting assets from return seeking assets to liability hedging assets upon the achievement of certain funding milestones. Return seeking assets are diversified across equity, fixed income and other investments and liability hedging assets are primarily fixed income investments, which are managed to correlate highly with the pension liabilities to reduce interest rate risk. The target asset allocation on June 30, 2025 is 32 % return seeking assets and 68 % liability hedging assets which approximates the actual asset allocation as of June 30, 2025. Assets are generally managed by external investment managers. The expected long-term rate of return on asset assumption is determined using the current target asset allocation and applying expected future returns for the various asset classes and correlations amongst the asset classes. 93 FOX CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The funded plans weighted-average asset allocation, by asset category, are as follows: Pension benefits As of June 30, 2025 2024 Asset category Equity investments 22 % 31 % Fixed income investments, including cash 72 61 Other 6 8 Total 100 % 100 % Required pension plan contributions for the next fiscal year are not expected to be material; however, actual contributions may be affected by pension asset and liability valuation changes during the year. The Company will continue to make voluntary contributions as necessary to improve funded status. Defined Contribution Plans The Company has defined contribution plans for the benefit of substantially all employees meeting certain eligibility requirements. Employer contributions to such plans were $ 74 million, $ 70 million and $ 68 million for fiscal 2025, 2024 and 2023, respectively. NOTE 16. INCOME TAXES Income before income tax expense was attributable primarily to the U.S. jurisdiction. Significant components of the Company’s provision for income taxes were as follows: For the years ended June 30, 2025 2024 2023 (in millions) U.S. Federal $ 429 $ 300 $ 127 State, local and other 175 47 35 Total current 604 347 162 Deferred 164 203 321 Provision for income taxes $ 768 $ 550 $ 483 The following table is a reconciliation of income tax computed at the statutory rate to income tax expense: For the years ended June 30, 2025 2024 2023 U.S. federal income tax rate 21 % 21 % 21 % State and local taxes 3 4 4 Effect of enacted tax law changes — ( 2 ) 1 Valuation allowance movement — 2 2 Nondeductible compensation 1 1 — Effective tax rate 25 % 26 % 28 % 94 FOX CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The following is a summary of the components of the deferred tax accounts: As of June 30, 2025 2024 (in millions) Deferred tax assets Basis difference (a) $ 2,288 $ 2,645 Operating lease liabilities 210 232 Sports rights contracts 90 — Net operating loss carryforwards 48 38 Tax credit carryforwards 45 96 Equity-based compensation 44 39 Other 339 238 Total deferred tax assets 3,064 3,288 Deferred tax liabilities Operating lease ROU assets ( 198 ) ( 220 ) Accrued liabilities ( 10 ) ( 24 ) Pension benefit obligations — ( 19 ) Sports rights contracts — ( 33 ) Total deferred tax liabilities ( 208 ) ( 296 ) Net deferred tax asset before valuation allowance 2,856 2,992 Less: valuation allowance ( 140 ) ( 119 ) Total net deferred tax assets (b) $ 2,716 $ 2,873 (a) As a result of the Transaction (See Note 14—Commitments and Contingencies under the heading "Other"), which was a taxable transaction for which the estimated tax liability of $ 5.8 billion was included in the transaction tax paid by the Company, FOX obtained a tax basis in its assets equal to their respective fair market values. This amount includes the remaining estimated deferred tax asset recorded as a result of the additional tax basis. (b) Includes a $ 5 million deferred tax liability recorded in Other liabilities in the Balance Sheets as of June 30, 2025 and 2024. As of June 30, 2025, the Company had $ 48 million of tax attributes from net operating loss carryforwards available to offset future taxable income. A substantial portion of these losses can be carried forward indefinitely. As of June 30, 2025, the Company has $ 45 million of tax credit carryforwards primarily attributable to the corporate alternative minimum tax credit which can be carried forward indefinitely. The net increase in the valuation allowance to $ 140 million as of June 30, 2025 was primarily due to the additional valuation allowance required on tax attributes. 