Fox’s first quarter results drew a positive reaction from the market, reflecting better-than-expected performance despite an overall decline in sales. Management attributed the quarter’s success to strong advertising trends outside of last year’s Super Bowl, growth in distribution revenue, and continued expansion of digital platforms like Tubi and Fox One. CEO Lachlan Murdoch highlighted, “Excluding the Super Bowl impact, advertising revenue would have grown double digits, driven by strength across the company.” Management also pointed to FOX News achieving its highest third quarter advertising revenue ever, and robust engagement across live sports and digital content.

Is now the time to buy FOXA? Find out in our full research report (it’s free for active Edge members).

While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention.

Our Top 5 Analyst Questions From FOX’s Q1 Earnings Call

• Michael Morris (Guggenheim): Asked about additional NFL games and whether new agreements address concerns about games moving to streaming. CEO Lachlan Murdoch clarified there is “no tension” with the NFL, and Fox aims to deepen the partnership only if it creates long-term value.

• Michael Ng (Goldman Sachs): Questioned the sustainability of cable network distribution revenue growth and the impact of Fox One. Murdoch and CFO Steve Tomsic highlighted stabilizing subscriber declines and said Fox One is contributing positively, though they remain cautious due to its early stage.

• Sean Diffley (Morgan Stanley): Inquired about advertising trends and the financial impact of the World Cup. Management pointed to strong demand across categories, low cancellation rates, and described the World Cup as “EBITDA accretive” for the company as a whole.

• Bryan Kraft (Deutsche Bank): Sought updates on Fox One’s subscriber trends and the outlook for sports betting investments. Murdoch noted low churn and growing news viewership on Fox One, and reaffirmed Fox’s positive view on its FanDuel and Flutter stakes.

• Steven Cahall (Wells Fargo): Asked about FOX News pricing and the cycle of viewership into the midterms. Murdoch detailed that FOX News CPMs have risen over 45% and sees upside, with over 500 new advertising clients in recent years.

Catalysts in Upcoming Quarters

In the coming quarters, our analysts will be closely monitoring (1) the performance and monetization of the FIFA Men’s World Cup across FOX’s platforms, (2) the pace and sustainability of digital subscriber growth at Tubi and Fox One, and (3) the scale of political advertising revenue as the U.S. midterm cycle intensifies. Execution on live programming and viewer retention will also be essential signposts for the company’s momentum.

FOX currently trades at $64.75, up from $62.94 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free).

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