Fox Corporation (NASDAQ:FOX) reported stronger-than-expected results for the first quarter of fiscal 2026, comfortably beating Wall Street forecasts on both earnings and revenue, while unveiling a $1.5 billion accelerated share repurchase program.
The U.S. media giant posted earnings per share (EPS) of $1.51, well above analysts’ projections of $1.11, as revenue climbed 5% year-on-year to $3.74 billion, surpassing the consensus estimate of $3.57 billion.
Executive Chair and CEO Lachlan Murdoch highlighted the company’s continued operational strength, saying: “Coming off a record Fiscal 2025, our strong operating momentum has carried through the first quarter of Fiscal 2026. We are delivering for audiences with continued engagement growth across the portfolio which underpins the robust advertising demand we are seeing across sports, news, entertainment and Tubi.”
He added: “The quality of our assets and their consistent capacity to deliver financially gives me great confidence in the positive outlook for FOX.”
Segment Performance and Financials
Distribution revenue rose 3% in the quarter, supported by 3% growth in the Cable Network Programming division and a 2% gain in the Television segment.
Advertising revenue increased 6%, buoyed by digital expansion at Tubi, higher pricing in news and sports, and strong NFL viewership, though political advertising remained a drag.
Content and other revenues advanced 12%, reflecting higher entertainment content sales and continued strength in FOX’s programming portfolio.
Meanwhile, adjusted EBITDA reached $1.07 billion, up 2% from the prior year, as top-line growth helped offset ongoing cost pressures across production and distribution.
The company’s buyback announcement signals continued confidence in shareholder returns as Fox enters the second quarter of its fiscal year with solid momentum across its media businesses.