Fox Reports Ad Revenue Surge

Fox Corporation experienced a significant financial uplift in its third fiscal quarter of 2025, primarily driven by its broadcast of Super Bowl LIX. 

The event, held on February 9, 2025, in New Orleans, featured the Philadelphia Eagles defeating the Kansas City Chiefs 40-22 and drew a record-setting average audience of 127.7 million viewers, up 3% from the previous year’s 123.7 million, with a peak of 137.7 million viewers in the second quarter. This massive viewership made it the most-watched Super Bowl in history, amplifying its advertising potential.

Fox reported a 65% increase in advertising revenue, reaching $2.04 billion for the quarter, compared to an estimated $1.67 billion. This figure was largely fueled by Super Bowl LIX, which alone generated over $800 million in gross advertising revenue across Fox, Fox Deportes, and Tubi platforms, setting a new record for the event. 

Lachlan Murdoch

The high demand for ad slots, with 30-second commercials selling for over $7 million and some spots exceeding $8 million, contributed to this windfall. The sell-out of ad inventory three months prior to the event at record pricing underscored the Super Bowl’s unmatched appeal to advertisers seeking mass exposure in a fragmented media landscape.

Total quarterly revenue for Fox rose 27% to $4.37 billion, surpassing Wall Street estimates of $4.18 billion. 

The Television segment, which includes the Fox broadcast network and Tubi, saw a 40% revenue increase to $2.7 billion, with advertising revenue in this segment alone jumping 77% due to the Super Bowl and Tubi’s digital growth. Affiliate fee revenues also grew by 3%, supported by a 4% rise in the Television segment, while other revenues increased 20% due to higher sports sublicensing.

Despite the revenue boost, net income attributable to shareholders fell to $346 million ($0.75 per share) from $666 million ($1.40 per share) the previous year, driven by higher operating expenses. These included increased sports programming rights amortization and production costs tied to the Super Bowl, as well as elevated digital content and marketing expenses for Tubi. Adjusted EBITDA was $856 million, slightly down from $891 million the prior year, reflecting the offset of revenue gains by these costs.

The Super Bowl’s success highlighted Fox’s strength in live sports and news, with CEO Lachlan Murdoch emphasizing the company’s role in “informing and entertaining America.” Tubi, Fox’s free ad-supported streaming service, also played a key role, contributing to digital ad growth and reaching a $1 billion annual revenue milestone. The company’s focus on live events like the Super Bowl, combined with Tubi’s expansion, positions it well in a competitive media landscape, despite economic uncertainties and upcoming challenges like potential tariff impacts.