Fox Corp Class B (FOX)

Operating 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
Operating income (ttm)	US$ in thousands	3,229,000	3,064,000	3,093,000	2,662,000	2,478,000	2,435,000	2,369,000	2,544,000	2,764,000	2,669,000	2,427,000	2,216,000	2,207,000	2,302,000	2,636,000	2,652,000	2,765,000	2,780,000	2,823,000	2,793,000
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
Operating profit margin		19.81%	19.03%	20.37%	18.57%	17.73%	17.49%	16.27%	17.04%	18.53%	17.90%	16.99%	15.69%	15.79%	16.64%	19.40%	20.03%	21.42%	22.35%	22.30%	22.61%

June 30, 2025 calculation

Operating profit margin = Operating income (ttm) ÷ Revenue (ttm)
= $3,229,000K ÷ $16,300,000K
= 19.81%

The operating profit margin for Fox Corp Class B has demonstrated notable fluctuations over the analyzed period. Starting at approximately 22.61% at the end of September 2020, the margin remained relatively stable through the end of 2020 and into early 2021, with slight decreases to around 22.30% in December 2020 and 22.35% in March 2021. A modest decline continued into the second quarter of 2021, with the margin decreasing to 21.42%, followed by a sharper decline in the third quarter to 20.03%. This downward trend persisted into the fourth quarter of 2021, where the margin fell further to 19.40%.

Beginning in the first quarter of 2022, the operating profit margin experienced a more significant reduction, dropping to approximately 16.64%, and further declining to 15.79% in the second quarter of 2022, maintaining a similar level into the third quarter at 15.69%. A slight recovery was observed in the fourth quarter of 2022, with the margin increasing to 16.99%. During 2023, the margin exhibited a gradual upward trend, reaching 17.90% in the first quarter, 18.53% in the second quarter, and peaking at 18.57% in the third quarter. A subsequent decline was noted in the fourth quarter, with the margin decreasing to approximately 16.27%.

In the more recent periods, the margin has generally continued to increase, reaching 17.49% in the first quarter of 2024, 17.73% in the second quarter, and attaining about 18.57% in the third quarter. The decline observed at the end of 2023 appears to have stabilized, with the margin rising again in the early part of 2024. Notably, the margin further increased to 20.37% at the end of December 2024, indicating an improvement in profitability relative to revenues. In the first half of 2025, the margin has remained elevated, at approximately 19.03% in March and 19.81% in June.

Overall, the operating profit margin has exhibited periods of decline, particularly from mid-2021 through the end of 2022, likely reflecting operational or market challenges during that period. However, from early 2023 onward, there appears to be a trend of gradual recovery and stabilization, culminating in a higher margin level at the end of 2024 and into the first half of 2025.