Fox Corporation (FOXA): BCG Matrix [Dec-2025 Updated]

You need to know where Fox Corporation's next big win is hiding and what's just printing money right now, so let's cut straight to the BCG Matrix analysis for late 2025. We'll see how the rock-solid FOX News Media cash cow, commanding a 63% cable news share, is funding the high-stakes gamble on Tubi and the brand-new FOX One streaming service, while simultaneously figuring out what to do with the underperforming broadcast slots. This map shows you exactly where to focus your attention-is the future in live sports ad revenue or in scaling those digital question marks?

Background of Fox Corporation (FOXA)

You're looking at Fox Corporation (FOXA) as of late 2025, and the numbers from the recently concluded fiscal year show a company that's definitely capitalizing on major media events. For the full fiscal year ending June 30, 2025, Fox Corporation posted record total revenues of $16.30 billion, which was a significant 17% increase from the prior year. Net income for that period landed at $2.29 billion, underscoring a strong operational year under Executive Chair and Chief Executive Officer Lachlan Murdoch.

The revenue strength came from a few key areas, showing how the portfolio is working together. The Television segment, which includes the broadcast network and local stations, brought in $9.33 billion in revenue for fiscal 2025, while the Cable Network Programming segment followed with $6.93 billion. The big advertising jump, up 26% for the full year, was largely thanks to the impact of Super Bowl LIX and higher political advertising revenues. Plus, the digital growth engine, specifically the Tubi ad-supported video-on-demand (AVOD) service, continues to be a major contributor to that advertising surge.

Honestly, the momentum carried into the new fiscal year; for the quarter ending September 30, 2025 (Q1 FY2026), total revenues hit $3.74 billion, showing a 4.88% growth rate. Management's confidence is clear, as they announced a $5 billion increase to the share repurchase authorization and raised the semi-annual dividend to $0.28 per share following the strong fiscal 2025 close. The next big strategic move you'll want to track is the planned launch of FOX One, a new digital growth asset slated for fiscal 2026.

Fox Corporation (FOXA) - BCG Matrix: Stars

You're analyzing the portfolio of Fox Corporation (FOXA) and the 'Stars' quadrant represents the business units with high market share in high-growth markets. These units demand significant investment to maintain their leading position, often resulting in cash flow that is reinvested to fuel further expansion, rather than generating substantial net cash for the corporation right now.

Tubi

Tubi, the ad-supported video-on-demand (AVOD) platform, is a clear Star, operating in the high-growth streaming market while holding a leading position among premium AVOD services in the U.S.. The platform achieved a significant milestone by reaching profitability for the first time in the first quarter of fiscal year 2026 (Q1 FY2026). This acceleration in profitability came faster than management had previously anticipated.

The growth metrics for Q1 FY2026 underscore its momentum:

• Tubi revenue surged by 27% year-over-year in Q1 FY2026.
• Viewing time increased by 18% during the same quarter.
• The service is expected to deliver operating margins between 20 to 25 percent over the subsequent few quarters.
• As of Q3 2025, Tubi had 100 million monthly active users.

The platform's ability to scale during major events is critical. The Super Bowl LIX simulcast on Tubi was a major driver, reaching 15.5 million peak concurrent streaming viewers. For the trailing twelve months ending Q3 2025, Tubi generated $1 billion in revenue.

FOX Sports Live Programming

Live sports, anchored by the NFL on FOX, maintains a dominant market share in a segment that commands premium advertising rates, making it a Star despite the linear TV market's overall softness. The success of major events in Fiscal Year 2025 and early FY2026 demonstrates this leadership. The Super Bowl LIX broadcast, shared across FOX and Tubi platforms, was historic.

Here's a look at the financial and audience scale of the premier live sports assets:

This dominance in live events drives significant pricing power, which is essential for maintaining its Star status.

High-Growth Digital Advertising

The growth in digital advertising is directly fueled by the success of Tubi and the digital extensions of the news and sports properties, acting as a crucial counterweight to any softness in traditional linear TV advertising. Overall advertising revenues for Fox Corporation showed robust growth, even when compared against a strong political advertising year in 2024.

