Fox finished fiscal 2025 with a 17% revenue jump, powered by the reliable trio of live sports, political chaos, and ad-supported streaming. While the rest of the industry continues to grapple with declining ad spend and streaming growing pains, Fox leaned into its core strengths—and it seemed to pay off.
Revenue for the year reached $16.3 billion, with key drivers including Fox’s broadcast of the Super Bowl, a high-volume political ad cycle, and continued momentum at Tubi. Each of those levers delivered—without requiring a strategic overhaul or new business model.
Fox News delivered strong performance during a high-interest election year, with sustained viewership growth contributing to a solid lift in advertising revenue. Combined with the consistent draw of the Super Bowl, Fox saw fourth-quarter net income reach $719 million—more than double the prior year’s results.
But Tubi might be the most interesting part of this story. It crossed the 100 million monthly active user mark and cracked $1.1 billion in revenue. That’s not niche anymore. And while everyone else is chasing subscription dollars or cutting costs, Tubi is over here doing what AVOD was supposed to do from the beginning: deliver scale without the baggage.
Fox’s ad revenue was up 26% for the year. Let that sink in. In a market where “flat” is considered a win, Fox turned in a quarter where the cable networks alone posted a 15% ad lift. Most of their peers are trying to stop the bleeding; Fox just showed up with a Band-Aid made of gold.
And yes, there’s a new toy coming: Fox One launches Aug. 21, priced at $19.99/month. No exclusive content, just live news and sports for cord-cutters who still want the core Fox experience. It’s more Hulu + Live TV than Netflix, and it’s a clear signal that Fox isn’t giving up on the bundle—they’re just selling it a different way.
Fox also sweetened the pot for Wall Street: a $5 billion stock buyback bump and a dividend hike to 28 cents. Investors like cash, and Fox is handing it out.
The bigger picture? Fox didn’t reinvent the wheel—they just kept it spinning. While competitors get tangled in streaming pivots and margin-anemic subscription plays, Fox leaned into its strengths and doubled down on what it knows best: live eyeballs, linear loyalty, and low-friction AVOD growth.
It’s not flashy. It’s not disruptive. But it’s profitable. And right now, that might be the most radical strategy in streaming.
The Streaming Wars is intentionally ad-free
We don’t run display ads. Not because we can’t, but because we don’t believe in them.
They interrupt the reading experience. They cheapen the work. And they burn advertisers’ money on impressions nobody actually wants.
So we chose a different model.
We say the things people in this industry are already thinking but don’t say out loud. We connect the dots beyond the headline and focus on explaining why things matter to the people working in this business.
If you believe industry coverage can exist without clutter and interruption, you can support it here → SUPPORT TSW.
Support is optional. But it directly funds research and continued coverage — and helps prove this model can work.
Support TSW →
