Free cash flow remains highly erratic, with margins swinging from a negative 14.5% in 2024Q2 to a positive 44.4% in 2025Q3, largely driven by the timing of major sporting events and working capital fluctuations.
| Cash from Operations | 2.62B | 3.32B | 1.84B | 1.8B | 1.88B | 2.64B | 2.37B | 2.52B | 1.32B | 1.66B |
| Operating CF Margin % | - | 20.39% | 13.16% | 12.07% | 13.48% | 20.44% | 19.22% | 22.16% | 12.97% | 16.68% |
| Operating CF Growth % | -204.39% | 80.65% | 2.22% | -4.46% | -28.61% | 11.59% | -6.3% | 91.65% | -20.42% | - |
| Net Income | 1.71B | 2.29B | 1.55B | 1.25B | 1.23B | 2.2B | 1.06B | 1.64B | 2.23B | 1.41B |
| Depreciation & Amortization | 401M | 385M | 389M | 411M | 363M | 300M | 258M | 212M | 171M | 169M |
| Stock-Based Compensation | 96M | 135M | 90M | 74M | 102M | 147M | 137M | 36M | 100M | 57M |
| Deferred Taxes | 115M | 164M | 203M | 321M | 342M | 534M | 283M | 386M | -603M | 92M |
| Other Non-Cash Items | 727M | -119M | 174M | 11M | 527M | -522M | 405M | 83M | 39M | 131M |
| Working Capital Changes | -455M | 466M | -570M | -270M | -683M | -21M | 220M | 164M | -587M | -368M |
| Change in Receivables | 1.44B | -95M | -172M | 68M | -79M | -282M | 224M | -166M | -3.99B | -172M |
| Change in Inventory | -557M | 521M | -303M | 145M | -301M | 190M | 181M | 197M | -228M | 21M |
| Change in Payables | -111M | 89M | 0 | -68M | -54M | 282M | -306M | 133M | -193M | -217M |
| Cash from Investing | -673M | -537M | -452M | -438M | -513M | -528M | -1.1B | -637M | 128M | -242M |
| Capital Expenditures | -254M | -331M | -345M | -357M | -307M | -484M | -359M | -235M | -215M | -191M |
| CapEx % of Revenue | 1.57% | 2.03% | 2.47% | 2.39% | 2.2% | 3.75% | 2.92% | 2.06% | 2.12% | 1.93% |
| Acquisitions | -105M | -97M | 0 | 0 | -160M | 42M | -1.06B | 0 | 354M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -67M | -30M | -4M | -27M | -18M | -391M | 74M | -64M | -11M | -38M |
| Cash from Financing | -3.16B | -1.75B | -1.34B | -2.29B | -2.06B | -870M | 146M | -1.15B | 1.04B | -1.43B |
| Debt Issued (Net) | -600M | -600M | -18M | 0 | -750M | 0 | 1.19B | 6.75B | 0 | 0 |
| Equity Issued (Net) | -2.15B | -1B | -1B | -2B | -1B | -1B | -600M | 0 | 0 | 0 |
| Dividends Paid | -285M | -277M | -281M | -299M | -307M | -330M | -335M | -6.69B | -77M | -35M |
| Share Repurchases | -2.15B | -1B | -1B | -2B | -1B | -1B | -600M | 0 | 0 | 0 |
| Other Financing | -122M | 122M | -42M | 9M | 0 | 461M | -110M | -1.22B | 1.08B | -1.4B |
| Net Change in Cash | -1.21B | 1.03B | 47M | -928M | -686M | 1.24B | 1.41B | 734M | 2.48B | -18M |
| Free Cash Flow | 2.36B | 2.99B | 1.5B | 1.44B | 1.58B | 2.15B | 2.01B | 2.29B | 1.1B | 1.46B |
| FCF Margin % | 14.58% | 18.36% | 10.69% | 9.68% | 11.29% | 16.69% | 16.3% | 20.1% | 10.85% | 14.76% |
| FCF Growth % | -1.01% | 100.2% | 3.6% | -8.5% | -26.82% | 7.43% | -12.36% | 107.71% | -24.73% | - |
| FCF per Share | 5.47 | 6.49 | 3.11 | 2.72 | 2.77 | 3.62 | 3.26 | 3.69 | 1.78 | 2.36 |
| FCF Conversion (FCF/Net Income) | 1.38x | 1.47x | 1.23x | 1.45x | 1.56x | 1.23x | 2.37x | 1.58x | 0.60x | 1.21x |
| Interest Paid | 195M | 402M | 398M | 345M | 383M | 390M | 0 | 0 | 0 | 0 |
| Taxes Paid | -279M | 515M | 232M | 245M | 209M | 225M | 0 | 0 | 0 | 0 |
Cyclical cash flow volatility
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios swinging from a negative 4.92 in 2024Q2 to a positive 11.46 in 2026Q3, highlighting significant disconnects between accounting profits and actual cash generation.
The extreme variance in the OCF/NI ratio suggests that reported net income is a poor proxy for the company's underlying cash-generating capacity in any single quarter. Investors should monitor whether these wide swings are merely timing differences related to sports rights payments or if they indicate a more fundamental erosion in the quality of earnings.
Based on the provided cash flow data, free cash flow margins exhibit extreme volatility, ranging from a negative 14.5% in 2024Q2 to a robust 44.4% in 2025Q3, reflecting the company's heavy reliance on the timing of major sporting events and biennial political advertising cycles.
The inability to maintain consistent positive free cash flow suggests that the business model is structurally tethered to the lumpy nature of its revenue drivers. This trajectory warrants further investigation into whether the company can sustain its capital return program during periods of negative cash flow.
According to recent SEC filings, working capital changes are the primary engine of cash flow volatility, with quarterly fluctuations reaching as high as $1.4 billion in 2025Q3, which appears to be the dominant factor influencing the company's ability to fund operations and capital returns.
The massive swings in working capital suggest that the company's cash position is highly sensitive to the timing of affiliate fee collections and the payment schedules for content rights. This dynamic implies that liquidity management is more about navigating timing mismatches than managing core operational efficiency.
As evidenced by the reported figures, the company has consistently prioritized share repurchases, often deploying $250 million per quarter even during periods of negative free cash flow, which may indicate a management preference for supporting the stock price over maintaining a conservative cash buffer.
The decision to maintain high buyback levels despite significant cash flow volatility suggests a high degree of confidence in the long-term durability of the linear business. However, investors should monitor whether this capital allocation strategy remains sustainable if the secular decline in the pay-TV bundle accelerates.
Quick answers to the most common questions about buying FOXA stock.
Fox Corporation (FOXA) generated $3.32B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Fox Corporation (FOXA) generated $2.99B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Fox Corporation (FOXA) spent $331.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Fox Corporation (FOXA) returned $277.0M to shareholders via cash dividends and spent $1.00B on share repurchases. This shows the company's commitment to returning capital to its equity investors.