95 FOX CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS The following table sets forth the change in the uncertain tax positions, excluding interest and penalties: For the years ended June 30, 2025 2024 2023 (in millions) Balance, beginning of year $ 26 $ 26 $ 28 Additions for prior year tax positions (a) 26 6 2 Additions for current year tax positions — — 2 Reduction for prior year tax positions (b) ( 2 ) ( 6 ) ( 6 ) Balance, end of year $ 50 $ 26 $ 26 (a) The additions for prior year tax positions in fiscal 2025 is primarily due to federal tax matters related to the corporate alternative minimum tax. The additions for prior year tax positions in fiscal 2024 is primarily due to the impact of state tax law changes. (b) The reduction for tax positions was primarily due to audit settlements or the expiration of statutes of limitations. The Company recognizes interest and penalty charges related to uncertain tax positions as income tax (expense) benefit. The Company recorded liabilities for accrued interest of $ 15 million and $ 12 million as of June 30, 2025 and 2024, respectively, and the amounts of interest income/expense recorded in each of fiscal 2025, 2024 and 2023 were not material. The Company is subject to tax primarily in various domestic jurisdictions and, as a matter of ordinary course, the Company is regularly audited by federal and state tax authorities. The Company believes it has appropriately accrued for the expected outcome of all pending tax matters and does not anticipate that the resolution of these pending tax matters will have a material adverse effect on its consolidated financial condition, future results of operations or liquidity. The movement in the balance of uncertain tax positions in fiscal 2025 is primarily attributable to federal tax matters. The Company does not expect significant changes to these positions over the next 12 months. As of June 30, 2025 and 2024, $ 20 million would affect the Company’s effective income tax rate if the Company’s position with respect to the uncertainties is sustained. NOTE 17. 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 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. 96 FOX CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 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 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: Amortization of cable distribution investments, 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. 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, 2025 2024 2023 (in millions) Revenues Cable Network Programming $ 6,930 $ 5,955 $ 6,043 Television 9,325 7,875 8,710 Corporate and Other 244 209 217 Eliminations ( 199 ) ( 59 ) ( 57 ) Total revenues $ 16,300 $ 13,980 $ 14,913 Segment EBITDA Cable Network Programming $ 3,030 $ 2,693 $ 2,472 Television 945 506 1,009 Corporate and Other ( 351 ) ( 316 ) ( 290 ) Amortization of cable distribution investments ( 10 ) ( 16 ) ( 16 ) Depreciation and amortization ( 385 ) ( 389 ) ( 411 ) Restructuring, impairment and other corporate matters ( 350 ) ( 67 ) ( 1,182 ) Equity (losses) earnings of affiliates ( 29 ) ( 44 ) 4 Interest expense, net ( 227 ) ( 216 ) ( 218 ) Non-operating other, net 438 ( 47 ) 368 Income before income tax expense 3,061 2,104 1,736 Income tax expense ( 768 ) ( 550 ) ( 483 ) Net income 2,293 1,554 1,253 Less: Net income attributable to noncontrolling interests ( 30 ) ( 53 ) ( 14 ) Net income attributable to Fox Corporation stockholders $ 2,263 $ 1,501 $ 1,239 97 FOX CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended June 30, 2025 2024 2023 (in millions) Reconciliation of Revenues to Segment EBITDA Cable Network Programming Revenues $ 6,930 $ 5,955 $ 6,043 Operating expenses ( 3,275 ) ( 2,668 ) ( 2,927 ) Selling, general and administrative ( 635 ) ( 610 ) ( 660 ) Amortization of cable distribution investments 10 16 16 Segment EBITDA $ 3,030 $ 2,693 $ 2,472 Television Revenues $ 9,325 $ 7,875 $ 8,710 Operating expenses ( 7,308 ) ( 6,372 ) ( 6,704 ) Selling, general and administrative ( 1,072 ) ( 997 ) ( 997 ) Segment EBITDA $ 945 $ 506 $ 1,009 For the years ended June 30, 2025 2024 2023 (in millions) Revenues by Segment by Component