Fox Corp Class B (FOX)

Gross profit margin

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Gross profit (ttm)	US$ in thousands	13,013,000	16,105,000	15,181,000	14,337,000	13,980,000	12,039,000	9,843,000	6,583,000	4,813,000	4,881,000	4,829,000	4,536,000	4,494,000	4,443,000	4,496,000	4,556,000	4,710,000	4,773,000	4,900,000	4,846,000
Revenue (ttm)	US$ in thousands	16,300,000	16,105,000	15,181,000	14,337,000	13,980,000	13,920,000	14,557,000	14,928,000	14,913,000	14,914,000	14,285,000	14,121,000	13,974,000	13,831,000	13,591,000	13,237,000	12,909,000	12,437,000	12,662,000	12,353,000
Gross profit margin		79.83%	100.00%	100.00%	100.00%	100.00%	86.49%	67.62%	44.10%	32.27%	32.73%	33.80%	32.12%	32.16%	32.12%	33.08%	34.42%	36.49%	38.38%	38.70%	39.23%

June 30, 2025 calculation

Gross profit margin = Gross profit (ttm) ÷ Revenue (ttm)
= $13,013,000K ÷ $16,300,000K
= 79.83%

The analysis of Fox Corp Class B's gross profit margin over the given period reveals significant fluctuations and notable trends. From September 30, 2020, to December 31, 2022, the gross profit margin experienced a general downward trajectory, declining from 39.23% to a low of approximately 32.16%, indicating a compression in gross profitability. This decline may suggest increased costs of goods sold, pricing pressures, or shifts in revenue composition affecting gross margins during this period.

However, beginning in late 2022, a marked reversal occurred. The gross profit margin notably increased from 33.80% on December 31, 2022, to reach 44.10% by September 30, 2023. This upward movement signifies an improvement in gross profitability, potentially driven by operational efficiencies, cost management, or changes in revenue streams favoring higher-margin segments.

Remarkably, from December 31, 2023, onward, the gross profit margin surged sharply to unprecedented levels—reaching 67.62% by the end of 2023, and subsequently escalating to 86.49% in the first quarter of 2024. Overall, by September 30, 2024, the margin remained at 100%, indicating that gross profit equaled total revenue, a situation often associated with extraordinary factors such as asset revaluations, extraordinary gains, or reclassification of expenses.

The continuation of these elevated margins persisted through June 30, 2024, and September 30, 2024, maintaining at 100%. The margins projected into the subsequent periods sustain this trend, with the margin remaining at 100% through December 2024 and the first half of 2025. Notably, in June 2025, the gross profit margin declined to approximately 79.83%, still remaining considerably higher than historical levels.

Overall, the data reflects a period of substantial margin expansion following previous declines. While the latter period shows extraordinary profitability levels possibly due to exceptional circumstances, the earlier years depict a more typical margin trend with gradual fluctuations influenced by operational or market factors.