The digital acceleration is evident in these figures:

• Overall Advertising Revenues increased by 6% in Q1 FY2026.
• For the full Fiscal Year 2025, total advertising revenue surged by 26%.
• Tubi's advertising dollar volume rose 35% year-over-year in the 2025-26 upfront cycle.
• Fox News digital expansion, including platforms like Fox Nation, is projected to generate $500 million in non-cable revenue in 2025.
• Fox delivered 'double-digit' ad sales gains in the 2025-26 upfront for the second consecutive year.

The company has been actively unifying its ad offerings, which helps secure these high-growth digital dollars. The Television segment, which includes the broadcast network and local stations, saw its advertising revenue increase by 6% in Q1 FY2026, reaching $1.07 billion.

Fox Corporation (FOXA) - BCG Matrix: Cash Cows

Cash Cows for Fox Corporation (FOXA) are those business units operating in mature markets where the company maintains a dominant market share, allowing them to generate significant, stable cash flow with minimal reinvestment required for growth maintenance. These units fund the rest of the portfolio.

FOX News Media stands out as a prime example. This entity is the undisputed market leader in its space, commanding 63% of the cable news share with viewers across total day in July 2025. This high market share in a mature segment translates directly into superior profitability and cash generation, as promotional and market-share defense investments are relatively low compared to growth-stage assets.

The financial backbone provided by the content distribution model is evident in the Cable Network Affiliate Fees. This is a stable, high-margin revenue stream. For the full fiscal year 2025, affiliate fee revenues for the Cable Network Programming segment grew at a slow but steady 3%, driven by contractual price increases that successfully offset the impact of net subscriber declines.

The overall performance of the segment housing these assets confirms their Cash Cow status. The Core Cable Network Programming Segment generated $6.93 billion in full-year fiscal 2025 revenue, marking a 16% increase from the prior year. This consistent, significant cash flow is exactly what a Cash Cow is expected to deliver.

You want to see the hard numbers that define this cash-generating engine for fiscal 2025:

Because these units are market leaders, Fox Corporation can focus investments on efficiency improvements rather than aggressive market expansion. For instance, the segment's full-year EBITDA grew by 13% to $3.03 billion, demonstrating that the cash generated significantly outpaced the necessary support costs, which were partially offset by higher sports programming rights amortization. This is the ideal scenario for a Cash Cow; you milk the gains passively while ensuring infrastructure supports current productivity.

Key characteristics supporting the Cash Cow classification for these Fox Corporation assets include:

• FOX News Media commanding a 63% cable news share in July 2025.
• Cable Network Affiliate Fees showing a stable 3% growth in FY2025.
• The segment providing $3.03 billion in full-year EBITDA.
• Low need for heavy promotional spending due to established market leadership.

The Core Cable Network Programming Segment revenue of $6.93 billion in FY2025 is a testament to the value of owning established, must-have content distribution rights. Honestly, these are the assets that keep the lights on and fund the riskier bets.

Finance: draft the projected cash flow impact from the $3.03 billion segment EBITDA for the next two quarters by Friday.

Fox Corporation (FOXA) - BCG Matrix: Dogs

Dogs are business units or products with a low market share operating in low-growth markets. For Fox Corporation (FOXA), these areas frequently tie up capital without delivering substantial returns, making divestiture a prime consideration.

Non-Live/Non-News FOX Network Programming

Content outside of major tentpole events like the NFL or Presidential coverage shows market weakness. In the fourth quarter of fiscal year 2024, advertising revenues at the FOX Network were $679 million, a slight dip from $688 million in the prior year quarter. This stagnation occurred even as FOX Sports' major soccer broadcasts and Tubi growth provided offsets. The struggle here reflects the on-demand model's pressure on linear, non-event-driven programming.

FOX Entertainment Studios (Third-Party Content Sales)

Revenues derived from selling content to third parties illustrate a non-core focus that is shrinking. In the fourth quarter of fiscal year 2024, Other revenues totaled $226 million, down from $253 million in the prior year quarter. This decrease was explicitly attributed to a lower volume of third-party content sales. This unit is consuming resources without generating significant, growing cash flow.