Cable Network Programming Affiliate fee $ 4,316 $ 4,188 $ 4,175 Advertising 1,531 1,262 1,403 Other 1,083 505 465 Total Cable Network Programming revenues 6,930 5,955 6,043 Television Advertising 5,334 4,182 5,204 Affiliate fee 3,340 3,136 2,876 Other 651 557 630 Total Television revenues 9,325 7,875 8,710 Corporate and Other 244 209 217 Eliminations ( 199 ) ( 59 ) ( 57 ) Total revenues $ 16,300 $ 13,980 $ 14,913 For fiscal 2025, 2024 and 2023, the Company had no individual customers that accounted for 10% or more of Revenues. For the years ended June 30, 2025 2024 2023 (in millions) Depreciation and amortization Cable Network Programming $ 94 $ 77 $ 71 Television 119 117 126 Corporate and Other 172 195 214 Total depreciation and amortization $ 385 $ 389 $ 411 98 FOX CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the years ended June 30, 2025 2024 2023 (in millions) Capital expenditures Cable Network Programming $ 127 $ 161 $ 66 Television 82 76 96 Corporate and Other 122 108 195 Total capital expenditures $ 331 $ 345 $ 357 As of June 30, 2025 2024 (in millions) Assets Cable Network Programming $ 2,895 $ 2,792 Television 7,924 7,961 Corporate and Other 10,755 10,090 Investments 1,621 1,129 Total assets $ 23,195 $ 21,972 As of June 30, 2025 2024 (in millions) Goodwill and intangible assets, net Cable Network Programming $ 1,290 $ 1,288 Television 4,636 4,605 Corporate and Other 682 689 Total goodwill and intangible assets, net $ 6,608 $ 6,582 NOTE 18. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share: For the years ended June 30, 2025 2024 2023 (in millions, except per share amounts) Net income attributable to Fox Corporation stockholders $ 2,263 $ 1,501 $ 1,239 Weighted average shares - basic 455 478 529 Shares issuable under equity-based compensation plans (a) 6 2 2 Weighted average shares - diluted 461 480 531 Net income attributable to Fox Corporation stockholders per share - basic $ 4.97 $ 3.14 $ 2.34 Net income attributable to Fox Corporation stockholders per share - diluted $ 4.91 $ 3.13 $ 2.33 (a) Weighted average common shares include the incremental shares that would be issued upon the assumed vesting of RSUs, PSUs and stock options (including PSOs) if the effect is dilutive, and, for those shares that are contingently issuable, all necessary conditions have been satisfied for the periods presented (See Note 12—Equity-Based Compensation). 99 FOX CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTE 19. VALUATION AND QUALIFYING ACCOUNTS The changes in valuation and qualifying accounts were as follows: Balance as of beginning of year Additions Utilization Other Balance as of end of year (in millions) Fiscal 2025 Allowance for credit losses $ ( 44 ) $ ( 9 ) $ 3 $ — $ ( 50 ) Deferred tax valuation allowance ( 119 ) ( 15 ) 1 ( 7 ) ( 140 ) Fiscal 2024 Allowance for credit losses $ ( 44 ) $ ( 8 ) $ 5 $ 3 $ ( 44 ) Deferred tax valuation allowance ( 72 ) ( 52 ) 3 2 ( 119 ) Fiscal 2023 Allowance for credit losses $ ( 54 ) $ — $ 3 $ 7 $ ( 44 ) Deferred tax valuation allowance ( 34 ) ( 38 ) — — ( 72 ) NOTE 20. ADDITIONAL FINANCIAL INFORMATION Interest Expense, net The following table sets forth the components of Interest expense, net included in the Statements of Operations: For the years ended June 30, 2025 2024 2023 (in millions) Interest expense $ ( 403 ) $ ( 405 ) $ ( 349 ) Interest income 176 189 131 Total interest expense, net $ ( 227 ) $ ( 216 ) $ ( 218 ) Non-Operating Other, net The following table sets forth the components of Non-operating other, net included in the Statements of Operations: For the years ended June 30, 2025 2024 2023 (in millions) Net gains (losses) on investments in equity securities (a) $ 449 $ ( 189 ) $ 403 Gain on sale of assets (b) — 166 — Other ( 11 ) ( 24 ) ( 35 ) Total non-operating other, net $ 438 $ ( 47 ) $ 368 (a) Net gains (losses) on investments in equity securities includes the gains (losses) related to the change in fair value of the Company’s investment in Flutter (See Note 6—Fair Value), and for the year ended June 30, 2024, the losses related to the Company’s investment in a live streaming mobile platform. (b) See Note 3—Acquisitions, Disposals and Other Transactions. 