Television Programming

pricing affecting revenue

“The decrease of $480 million or 24% in advertising revenue was primarily due to the absence of the February 2025 broadcast of Super Bowl LIX and lower ratings, partially offset by the approximately $200 million impact due to continued digital growth led by the Tubi AVOD service, the broadcast of an additional National Football League (“NFL”) postseason game and higher pricing.”

FOXA 10-Q

capital investment / capacity affecting capex

“Net cash used in investing activities for the nine months ended March 31, 2026 and 2025 was as follows (in millions): For the nine months ended March 31, 2026 2025 Net cash used in investing activities $ (543) $ (407) The increase in net cash used in investing activities during the nine months ended March 31, 2026, as compared to the corresponding period of fiscal 2025, was primarily due to an increase in the Company’s investments and capital expenditures, partially offset by a decrease in the Company’s acquisitions.”

FOXA 10-Q

credit / rates

“Net cash used in financing activities for fiscal 2025 and 2024 was as follows (in millions): For the years ended June 30, 2025 2024 Net cash used in financing activities $ (1,755) $ (1,341) The increase in net cash used in financing activities during fiscal 2025, as compared to fiscal 2024, was primarily due to the net impact of the October 2023 issuance of $1.25 billion of senior notes and the repayment of $1.25 billion and $600 million of senior notes that matured in January 2024 and April 2025, respectively (See Note 9—Borrowings to the accompanying Financial Statements).”

FOXA 10-K