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Fox: Fiscal Fourth Quarter 2022 Earnings Update

Industry: Media
Current: Company Performance

Fox revenue grew by 5% in Q4 2022 year-over-year on a reported basis
Fox reported GAAP Earnings per Share (EPS) of $0.55
Fox’s Board of Directors has declared a dividend of $0.25 per Class A and Class B share

On August 10, 2022, Fox reported Q4 2022 revenue of $3.03 billion (an increase of 5% year-over-year on a reported basis) on GAAP Earnings per Share (EPS) of $0.55. The company reported full-year revenues of $13.97 billion (an increase of 8% year-over-year on a reported basis) on GAAP Earnings per Share (EPS) of $2.11.

Summary: Fox’s Q4 2022 revenue grew 5% on a reported basis compared to the same period in Q4 2021. Fox had three segments: Cable Network Programming, Television, and Other.

Cable Network Programming revenue grew by 4% vs Q4 2021 primarily due to an increase in contractual price, continued pricing strength, and higher ratings at FOX News Media. During the full year, the segment revenue increased by 7% year-over-year.
Television revenue grew by 5% vs Q4 2021 primarily due to higher political advertising revenues at the FOX Television Stations, continued growth at TUBI, and the addition of the USFL at FOX Sports. During the full year, the segment revenue increased by 9% year-over-year.
Other revenue, which includes corporate and eliminations, grew by 9% compared to Q4 2021.

The company reported an operating income of $667 million with a GAAP operating margin of 22% during Q4 2022, a year-over-year increase of 30 bps. On the bottom line, the company reported a GAAP EPS of $0.55, and Non-GAAP earnings came to $0.74 per share.

Fox’s Board of Directors has approved an increase in the Company’s semi-annual dividend and has declared a dividend of $0.25 per Class A and Class B share. The company has approved a $4 billion stock repurchase program.

Guidance: No guidance is provided for fiscal Q1 2023 and fiscal full-year 2023.

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