100 FOX CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Other Non-Current Assets The following table sets forth the components of Other non-current assets included in the Balance Sheets: As of June 30, 2025 2024 (in millions) Investments (a) $ 1,621 $ 1,129 Operating lease assets 814 904 Inventories, net 742 712 Grantor Trust assets - long-term 246 247 Other 309 323 Total other non-current assets $ 3,732 $ 3,315 (a) Includes investments accounted for at fair value on a recurring basis of $ 1.2 billion and $ 797 million as of June 30, 2025 and 2024, respectively (See Note 6—Fair Value). Accounts Payable, Accrued Expenses and Other Current Liabilities The following table sets forth the components of Accounts payable, accrued expenses and other current liabilities included in the Balance Sheets: As of June 30, 2025 2024 (in millions) Accrued expenses $ 1,081 $ 1,006 Programming payable 1,070 683 Deferred revenue 299 180 Operating lease liabilities 41 76 Other current liabilities 406 408 Total accounts payable, accrued expenses and other current liabilities $ 2,897 $ 2,353 Other Liabilities The following table sets forth the components of Other liabilities included in the Balance Sheets: As of June 30, 2025 2024 (in millions) Non-current operating lease liabilities $ 822 $ 879 Accrued non-current pension/postretirement liabilities 276 276 Other non-current liabilities 243 211 Total other liabilities $ 1,341 $ 1,366 Future Performance Obligations As of June 30, 2025, approximately $ 5.4 billion of revenues are expected to be recognized primarily over the next one to three years. The Company’s most significant remaining performance obligations relate to affiliate contracts, content licensing contracts with fixed fees and sports advertising contracts. The amount disclosed does not include (i) revenues related to performance obligations that are part of a contract whose original expected duration is one year or less, (ii) revenues that are in the form of sales- or usage-based royalties and 101 FOX CORPORATION NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (iii) revenues related to performance obligations for which the Company elects to recognize revenue in the amount it has a right to invoice. Supplemental Information The following table summarizes supplemental information on the Statements of Cash Flows: For the years ended June 30, 2025 2024 2023 (in millions) Supplemental cash flow information Cash paid for interest $ ( 402 ) $ ( 398 ) $ ( 345 ) Cash paid for income taxes $ ( 515 ) $ ( 232 ) $ ( 245 ) NOTE 21. SUBSEQUENT EVENTS Subsequent to June 30, 2025 , the Company increased its semi-annual dividend and declared a semi-annual dividend of $ 0.28 per share on both the Class A Common Stock and the Class B Common Stock. The dividend declared is payable on September 24, 2025 with a record date for determining dividend entitlements of September 3, 2025 . Subsequent to June 30, 2025 , the Company repurchased a total of approximately 0.9 million shares of Class A Common Stock for $ 50 million in the open market. Subsequent to June 30, 2025, the Company announced that the Board has authorized incremental stock repurchases of an additional $ 5 billion of Class A and Class B Common Stock. With this increase, the Company’s total stock repurchase authorization is now $ 12 billion . In July 2025, the Company acquired a noncontrolling minority interest in a sports and entertainment company. This investment will not have a material effect on the Company’s business, financial condition, results of operations or cash flows. 102 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE. None. ITEM 9A. CONTROLS AND PROCEDURES. Disclosure Controls and Procedures The Company’s management, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Annual Report. Based on such evaluation, the Company’s Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company’s disclosure controls and procedures were effective in recording, processing, summarizing and reporting on a timely basis, information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act and were effective in ensuring that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. Management’s Annual Report on Internal Control Over Financial Reporting Management’s report and the report of the independent registered public accounting firm thereon are set forth on pages 52 and 53 , respectively, and are incorporated herein by reference. Changes in Internal Control Over Financial Reporting There were no changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the Company’s fourth quarter of fiscal 2025 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting. ITEM 9B. OTHER INFORMATION. None. ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS. Not applicable. 103 PART III ITEMS 10, 11, 12, 13 AND 14. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE; EXECUTIVE COMPENSATION; SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS; CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE; PRINCIPAL ACCOUNTANT FEES AND SERVICES. The information required by Items 10, 11, 12, 13 and 14 of Part III is incorporated by reference from the Company’s Definitive Proxy Statement to be filed in connection with its 2025 Annual Meeting of Stockholders pursuant to Regulation 14A. 104 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES. The following documents are filed as part of this Annual Report: 1. The Company’s Consolidated Financial Statements required to be filed as part of this Annual Report and the Reports of Independent Registered Public Accounting Firm are included in Part II, Item 8. Financial Statements and Supplementary Data. 2. All other financial statement schedules are omitted because the required information is not applicable or because the information called for is included in the Company’s Consolidated Financial Statements or the Notes to the Consolidated Financial Statements. 3. The exhibits listed on the Exhibit Index below are filed or incorporated by reference as part of this Annual Report. EXHIBIT INDEX Number Description 2.1 Separation Agreement, dated as of March 19, 2019, between Twenty-First Century Fox, Inc. and Fox Corporation (the “ Registrant ” ) (incorporated herein by reference to Exhibit 2.1 to the Registrant ’ s Current Report on Form 8-K dated March 14, 2019 and filed with the Securities and Exchange Commission (the “ SEC ” ) on March 19, 2019 (the “ March 2019 Form 8-K ” ). ѱ 2.2 Tax Matters Agreement, dated as of March 19, 2019, between Twenty-First Century Fox, Inc., the Registrant and The Walt Disney Company (incorporated herein by reference to Exhibit 2.2 to the March 2019 Form 8-K). ѱ 3.1 Amended and Restated Certificate of Incorporation of the Registrant (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2022). 3.2 Amended and Restated By-laws of the Registrant (incorporated herein by reference to Exhibit 3.1 to the Registrant’s Current Report on Form 8-K dated February 6, 2024 and filed with the SEC on February 7, 2024) . 4.1 Description of the Registrant’s Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934.* 4.2 Indenture, dated as of January 25, 2019, between the Registrant and The Bank of New York Mellon, as trustee (incorporated by reference to Exhibit 4.1 to Amendment No. 2 to the Registration Statement on Form 10-12B/A filed with the SEC on January 25, 2019). 10.1 Fox Corporation 2019 Shareholder Alignment Plan (incorporated herein by reference to Exhibit 10.1 to the March 14, 2019 Form 8-K). + 10.2 Form of Amended and Restated Indemnification Agreement (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023). + 10.3 Form of Fox Corporation 2019 Shareholder Alignment Plan Restricted Stock Unit Terms and Conditions (incorporated herein by reference to Exhibit 10.3 to the Registrant’s Annual Report on Form 10-K for the year ended June 30, 2023). + 10.4 Form of Fox Corporation 2019 Shareholder Alignment Plan Non-Qualified Stock Option Terms and Conditions (incorporated herein by reference to Exhibit 10.4 to the March 2019 Form 8-K). + 10.5 Form of Fox Corporation 2019 Shareholder Alignment Plan Non-Qualified Stock Option Terms and Conditions FY 2025 Annual Grant (incorporated herein by reference to E xhibit 10.5 to the Reg istrant ’ s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 ( the “ 2024 Form 10-K ” )) + 10.6 Form of Employment Agreement (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025). + 105 10.7 Letter Agreement between Lachlan K. Murdoch and News Corporation dated November 17, 2008 (incorporated herein by reference to Exhibit 10.6 to the March 2019 Form 10-Q). + 10.8 Letter Agreements between John P. Nallen and News Corporation dated January 1, 2005 and November 17, 2008, as amended through June 3, 2013 (incorporated herein by reference to Exhibit 10.7 to the