FOX's earnings discussion highlights Tubi’s 35% YoY growth driven by engagement and World Cup Hub, with underlying momentum from increased viewing time and a cord-cutting audience. FY25 digital investments sit just under $300 million, FY26 is projected below $200 million, and the free cash flow outlook hinges on working-capital timing, with potential improvement into FY27 as receivables shift.
Generated by Dafinchi AI. Source-grounded AI analysis, not investment advice.
I have two as well. Just first on Tubi and the very strong 35% year-over-year growth. Maybe you could just help us break that down between benefits from things like the World Cup Hub versus underlying? And then could you just remind us what the digital loss number or digital investment number was for fiscal '25, so we can model off of that. And could you just comment on the free cash flow outlook for next year?
Management characterized Tubi’s World Cup Hub revenue as “important revenue,” but “relatively small in the context of the overall revenue growth of Tubi.” 1
They also gave direct Hub-scale engagement indicators: Tubi’s World Cup Hub attracted over 20 million viewers across the tournament, and simulcast of 2 early round matches drove 2 of the highest-traffic days in platform history. 2
Additionally, they noted platform engagement lift around the event: Tubi delivered its most streamed and highest revenue quarter ever, with fourth-quarter revenue growth accelerating to 35%, fueled by a 17% increase in total viewing time. 2
Management tied Tubi’s momentum to engagement and audience composition rather than only event monetization:
The excerpts do not provide a quantitative revenue or EBITDA contribution amount from the World Cup Hub versus “underlying.” What is directly supported is:
So, for modeling: you can treat the World Cup Hub as an incremental catalyst to both traffic and monetization, while the majority of the 35% growth should be attributed to ongoing engagement/ad monetization dynamics (viewing time → impressions/ad revenue) rather than event revenue alone. 13
Management’s “digital investments” figure for fiscal 2025 (the baseline you asked for) is explicitly stated:
And they also provided the direction of change:
For modeling off your requested baseline: use ~$300M (just under) for FY25 digital investment. 4
Note on wording: the transcript answers your “digital loss number or digital investment number” request by giving a digital investment metric rather than a “digital loss” metric. 4
Management described the key mechanical driver of cash flow around the World Cup:
This implies (still based on their explanation) that:
For what could happen next year, management pointed to continued portfolio momentum and moderated digital investment (which can support cash conversion):
They also flagged macro/cyclical tailwinds that can support cash generation through higher advertising:
From the excerpts, the most defensible outlook is:
However, the excerpts do not provide a specific numeric free cash flow guidance range for next year—they provide the mechanism (working capital timing) and directional expectations (bottom-line improvement and cyclical advertising tailwinds). 56
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