Fox Corp Class A (FOXA)
Profitability ratios
Return on sales
| 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 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% |
| 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% |
| Pretax margin | 18.78% | 15.85% | 20.03% | 18.53% | 15.05% | 15.50% | 7.87% | 9.73% | 11.64% | 11.25% | 14.83% | 11.24% | 12.12% | 11.60% | 14.66% | 18.06% | 22.60% | 22.20% | 16.81% | 18.16% |
| Net profit margin | 13.88% | 11.58% | 14.39% | 13.40% | 10.74% | 11.19% | 5.75% | 6.97% | 8.31% | 7.84% | 10.55% | 7.85% | 8.62% | 8.33% | 10.57% | 13.18% | 16.66% | 16.23% | 12.08% | 13.00% |
The profitability ratios of Fox Corp Class A over the specified periods reveal notable trends and shifts in the company's financial performance.
Gross Profit Margin:
From September 2020 to June 2023, the gross profit margin exhibited a gradual decline, decreasing from 39.23% to approximately 32.27%. This downward trend suggests increased cost pressures or changes in product/service mix that negatively impacted gross profitability. However, a significant turnaround occurred starting in September 2023, with the margin sharply rising to 44.10%, and subsequently escalating to 67.62% by December 2023. This surge continued into early 2024, with margins reaching 86.49% in March 2024 and hitting 100% by June 2024, remaining at that level through September 2024 and into subsequent quarters. Such an abrupt and sustained increase could indicate extraordinary gains, accounting adjustments, or revenue recognition changes that significantly inflated gross profit margins.
Operating Profit Margin:
The operating profit margin followed a similar trend of initial decline, falling from 22.61% at September 2020 to around 15.79% in June 2022. Post this period, there was a gradual recovery, reaching approximately 20.37% in December 2024. The margins remained relatively stable before experiencing a slight uptick into 2024, demonstrating improved operational efficiency or cost control measures. The recent increase suggests better management of operating expenses relative to revenues.
Pre-Tax Margin:
Pre-tax margins reflected broader fluctuations, with margins declining from 18.16% in September 2020 to lows around 7.87% in December 2023. Notably, beginning in March 2024, pre-tax margin improved significantly, returning to 15.50% and peaking at 20.03% in December 2024. These shifts may be attributed to changes in pre-tax income relative to earnings before taxes, possibly impacted by non-operational income or expenses, tax strategies, or extraordinary items.
Net Profit Margin:
Net profit margins followed a declining trend from 13.00% in September 2020 down to 5.75% in December 2023. However, a marked improvement was observed in early 2024, with margins rising to over 14.39% by December 2024. This indicates better bottom-line performance, potentially driven by higher gross and operating margins, improved tax efficiency, or one-time gains.
Summary:
Overall, Fox Corp Class A experienced a period of declining profitability ratios through mid-2023, reflecting pressure on margins possibly due to increased costs, competitive dynamics, or revenue mix alterations. Starting in late 2023 and into 2024, there appears to be a substantial turnaround, with margins trending upward. The dramatic increases in gross profit margin, particularly the move to 100%, are unusual and may indicate extraordinary accounting adjustments, deferrals, or revenue recognitions that warrant further investigation. The sustainability of these margins remains uncertain without additional context, but recent data suggest an improved profitability outlook driven by enhanced operational efficiency or strategic changes.
Return on investment
| 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 return on assets (Operating ROA) | 13.92% | 13.11% | 13.43% | 11.81% | 11.28% | 11.21% | 10.37% | 11.75% | 12.64% | 11.92% | 10.49% | 9.88% | 9.95% | 10.46% | 11.52% | 11.45% | 12.06% | 12.14% | 12.41% | 12.41% |
| Return on assets (ROA) | 9.76% | 7.98% | 9.49% | 8.52% | 6.83% | 7.17% | 3.66% | 4.81% | 5.67% | 5.22% | 6.52% | 4.95% | 5.43% | 5.23% | 6.28% | 7.53% | 9.38% | 8.81% | 6.72% | 7.14% |
| Return on total capital | 23.83% | 25.70% | 30.05% | 27.24% | 23.42% | 24.20% | 14.91% | 17.38% | 20.09% | 19.95% | 21.35% | 16.96% | 18.26% | 17.75% | 21.14% | 24.36% | 29.79% | 28.49% | 23.04% | 24.29% |
| Return on equity (ROE) | 18.92% | 16.18% | 19.01% | 17.04% | 14.01% | 14.75% | 8.16% | 10.03% | 11.94% | 11.49% | 12.98% | 9.63% | 10.63% | 10.29% | 12.74% | 15.27% | 19.33% | 18.22% | 14.01% | 14.88% |
The profitability ratios for Fox Corp Class A from September 2020 through June 2025 demonstrate varying trends across different measures. Operating Return on Assets (Operating ROA) consistently remained elevated over the period, above 10%, with a slight declining trend from approximately 12.41% in September 2020 to a low of 9.88% in September 2022. Post-2022, there is an observable upward trajectory, culminating in a peak of 13.92% in June 2025, indicating enhanced operational efficiency and effective asset utilization in recent periods.
In contrast, the traditional Return on Assets (ROA) exhibits more volatility. It begins at 7.14% in September 2020, dips to a low of 3.66% at the end of 2023, and subsequently rises significantly to nearly 9.76% by June 2025. This fluctuation suggests that overall profitability relative to total assets was hampered in certain periods—particularly in late 2023—but shows signs of recovery.
Return on Total Capital (ROTC) displays considerable variability with a general trend of decreasing during 2021 and 2022, reaching lows below 17.75%. In the subsequent periods, ROTC recovers sharply, peaking at 30.05% in December 2024, indicating improved efficiency in generating returns from all sources of capital employed, including debt and equity.
Return on Equity (ROE) fluctuates notably, with a decline from around 19.33% in June 2021 to approximately 8.16% at the end of 2023. However, there is a recovery in the levels, reaching about 18.92% by June 2025, implying improved shareholder returns in the later periods.
Overall, these ratios depict a company that experienced a dip in profitability metrics during 2022 and 2023 but has demonstrated a positive recovery and upward trajectory in profitability indicators from late 2023 through mid-2025. The shifts suggest strategic adjustments or operational improvements that are translating into higher returns on both capital employed and equity, especially in recent years.