March 2019 Form 10-Q). + 10.9 Letter A greement between Steven Tomsic and the Registrant dated November 17, 2023 (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended December 31, 2023 ). + 10.10 Transition and Separation Agreement, dated August 9, 2023, between the Registrant and Viet D. Dinh (incorporated herein by reference to Exhibit 10.1 to the Registrant’s Current Report on Form 8-K dated August 9, 2023 and filed with the SEC on August 11, 2023 (the “August 2023 Form 8-K”) ) . + 10.11 Advisory Services Agreement, dated August 9, 2023, by and among the Registrant, Viet D. Dinh, P.C. and Viet D. Dinh (incorporated herein by reference to Exhibit 10.2 to the August 2023 Form 8-K). + 10.12 Credit Agreement, dated as of June 14, 2023, among the Registrant, as Borrower, the initial lenders named therein, the initial issuing banks named therein, Citibank, N.A., as Administrative Agent, Deutsche Bank Securities Inc. and Goldman Sachs Bank USA, as Co-Syndication Agents, JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc., as Co-Documentation Agents, and Citibank, N.A., Deutsche Bank Securities Inc., Goldman Sachs Bank USA, JPMorgan Chase Bank, N.A. and Morgan Stanley Senior Funding, Inc., as Joint Lead Arrangers and Joint Bookrunners (incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K dated June 14, 2023 and filed with the SEC on June 15, 2023). ѱ 10.13 Stockholders Agreement, dated as of November 6, 2019, by and between the Registrant and the Murdoch Family Trust (incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K dated November 5, 2019 and filed with the SEC on November 6, 2019). 19 Fox Corporation Insider Trading and Confidentiality Policy.* 21 Subsidiaries of the Registrant.* 23.1 Consent of Independent Registered Public Accounting Firm.* 31.1 Chief Executive Officer Certification required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.* 31.2 Chief Financial Officer Certification required by Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.* 32.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of Sarbanes Oxley Act of 2002.** 97 Fox Corporation Clawback Policy (incorporated herein by reference to Exhibit 97 to the 2024 Form 10-K). 101 The following financial information from the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2025 formatted in Inline XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Operations for the fiscal years ended June 30, 2025, 2024 and 2023; (ii) Consolidated Statements of Comprehensive Income for the fiscal years ended June 30, 2025, 2024 and 2023; (iii) Consolidated Balance Sheets as of June 30, 2025 and 2024; (iv) Consolidated Statements of Cash Flows for the fiscal years ended June 30, 2025, 2024 and 2023; (v) Consolidated Statements of Equity for the fiscal years ended June 30, 2025, 2024 and 2023 and (vi) Notes to the Consolidated Financial Statements.* 106 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). ѱ Certain schedules and exhibits have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule or exhibit will be furnished supplementally to the SEC upon request. * Filed herewith. + This exhibit is a management contract or compensatory plan or arrangement. ** Furnished herewith. The Registrant hereby agrees to furnish to the SEC at its request copies of long-term debt instruments defining the rights of holders of outstanding long-term debt that are not required to be filed herewith. ITEM 16. FORM 10-K SUMMARY. Not applicable. 107 SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Fox Corporation (Registrant) By: / S / Steven Tomsic Steven Tomsic Chief Financial Officer Date: August 6, 2025 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated: Signature Title Date / S / Lachlan K. Murdoch Executive Chair and Chief Executive Officer (Principal Executive Officer) August 6, 2025 Lachlan K. Murdoch / S / Steven Tomsic Chief Financial Officer (Principal Financial and Accounting Officer) August 6, 2025 Steven Tomsic / S / Tony Abbott AC Director August 6, 2025 Tony Abbott / S / William A. Burck Director August 6, 2025 William A. Burck / S / Chase Carey Director August 6, 2025 Chase Carey / S / Roland A. Hernandez Director August 6, 2025 Roland A. Hernandez / S / Margaret L. Johnson Director August 6, 2025 Margaret L. Johnson / S / Paul D. Ryan Director August 6, 2025 Paul D. Ryan 108