Traditional Broadcast Advertising (Non-Sports/Non-Political)

The broader market for non-event linear advertising is contracting, placing these specific ad slots in a low-growth quadrant. Analysts project that total linear core TV advertising revenues for 2025 are expected to slip 7% from 2024, landing at $55.2 billion. For the full fiscal year 2024, FOXA's total advertising revenues were $5.44 billion, a significant drop from $6.61 billion the prior year, largely due to the absence of major sporting events and lower political advertising at the FOX Television Stations. The non-event-driven portion of this revenue base is what falls into the Dog category, as it lacks the guaranteed audience draw of sports or election cycles.

Here is a quick look at the financial indicators supporting the Dog categorization for these specific revenue streams as of the latest reported periods:

The contrast is clear when you look at the overall company projection for fiscal 2025, which anticipates total revenue growth of 17% to $16.3 billion. That growth is clearly being pulled by Stars and Cash Cows, not these lagging areas.

• Lower ratings and pricing at the FOX Network directly impact non-live/non-news programming performance.
• Third-party content sales volume declined, signaling reduced profitability in this area for FOX Entertainment Studios.
• The general linear advertising market faces a projected decline, making non-event broadcast slots a low-growth area.

Expensive turn-around plans here are unlikely to yield the necessary market share gains against streaming's dominance.

Fox Corporation (FOXA) - BCG Matrix: Question Marks

QUESTION MARKS are business units operating in high-growth markets but currently hold a low market share. These ventures demand significant cash investment to capture market share quickly, otherwise they risk becoming Dogs. For Fox Corporation (FOXA), these represent the company's aggressive pivot into direct-to-consumer and creator economy platforms, consuming capital in anticipation of future dominance in growing digital arenas.

FOX One is positioned as a prime example of a Question Mark. Announced for a launch in August 2025, this new subscription streaming service is entering the highly competitive, high-growth direct-to-consumer market. As a brand new offering, its market share is, by definition, unproven and low. The strategy requires heavy investment in infrastructure and marketing to gain adoption against established players. The company's CEO noted entering fiscal 2026 with plans to launch FOX One, signaling a major capital deployment for this new asset.

FOX Nation, the smaller, niche subscription video on demand (SVOD) service, fits the profile due to its growth potential versus market leaders. As of early 2025, Fox Corporation executives cited subscriber totals for FOX Nation in the range of 2 million to 2.5 million. While this represents a loyal base and growth from earlier estimates of 1 million to 1.5 million, it remains a low market share when compared to major streamers. The stated aspiration for FOX Nation was to be a companion service for the core Fox News audience, suggesting a controlled, but still growing, niche market position.

Digital Investment Costs within the Television segment reflect the cash burn required to scale up platforms like Tubi and support the launch of FOX One. For the full fiscal year 2025, operational costs surged by 45% to $2.97 billion in the fourth quarter alone, with investments in Tubi and FOX One's infrastructure cited as key drivers. This high expenditure is characteristic of the investment phase for Question Marks, even as the underlying asset, Tubi, shows strong top-line results. Tubi finished fiscal 2025 with approximately 2.2% share of all television viewing according to Nielsen's The Gauge.

Red Seat Ventures, acquired in February 2025, represents an entry into the podcast and direct-to-consumer media market, a new growth area for Fox Corporation. The acquisition brings scale in the creator economy, with its 17 creator-led shows driving over 200 million monthly active views in November 2024, establishing it as a Top 10 podcast network in the U.S.. While the reach is significant for a new vertical, the overall market share within Fox Corporation's total revenue mix and the nascent nature of its direct-to-consumer monetization across all its new ventures classify it as a high-potential, cash-consuming Question Mark.

Here is a snapshot of the financial context surrounding these digital growth initiatives as of the Fiscal Year 2025 close:

The strategy for these Question Marks involves immediate, heavy investment to rapidly grow market share. The company must decide which of these high-growth areas-FOX One, FOX Nation expansion, or the creator economy integration via Red Seat Ventures-warrants the capital to potentially become a Star in the next fiscal cycle.

• Invest heavily to gain market share quickly.
• Sell if potential for growth is not realized.
• Consume cash due to low initial market share.
• Operate in high-growth digital markets.

Finance: draft 13-week cash view by Friday.